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Exoskeleton Market Size

Report ID: GMI1946
Published Date: May 2022
Report Format: PDF

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Exoskeleton Market Size

Exoskeleton Market size exceeded USD 500 million in 2021 and is projected to expand at over 30% CAGR from 2022 to 2030. The industry growth is attributed to the rising adoption of AI and IoT-powered exosuits for rehabilitation purposes in the medical sector

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AI-based exoskeleton is used in various applications including rehabilitation centers, manufacturing facilities, construction sites, and military. It enables users to reduce fatigue and strain caused by repetitive tasks as well as reduce the risks of injury caused by lifting, carrying, or moving heavy loads. Additionally, the acceptance of exosuits helps in increasing productivity as well as improving proficiency, further promoting the market expansion.

The COVID-19 pandemic has disrupted the global market sales. The industry statistics witnessed a temporary decline in 2020. Due to government restrictions on import & export, OEMs around the world experienced a shortage of raw materials. The COVID-19 pandemic has led to a decline in the overall manufacturing of electronic components required for exoskeletons because of the supply chain disruptions in the Asia Pacific semiconductor sector. The China semiconductor industry experienced disruptive challenges in component manufacturing owing to the COVID-19 pandemic. However, the ongoing crisis between Russia and Ukraine is positively impacting the market in the military & defense sector of the Europe region.

Exoskeleton Market Report Attributes
Report Attribute	Details
Base Year:	2021
Exoskeleton Market Size in 2021:	500 million (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	30%
2030 Value Projection:	5 billion (USD)
Historical Data for:	2018 to 2021
No. of Pages:	350
Tables, Charts & Figures:	634
Segments covered:	Product, Application and Technology
Growth Drivers:	The growing population of aging individuals across the globe Growing cases of Parkinson’s and other muscle-related diseases Technological advancements in sensor technologies providing expanded capabilities to robotic exoskeleton Upsurge in military and defense robotic exoskeletons to drive demand Rising road accidents in North America to propel the demand for exoskeletons
Pitfalls & Challenges:	High costs associated with R&D & product acquisition

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of exoskeleton had crossed USD 500 million in 2021 and is poised to record a 30% CAGR through 2030, due to the increasing adoption of AI and IoT-powered exosuits for rehabilitation purposes across the medical sector.

The industry share from the passive technology segment could record a CAGR of over 25% through 2030, ascribed to the thriving need for affordability, no power consumption, and increased efficiency.

The annual revenue for the mobile segment was over USD 400 million in 2021 and will grow with the rising demand in the industrial sector.

The North America market will expand at a CAGR of over 30% through 2030 owing to the higher adoption of smart exosuits in military & defense applications.

Hocoma, Cyberdyne Inc, Ekso Bionics, Rewalk Robotics, and US Bionics, are some of the well-known companies in the market.