Exoskeleton Market Size Worth $953.1 Million By 2028 | CAGR: 20.5%: Grand View Research, Inc.

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17 Aug, 2021, 09:35 GMT

SAN FRANCISCO, Aug. 17, 2021 /PRNewswire/ -- The global exoskeleton market size is expected to reach USD 953.1 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.5% from 2021 to 2028. The rise in the prevalence of road accidents and stroke and the growing geriatric population is increasing the adoption of exoskeletons for improving mobility, thereby aiding the market growth. According to the data published by the National Safety Council in March 2021, an estimated 42,060 individuals died in road mishaps in 2020, a year in which people traveled significantly less (13%) owing to the COVID-19 pandemic, an increase of 8% over 2019. It further stated that around 4.8 million people were badly injured in 2020. Exoskeletons are anticipated to continuously evolve in complexity in the forthcoming years owing to the implementation of machine learning and artificial intelligence (AI), resulting in smarter and more competent robots.

Key Insights & Findings:

The mobile mobility segment dominated the market in 2020 owing to the benefits offered in enhancing strength without compromising on the freedom of movement
The powered technology segment dominated the market in 2020 owing to an increase in the influx of regulatory approved solutions
The lower body extremity segment dominated the market in 2020 owing to an increase in the prevalence of lower body disabilities
The healthcare end-use segment dominated the market in 2020 owing to a surge in advancements in this sector
North America held the largest share in terms of revenue in 2020 owing to the rising geriatric population and increasing number of U.S. FDA approvals in this region

Read 150 page market research report, "Exoskeleton Market Size, Share & Trends Analysis Report By Mobility (Mobile, Fixed/Stationary), By Technology (Powered, Non-powered), By Extremity, By End Use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

Based on mobility, the mobile exoskeleton segment accounted for the largest revenue and volume share in 2020. The development of innovative mobile exoskeletons by manufacturers for the elderly and disabled population is boosting the adoption of mobile exoskeletons. The segment is also anticipated to witness the fastest growth during the forecast period. However, complications and high costs associated with designing mobile systems are expected to hamper the market growth as these factors ultimately increase the costs of the final product.

In 2020, the powered technology segment accounted for the largest revenue and volume share. This is attributed to the increasing adoption of powered exoskeleton for SCI rehabilitation with different levels of injury. In addition, increasing benefits offered by these products in restoring mobility, increasing functioning, and improving the quality of life and health status for wheelchair-bound patients are bolstering the adoption of powered exoskeletons. The non-powered technology segment is anticipated to register the fastest growth rate during the forecast period. This is credited to the increasing product launches and the increasing demand for non-powered exoskeletons for reducing the risks for developing low back pain in bent forward work-related positions.

In 2020, the lower body extremity segment accounted for the largest revenue and volume share owing to the increasing prevalence of lower body disabilities. The upper body extremity segment is anticipated to register the fastest growth rate during the forecast period. This is attributed to the rising adoption of upper body exoskeletons in managing activities of daily living among the disabled patient population.

Based on end use, healthcare accounted for the largest revenue and volume share in 2020. An increase in the number of road accidents requiring rehabilitation services post-surgery and a surge in the prevalence of spinal cord injuries are aiding the segment growth across the globe. The industry segment is anticipated to be the fastest-growing segment during the forecast period as exoskeletons help in enhancing strength and reducing physical strain on workers in various industries.

In 2020, North America dominated the global market in terms of revenue. This can be attributed to the increasing adoption of innovative and advanced technologies, the growing geriatric population, and the rising disabled population. Asia Pacific is anticipated to be the fastest-growing regional market in terms of revenue during the forecast period owing to evolving care models, infrastructure investments, and increasing demand for exoskeleton among a large patient pool for rehabilitation.

Grand View Research, Inc. 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 - 2028)

Mobile
Fixed/Stationary

Exoskeleton Technology Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

Powered
Non-powered

Exoskeleton Extremity Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

Upper Body
Lower Body
Full Body

Exoskeleton End-use Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

Healthcare
Military
Industry

Exoskeleton Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
Spain
Italy
France
Russia

Asia Pacific

Japan
China
India
Australia
Singapore
South Korea

Latin America

Brazil
Mexico
Argentina

South Africa
Saudi Arabia
UAE

List of Key Players of Exoskeleton Market

Ekso Bionics
Hocoma
Lockheed Martin Corporation
Suit X (U.S. Bionics, Inc.)
Rex Bionics Plc.
RB3D
ReWalk Robotics Ltd.
Cyberdyne, Inc.
ActiveLink (Panasonic Corporation)

Browse throughGrand View Research's coverage of the Global Medical Devices Industry:

Neurorehabilitation Devices Market – The global neurorehabilitation devices market accounted for USD 915.1 million in 2015 and is expected to grow at a CAGR of over 15.1% during the forecast period.
Medical Robotic Systems Market – The global medical robotic systems market size was valued at USD 7,470.7 million in 2014 and is expected to grow at a double digit CAGR over the forecast period.
Robotic Prosthetic Market – The global robotic prosthetic market size was valued at USD 1.1 billion in 2019 and is anticipated to witness a lucrative growth of 9.2% over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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