Exoskeleton Market - Global Industry Analysis Size, Share, Growth, Trends, and Forecasts 2020 to 2030

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Exoskeleton Market - Global Industry Analysis Size, Share, Growth, Trends, and Forecasts 2020 to 2030

Status : January, 2023 | Semiconductor & Electronics

Report Digest

Global Exoskeleton Market - Snapshot

Adoption of exoskeleton is on the rise because of the increased occurrence of stroke and the growing acceptance and use of exoskeletons in a wide range of sectors, including  automobile, military, and construction. Additionally, the rising occurrence of spinal cord injury (SCI) is expected to boost demand in the global exoskeleton market in the near future. According to the National Spinal Cord Injury Statistical Center (NSCISC) data published in 2021, the US had about 17,700 new instances of spinal cord injuries in 2018. In 2019 as well as in 2020, the overall number of SCI cases increased to 17,730 and 17,810, respectively. It further said that there are roughly 296,000 persons in the US living with SCIs.

Furthermore, in the next few years, the launch of technically improved goods is likely to boost the use of exoskeletons. SuitX declared the release of shieldX in June 2021 for health professionals who must wear bulky anti-radiation aprons. Neck and back issues are caused by these hefty aprons, which limit activities even outside work and reduce careers. Roam Robotics introduced Ascend in May 2021, a robotic partial knee orthosis that adapts to the wearer's demands and aids in the reduction of knee discomfort and recovering mobility. Such new products are likely to support development of the global exoskeleton market in the years to come.

Increased Prevalence of Musculoskeletal Injuries to Drive Demand in the Market

The construction sector is affected by musculoskeletal injuries and illnesses such as Occupational Overuse Syndromes (OOS), Cumulative Trauma Disorders (CTD), and Repetitive Strain Injury (RSI). As per WHO data released in February 2021, 1.71 billion people worldwide suffer from musculoskeletal diseases. According to statistics released by the Health and Safety Executive (HSE) in November 2020, 480,000 employees in the UK suffered from job-related musculoskeletal illnesses in 2019-20, with a frequency of 2,020 instances per 100,000 construction companies. As a result of the advantages offered in enhancing or helping a user's physical capacity or activity, exoskeleton technology is gaining popularity. Construction workers' tiredness and physical demands are reduced, and their performance, safety, and health are improved.

Global Exoskeleton Market – Overview

Exoskeleton has been making strides towards improving the safety quotient of humans by influencing their overall efficiency to perform a designated task. They use smart algorithms that are developed to automatically match the bodily movements, thereby aiding in achieving superior performance. With the excellent adaptability of exoskeletons, they absorb relatively less energy as that of customary exoskeletons. Motion anomalies leveraged by the technology continuously fetch data pertaining to the real-time environment and prevent any probable injury.

Global Exoskeleton Market – Notable Developments

  • Parker Hannifin – A leading company in the exoskeleton market received an approval to market its product, Indego, in June 2018. The approval allows the company to commercialize motorized leg braces in parallel to creating awareness apropos of the health benefits of these exoskeletons to the insurance companies.
  • B-Temia – Another player functioning in the exoskeleton market announced the strategic partnership with Wistron to achieve the successful launch of Keeogo™ in the Asia region.

Global Exoskeleton Market – Drivers and Restraints

Convergence of technology and healthcare industry has liberated new opportunities, which have been gaining traction in the military sector. As a result, application of exoskeletons and consequently their adoption rate have been rising to assist the motion of injured military and paramilitary troops. With the advent of the stationary exoskeleton, demand for exoskeletons has been surging to aid the mobility of disabled military personnel in an effective manner and to foster the training regime, which is likely to complement the growth of the exoskeleton market.

Rising number of individuals across the world with lower appendage issues is supporting the need or portability help and assistive clinical gadgets. The developing horribleness and wellbeing weight of problems, for example, cerebral embolisms and spinal rope wounds is an eminent factor driving the interest for clinical exoskeleton. The need is significant among geriatrics in all significant areas of the globe. The developing interest for creative restoration approaches has placed expanding focal point of the clinical local area on clinical exoskeleton, in this manner filling the quick extension of the worldwide market. Increasing adoption of devices that offers insurance coverage is expected to aid in favor of the patient population, thereby augmenting the growth of the exoskeleton market.

Global Exoskeleton Market – Geographical Landscape

Based on the regional segmentation, the global Exoskeleton market can be segmented into five key regions. These key regions are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, currently, the global market is being led by the regional segment of North America. The growth of the regional segment can be attributed to the presence of a highly developed and matured healthcare infrastructure. In addition to this, presence of key players operating in the region has also helped the overall development of global Exoskeleton market in North America.

On the other hand, the regional segment of Asia Pacific is expected to witness promising growth opportunities in the coming years of the forecast period ranging from 2020 to 2030. The growth of the region can be attributed to the increasing investments directed towards the development of the healthcare segment. In addition to this, more activities and funding for research and development activities are also likely to help the development of Exoskeleton market in the Asia Pacific region.

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  • COVID-19 Impact

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