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Exoskeleton Market To Grow At 18.0% CAGR By 2030 Due To Rapidly Growing Global Geriatric Population And Rising Adoption Rates of Medical Devices | Grand View Research, Inc.

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Exoskeleton Market To Grow At 18.0% CAGR By 2030 Due To Rapidly Growing Global Geriatric Population And Rising Adoption Rates of Medical Devices | Grand View Research, Inc.

May 10
05:06 2022
Exoskeleton Market To Grow At 18.0% CAGR By 2030 Due To Rapidly Growing Global Geriatric Population And Rising Adoption Rates of Medical Devices | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, advanced research and development activities to develop innovative products is rapidly growing and is expected to positively impact the global exoskeleton industry growth over the forecast period.

Exoskeleton Industry Overview

The global exoskeleton market size was valued at USD 257.9 million in 2021 and is projected to reach USD 1.3 billion in terms of revenue and 26,114 units in terms of volume by 2030, expecting to expand at a compound annual growth rate (CAGR) of 18.0% during forecast period.

In terms of volume, the market volume was 8,741 units is projected to expand at a CAGR of 11.0% from 2022 to 2030. The rapidly growing global geriatric population, rising adoption rates of medical devices in different industries such as automobile, military, defense, and construction, and rising incidence of stroke are some of the key driving forces responsible for the growth of the market. Furthermore, the growing incidence rate of Spinal Cord Injuries (SCI) is expected to drive the demand across global markets. As per National Spinal Cord Injury Statistical Center (NSCISC) estimates in 2021, the number of SCI cases in 2019, 2020, and 2021 were 17,730, 17,810, and 10,9000, respectively. Moreover, approximately 296,000 Americans suffer from some form of SCIs.

Gather more insights about the market drivers, restrains and growth of the Global Exoskeleton Market

Exoskeleton solutions are being widely adopted across industries to support employee health and boost productivity. The growing demand has led to the emergence of several startups expertizing in exoskeleton technology and providing solutions for rehabilitation. Furthermore, the constantly evolving exoskeleton industry is driving market players to devise innovative product development strategies to boost the adoption rate over the forthcoming years. For instance, in June 2021, suitX launched shieldX which is used by health workers wearing heavy anti-radiation aprons who are prone to suffering from neck & back problems. Similarly, in May 2021, Roam Robotics announced the launch of Ascend, which is a robotic partial knee orthosis used by wearers to reduce knee pain and regain mobility.

U.S. Exoskeleton Market size, bu mobility, 2020-2030 (USD Million)

Some of the most common musculoskeletal injuries and disorders affecting the construction industry are Occupational Overuse Syndrome (OOS), Cumulative Trauma Disorders (CTD), and Repetitive Strain Injury (RSI). As per the WHO, data estimates published in February 2021, approximately 1.71 billion individuals across the globe suffer from musculoskeletal disorders. According to Health and Safety Executive (HSE) data estimates in November 2020, approximately 480,000 workers in Great Britain suffer from occupation-related musculoskeletal disorders across several industries. These are some of the driving forces boosting the adoption of exoskeleton solutions owing to the benefits associated with exoskeleton technology such as augmenting or assisting users’ physical activity or capability, improving users’ health and productivity, and reducing fatigue experienced by industrial workers.

However, the growth and development of the market for exoskeleton are restrained by limited technological advancements and low per capita income in emerging economies and under-developed countries. Companies in under-developed nations face several challenges in the form of lack of funding and the lack of accessibility to these novel technologies for the patients. For instance, the lack of adequate healthcare services in emerging economies has restricted access to rehabilitation therapies for disabled communities. Furthermore, these developing countries heavily depend on medical device imports, which makes these devices more expensive and restricts access, thereby challenging the development and growth of the market for exoskeletons.

The ongoing Covid-19 pandemic had an adverse impact on the global economy, disrupted supply & demand chains, increased unemployment, and led to overall economic uncertainty. As per Ekso Bionics’ 2020 annual report, it stated an overall decrease of 36.0% in revenue earning in FY2020 as compared to FY2019 owing to the significant decline in sales of medical devices. Furthermore, the annual report states that the demand for exoskeleton products dramatically dwindled down by 38.0% during the onset of the pandemic leading to a booking of 61 units in 2020 as compared to 98 units in 2019.

Exoskeleton Market Segmentation

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 training.


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. 
  • 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. 


Based on Extremity Insights, the market is segmented into upper body, lower body and full body.

  • 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.
  • 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.


Based on 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. 
  • Growing number of regulatory approvals and rising awareness towards technologically advanced systems arethe factors driving the demand and adoption rate of exoskeleton products in the healthcare industry.
  • 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.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • In 2021, 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.
  • According to CDC data estimates, approximately 61 million individuals suffer from some kind of disability in the U.S. and amongst the total disabled population 13.7% of the population suffers from mobility disabilities.
  • 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.
  • Constant economic development in emerging economies such as China, Japan, and India coupled with favorable public and private support is expected to bolster the development and growth.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

  • Rehabilitation Equipment Market  – The global rehabilitation equipment market size was valued at USD 10.53 billion in 2016 and is expected to grow at a CAGR of 6.0% during the forecast period. The market is expected to witness significant growth owing to increasing prevalence of degenerative diseases, such as Parkinson’s, Alzheimer’s, & arthritis, and growing number of trauma patients who require rehabilitation therapy. Moreover, growing geriatric population is also expected to propel the market over the forecast period.
  • Spinal Cord Stimulation Devices MarketThe global spinal cord stimulation devices market size was valued at USD 1.83 billion in 2018 and is anticipated to expand at a CAGR of 8.7% during the forecast period. A spinal cord stimulation device consists of a thin wire, which carries out current from the pulse generator to the nerve fibers of the spinal cord. The rise in a number of patients suffering from the failed back syndrome, chronic pain, and Complex Regional Pain Syndrome (CRPS) is the key factor boosting the market growth.

Market Share Insights:

  • June 2021: suitX launched shieldX which is used by health workers wearing heavy anti-radiation aprons who are prone to suffering from neck & back problems.
  • May 2021: Roam Robotics announced the launch of Ascend, which is a robotic partial knee orthosis used by wearers to reduce knee pain and regain mobility.
  • February 2021: approximately 1.71 billion individuals across the globe suffer from musculoskeletal disorders.


Key Companies Profile:

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. Growing number of technological collaborations, partnerships, geographic expansion, and mergers and acquisitions is anticipated to accelerate market growth over the forthcoming years.

Some of the prominent players in the 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.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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