Exoskeleton Industry Overview
The global exoskeleton market size was valued at USD 257.9 million in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 18.0% from 2022 to 2030.
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.
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.
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Exoskeleton Market Segmentation
Grand View Research has segmented the global exoskeleton market on the basis of mobility, technology, extremity, end-use, and region:
Exoskeleton Mobility Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
Exoskeleton Technology Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
Exoskeleton Extremity Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
- Upper Body
- Lower Body
- Full Body
Exoskeleton End-Use Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
Exoskeleton Regional Outlook (Volume, Units; Revenue, USD Million, 2016 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- September 2020: Sarcos raised a funding of USD 40 million in Series C round led by Rotor Capital and will utilize this funding to expand commercial production levels of Guardian XO product.
- June 2020: Ekso Bionics received U.S. FDA approval for clinical use of EksoNR robotic exoskeleton which is used in patients suffering from Acquired Brain Injury (ABI).
Key Companies profiled:
Some prominent players in the global exoskeleton market include
- Ekso Bionics
- Lockheed Martin Corporation
- Suit X (U.S. Bionics, Inc.)
- Rex Bionics Plc.
- ReWalk Robotics Ltd
- Cyberdyne, Inc.
- ActiveLink (Panasonic Corporation)
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