Exoskeleton Market Growth at a CAGR of 17.0% from 2022 to 2030

The global Exoskeleton market size was valued at USD 250.9 million in 2020, and is predicted to be worth around USD 1.2 billion by 2030, registering a CAGR of 17.0% during the forecast period 2022 to 2030.

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Growth Factors

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 2019. 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.

Report Coverage

By Mobility Analysis

The mobile segment dominated the market for exoskeleton and accounted for the largest revenue share of 60.7% and largest volume share of 61.7%. The mobile segment is anticipated to register the fastest growth rate over the forthcoming years.

This significant market share and lucrative growth rate is attributable to the surge in demand for motor-equipped robots for aiding human body mechanics and rise in research and development activities.

Key participants are constantly introducing innovative solutions for various industries which support worker/user’s health, boost productivity, reduce fatigue, and minimize risks of serious injuries. The growth witnessed by stationary exoskeleton technologies is due to the growing usage of stationary system in rehabilitation centers.

By Technology Analysis

The powered technology segment dominated the market for exoskeleton and accounted for the largest revenue share of 74.7% and volume share of 67.6% owing to the rising implementation of powered exoskeleton solutions in several industries to enhance personal safety and boost productivity.

Non-powered or passive technology segment is anticipated to register the fastest growth rate over the forthcoming years owing to the growing number of innovative product launches. For instance, in December 2020, Hilti partnered with Ottobock SE to launch EXO-O1, a passive exoskeleton used by the construction industry.

By Extremity Analysis

The lower body segment dominated the market for exoskeleton and accounted for the largest revenue share 43.3% and volume share of 53.5% owing to the alarming rise of lower body disabilities and growing adoption rates of exoskeleton products by paralyzed and geriatric population for stability, mobility, and weight-bearing capabilities.

The upper body segment is anticipated to register the fastest growth rate over the forthcoming years owing to the benefits provided by exoskeleton products in upper extremities such as supporting disabled communities and rehabilitation aid in post-stroke, neurological, or musculoskeletal impairments.

By End-use Analysis

The healthcare segment dominated the market for exoskeleton and accounted for the largest revenue share of 51.3% and volume share of 51.8% owing to the rising incidence rate of Spinal Cord Injuries (SCIs), widespread adoption of these products and solutions in rehabilitation centers, and significant surge in treatment numbers are some of the key driving factors.

On the other hand, the industry segment is anticipated to register the fastest growth over the forthcoming years owing to the rising awareness levels towards the benefits associated with exoskeleton technologies in several industry applications and rapidly growing incidence rate of occupation-related injuries.

By Regional Analysis

North America dominated the market for exoskeleton and accounted for the largest revenue share of 47.0% and volume share of 28.4% owing to the growing prevalence of disabled individuals, rising expenditure on research activities, growing public and private support, increasing number of partnerships & collaborations amongst key participants, and availability of technologically advanced products.

Asia Pacific is anticipated to register the fastest growth rate over the forthcoming years owing to growing patient pool requiring rehabilitation support. Developing & advancing healthcare infrastructure, availability of government support and funding are driving the development and growth of the market for exoskeleton in Asia Pacific.

Key Players

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

Market Segmentation

• By Mobility
  • Mobile
  • Fixed/Stationary
• By Technology
  • Powered
  • Non-powered
• By Extremity
  • Upper Body
  • Lower Body
  • Full Body
• By End-use
  • Healthcare
  • Military
  • Industry
•  Regional
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Spain
    • Italy
    • France
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Singapore
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE

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