In terms of revenue, the Global Exoskeleton Market is expected to reach USD 3,350 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 42.00% from 2022 to 2028. The usage of exoskeletons for robot-assisted therapy methods has expanded, because of the growth in the number of individuals with physical disabilities, particularly the aging population, and to benefit in executing various physiological and functional parameters at the time of rehabilitation exercises training. Thereby boosting the exoskeletons market growth.
- The software sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) during the forecast period. This is owing to the increasing adoption as it assists such complicated functionalities in processing efficiently and precisely.
- The powered segment held a significant market share in 2021. This is due to the rising use in the healthcare sector to assist individuals with disabilities, and due to its cost-efficient systems.
- North America is expected to hold a considerable share in 2021. This surge is attributed to the rising demand for exoskeleton systems in developed economies such as U.S. and Canada.
Some of key players in Exoskeleton Market include - Some key players operating in the exoskeleton market include REkso Bionics; Hocoma; Lockheed Martin Corporation; Suit X (U.S. Bionics, Inc.); Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd; Cyberdyne, Inc.; and ActiveLink (Panasonic Corporation)..
As exoskeleton systems can improve powerlifting, load transporting, and persistence operations, the market has acquired a large amount of funding from the division of defense of many nations. Furthermore, the market for exoskeletons is displaying an upbeat growth which, is associated with growing awareness regarding these instruments use in different fields, which is attracting more investments in the sector, especially from private ventures.
Asia Pacific is expected to record the highest Compound Annual Growth Rate (CAGR), owing to the increasing demand in countries, such as China, Japan, and India. With an expansion in the population of seniors and disabled individuals, the adoption of exoskeletons for rehabilitation and personal service usage is expected to increase significantly in these regions.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the exoskeleton market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
March 2021 - Ekso Bionics announced a partnership with US Physiatry (USP) to educate physicians on the clinical benefits of an EksoNR exoskeleton. USP is the largest in-patient physician practice in the US, focused exclusively on physical medicine and rehabilitation.