The global exoskeleton market size is expected to reach USD 14.58 Billion in 2030 and register a revenue CAGR of 45.8% over the forecast period, according to the latest report by Reports and Data. Market revenue growth for exoskeletons is expanding due to reasons such as increased demand from the healthcare sector for robotic rehabilitation and rising strategic alliance brms and research organizations for the development of exoskeleton technology for medical application in several countries. However, the hurdles to acquiring permissions for the medical applicaetween fition of exoskeletons, may limit market revenue growth.
The rising occurrence of stroke and growing geriatric population are some of the important factors expected to impact market revenue growth over the forecast period. The global demand for robotic rehabilitation has increased due to a rise in the number of handicapped and geriatric persons. Geriatric population has contributed to an increase in demand for physical therapy services in recent years. The increased percentage of survival using advanced technologies from diseases such as stroke and paralysis has highlighted the significance of exoskeleton in healthcare. Robotic rehabilitation and assistive technology assures reduced stress on physiotherapy personnel and limit costs while improving patients’ quality of life. As the prevalence of handicaps increases globally, there has been an increase in demand for these robotic rehabilitation devices. According to data published by WHO in 2018, over a billion people were estimated to have some sort of disability, accounting for around 15% of the world population. Between 110 million (2.2 percent) and 190 million (3.8 percent) of persons aged 15 and above have major functional impairments. Moreover, manufacturers’ increased emphasis on adding smart technology in exoskeletons to benefit patients will fuel product demand.
Some Key Highlights from the Report:
- By type, powered segment accounted for largest revenue share in 2020. Powered exoskeletons are currently used primarily in the healthcare vertical to assist people with disabilities, but with the introduction of premium systems and their additional benefits over passive exoskeletons, powered exoskeletons will find applications in several new verticals, resulting in the segment’s high revenue growth during the forecast period.
- By component, software segment is expected to register a faster revenue CAGR over the forecast period. Technological advancements will increase the complexities of exoskeletons in terms of inter-device connectivity, Artificial Intelligence (AI), and autonomous operations. Demand for software in the overall exoskeleton market will increase more than that of hardware, as software will assist in efficient and accurate processing of complex functionalities. There are already a variety of software programs available that are suitable for ergonomic simulation. As a result of the constraints of conventional design tools, software companies currently supply a variety of 3D CAD software packages for exoskeletons.
- By end use, military & defense segment is expected to register fastest revenue CAGR over the forecast period. Exoskeletons can help soldiers on the battlefield hoist heavier weapons and move quicker and cover a bigger area on the battlefield. As a result, some countries are looking forward to employing exoskeletons in military & defense applications to reinforce national security. The primary driving reason for the revenue growth for military & defense segment is technological improvements in exoskeletons. Significant attempts are being made to improve the efficiency of exoskeletons for military applications through the adoption of modern technologies, which are anticipated to drive the segment’s revenue growth during the forecast period.
- Exoskeleton Market in North America is expected to grow at fastest CAGR during the forecast period. The expansion of the healthcare business, increasing frequency of chronic diseases, increase in R&D investment in life sciences for manufacturing technologically sophisticated and innovative goods, and other factors are all contributing to market growth in the region.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Exoskeleton market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corp., Rex Bionics Ltd., Ekso Bionics, Cyberdyne Inc., ATOUN Inc., Hocoma, Wandercraft, and Otto Bock.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Exoskeleton Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Powered
- Passive
Component Type Outlook (Revenue, USD Billion; 2019-2030)
- Hardware
- Electric Actuator
- Pneumatic Actuator
- Hydraulic
- Control Systems/Controllers
- Electric Servo
- Others
- Software
Anatomy Type Outlook (Revenue, USD Billion; 2019-2030)
- Lower Extremities
- Upper Extremities
- Full Body
Mobility Outlook (Revenue, USD Billion; 2019-2030)
- Stationary
- Mobile
Indication Type Outlook (Revenue, USD Billion; 2019-2030)
- Paralysis
- Paraplegia
- Weaker Appendages
- Others
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare
- Military
- Industrial
- Others
Geographic Segment Covered in the Report:
The Exoskeleton report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (the USA and Canada)
• Europe (UK, Germany, France, and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• the Middle East and Africa (GCC and the rest of the Middle East and Africa)
Key market aspects are illuminated in the report:
- Executive Summary: It covers a summary of the most vital studies, the Global Exoskeleton market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
- Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Exoskeleton market, the years measured, and the study points.
- Company Profile: Each Firm well-defined in this segment is screened based on a products, value, SWOT analysis, their ability and other significant features.
- Manufacture by Region: This Global Exoskeleton report offers data on imports and exports, sales, production and key companies in all studied regional markets.
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