Exoskeleton Market overview and future trends

 The exoskeleton market is valued at USD 499 million in 2021 and is projected to reach USD 3,340 million by 2026; it is expected to grow 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.

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.

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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.

Recent Developments

• In April 2021, Ottobock launched the Paexo Shoulder Jacket, Paexo Cool Sleeve, and Paexo Thumb Slim at the Hannover Messe Digital Edition 2021 event. These devices provide significant relief for the body during strenuous activities such as overhead work or lifting packages.
• In March 2021, CYBERDYNE received medical device approval from Thai Food and Medical Products Approval Authority (Thai FDA) for HAL Single Joint Type. The product is for patients with reduced mobility in the upper and lower limbs due to muscle weakness or paralysis.

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