Meticulous Research® – A leading global market research company published a research report titled, “Exoskeleton Market by Product Type (Soft & Rigid), Power Type (Powered & Passive), Body Type (Complete Body, Upper & Lower Extremities), Mobility (Stationary & Mobile), and End-Use Industry (Industrial, Military, Healthcare)- Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global exoskeleton market is expected to grow at a CAGR of 48.4% from 2019 to reach $11.4 billion by 2027. The substantial growth in the global exoskeleton market is mainly attributed to the growing demand from the healthcare sector for orthopedic rehabilitation, growing investment by military & defense sector in exoskeletons, and increasing prevalence of strokes. In addition, the replacement of conventional prosthetics with exoskeleton technology and increasing adoption of human augmentation in industrial and other end-use sectors provides significant opportunities for the exoskeleton providers. However, stringent government regulations pertaining to the medical applications may limit the growth of the exoskeleton market to some extent during the forecast period. Moreover, high procurement costs associated with exoskeletons and lack of reliability issues with existing technology are the major challenging factors observed in this market.
The global exoskeleton market study presents historical market data in terms of values (2017), estimated current data (2018), and forecast up to 2027 - by product type (soft & rigid), by power type (powered & passive), body type (complete body, upper extremities & lower extremities), end-use industry (industrial, military, healthcare & others), mobility (stationary & mobile), and geography. The study also evaluates industry competitors and analyzes the market at a country level.
Based on product type, the overall exoskeleton market is segmented into soft and rigid exoskeleton. At present, adoption of a rigid exoskeleton is greater than soft exoskeleton in the overall exoskeleton market; however, the soft exoskeleton segment is expected to grow at the fastest CAGR during the forecast period. Rigid exoskeletons can produce musculoskeletal stress and fatigue due to their weight, along with the unnatural or constrained movement of the suit, which restricts the preference for rigid exoskeletons to some extent.
Based on power type, overall exoskeleton market is segmented into powered and passive exoskeletons. Powered exoskeleton commanded the largest share of the overall exoskeleton market in 2019. In the healthcare sector, factors such as rising cases of stroke and spinal cord injuries, advancements in battery technology, evolution of high-density storage systems, and preference for lightweight structural materials will drive the growth of the powered exoskeleton market during the forecast period.
Based on the end-use industry, the global exoskeleton market is segmented into industrial, military, healthcare, and others. Among these, the healthcare vertical is projected to grow at a considerable pace throughout the forecast period. All the major regions across the globe are witnessing significant growth in their geriatric populations, and this trend is expected to continue in the coming years as well, which will create more demand for exoskeletons in the healthcare industry, thereby driving the growth of the exoskeleton market for healthcare.
Geographically, North America commanded the largest share of the overall exoskeleton market and is expected to maintain its dominance throughout the forecast period. The large share of this region is attributed to the availability of well-established infrastructure and higher adoption rate for the advanced technologies. Furthermore, the factors such as growing geriatric population, advent of robotic technologies, rising purchasing power of patients, and increasing investments towards exoskeleton technology along with the presence of majority of the established exoskeleton players and start-ups have boosted the overall exoskeleton market in the North American region. However, the Asia-Pacific region is expected to register the fastest growth during the forecast period.
Some of the key players operating in global exoskeleton market are ReWalk Robotics Ltd. (Israel), Lockheed Martin Corporation (U.S.), Parker Hannifin Corporation (U.S.), Ekso Bionics Holdings, Inc. (U.S.), Hyundai Motor Company (South Korea), Bionik Laboratories Corporation (U.S.), Myomo, Inc. (U.S.), Honda Motor Co. Ltd. (Japan), Technaid. S.L. (Spain), Gogoa Mobility Robots SL (Spain), Suitx Inc. (U.S.), Otto Bock HealthCare GmbH (Germany), Wearable Robotics SRL (Italy), DIH Technologies Corporation (Switzerland), and B-Temia Inc. (U.S.) among others.
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