The Exoskeleton Market Report Share is estimated to be USD 499 million in 2021 and expected to reach USD 3,340 million by 2026, at a CAGR of 46.2% from 2021 to 2026.
Although exoskeletons have been in existence for a long time, the market for exoskeletons is growing owing to factors such as growing demand from the healthcare sector for robotic rehabilitation, advancements in robotic technologies, and huge investments for the development of exoskeleton technology.
Growing demand from the healthcare sector for robotic rehabilitation
Robot-assisted therapy systems are being increasingly used in rehabilitation processes as they provide countless benefits in performing repeated movements during goal-directed tasks, the evaluation of different physiological and functional parameters during rehabilitation exercises, improving motivation, and assisting home exercises and training.
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The use of exoskeletons for such purposes has grown, in part, due to the increase in the number of people with physical disabilities, especially the geriatric population. According to the Statistics Bureau of Japan, in 2019, the population aged 65 years and above was 35.89 million, constituting 28.4% of the total population (i.e., 1 in every 4 people)—marking a record high. It not only implies that there are more potential users for humanoid robots but also signifies that the number of active people to look after the elderly and disabled would be few. Even in North America, it is estimated by the Administration on Aging (AOA) that over the past 10 years, the population aged 65 and above increased from 38.8 million in 2008 to 52.4 million in 2018 (a 35% increase) and is projected to reach 94.7 million in 2060.
Increasing adoption of human augmentation equipment in industrial and military sectors
Many companies are enhancing their facilities using exoskeletons. Also, with the evolution across industrial and military sectors, the need for automation is also increasing; hence, manufacturers are focusing on developing prototypes that can adapt to the real-time need for exoskeletons. Thus, the intensifying need for human augmentation in industrial and military sectors creates opportunities for the growth of the Exoskeleton Market.
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Powered exoskeleton segment is expected to grow at the highest rate during the forecast period
Powered exoskeletons accounted for the larger share of the Overall Exoskeleton Market in 2020. The high cost of powered exoskeletons leads to a higher market share of the technology compared to passive exoskeletons. At present, powered exoskeletons are mainly used in the healthcare vertical to assist people with disabilities, but with the introduction of cost-efficient systems and because of their additional benefits over the passive ones, powered exoskeletons will find their applications in several new verticals, ultimately resulting in the high growth of the segment during the forecast period.
Healthcare vertical to hold the largest market size of Exoskeleton Market during the forecast period
Exoskeletons are being widely deployed at rehabilitation centers for therapies to assist people with disabilities; owing to this, the healthcare segment accounted for the largest share of the exoskeleton market in 2020. Over the last few years, there have been major developments in this field, giving hope to people with spinal cord injuries, neurological disorders, and strokes. The use of these devices during rehabilitation is growing, and their benefits are becoming more widely recognized. Moreover, the increasing usage approvals for exoskeletons in the medical industry have encouraged companies to invest more in the research and development of exoskeletons.
Exoskeleton Market in North America to hold the highest market share during the forecast period
North America is a major regional market for exoskeletons. The growth of the market can be attributed to the presence of major players, their subsidiaries, distributors, and resellers in this region. Growing demand from the healthcare sector for rehabilitation, advancements in robotic technologies, and huge investments made for the development of exoskeleton technology is boosting the demand for exoskeletons in North America.
Ottobock (Germany), DIH Medical (China), CYBERDYNE (Japan), Ekso Bionics. (US), Lockheed Martin Corporation (US), ATOUN. (Japan), BIONIK (Canada), B-Temia (Canada), MediTouch (Israel), ReWalk Robotics (US), Daiya Industry (Japan), Europe Technologies (France), Exhauss (France), Focal Meditech BV (Netherlands), Fourier Intelligence (China), Gogoa Mobility (Spain), Honda Motor Co (Japan), Hyundai Motors (South Korea), Mitsubishi Heavy Industries (Japan), Myomo (US), Parker Hannifin (US), P&S Mechanics (South Korea), Rex Bionics (UK), suitX (US) and Wandercraft (France) are some of the key players in the Exoskeleton Market.
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