SAN FRANCISCO, Sept. 19, 2022 /PRNewswire/ — The global exoskeleton market size is expected to reach USD 1.3 billion in terms of revenue by 2030. According to a new report by Grand View Research, Inc., from 2022 to 2030, the market is also estimated to expand at a CAGR of 18.0%. 2021 was highly dominated by the mobile exoskeleton segment which is expected to set new success bars over the forthcoming years, with increasing demand by the specially-abled and geriatric population for innovative mobile exoskeletons. Therefore, the market witnessed a massive growth of 18.3% in terms of revenue during the COVID-19 timeline in 2021.
Key Industry Insights & Findings from the report:
- The non-powered technology segment is expected to register the fastest growth during the forecasted period as a result of the brand new product launches and the expanding demand for non-powered exoskeleton products in several industries.
- The constantly evolving exoskeleton market demands players to devise innovative product development strategies to boost the adoption rate.
- Even though the usage of the exoskeleton is low in the Asia-Pacific, technologically developing countries like China, India, and South Korea hold a strong potential to stimulate the exoskeleton market growth over the years.
- Owing to the rise in the number of innovative product launches, along with an increase in the approvals of the products from regulatory bodies, the powered technology segment dominated the market in 2021.
- North America dominated the market in 2021 owing to the growing disabled population, rising prevalence of spinal cord injuries, and presence of key players.
- The growing availability of better healthcare infrastructure and continuous technological advancements, dominated the healthcare segment market in 2021.
Read 150-page full market research report, “Exoskeleton Market Size, Share & Trends Analysis Report By Mobility (Mobile, Fixed), By Technology (Powered, Non-powered), By Extremity, By End-use, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Exoskeleton Market Growth & Trends
The rapid growth in the specially-abled population majorly in the geriatric population is a driving factor for the exoskeleton market growth. Owing to this, the rising demand for medical devices in various industries such as automobile, military, defense, and construction, to support employees and boost production, also form the key factors. Additionally, the hike in Spinal Cord Injuries (SCI) is estimated to be a demanding factor for the global markets. The major Tier-1 and Tier-2 players in the exoskeleton market include Ekso Bionics, Hocomo, Ottobock, DIH Medical, CYBERDYNE, and others.
In recent times, there are several startups that have emerged with expertise in exoskeleton technology, and provide solutions for rehabilitation such as robot-assisted therapy systems that are particularly in demand for the process, owing to their countless benefits in performing repeated movements. It helps in improving motivation and assisting home exercises and training.
The growth and development of the exoskeleton market however, appear restrained due to the limited technological advancements, and low per capita income in emerging economies and under-developed countries. The lack of funding leads to the deprivation of these novel technologies for the patients. For example, the lack of adequate healthcare services in under-developed or developing countries has restrictions on disabled communities for rehabilitation therapies.
In spite of that, the exoskeleton market is expected to witness sky-scrapping growth in the forthcoming years with various developments and innovations created by the pre-existing, as well as the latest players in the market. For instance, in June 2021, suitX launched sheildX which is used by health workers wearing heavy anti-radiation aprons who are prone to suffering from neck and back problems. Prior to that, in May 2021, partial knee orthosis named Ascend was launched by Roam Robotics, which is used to reduce knee pain and regain mobility among the wearers.
Exoskeleton Market Segmentation
Grand View Research has segmented the global exoskeleton market on the basis of mobility, technology, extremity, end-use, and region:
Exoskeleton Market – Mobility Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
Exoskeleton Market – Technology Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
Exoskeleton Market – Extremity Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
- Upper Body
- Lower Body
- Full Body
Exoskeleton Market – End-Use Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
Exoskeleton Market – Regional Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Exoskeleton Market
- Ekso Bionics
- Lockheed Martin Corporation
- Suit X (U.S. Bionics, Inc.)
- Rex Bionics Plc.
- ReWalk Robotics Ltd
- Cyberdyne, Inc.
- ActiveLink (Panasonic Corporation)
Check out more related studies published by Grand View Research:
- Wearable Artificial Organs Market – The global wearable artificial organs market size is expected to reach USD 17.7 billion by the year 2027, expanding at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. Growing cases of transplant failure coupled with the increasing shortage of organ donors are creating massive growth opportunities for wearable artificial organs. Technological advancement in the field of 3D printing and artificial intelligence is creating new avenues for the market.
- Wearable Patch Market – The global wearable patch market size is expected to reach USD 12.3 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2020 to 2027. Wearable Patch is attached to the skin and can be worn for a couple of hours to weeks. In recent years these patches have become more popular and are most widely used for drug delivery or patient monitoring, and sports. They are also used to deliver medication such as nicotine and to treat various chronic diseases. Various companies are investing in this technology to gain a competitive advantage.
- Medical Robotic Systems Market – The global medical robotic systems market size is expected to reach USD 76.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.4% from 2022 to 2030. The major factors contributing to the industry growth are the higher per capita healthcare spending and technological advancements in surgical medical equipment. Furthermore, the surging need for surgical procedures in the elderly population, growing demand for accurate laparoscopic surgeries, and rising cases of trauma injuries are fueling the market growth.
Browse through Grand View Research’s Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.