The global exoskeleton market size was valued at USD 334.8 Billion in 2022 are expected to expand at a compound annual growth rate (CAGR) of 17.2% in terms of revenue. In terms of volume, the exoskeleton market volume was 11,330 units and is estimated to develop at a CAGR of 9.9% from 2023 to 2030.
Report Scope of the Exoskeleton Market:
|Market Size in 2022||USD 334.8 billion|
|Revenue Forecast by 2032||USD 1,637.05 billion|
|Growth rate from 2023 to 2032||17.2%|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors & trends|
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 exoskeleton market.
Furthermore, the growing incidence rate of spinal cord injuries (SCI) is expected to drive the demand across global market. As per National Spinal Cord Injury Statistical Center (NSCISC) estimates in 2021, the number of SCI cases in 2019 and 2020 were 17,730 and 17,810, respectively. Moreover, approximately 296,000 Americans suffer from some form of SCIs.
Exoskeletons solutions are being widely adopted across industries to support reduce accidents and boost productivity. The rising demand has led to the development of several startups that are expertizing in the exoskeleton technology and providing solutions for rehabilitation. In addition, the continuously growing exoskeleton industry is driving the players in the market to devise or formulate innovative development initiatives to boost the adoption rate over the forthcoming years. For instance, suitX launched shieldX in 2021. This exoskeleton can be utilized by the health workers that are wearing heavy anti-radiation aprons and are prone to suffering from neck & back problems.
Some of the most common musculoskeletal injuries and disorders affecting the construction industry are cumulative trauma disorders (CTD), occupational overuse syndrome (OOS), and repetitive strain injury (RSI). As per 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 user’s physical activity or capability, improving users’ health & productivity, and reducing fatigue experienced by the industrial workers.
However, the growth and development of exoskeleton market is restrained by the limited technological advancements and low per capita income in emerging economies and under-developed countries. Companies in under-developed nations face several challenges in the form of lack of funding and the lack of accessibility to these novel technologies for the patients. For instance, lack of adequate healthcare services in emerging economies has restricted access to rehabilitation therapies for disabled communities. Furthermore, these developing countries heavily depend on medical device imports which make these devices more expensive and restrict access, thereby challenging the development and growth of the market.
The COVID-19 outbreak had an adverse impact on the global economy, disrupted supply & demand chains, increased unemployment, which led to overall economic uncertainty. As per Ekso Bionics’ 2020 annual report, it stated an overall decrease of 36.0% in revenue earning in FY2020 as compared to FY2019 owing to the significant decline in sales of medical devices. Furthermore, the annual report stated that the demand for exoskeleton-related products dramatically reduced by around 38.0% during the onset of the pandemic leading to a booking of 61 units in 2020 as compared to 98 units in 2019.
Key Companies & Market Share Insights
Growing number of technological collaborations, partnerships, geographic expansion, and mergers & acquisitions are anticipated to accelerate the market growth during the forthcoming years.Some of the key players in global exoskeleton market include:
Exoskeleton Market Segmentations:
Technology By Extremity Outlook