Exoskeleton Market Set to Witness Explosive Growth by 2030

Exoskeleton Industry Overview

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 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.

 

Exoskeleton Market Segmentation

Grand View Research has segmented the global exoskeleton market on the basis of mobility, technology, extremity, end-use, and region:

 

Based on the Mobility Insights, the market is segmented into Mobile and Fixed/Stationary.

  • In 2021, 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.
  • The growth witnessed by stationary exoskeleton technologies is due to the growing usage of stationary system in rehabilitation centers. The fixed segment is expected to account for significant CAGR over the forecast period. This growth is attributed to rising demand for stationary exoskeletons to support and automate treadmill

 

Based on the Technology Insights, the market is segmented into Powered and Non-powered.

  • In 2021, 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.
  • However, 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.

 

Based on the Extremity Insights, the market is segmented into Upper Body, Lower Body and Full Body.

  • In 2021, 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.
  • However, 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.

 

Based on the End-Use Insights, the market is segmented into Healthcare, Military and Industry.

  • In 2021, 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.

 

Exoskeleton Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The key participants are constantly focusing on devising innovative product development strategies and receiving timely product approvals from regulatory authorities to expand their business footprint and grow their product portfolio.

Some prominent players in the global exoskeleton market include

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

 

Order a free sample PDF of the Exoskeleton Market Intelligence Study, published by Grand View Research.

 

Matched content

Editor’s pick

Express Press Release Distribution