Exoskeleton Market – Business Revenue, Future Growth, Trends Plans, Top Key Players, Business Opportunities, Industry Share, Global Size Analysis By Forecast To 2027 | Grand View Research, Inc.

Exoskeleton Market - Business Revenue, Future Growth, Trends Plans, Top Key Players, Business Opportunities, Industry Share, Global Size Analysis By Forecast To 2027 | Grand View Research, Inc.

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Exoskeletons have moved from being widely used in the healthcare sector, to finding utilization in a number of other areas such as warehousing and logistics and military operations, as per Grand View Research. The COVID-19 pandemic and its after-effects are expected to open numerous growth avenues for the exoskeleton industry in the coming years, both in healthcare and non-healthcare settings.

The global exoskeleton market size is anticipated to reach USD 4.2 billion by 2027, according to an expansive study by Grand View Research, Inc. The industry is projected to advance at a substantial CAGR of 26.3% over the forecast period. Exoskeletons have witnessed widespread adoption in both healthcare and non-healthcare settings, which is a major driver for the industry advancement. This, coupled with the reimbursement coverage offered on these systems, and increasing prevalence of spinal cord injuries (SCIs) across the globe, are major factors in creating growth opportunities for the industry. Furthermore, the major developments witnessed in robotics and growing demand for customized exoskeletons is anticipated to fuel the market growth over the forecast period. Exoskeletons can serve a multitude of purposes, owing to which they have been increasingly utilized in critical industries, such as automobiles and construction.

Exoskeletons may be manufactured either through the use of rigid materials, such as carbon fiber or metal; or by using soft and elastic parts entirely. They can cover the complete body, the extremities, and even very specific parts. Introduction of innovative mobile exoskeletons 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. Additionally, usage of fuel cell-powered exoskeleton is increasing in military applications as they provide longer operation hours. Exoskeletons in the military field aid soldiers in carrying up to 17 times of more than normal weight, thus greatly improving the health and safety aspects. Another key area of utilization for exoskeletons is warehousing and logistics, wherein there is requirement of moving heavy and delicate objects on a constant basis, which require extreme safety and precautions. 

Further key findings suggest:

Exoskeleton usage has diversified to a number of areas, with researchers backed by Nike having invented a wearable ankle exoskeleton that makes it 14% easier to run as compared to generic running shoes. Thus, continued innovations such as these are expected to drive the global market

The rising prevalence of spinal cord injuries (SCIs) across the globe offers a significant push to the growth of the exoskeleton market. As per the NSCISC, around 12,500 new cases of SCI were reported in the U.S. in 2015, which increased to around 17,730 in 2019; additionally, the country has around 294,000 people living with SCI as of 2020

In terms of technology, the mobile exoskeleton segment 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 exoskeleton market with a revenue share of 32.1%, owing to their cost-effectiveness and greater control provision for the user in terms of speed, position, and acceleration

The healthcare end-use segment dominated the exoskeleton market with 53.3% share in 2019, owing to rising product usage in rehabilitation centers, increasing prevalence of SCI, as well as increasing number of FDA approvals on medical exoskeletons

North America was the most significant contributor to the exoskeleton market with a value of USD 297.8 million in 2019, owing to availability of favorable reimbursement policies and increasing investments in robotics

The COVID-19 outbreak has led to a drastic increase in hospitalizations, with a number of patients suffering from severe COVID-19-related Acute Respiratory Distress Syndrome. Hospitals have resorted to the testing and use of back-support exoskeletons to assist medical staff executing prone positioning maneuvers on such patients

• Some of the major players operating in the exoskeleton market are Ekso Bionics, Cyberdyne, ReWalk Laboratories, REX Bionics, and Suit X. In March 2021, ReWalk signed a contract with BKK Mobil Oil health insurance fund to supply their exoskeletons to SCI-affected people in Germany

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Exoskeleton Market Segmentation

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

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

Exoskeleton Regional Outlook (Revenue, USD Million, 2016 – 2027)

    • North America
        • U.S.
        • Canada
        • Germany
        • The U.K.
        • Spain
        • Italy
        • France
        • Switzerland
    • Asia Pacific
        • China
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa
        • South Africa

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About Grand View Research

Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s reports and services cater to a number of critical global industries, such as healthcare, energy and power, technology, chemicals, and F&B, to name a few.

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