Exoskeleton Market: Description
Exoskeletons are wearables that are controlled by a combination that consists of pneumatics, electric motors, hydraulics, levers as well as a blend of technology that provides greater endurance and strength in the movement of limbs. Exoskeleton robots are a kind of service robot for professionals which is utilized in various applications to replicate, enhance or improve the body's natural movement. They provide crucial support for human movements and have potential applications that range from consumer items up to deployment in the military. The exoskeleton assists with the shoulders, waist, and thigh, as well as aid in lifting and grasping of large items and reduce back strain.
Exoskeleton Market: Overview
According to the report published by We Market Research, the Global Exoskeleton Market Size Was Worth USD 480 Million in 2022 and Is Projected to Grow to USD 3,168 Million by 2033, at a CAGR of 19.4% Over The Forecast Period of 2023 to 2033.
The use of robotics is becoming increasingly popular in the field of healthcare and is accelerating the growth of this market. Robot-assisted therapy systems are utilized in rehabilitation procedures due to their numerous advantages like performing repetitive motions in goal-oriented tasks, assessing various functional and physiological parameters in rehabilitation exercises, increasing motivation and assisting with exercises at home and training. Robots are used extensively to support people recovering from strokes or other serious neurological disorders. The demand for rehabilitation robotics is rapidly increasing. As per the International Federation of Robots' World Robotics 2019 - Service Robots, 2,400 rehab robots were sold in 2018, which is an increase of 83% compared to 2017.
The advantage of robots over exercises guided by therapists is that the device makes sure that the exercise is executed in an exact manner each time, thus teaching the brain muscles to perform the exercises on their own. The amount of repetitions per session can be increased with the help of robots in rehabilitation. The robots record the information related to the patient’s performance, allowing the therapist and doctor to precisely evaluate improvements.
Exoskeleton Market: Key Trends
· Combination of Smart Technology and Robots To Boost The Market
Exoskeleton robots are becoming increasingly popular in various industries across the globe owing to their advanced technical abilities. The medical, logistics, and engineering sectors have all benefited from the development of technologies like interactivity Internet of Things (IoT) and artificial intelligence (AI) and interactive learning, virtual guidance, and digital assistants for robots. In addition, the field of robotics has undergone significant changes due to the introduction of methodologies, such as human-in-the-loop optimization, that has been optimized in robotics. The real-time measurement of human physiological data like the rate of breathing can be used to adjust the settings of control and other functions within these methods. In addition, reputed companies offer rechargeable battery packs and detachable torque assistors, and various operating algorithms that support users who are unable to lift heavy weights and other repetitive or demanding tasks.
· Rise in Demand for the Robotic Rehabilitation from the Healthcare Sector
Robot-assisted therapy devices are highly utilized in rehabilitation processes because they offer countless advantages in the repetition of moves during goals-directed tasks as well as the evaluation of various functional and physiological parameters during rehabilitation exercises, enhancing motivation, as well as assisting with training and exercises at home. Exoskeletons used for these purposes have increased partly due to the growth in the number of physically disabled individuals, particularly those with geriatric disabilities. As per the Statistics Bureau of Japan, in 2019, the number of people who were 65 years old and above reached 35.89 million, representing 28.4% of the total population. This does not just mean an increase in users of humanoid robots but also indicates that the number of individuals who care for the disabled and elderly will reduce.
Exoskeleton Market: COVID-19 Impact
The COVID-19 pandemic had a minor impact on the marketplace that was mainly associated with the nationwide lockdowns announced in 2020 to curb the virus spread. Also, the population most affected by the virus were the elderly population, the highest users of exoskeletons. There are many countries that are still in complete or partial lockdowns and have suspended trade with other nations, leading to a drop in orders for exoskeletons in the market. This in turn is having a direct impact on direct sales operations affecting lot of companies of major players.
Key Players:
· Ekso Bionics
· Hocoma
· Lockheed Martin Corporation
· Suit X (U.S. Bionics, Inc.)
· Rex Bionics Plc.
· RB3D
· ReWalk Robotics Ltd
· Cyberdyne, Inc.
· ActiveLink (Panasonic Corporation)
Exoskeleton Market: Segmentation Analysis
Exoskeleton Market based on component
· Hardware
o Sensors (gyroscopes, microphones, accelerometers, tilt sensors, force/torque sensors, position sensors, and others
o Actuators (electrical, pneumatic, hydraulic, and piezoelectric)
o Power Sources
o Control Systems
o Other hardware components
· Software
The software segment is anticipated to showcase lucrative expansion trends over the forecast duration owing to technologies advancements in the field which in turn will result in the rise of complexities in autonomous operations, artificial intelligence (AI), and inter device connectivity of exoskeletons. These complexities can be managed and assisted efficiently by software rather than hardware.
Exoskeleton Market based on Mobility
· Mobile
· Stationary
The Mobile segment dominated the global market and accounted for the largest revenue share exceeding 60.7%, and also registered the largest volume share of 61.7%. The mobile segment is expected to register the fastest growth over the forecast period. This high share and massive growth is attributed to the growth in R&D activities and boost in demand for motor-equipped robots for helping human body mechanisms.
Exoskeleton Market based on Type
· Powered
· Non Powered
The Powered segment led the Global Exoskeleton market and accounted for more than 74.7% share of the global revenue share and volume share of 67.6%. This high share is attributed to the installation of powered exoskeleton solutions in various industries to boost productivity and enhance personal safety. There are several benefits that have been associated with powered technology products, such as smooth lifting motions, strain reduction on workers' bodies, productivity enhancement, and strength boosting. However, the passive technology segment is anticipated to register substantial growth over the forecast period.
Exoskeleton Market based on Application
· Healthcare
· Defense
· Industrial
· Others
The healthcare segment has been dominating the Exoskeleton market and held the largest revenue share of 51.3% and volume share of 51.8% in 2021. This high share and volume are attributed to the adoption of these products in the rehabilitation centers, rise in the number of spinal cord injuries (SCIs). Furthermore, rising cognizance towards technological advancement system and growth in a number of regulatory approvals.
Exoskeleton Market based on Body Part
· Lower Extremities
· Upper Extremities
· Full Body
The lower extremities segment is expected to capture significant market share over the stipulated timeline owing to the fact that the most common mobility issues are related to the lower part of the body. Hence, lower-body exoskeletons are widely adopted across the healthcare sector.
Exoskeleton Market based on Treatment Type
· Rehabilitation
· Augmentation
Exoskeleton Market: Regional Analysis
North America dominated the global exoskeleton market and accounted for the largest share of the global revenue of 47.0% and volume share of 28.4% in 2021. This high share and volume are ascribed to the growth in public and private support, rising population of disabled individuals, rising business partnership and collaboration among the key players, and surge in expenditure on research activities.
1. Global Exoskeleton Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Exoskeleton Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2023 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million) & Volume (Units)
1.4. Global Exoskeleton Market Scope and Market Estimation
1.4.1. Global Exoskeleton Overall Market Size (US$ Million) & (Units), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Exoskeleton Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Exoskeleton Market Segmentation
1.5.1. Component of Global Exoskeleton Market
1.5.2. Type of Global Exoskeleton Market
1.5.3. Mobility of Global Exoskeleton Market
1.5.4. Body part of Global Exoskeleton Market
1.5.5. Treatment type of Global Exoskeleton Market
1.5.6. Application of Global Exoskeleton Market
1.5.7. Key Regions of Global Exoskeleton Market
2. Global Exoskeleton Market - Executive Summary
2.1. Global Exoskeleton Market – Summary & Snapshot
2.2. Global Exoskeleton Market, By Component (US$ Million) & (Units)
2.3. Global Exoskeleton Market, By Type (US$ Million) & (Units)
2.4. Global Exoskeleton Market, By Mobility (US$ Million) & (Units)
2.5. Global Exoskeleton Market, By Body part (US$ Million) & (Units)
2.6. Global Exoskeleton Market, By Treatment type (US$ Million) & (Units)
2.7. Global Exoskeleton Market, By Application (US$ Million) & (Units)
2.8. Global Exoskeleton Market, By Geography (US$ Million) & (Units)
2.9. Global Exoskeleton Market Outlook & Future Opportunities
3. Exoskeleton Market Trends, Outlook, and Factors Analysis
3.1. Global Exoskeleton Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Exoskeleton Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing number of people with physical disabilities
3.2.1.2. Subsequent growth in the demand for effective rehabilitation approaches
3.2.1.3. Driver 3
3.2.1.4. Driver 4
3.2.1.5. Driver 5
3.2.2. Restraints
3.2.2.1. Regulatory Challenges for securing approvals for medical applications of exoskeletons
3.2.2.2. Restraint 2
3.2.3. Opportunities
3.2.3.1. Increasing insurance coverage for medical exoskeletons in several countries
3.2.3.2. Growing demand from the healthcare sector for robotic rehabilitation, advancements in robotic technologies
3.2.3.3. Opportunity 3
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Exoskeleton Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Exoskeleton Market
3.9.1. By Component
3.9.2. By Type
3.9.3. By Mobility
3.9.4. Body Part
3.9.5. Treatment type
3.9.6. Application
3.9.7. By Regions
4. Global Exoskeleton Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Exoskeleton Market, 2020 – 2021 (US$ Million) & (Units)
4.2. Global Exoskeleton Market, By Component, 2020 to 2021 (US$ Million) & (Units)
4.3. Global Exoskeleton Market, By Type, 2020 to 2021 (US$ Million) & (Units)
4.4. Global Exoskeleton Market, By Mobility, 2020 to 2021 (US$ Million) & (Units)
4.5. Global Exoskeleton Market, By Body part, 2020 to 2021 (US$ Million) & (Units)
4.6. Global Exoskeleton Market, By Treatment type, 2020 to 2021 (US$ Million) & (Units)
4.7. Global Exoskeleton Market, By Application, 2020 to 2021 (US$ Million) & (Units)
4.8. Global Exoskeleton Market, By Region, 2020 to 2021 (US$ Million) & (Units)
5. Global Exoskeleton Market Estimates & Forecast Trend Analysis, by Component
5.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033
5.2. Global Exoskeleton Market Size (US$ Million) & (Units) Estimates and Forecasts, by Component, 2023 to 2033
6.1.1. Hardware
6.1.1.1. Sensors
6.1.1.1.1. Gyroscopes
6.1.1.1.2. Microphones
6.1.1.1.3. Accelerometers
6.1.1.1.4. Tilt Sensors
6.1.1.1.5. Force/Torque sensors
6.1.1.1.6. Position Sensors
6.1.1.1.7. Others
6.1.1.2. Actuators
6.1.1.2.1. Electrical
6.1.1.2.2. Pneumatic
6.1.1.2.3. Hydraulic
6.1.1.2.4. Piezoelectric
6.1.1.3. Power Sources
6.1.1.4. Control Systems
6.1.1.5. Other Hardware Components
6.1.2. Software
7. Global Exoskeleton Market Estimates & Forecast Trend Analysis, by Type
7.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Type, 2022 & 2033
7.2. Global Exoskeleton Market (US$ Million) & (Units) Estimates and Forecasts, by Type, 2023 to 2033
7.2.1. Powered
7.2.2. Non-powered
8. Global Exoskeleton Market Estimates & Forecast Trend Analysis, by Mobility
8.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Mobility, 2022 & 2033
8.2. Global Exoskeleton Market (US$ Million) & (Units) Estimates and Forecasts, by Segment _3, 2023 to 2033
8.2.1. Stationary
8.2.2. Mobile
9. Global Exoskeleton Market Estimates & Forecast Trend Analysis, by Body part
9.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Mobility, 2022 & 2033
9.2. Global Exoskeleton Market (US$ Million) & (Units) Estimates and Forecasts, by Segment _3, 2023 to 2033
9.2.1. Lower Extremities
9.2.2. Upper Extremities
9.2.3. Full Body
10. Global Exoskeleton Market Estimates & Forecast Trend Analysis, by Treatment type
10.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Mobility, 2022 & 2033
10.2. Global Exoskeleton Market (US$ Million) & (Units) Estimates and Forecasts, by Segment _3, 2023 to 2033
10.2.1. Rehabilitation
10.2.2. Augmentation
11. Global Exoskeleton Market Estimates & Forecast Trend Analysis, by Application
11.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Mobility, 2022 & 2033
11.2. Global Exoskeleton Market (US$ Million) & (Units) Estimates and Forecasts, by Segment _3, 2023 to 2033
11.2.1. Healthcare
11.2.2. Defence
11.2.3. Industrial
11.2.4. Others
12. Global Exoskeleton Market Analysis and Forecast, by Region
12.1. Global Exoskeleton Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
12.2. Global Exoskeleton Market (US$ Million) & (Units) Estimates and Forecasts, by Region, 2023 to 2033
12.2.1. North America
12.2.2. Europe
12.2.3. Asia Pacific
12.2.4. Middle East and Africa
12.2.5. Latin America
13. North America Exoskeleton Market: Estimates & Forecast Trend Analysis
13.1. North America Exoskeleton Market Assessments & Key Findings
13.2. North America Exoskeleton Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. North America Exoskeleton Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
13.3.1. By Component
13.3.2. By Type
13.3.3. By Mobility
13.3.4. Body part
13.3.5. Treatment
13.3.6. Application
13.3.7. By Major Country
13.3.7.1. The U.S.
13.3.7.2. Canada
14. Europe Exoskeleton Market: Estimates & Forecast Trend Analysis
14.1. Europe Exoskeleton Market Assessments & Key Findings
14.2. Europe Exoskeleton Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Europe Exoskeleton Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
14.3.1. By Component
14.3.2. By Type
14.3.3. By Mobility
14.3.4. Body Part
14.3.5. Treatment type
14.3.6. Application
14.3.7. By Major Country
14.3.7.1. Germany
14.3.7.2. The U.K.
14.3.7.3. France
14.3.7.4. Italy
14.3.7.5. Spain
14.3.7.6. Rest of Europe (includes all other European countries)
15. Asia Pacific Exoskeleton Market: Estimates & Forecast Trend Analysis
15.1. Asia Pacific Exoskeleton Market Assessments & Key Findings
15.2. Asia Pacific Exoskeleton Market Share (%) Estimates and Forecasts, 2022 & 2033
15.3. Asia Pacific Exoskeleton Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
15.3.1. By Component
15.3.2. By Type
15.3.3. By Mobility
15.3.4. Body Part
15.3.5. Treatment type
15.3.6. Application
15.3.7. By Major Country
15.3.7.1. China
15.3.7.2. Japan
15.3.7.3. India
15.3.7.4. ASEAN
15.3.7.5. South Korea
15.3.7.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
16. Middle East & Africa Exoskeleton Market: Estimates & Forecast Trend Analysis
16.1. Middle East & Africa Exoskeleton Market Assessments & Key Findings
16.2. Middle East & Africa Exoskeleton Market Share (%) Estimates and Forecasts, 2022 & 2033
16.3. Middle East & Africa Exoskeleton Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
16.3.1. By Component
16.3.2. By Type
16.3.3. By Mobility
16.3.4. Body Part
16.3.5. Treatment type
16.3.6. Application
16.3.7. By Major Country
16.3.7.1. GCC
16.3.7.2. South Africa
16.3.7.3. Egypt
16.3.7.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
17. Latin America Exoskeleton Market: Estimates & Forecast Trend Analysis
17.1. Latin America Market Assessments & Key Findings
17.2. Latin America Exoskeleton Market Share (%) Estimates and Forecasts, 2022 & 2033
17.3. Latin America Exoskeleton Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
17.3.1. By Component
17.3.2. By Type
17.3.3. By Mobility
17.3.4. Body Part
17.3.5. Treatment type
17.3.6. Application
17.3.7. By Major Country
17.3.7.1. Brazil
17.3.7.2. Mexico
17.3.7.3. Rest of Latin America (includes all other Latin America countries)
18. Competitive Landscape
18.1. Market Revenue Share Analysis (%), by Major Players (2021)
18.2. Market Competition Matrix, by Leading Players
18.3. List of Emerging, Prominent and Leading Players
18.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
19. Company Profiles
19.1. Ekso Bionics
19.1.1. Company Overview & Insights
19.1.2. Financial Performance
19.1.3. Product / Service Portfolio
19.1.4. Geographical Footprint & Share
19.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
19.2. Hocoma
19.3. Bionik Laboratories Corp.
19.4. ExoAtlet Lockheed Martin Corporation
19.5. Suit X
19.6. Rex Bionics Plc.
19.7. RB3D
19.8. ReWalk Robotics Ltd
19.9. Cyberdyne, Inc.
19.10. ActiveLink (Panasonic Corporation)
19.11. Parker Hannifin (US),
19.12. B-TEMIA Inc
19.13. Bioventus
19.14. Wearable Robotics SRL
19.15. Gogoa Mobility Robots SL
19.16. Meditouch
19.17. P&S Mechanics
19.18. Marsi Bionics
19.19. Rehab Robotics
19.20. Myomo
19.21. Focal Meditech
19.22. Honda Motors
19.23. Wandercraft
19.24. BAMA Teknoloji
19.25. Medexo Robotics
19.26. Fourier Intelligence
19.27. TWIICE
19.28. Others
20. Assumptions and Research Methodology
20.1. Data Mining
20.2. Secondary Research
20.3. Primary Research
20.4. Subject Matter Expert Advice
20.5. Quality Check
20.6. Final Review
20.7. Data Triangulation
20.8. Bottom-Up Approach
20.9. Top Down Approach
20.10. Research Flow
20.11. Key Insights from Industry Experts
20.12. Data Sources
20.13. Assumptions
20.14. Limitations
21. Conclusions and Recommendations
21.1. Key Research Findings and Conclusion
21.2. Key Insights & Recommendations from Analysts
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