Exoskeleton Market Analysis

Exoskeleton Market Analysis

The mobile segment generated a market revenue of around USD 400 million in 2021 on account of the rising demand in the industrial sector. Mobile exoskeletons are designed as wearable mobile machines integrated with actuators and sensors, covering the entire body. These exoskeletons provide the ability to stand, walk, and work mechanically to support body motion

Several key players are focusing on developing advanced mobile exoskeleton solutions to gain a competitive edge in the market. For instance, in December 2021, Ekso Bionics, a medical equipment manufacturing business based in California, announced the development of new robotic exoskeletons for industrial applications. This is designed to wear by workers for all-day use to maintain ruggedness and durability.

The healthcare segment held over 50% of exoskeleton market share in 2021. Healthcare exoskeletons are integrated for various applications such as spinal cord injury, rehabilitation, multiple sclerosis, stroke, and others. The rise in injuries caused by accidents, work-related musculoskeletal injuries, and other factors are driving the demand for exosuits in the medical industry. According to the WHO, around 20 - 50 million people suffer from non-fatal injuries every year, resulting in a disability. The increasing usage of medical exosuits to actuate & support physical movements will fuel the market value.

The passive technology segment accounted USD 100 million in 2021 and is predicted to observe a 25% growth rate till 2030. This growth is credited to the several factors such as low price, no power consumption, and increased efficiency, among others. Instead of power, they use mechanical energy and mechanical device such as springs, dampeners, etc. These characteristics have encouraged its acceptance in several markets including logistics, construction, military, and aerospace. Several participants, such as Innophys Corporation, Technaid S.L, and ReWalk Robotics, among others, are continuously focusing on distribution strategy to gain a high industry share.
 

The North America exoskeleton market is estimated to attain a 30% CAGR by 2030. The increasing usage of smart exosuits in military & defense applications provides significant opportunities for component suppliers during the forecast period. They reduce human causalities, perform hazardous tasks, lower the operational costs, collect better intelligence, effective surveillance, and improve the attack capabilities in the military & defense sector. Companies are proactively focusing on expanding business verticals to gain a competitive advantage in the market.