Exoskeleton Market Size, Share & Trends Analysis Report By Technology Type (Mobile, Stationary), By Technology Drive Type, By End User, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global exoskeleton market size was valued at USD 626.3 million in 2019 and is projected to witness lucrative growth over the forecast period. Rising prevalence of stroke, increasing adoption of exoskeleton, and growing geriatric population at a global level are some of the key factors anticipated to influence the market growth over the forecast period. Moreover, growing usage of exoskeleton in industries, such as construction and automobile, is further anticipated to drive the global market over the forecast period.

Growing importance of exoskeleton in military operations as it helps in assisting injured soldiers and lifting heavy objects is also a key factor driving the global market. Moreover, growing focus of the manufacturers on the development of smart technologies to aid patients is further driving the market. For instance, in 2017, a Paris-based start-up, called Wandercraft developed Atalante Exo, which is a self-balanced lower limb exoskeleton, especially developed for paraplegics. Earlier version of exoskeleton requires crutches that stress the patients’ shoulder muscles. Therefore, the company came up with this revolutionary technology, which is used by the healthcare institutions for walk rehabilitation.

Furthermore, growing prevalence of spinal cord injury (SCI) is one of the leading factors expected to increase the adoption of exoskeleton over the forecast period. According to the National Spinal Cord Injury Statistical Center (NSCISC), around 12,500 new cases of SCI were reported in U.S. in 2015. In 2018, the number of cases increased to nearly 17,700 and around 17,730 in 2019. Approximately 363,000 people are currently living with these injuries in the country. Growing prevalence of SCI is anticipated to drive the global market over the forecast period.

However, limited adoption of this innovative technology in under-developed economies due to low per capita income and limited technological advancements is negatively impacting the global market growth. Patients in third world countries do not have access to such technologies owing to limited financial support. Companies in such countries find it challenging to get the funding, unlike those in developed countries.

Moreover, the healthcare industry in such countries is poorly developed and the government fails to provide support to the disabled population. For instance, most of the disabled population in low-income countries have limited access to rehabilitation therapies owing to poor healthcare services. Moreover, these countries rely heavily on the imports of medical devices, thus making them expensive and limiting access. These factors are anticipated to challenge the global market growth.

Technology Type Insights

In 2019, the mobile exoskeleton segment accounted for the largest share of 61.8% in terms of revenue and is anticipated to witness significant growth over the forecast period. Stationary exoskeleton is expected to be the fastest growing segment during the forecast period owing to increasing prevalence of spinal cord injuries (SCIs) and growing usage of stationary systems in rehabilitation.

Both the mobile and stationary exoskeleton segments are further segmented into active and passive systems based on energy usage. Increasing R&D activities and growing demand for motor-equipped robots to assist human body mechanics are anticipated to boost the adoption of the active exoskeletons. Moreover, presence of favorable reimbursement policies in the developed countries on the usage of exoskeleton is contributing to the growth of the active exoskeleton.

Technology Drive Type Insights

In 2019, the electric actuator accounted for the largest share of 32.1% and is anticipated to witness lucrative growth over the forecast period. Electric actuators are cost-effective as compared to other actuators types such as hydraulic or pneumatic actuators. Moreover, the wearer can effectively control its speed, acceleration, and position. These features of electric actuators are anticipated to increase their adoption, thus boosting the segment growth over the forecast period.

The fuel cell segment is expected to witness the fastest growth over the forecast period. Growing awareness regarding the advantage of fuel cells over electric actuators, increasing shipment of fuel cells, surge in the need for the constant functioning of exoskeletons during military operations, and rise in the adoption of stationary fuel cells in various applications are some of the key factors likely to support the growth of this segment over the forecast period.

End-user Insights

The healthcare segment accounted for the largest revenue share of 53.3% in 2019. Growing usage of exoskeleton in the rehabilitation centers, increasing prevalence of SCI, and subsequent rise in the treatment rates are some of the key factors anticipated to boost the segment growth. Furthermore, increasing number of FDA approvals on medical exoskeletons and rising awareness regarding technologically advanced systems are likely to increase the demand for exoskeletons in the healthcare industry.

The industrial segment is expected to witness the fastest growth during the forecast period. Key factors contributing to the growth of this segment include increasing work-related injuries and growing awareness about the benefits of exoskeleton technology in the industrial applications. Moreover, growing need for advanced technologies to empower people in various sectors, such as construction, manufacturing, and distribution, is another factor increasing the adoption of the exoskeleton in industrial applications.

Regional Insights

North America dominated the global exoskeleton market in 2019, with a revenue of USD 297.8 million and is anticipated to witness significant growth over the forecast period. Key factors responsible for the large share include growing geriatric population, high purchasing power of patients, and presence of a large number of public and private organizations offering grants & funds for the development of technologically advanced products. For instance, in November 2018, the robotic exoskeleton company, called ‘Roam’ raised a funding of around USD 12 million for their series A robotic exoskeleton.

Asia Pacific is anticipated to witness the fastest growth over the forecast period. Growing healthcare infrastructure, increasing availability of government funding on medical devices, and presence of a large patient pool that requires exoskeletons for rehabilitation are the leading factors expected to drive the regional market during the forecast period. For instance, in Japan, companies are providing people with exoskeletons in order to cope up with the shortage of manual workers and encourage older people to continue working.

Exoskeleton Market Share Insights

Some of the significant market players are ReWalk Robotics Ltd., Ekso Bionics, Rex Bionics Plc, Suit X (U.S. Bionics Inc.), Lockheed Martin Corporation, and Hocoma. Investments by these players in the development of new and innovative products and FDA approvals on their products are supporting the market growth. For instance, in April 2016, Ekso Bionics received FDA approval on 'Ekso GT Robotic Exoskeleton' for marketing and use among patients suffering from stroke and spinal cord injury. Later, in March 2019, Suit X launched ‘shoulderX V3’ - a third-generation wearable shoulder-supporting exoskeleton for use in the automobile and construction industry. Such product launches and growing market competition are further anticipated to drive the demand for exoskeleton over the forecast period.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, grand view research has segmented the global exoskeleton market report on the basis of technology type, technology drive type, end user, and region:

• Technology (Type) Outlook (Revenue, USD Million, 2016 - 2027)

  • Mobile Exoskeleton

    • Active

    • Passive

  • Stationary Exoskeleton

    • Active

    • Passive

• Technology (Drive Type) Outlook (Revenue, USD Million, 2016 - 2027)

  • Pneumatic Actuator

  • Hydraulic

  • Electric Servo

  • Electric Actuator

  • Fully Mechanical

  • Shape Memory Alloy Actuator

  • Fuel Cell

• End-user Outlook (Revenue, USD Million, 2016 - 2027)

  • Healthcare

    • Rehabilitation Centers

    • Elderly Care

    • Assisted Living Facilities

  • Military

  • Industrial

    • Production

    • Construction

    • Logistics

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Switzerland

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa