Exoskeleton Market To Hit Value .3 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on February 27th, 2023

The global exoskeleton market size is expected to reach USD 1.3 billion in terms of revenue and 26,114 units in terms of volume by 2030 and is expected to expand at a CAGR of 18.0% in terms of revenue and 11.0% in terms of volume from 2022 to 2030, according to a new report by Grand View Research, Inc. Rapidly growing global geriatric population, increasing incidences of road accidents, rising prevalence of stroke is boosting the adoption of exoskeleton products and driving the market growth. As per National Safety Council data estimates in March 2021, 42,060 individuals have died in road accidents in 2020 and accounted for an increase of 8% as compared to 2022. Furthermore, the market is expected to witness the emergence of smarter & more competent exoskeletons through the integration of artificial intelligence and machine learning algorithms.

The mobile exoskeleton segment dominated in 2021 and is anticipated to grow lucratively over the forthcoming years owing to the emergence of innovative mobile exoskeletons for the disabled communities and geriatric population. Although, high costs and complications associated with mobile systems are expected to restrain the segment growth. The powered technology segment dominated in 2021 owing to the widespread adoption of powered exoskeletons for rehabilitation aid in patients suffering from spinal cord injuries. Moreover, the benefits provided by these products are restored mobility, improved functioning, and enhanced quality of life. The 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 non-powered exoskeleton products in several industries.

Lower body extremity dominated in 2021 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 disabled individuals in managing daily activities. Based on end-use, the healthcare segment dominated in 2021 owing to the growing prevalence of stroke, a significant rise in road accidents, and the growing demand for rehabilitation services. The industry segment is expected to grow significantly over the forecast period owing to the growing adoption rate of exoskeleton products to enhance strength, reduce fatigue and strain amongst workers in several industries. In 2021, North America dominated the market owing to the readiness in adopting advanced novel technologies and the growing prevalence of spinal cord injuries. The 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.

In terms of volume, the market volume was 8,741 units is projected to expand at a CAGR of 11.0% from 2022 to 2030. The rapidly growing global geriatric population, rising adoption rates of medical devices in different industries such as automobile, military, defense, and construction, and rising incidence of stroke are some of the key driving forces responsible for the growth of the market. Furthermore, the growing incidence rate of Spinal Cord Injuries (SCI) is expected to drive the demand across global markets. As per National Spinal Cord Injury Statistical Center (NSCISC) estimates in 2021, the number of SCI cases in 2022, 2020, and 2021 were 17,730, 17,810, and 10,9000, respectively. Moreover, approximately 296,000 Americans suffer from some form of SCIs.

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Exoskeleton solutions are being widely adopted across industries to support employee health and boost productivity. The growing demand has led to the emergence of several startups expertizing in exoskeleton technology and providing solutions for rehabilitation. Furthermore, the constantly evolving exoskeleton industry is driving market players to devise innovative product development strategies to boost the adoption rate over the forthcoming years. For instance, in June 2021, suitX launched shieldX which is used by health workers wearing heavy anti-radiation aprons who are prone to suffering from neck & back problems. Similarly, in May 2021, Roam Robotics announced the launch of Ascend, which is a robotic partial knee orthosis used by wearers to reduce knee pain and regain mobility.

Exoskeleton Market Report Highlights

• The market size is anticipated to be valued at USD 1.3 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 exoskeleton products to enhance mobility & boost productivity
• The mobile mobility segment dominated in 2021 owing to multiple benefits associated with these products such as improving strength without restricting movement
• The powered technology segment dominated the market in 2021 owing to the growing number of innovative product launches and an increase in product approvals from regulatory bodies
• The lower body extremity segment dominated the market in 2021 owing to the rising incidence of lower body disabilities
• The healthcare segment dominated the market in 2021 owing to the growing availability of adequate healthcare infrastructure and constant technological advancements
• North America dominated the market in 2021 owing to the growing disabled population, rising prevalence of spinal cord injuries, and presence of key players

 Some of the most common musculoskeletal injuries and disorders affecting the construction industry are Occupational Overuse Syndrome (OOS), Cumulative Trauma Disorders (CTD), and Repetitive Strain Injury (RSI). As per the WHO, data estimates published in February 2021, approximately 1.71 billion individuals across the globe suffer from musculoskeletal disorders. According to Health and Safety Executive (HSE) data estimates in November 2020, approximately 480,000 workers in Great Britain suffer from occupation-related musculoskeletal disorders across several industries. These are some of the driving forces boosting the adoption of exoskeleton solutions owing to the benefits associated with exoskeleton technology such as augmenting or assisting users’ physical activity or capability, improving users’ health and productivity, and reducing fatigue experienced by industrial workers.

However, the growth and development of the market for exoskeleton are restrained by limited technological advancements and low per capita income in emerging economies and under-developed countries. Companies in under-developed nations face several challenges in the form of lack of funding and the lack of accessibility to these novel technologies for the patients. For instance, the lack of adequate healthcare services in emerging economies has restricted access to rehabilitation therapies for disabled communities. Furthermore, these developing countries heavily depend on medical device imports, which makes these devices more expensive and restricts access, thereby challenging the development and growth of the market for exoskeletons.

The ongoing Covid-19 pandemic had an adverse impact on the global economy, disrupted supply & demand chains, increased unemployment, and led to overall economic uncertainty. As per Ekso Bionics’ 2020 annual report, it stated an overall decrease of 36.0% in revenue earning in FY2020 as compared to FY2022 owing to the significant decline in sales of medical devices. Furthermore, the annual report states that the demand for exoskeleton products dramatically dwindled down by 38.0% during the onset of the pandemic leading to a booking of 61 units in 2020 as compared to 98 units in 2022.

List of Key Players of Exoskeleton Market

• Ekso Bionics
• Hocoma
• Lockheed Martin Corporation
• Suit X (U.S. Bionics, Inc.)
• Rex Bionics Plc.
• RB3D
• ReWalk Robotics Ltd
• Cyberdyne, Inc.
• ActiveLink (Panasonic Corporation)