Global Exoskeleton Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Powered Exoskeletons, Passive Exoskeletons, Pseudo-Passive Exoskeletons, Hybrid-Exoskeletons), By Body Part (Lower Body, Upper Body, Complete Body), And By Geography - Forecasts From 2021 To 2026

The global exoskeleton market is projected to grow at a CAGR of 22.32% during the forecast period to reach US$2,880.803 million by 2026, from US$703.123 million in 2019.  The exoskeleton is an external skeleton, implanted in the human or animal body on loss or misfunctioning of natural skeleton/ body part. On spinal or nerve failure, the exoskeleton enables the user to move the body part which has been cut off from the nervous system.  The prime reason that is anticipated to increase the adoption of the exoskeleton is booming demand in the military and other industry verticals for smoother function. In certain manufacturing industries, exoskeletons are used for undertaking the dangerous operations. Furthermore, an increasing proportion of the geriatric population is expected to contribute significantly towards growth. Increasing cases of spinal cord diseases and injuries also contribute significantly to the growth prospects of the market. Technological innovation in the industry is estimated to widen the scope of the market. However, the significant cost has the potential to constrain the market for exoskeletons.

Increasing cases of spinal cord diseases and injury leave the patient with a damaged nervous system. However, to gain control of lost body parts and continue daily operation, patients use exoskeletons, creating significant market demand.

One of the prime reasons creating demand in the exoskeleton market in cases of spinal diseases and spinal injury. A patient suffering from it loses control of certain body parts and adopts to exoskeleton to regain control. Rising cases o spinal diseases and injuries are expected to create significant demand. The National Spinal Cord Injury Statistical Centre has observed that annually, 17,810 new spinal cases injuries are reported in the American region. The Centre states that in 2020, 294,000 Americans were suffering from spinal injuries (SCI). The report further extends that 78% of SCI cases are male and the average age at injury is 43 years. the prime reason for SCI is vehicle crashes, which are increasing at an exponential rate.

The growing instances of SCI have raised serious concerns and create significant demand for the exoskeleton. Furthermore, increase awareness and easy availability of the technology is predicted to support the market prospects during the forecasted period.

Aged patients are other key users of the exoskeleton. An increase in geriatric population proportion is expected to drive the market growth during the forecasted period.

Another prime factor that is expected to drive the market growth during the forecasted period is the rising proportion of the geriatric population in the global demography. The aged population, especially those suffering from chronic diseases, are at higher risk of spinal diseases and injuries. The population then requires an exoskeleton to control their body parts and continue work. Data from World Bank shows that the proportion of the aged population, 65 or above, has increased from 523.579 million in 2010 to 722.133 million in 2020. Further, the United Nations Population Report predicts that this group of population will further increase to 1.5 billion by 2050, accounting for around 15% of the demography, from 9.5% in 2020.

Increased aged population coupled with increasing instances of spinal problems is expected to drive in significant demand for exoskeletons during the forecasted period. However, increased adoption of social robots and nursing robots may act as a substitute for exoskeletons for the aged population and constrain the demand by this group. With technology innovation and increased investment, social robots have witnessed a significant adaption among the aged group, especially in Japan and South Korea where rigorous investment is made by both government and private sector. Increased adoption has the potential to drive away from the market from exoskeleton technology.

Technological innovation coupled with increasing players in the industry is expected to widen the prospects of the market and increase its magnitude.

Technological innovation in the industry is expected to widen the market prospects. With growing SCI and other problems coupled with robust demand for the exoskeleton, companies have invested significantly in the launch of new products. Furthermore, the entry of new players with their innovative technology is expected to open new opportunities. GenElek Technologies, a Delhi-based start-up, launched an innovative and one-of-a-kind full-body exoskeleton, also called a wearable mobility-aiding device in December 2019. The device enhances human limb capabilities and enables people who suffer from body paralysis, stroke, SCI, or other neurological conditions to move. Japan-based Archelis Inc. is another start-up that is emerging as a global giant with its innovative exoskeleton technology. In July 2021, Swiss start-up Auxivo AG launched a creative educational robotics exoskeleton, EDuExo Pro, making the technology accessible to students. These creative technologies are unique and are expected to widen the market, by opening new growth opportunities.

Global Exoskeleton Market Scope:

Report Metric	Details
Market size value in 2019	US$703.123 million
Market size value in 2026	US$2,880.803 million
Growth Rate	CAGR of 22.32% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Million
Segments covered	Product Type, Body Part, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Cyberdyne, ReWalk Robotics, Ekso Bionics, Rex Bionics Ltd., AlterG Inc., Lockheed   Martin Corporation, Indego, Hocoma, Myomo Inc
Customization scope	Free report customization with purchase

 

Key Market Segments

• By Product Type
  • Powered Exoskeleton
  • Passive Exoskeleton
  • Pseudo-Passive Exoskeleton
  • Hybrid-Exoskeleton
• By Body Part
  • Lower Body
  • Upper Body
  • Complete Body
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others

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Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the exoskeleton market?
A1. The exoskeleton market is projected to grow at a CAGR of 22.32% over the forecast period.

Q2. What will be the exoskeleton market size by 2026?
A2. The global exoskeleton market is projected to reach a total market size of US$2,880.803 million in 2026.

Q3. What is the size of the global exoskeleton market?
A3. Exoskeleton Market was valued at US$703.123 million in 2019. 

Q4. How is the exoskeleton market segmented?
A4. The global exoskeleton market has been segmented by product type, body part, and geography.

Q5. What factors are anticipated to drive the exoskeleton market growth?
A5. The prime reason that is anticipated to increase the adoption of the exoskeleton is booming demand in the military and other industry verticals for smoother function.

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