Exoskeleton Robots Market Forecasts to 2028 – Global Analysis By Type (Upper Extremities, Lower Extremities, Full Body), Mobility (Mobile, Stationary), Power (Powered, Passive), End User and By Geography

Exoskeleton Robots Market Forecasts to 2028 – Global Analysis By Type (Upper Extremities, Lower Extremities, Full Body), Mobility (Mobile, Stationary), Power (Powered, Passive), End User and By Geography

According to Stratistics MRC, the Global Exoskeleton Robots Market is accounted for $468.57 million in 2022 and is expected to reach $2,261.69 million by 2028 growing at a CAGR of 33.0% during the forecast period. Robotic exoskeletons are wearable ambulatory machines that rely on mechanical structures, rotors, levers and hydraulics to move stiff body parts and help users in performing routine tasks with high endurance and strength. These external skeletons use artificial intelligence and sensors to detect bio-neurotic signals from the brain and trigger the frame to move in line with specific instructions like sitting, standing or lifting an object.

Globally, the operational stock of multipurpose industrial robots was around three million units in 2020. Since 2010, the stock has been increasing through each year, accelerating in 2014. Operational stock is the level of inventory required to meet operational obligations. During this time period, sales of industrial robots increased exponentially. Key companies within the industry include ABB, which saw the highest level of revenue amongst its competitors. In 2019, the Swiss company generated about 16 billion U.S. dollars in revenue related to robots and industrial automation.

Market Dynamics:

Driver:

Rising demand from the healthcare industry

The utilization of exoskeletons for such purposes has grown, in part, due to the increase in the number of people with physical disabilities, especially the geriatric population. Robot-assisted therapy systems are being increasingly used in rehabilitation processes as they provide countless benefits in performing repeated movements during goal-directed tasks, the evaluation of different physiological and functional parameters during rehabilitation exercises, improving motivation, and assisting home exercises and training.

Restraint:

Regulatory challenges

Manufacturers’ skills and expertise pertaining to technical designing can matter during the testing of the product. The malfunctioning of a medical device can lead to life-threatening consequences, and hence, exoskeletons developed for healthcare applications need to be thoroughly examined. User safety and device reliability are the main concerns in the development and regulation of medical devices. Currently, there are a few standards that are directly applicable to the exoskeleton industry. The FDA recognizes ISO standards that are applicable to relevant industries, and only products that receive regulatory approvals can be sold in the market.

Opportunity:

Growing inclination for human augmentation equipment

As exoskeleton systems can enhance powerlifting, load carrying, and endurance functions; the market has received a series of funding from the department of defense of several nations. Various exoskeletons developed to date are effectively designed and tested for mechanical structure (accessories such as guns, dead weight, devices, and others) and support soldiers in augmenting main body strength. Moreover, the market for exoskeletons is exhibiting an upbeat growth outlook, which, coupled with growing awareness about these devices in different fields, is attracting more investments in the industry—especially from private venture capitalists. Also, exoskeletons provide very strong load-supporting assistance with the freedom of decoupling the load at the same time. Such features of exoskeletons aid soldiers in carrying heavy loads.

Threat:

High cost of equipment

The degree of usability of exoskeletons is a big issue being faced by the industry as exoskeletons are slow and cumbersome. Cost acts as a barrier for the adoption of exoskeletons for rehabilitation among people with disabilities in low-income countries. Technological advancements have played a big role in the development of cost-efficient and affordable exoskeletons; however, they are yet to reach their market potential. A patient with a lower limb disability will have to pay a high price for an exoskeleton power suit for robotic rehabilitation, along with the supervision session conducted by physiotherapists, who are trained to work with power suits. A patient will have to pay for the exoskeleton and other standard medical expenses such as surgery and hospital stay, making the use of the exoskeleton incredibly expensive. Therefore, the companies in the industry are focusing on R&D to develop cost-efficient exoskeleton solutions.

Covid-19 Impact

The COVID-19 pandemic is likely to have a slight negative impact on the market. The impact of the COVID-19 on the market studied is attributed to the scenario of lockdown in 2020. Due to the outbreak, the majorly affected population is the geriatric group that uses exoskeletons the most. As all the rehabilitation centers are either closed or partly open, people do not have an option to approach these even in an emergency. The training and delivery are also limited until all conditions are deemed. Moreover, appointments are on hold, and as the situation gets better, rescheduling training programs may occur that had been planned for 2020 as needed. Many countries are still in lockdown now, and they suspended trades with other countries, leading to a decline in the orders of exoskeletons in the market. There is an immediate impact on direct sales activities, impacting many major players' company sales.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth. At present, a number of software packages suited to ergonomic simulation are available in the market. In response to the limitations of traditional design tools, software providers now offer a number of 3D CAD software packages for exoskeletons. These digital human modeling (DHM) software tools enable models of humans to interact with virtual products and workplaces in a CAD environment. The technological advancements will lead to an increase in complexities in exoskeletons in terms of inter-device connectivity, artificial intelligence (AI), and autonomous operations; the value of software in the overall exoskeleton market will increase more than that of hardware, as the software will assist such complex functionalities in processing efficiently and accurately.

The mobile segment is expected to have the highest CAGR during the forecast period

The mobile segment is anticipated to witness the fastest CAGR growth during the forecast period. Lower extremity exoskeletons developed for human locomotion assistance are used to help patients who have completely lost mobility in the lower limbs due to conditions such as spinal cord injury (SCI), multiple sclerosis, etc. Some of the most widely used mobile exoskeleton technologies developed for users who have lower-limb mobility impairments are ReWalk, Rex, Indego, Ekso, HAL, Atlas, and others. The basic purpose of using exoskeletons is to provide mobility to people, which can be achieved only by using mobile exoskeletons; hence, the demand for mobile exoskeletons is more than the stationary ones. The application of stationary exoskeletons is limited only to therapies related to healthcare or is used for training purposes in some other verticals. The healthcare vertical is a major consumer of mobile exoskeletons.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the adoption of exoskeletons for rehabilitation and personal assistance applications. In addition, Asia Pacific is the manufacturing hub of various industries; hence, growing industrial automation in the region will generate a huge demand for exoskeletons. Also, China and South Korea are increasing their spending on the defense sector to stay competitive and enhance their defense mechanism. These countries are likely to deploy exoskeletons for military applications in the near future to counter the impact of nuclear wars. Additionally, government support for the development of robotics would also support the growth of the exoskeleton market in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. Growth in North America region is being driven by major contribution from the US, rising aging population and high purchasing power of people. The market demand is propelled by increasing cases of spinal cord injury and stroke along with associated disabilities. Increasing awareness about these options and regulatory approval for medical exoskeletons are poised to fuel demand, while increasing number of rehabilitation centers to serve people with spinal cord injuries, stroke, traumatic brain surgeries, cerebral palsy and multiple sclerosis are expected to bolster the market. Improvements in healthcare infrastructure, a massive patient pool and government funding for medical devices are the major factors fuelling growth in this region.

Key players in the market

Some of the key players profiled in the Exoskeleton Robots Market include Bionik Laboratories Corp, Cyberdyne Inc, US Bionics Inc, Hocoma Ag, Honda Motor Co., Ltd, Ekso Bionics Holdings Inc, Myomo Inc, Parker-Hannifin Corp, Rewalk Robotics Ltd, Rex Bionics Ltd, Lockheed Martin Corp, Toyota Motor Corporation, Panasonic Corporation, Ottobock, and DIH.

Key Developments:

In March 2021, Ekso Bionics announced a partnership with US Physiatry (USP) to educate physicians on the clinical benefits of an EksoNR exoskeleton. USP is the largest in-patient physician practice in the US, focused exclusively on physical medicine and rehabilitation.

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, DIH entered into a strategic partnership agreement with Reha Technology. Under this agreement, DIH agreed to take over the distribution of Reha Technology’s robotics products and promote and distribute Reha Technology´s end-effector-based gait therapy devices in key markets such as Switzerland, Germany, and the US.

In March 2021, Cyberdyne Inc and Jiksak Bioengineering, Inc., a company that develops neuron-related technologies, formed a capital and business alliance (CYBERDYNE’s investment in Jiksak).

Types Covered:
• Upper Extremities
• Lower Extremities
• Full Body

Mobilities Covered:
• Mobile
• Stationary

Powers Covered:
• Powered
• Passive

End Users Covered
• Construction
• Consumer
• Defense
• Healthcare / Medical
• Industrial
• Military
• Personal Use

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements