The global exoskeleton market size is expected to reach USD 953.1 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.5% from 2021 to 2028. The rise in the prevalence of road accidents and stroke and the growing geriatric population is increasing the adoption of exoskeletons for improving mobility, thereby aiding the market growth. According to the data published by the National Safety Council in March 2021, an estimated 42,060 individuals died in road mishaps in 2020, a year in which people traveled significantly less (13%) owing to the COVID-19 pandemic, an increase of 8% over 2019. It further stated that around 4.8 million people were badly injured in 2020. Exoskeletons are anticipated to continuously evolve in complexity in the forthcoming years owing to the implementation of machine learning and artificial intelligence (AI), resulting in smarter and more competent robots.
Based on mobility, the mobile exoskeleton segment accounted for the largest revenue and volume share in 2020. The development of innovative mobile exoskeletons by manufacturers for the elderly and disabled population is boosting the adoption of mobile exoskeletons. The segment is also anticipated to witness the fastest growth during the forecast period. However, complications and high costs associated with designing mobile systems are expected to hamper the market growth as these factors ultimately increase the costs of the final product.
In 2020, the powered technology segment accounted for the largest revenue and volume share. This is attributed to the increasing adoption of powered exoskeleton for SCI rehabilitation with different levels of injury. In addition, increasing benefits offered by these products in restoring mobility, increasing functioning, and improving the quality of life and health status for wheelchair-bound patients are bolstering the adoption of powered exoskeletons. The non-powered technology segment is anticipated to register the fastest growth rate during the forecast period. This is credited to the increasing product launches and the increasing demand for non-powered exoskeletons for reducing the risks for developing low back pain in bent forward work-related positions.
In 2020, the lower body extremity segment accounted for the largest revenue and volume share owing to the increasing prevalence of lower body disabilities. The upper body extremity segment is anticipated to register the fastest growth rate during the forecast period. This is attributed to the rising adoption of upper body exoskeletons in managing activities of daily living among the disabled patient population.
Based on end use, healthcare accounted for the largest revenue and volume share in 2020. An increase in the number of road accidents requiring rehabilitation services post-surgery and a surge in the prevalence of spinal cord injuries are aiding the segment growth across the globe. The industry segment is anticipated to be the fastest-growing segment during the forecast period as exoskeletons help in enhancing strength and reducing physical strain on workers in various industries.
In 2020, North America dominated the global market in terms of revenue. This can be attributed to the increasing adoption of innovative and advanced technologies, the growing geriatric population, and the rising disabled population. Asia Pacific is anticipated to be the fastest-growing regional market in terms of revenue during the forecast period owing to evolving care models, infrastructure investments, and increasing demand for exoskeleton among a large patient pool for rehabilitation.
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The mobile mobility segment dominated the market in 2020 owing to the benefits offered in enhancing strength without compromising on the freedom of movement
The powered technology segment dominated the market in 2020 owing to an increase in the influx of regulatory approved solutions
The lower body extremity segment dominated the market in 2020 owing to an increase in the prevalence of lower body disabilities
The healthcare end-use segment dominated the market in 2020 owing to a surge in advancements in this sector
North America held the largest share in terms of revenue in 2020 owing to the rising geriatric population and increasing number of U.S. FDA approvals in this region
Grand View Research, Inc. has segmented the global exoskeleton market on the basis of mobility, technology, extremity, end use, and region:
Exoskeleton Mobility Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
Exoskeleton Technology Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
Exoskeleton Extremity Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
Exoskeleton End-use Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
Exoskeleton Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
List of Key Players of Exoskeleton Market
Lockheed Martin Corporation
Suit X (U.S. Bionics, Inc.)
Rex Bionics Plc.
ReWalk Robotics Ltd.
ActiveLink (Panasonic Corporation)
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