Exoskeletons are wearable devices that work in tandem with the user and act as amplifiers that augment, reinforce or restore human performance. Exoskeletons can also be referred to as robotic suit, powered armor, exo-frame or exosuit, wearable machine, and power jacket, among others. The growth in the exoskeleton market is majorly propelled by the growing demand from the healthcare sector for orthopedic rehabilitation, increasing prevalence of stroke, and growing investment of the military & defense sector in the exoskeleton. However, stringent government regulations pertaining to medical applications is the major factor restraining market growth to some extent.
Meticulous Research® – A leading global market research company published a research report titled, “Exoskeleton Market by Product Type (Soft & Rigid), Power Type (Powered & Passive), Body Type (Complete Body, Upper & Lower Extremities), Mobility (Stationary & Mobile), and End-Use Industry (Industrial, Military, Healthcare)- Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global exoskeleton market is expected to grow at a CAGR of 48.4% from 2019 to reach $11.4 billion by 2027. The substantial growth in the global exoskeleton market is mainly attributed to the growing demand from the healthcare sector for orthopedic rehabilitation, growing investment by military & defense sector in exoskeletons, and increasing prevalence of strokes. In addition, the replacement of conventional prosthetics with exoskeleton technology and increasing adoption of human augmentation in industrial and other end-use sectors provides significant opportunities for the exoskeleton providers. However, stringent government regulations pertaining to the medical applications may limit the growth of the exoskeleton market to some extent during the forecast period. Moreover, high procurement costs associated with exoskeletons and lack of reliability issues with existing technology are the major challenging factors observed in this market.
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The global exoskeleton market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts it for 2027- by product type (soft & rigid), power type (powered & passive), body type (complete body, upper extremities & lower extremities), end-use industry (industrial, military, healthcare & others), mobility (stationary & mobile), and by geography. The study also evaluates industry competitors and analyses their market share at the global and regional level.
Based on product type, the rigid exoskeleton segment accounted for the largest share of the overall exoskeleton market in 2019. The large share of this segment is mainly attributed to the rigid exoskeleton’s huge demand from military and industrial sector owing to its high strength and load bearing capacity as well as its ability to offer protection against physical damage and abrasion. However, the soft exoskeleton segment is expected to grow at the fastest CAGR during the forecast period.
Based on mobility, the mobile exoskeletons segment commanded the largest share of the overall exoskeleton market in 2019. The growth of this segment is attributed to the fact that mobile exoskeletons enable free body movement and are extensively used in the industrial & military verticals to support body movement and reduce fatigue.
Based on the end-user, the healthcare segment commanded the largest share of the overall exoskeleton market. All the major regions across the globe are witnessing significant growth in their geriatric populations, and this trend is expected to continue in the coming years as well, which will create more demand for exoskeletons in the healthcare industry, thereby driving the growth of the exoskeleton market for healthcare. However, the industrial segment is slated to grow at the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the fact that a large number of companies are developing exoskeletons for a variety of industrial usage and several users have started adopting exoskeletons for the industrial applications.
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Geographically, the exoskeleton market scope varies greatly across different continents. The reason for this lies in the rate of technological developments in different parts of the world. With respect to revenue, North America is currently the most dominant market and is expected to retain its higher share throughout the forecast period. A large share of this region is due to well-established infrastructure for technology & education in the region and a higher adoption rate for the advanced technologies. Furthermore, the factors such as growing geriatric population; advent of robotic technologies; growing purchasing power of patients and increased investment towards exoskeleton technology; and the presence of majority of established exoskeleton players and start-ups have bolstered the market growth in the North American region. However, Asia Pacific region will experience the higher growth rate during the forecast period, owing to the factors such as growing geriatric population and increasing prevalence of stroke & SCIs, presence of large pool of patients, increasing disposable income, and availability of government funding.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016-2019). The exoskeleton market has witnessed a number of partnerships & agreements in the recent years. For instance, in March 2019, Ectron Corporation announced a partnership with Ekso Bionics, Inc. As a result of this partnership, Ectron Corporation will be working closely with Ekso Health delivering Eksokeleton technology to the U.K. for stroke and spinal cord injury rehabilitation. Similarly, in December 2018, Bionik Laboratories Corporation announced a multi-year purchase agreement and ongoing relationship with Kindred Hospital Rehabilitation Services for InMotion Arm™ Robotic Systems.
The global exoskeleton market is consolidated and dominated by few major players, namely ReWalk Robotics Ltd. (Israel), Lockheed Martin Corporation (U.S.), Parker Hannifin Corporation (U.S.), Ekso Bionics Holdings, Inc. (U.S.), Hyundai Motor Company (South Korea), Bionik Laboratories Corporation (U.S.), Myomo, Inc. (U.S.), Honda Motor Co. Ltd. (Japan), Technaid. S.L. (Spain), Gogoa Mobility Robots SL (Spain), Suitx Inc. (U.S.), Otto Bock HealthCare GmbH (Germany), Wearable Robotics SRL (Italy), DIH Technologies Corporation (Switzerland), and B-Temia Inc. (U.S.), among others.
Key questions answered in the report-
Which are the key application areas for exoskeleton technology that can bolster your revenue growth strategies?
Which are the high growth end-user markets that you should be focusing on in order to achieve sustainable growth?
Which geographic markets provide the fastest and highest revenue growth opportunities?
What are the major drivers, restraints, opportunities, and challenges in the global exoskeleton market?
Who are the competitors to look out for in the exoskeleton market?
What market share do they hold in the exoskeleton market?
How is the competitive landscape in the global exoskeleton market?
What strategies key vendors have been following to strengthen their market?
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