Exoskeleton Market Size Is Expected To Witness Significant Growth Of USD $4.2 Billion By 2027 | Grand View Research, Inc.

Exoskeleton Market Size Is Expected To Witness Significant Growth Of USD $4.2 Billion By 2027 | Grand View Research, Inc.

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According to a new report by Grand View Research, Inc., The global exoskeleton market size was valued at USD 626.3 million in 2019 and is projected to witness lucrative growth over the forecast period. Rising prevalence of stroke, increasing adoption of exoskeleton, and growing geriatric population at a global level are some of the key factors anticipated to influence the market growth over the forecast period.

The global exoskeleton market size is anticipated to reach USD 4.2 billion by 2027, expanding at a CAGR of 26.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of exoskeletons in healthcare and non-healthcare settings, reimbursement coverage offered on these systems, and increasing prevalence of spinal cord injuries (SCIs) are the key factors driving the market. Moreover, development in robotics and growing demand for customized exoskeleton that addresses the specific needs of the patients is anticipated to fuel the growth over the forecast period.

With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.

Based on technology type, in 2019, mobile exoskeleton dominated the global market, accounting for a revenue share of 61.8%. Introduction of innovative mobile exoskeleton by manufacturers for the aging and disabled population is a key factor driving the market. However, mobile systems are complicated and expensive to design, which increases their cost. This is compelling the patients to switch to the stationary systems, thus making stationary systems the fastest growing segment in the market.

Some of the significant market players are ReWalk Robotics Ltd., Ekso Bionics, Rex Bionics Plc, Suit X (U.S. Bionics Inc.), Lockheed Martin Corporation, and Hocoma.

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On the basis of technology drive type, in 2019, electric actuators dominated the global exoskeleton market with a share of 32.1% in terms of revenue, as they are cost-effective in comparison with the other drive types. Moreover, presence of a wide variety of commercialized electric actuators is fueling the growth of this electric actuators segment. Usage of fuel cell-powered exoskeleton is increasing in military applications as they provide longer operation hours. This is anticipated to drive the fuel cell segment over the forecast period.

Further key findings from the report suggest:

  • The global exoskeleton market size is anticipated to reach USD 4.2 billion by 2027 owing to rising applications of these products in healthcare and non-healthcare settings
  • Based on technology type, mobile exoskeleton accounted for a major share of 61.8% in 2019 owing to introduction of innovative mobile systems for various industrial applications
  • On the basis of technology drive type, electric actuators dominated the global market with a revenue share of 32.1% as they are cost-effective than other drive types
  • North America dominated the market with a value of USD 297.8 million in 2019 owing to availability of favorable reimbursement policies and increasing investments in robotics
  • Some of the key players operating in this market are Ekso Bionics, Cyberdyne, ReWalk Laboratories, REX Bionics, and Suit X.

North America dominated the global market in 2019, generating a revenue of USD 297.8 million. Increasing investments in robotics, growing geriatric population, favorable reimbursement policies, and availability of funding for various projects are anticipated to drive the regional market over the forecast period. Asia Pacific is expected to exhibit the fastest CAGR owing to growing geriatric population, improvement in the healthcare infrastructure, and increasing investments in robotics in countries, such as Japan, China, and India.

The global exoskeleton market size was valued at USD 626.3 million in 2019 and is projected to witness lucrative growth over the forecast period. Rising prevalence of stroke, increasing adoption of exoskeleton, and growing geriatric population at a global level are some of the key factors anticipated to influence the market growth over the forecast period. Moreover, growing usage of exoskeleton in industries, such as construction and automobile, is further anticipated to drive the global market over the forecast period.

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Growing importance of exoskeleton in military operations as it helps in assisting injured soldiers and lifting heavy objects is also a key factor driving the global market. Moreover, growing focus of the manufacturers on the development of smart technologies to aid patients is further driving the market. For instance, in 2017, a Paris-based start-up, called Wandercraft developed Atalante Exo, which is a self-balanced lower limb exoskeleton, especially developed for paraplegics. Earlier version of exoskeleton requires crutches that stress the patients’ shoulder muscles. Therefore, the company came up with this revolutionary technology, which is used by the healthcare institutions for walk rehabilitation.

Furthermore, growing prevalence of spinal cord injury (SCI) is one of the leading factors expected to increase the adoption of exoskeleton over the forecast period. According to the National Spinal Cord Injury Statistical Center (NSCISC), around 12,500 new cases of SCI were reported in U.S. in 2015. In 2018, the number of cases increased to nearly 17,700 and around 17,730 in 2019. Approximately 363,000 people are currently living with these injuries in the country. Growing prevalence of SCI is anticipated to drive the global market over the forecast period.

However, limited adoption of this innovative technology in under-developed economies due to low per capita income and limited technological advancements is negatively impacting the global market growth. Patients in third world countries do not have access to such technologies owing to limited financial support. Companies in such countries find it challenging to get the funding, unlike those in developed countries.

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Moreover, the healthcare industry in such countries is poorly developed and the government fails to provide support to the disabled population. For instance, most of the disabled population in low-income countries have limited access to rehabilitation therapies owing to poor healthcare services. Moreover, these countries rely heavily on the imports of medical devices, thus making them expensive and limiting access. These factors are anticipated to challenge the global market growth.

Grand View Research has segmented the global exoskeleton market based on technology type, technology drive type, end user:

Exoskeleton Technology Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Mobile Exoskeleton
    • Active
    • Passive
  • Stationary Exoskeleton
    • Active
    • Passive

Exoskeleton Technology Drive Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Pneumatic Actuator
  • Hydraulic
  • Electric Servo
  • Electric Actuator
  • Fully Mechanical
  • Shape Memory Alloy Actuator
  • Fuel Cell

Exoskeleton End-user Outlook (Revenue, USD Million, 2016 – 2027)

  • Healthcare
    • Rehabilitation Centers
    • Elderly Care
    • Assisted Living Facilities
  • Military
  • Industrial
    • Production
    • Construction
    • Logistics

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In 2019, the mobile exoskeleton segment accounted for the largest share of 61.8% in terms of revenue and is anticipated to witness significant growth over the forecast period. Stationary exoskeleton is expected to be the fastest growing segment during the forecast period owing to increasing prevalence of spinal cord injuries (SCIs) and growing usage of stationary systems in rehabilitation.

Both the mobile and stationary exoskeleton segments are further segmented into active and passive systems based on energy usage. Increasing R&D activities and growing demand for motor-equipped robots to assist human body mechanics are anticipated to boost the adoption of the active exoskeletons. Moreover, presence of favorable reimbursement policies in the developed countries on the usage of exoskeleton is contributing to the growth of the active exoskeleton.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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