The global exoskeleton market size is expected to reach USD 1.25 billion in terms of revenue and is expected to expand at a CAGR of 16.9% in terms of revenue during the forecast period, according to a new report by Grand View Research, Inc. Rapidly growing global geriatric population, increasing incidences of road accidents, rising prevalence of stroke are the factors boosting the adoption of exoskeleton products and driving market growth. As per the National Safety Council data estimates in March 2021, 42,060 individuals had died in road accidents in 2020 and accounted for 8% increase compared to 2019.
The mobile exoskeleton segment dominated the market in 2022 and is anticipated to grow lucratively over the forthcoming years owing to the emergence of innovative mobile exoskeleton for the disabled communities and geriatric population. Although, high costs and complications associated with mobile systems is expected to restrain the segment growth. The powered technology segment dominated in 2022 owing to the widespread adoption of powered exoskeleton for rehabilitation aid in patients suffering from spinal cord injuries.
Moreover, the benefits provided by these products are restored mobility, improving functioning, and enhancing quality of life. Non-powered technology segment is anticipated to register the fastest growth over the forthcoming years owing to the surge in product launches and growing demand for the non-powered exoskeleton products in several industries.
Lower body extremity dominated in 2022 owing to the growing incidence rate of lower body disabilities. On the other hand, upper body extremity is anticipated to register the fastest growth over the forthcoming years owing to the widespread adoption of exoskeleton devices by the disabled individuals in managing daily activities. Based on end-use, healthcare segment dominated in 2022 owing to the growing prevalence of stroke, significant rise in road accidents, and growing demand for the rehabilitation services.
The industry segment is expected to grow significantly during he forecast period owing to the growing adoption rate of exoskeleton products to enhance strength, reduce fatigue & strain amongst workers in several industries. In 2022, North America dominated the market owing to the readiness in adopting advanced novel technologies and growing prevalence of spinal cord injuries. Asia Pacific is expected to grow lucratively owing to the advancements in healthcare infrastructure, availability of favorable funding options, and growing patient pool requiring rehabilitation services.
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Exoskeleton market size is anticipated to be valued at USD 1.25 billion in terms of revenue and 26,114 units in terms of volume by 2030, owing to the growing prevalence of spinal cord injuries and rising demand for the exoskeleton products to enhance mobility & boost productivity
Mobile mobility segment dominated in 2022 owing to multiple benefits associated with these products such as improving strength without restricting movement
Powered technology segment dominated in 2022 owing to growing number of innovative product launches and increase in product approvals from the regulatory bodies
Lower body extremity dominated in 2022 owing to rising incidence of lower body disabilities
Healthcare segment dominated in 2022 owing to growing availability of adequate healthcare infrastructure and constant technological advancements
North America dominated in 2022 owing to growing disabled population, rising prevalence of spinal cord injuries, and presence of key players
Grand View Research, Inc. has segmented the global exoskeleton market report based on the mobility, technology, extremity, end-use, and region.
Exoskeleton Mobility Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)
Exoskeleton Technology Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)
Exoskeleton Extremity Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)
Exoskeleton Technology By Extremity Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)
Exoskeleton End-Use Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)
Exoskeleton Regional Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)
List of key players in global exoskeleton market include
Lockheed Martin Corporation
Suit X (U.S. Bionics, Inc.)
Rex Bionics Plc.
ReWalk Robotics Ltd
ActiveLink (Panasonic Corporation)
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