A Exoskeleton Market Size By Product (Stationary, Mobile), By Application (Industrial [Full Body, Upper Body, Lower Body], Military [Full Body, Upper Body, Lower Body], Healthcare [Full Body, Upper Body, Lower Body]), By Technology (Passive, Semi-Passive

Exoskeleton Market Size By Product (Stationary, Mobile), By Application (Industrial [Full Body, Upper Body, Lower Body], Military [Full Body, Upper Body, Lower Body], Healthcare [Full Body, Upper Body, Lower Body]), By Technology (Passive, Semi-Passive, Active), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global exoskeleton market is slated to expand at a substantial rate through 2030 owing to the increasing incidences of strokes., In addition, the latest technological advancements in the field are likely to further fuel industry expansion over the forecast period.

Recently, key players in the sector have been working towards expanding their R&D to offer innovative technologies to their consumers, which has significantly augmented exoskeleton market growth in key regions. For instance, in May 2021, Ekso Bionics Holdings, Inc., a leader in the exoskeleton tech for industrial and medical use, extended its partnership with Kindred Healthcare, LLC to build a robotic exoskeleton dubbed the EksoNR, which is excessively used in clinics, to four Long-Term Acute Care (LTAC) Hospitals of Kindred in the United States. The multi-unit order followed the EksoNR's outstanding pilot run.

By improving patient performance in neurorehabilitation through gait training and early mobility, EksoNR has gained prominence as a usual treatment at Kindred's Inpatient Rehabilitation Hospitals. With the acquisition of these new EksoNR devices, Kindred Healthcare deepened its cooperation with Ekso Bionics and strengthened its position in acute patient services.

To cite another instance, in November 2021, the US Food and Drug Administration designated ReWalk Robotics Ltd.'s ReBoot gadget as a ‘breakthrough device’. ReWalk markets and manufactures exoskeletons for people with lower limb disabilities caused by a spinal cord injury or stroke. Before exoskeletons or other assistive technologies can be extensively used, they must first receive regulatory approval.

The FDA's breakthrough device classification was a significant milestone for ReBoot as it opened the door to a more expedited review process, allowing the gadget to reach the market sooner. ReBoot, a lightweight and battery-run orthotic exosuit, works with the muscles of the affected limb to help not only maintain safe foot positioning but also push off the ground.

The exoskeleton market has been bifurcated in terms of product, application, technology, and region. Based on application, the industry has been divided into healthcare, industrial, military, and others.

The other segment accounted for a substantial market share of over 10% in 2021 and is expected to expand at a steady rate through the forecast period. Increasing concerns pertaining to musculoskeletal disorders among farmers are foreseen to escalate product uptake in the agriculture industry over the forthcoming years.

From the regional standpoint, the Latin America exoskeleton market registered a revenue share of approximately 4% in 2021 and is set to witness robust growth through 2030. Mounting adoption of advanced technologies in the field of medical devices in order to prevent spinal cord injuries is poised to bolster business growth in LATAM in the future.