Global exoskeleton market to reach USD 2.5 billion by 2028

The “Global exoskeleton market size, segments, outlook, and revenue forecast 2022-2028 by technology, mobility, body type, end-user region” report has been added to ResearchAndMarkets.com’s offering.

According to this analysis, the global exoskeleton Market was valued at ~US$ 300 million in 2017. It is estimated to be ~US$ 550 million in 2022 and is expected to reach a market size of ~US$ 2,500 million by 2028 growing with a CAGR of ~20% during 2022 to 2030. The adoption of the exoskeleton in the healthcare sector for robotic rehabilitation is likely to drive market growth.

Adoption of the exoskeleton in the healthcare sector for robotic rehabilitation is driving the growth of the global exoskeleton market.

Robotic rehabilitation means designing wearable robotic exoskeletons to improve movement in persons with impaired physical functioning. According to the Rehabilitation Council of India, a government body that regulates training programs and courses targeted at the disabled, and special education requirement communities, stated that for every 1 billion of the population the spinal cord injury rate is between 1.85% to 2.19% out of which 75% are from rural areas.

The High Cost of exoskeletons is one of the Major challenges hindering the growth of the global exoskeleton market.

Due to rapid advancements in exoskeleton technology, i.e. providing better efficiency and high payload the cost of exoskeletons rise significantly.

Furthermore, the average cost of an Exoskeleton in the healthcare sector varies from US$ 77,000 to US$ 100,000.

Scope of the report
The global exoskeleton market is segmented by technology, mobility, body type, and end-user. In addition, the report also covers market size and forecasts for the four major regions for global exoskeleton markets. The revenue used to size and forecast the market for each segment is US$ million.

By technology

• Powered
• Passive

By mobility

• Mobile
• Stationary

By body type

• Full Body
• Upper Body
• Lower Body

By end-user

• Healthcare
• Defense/military
• Industrial
• Others

By region

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy)
• Asia-Pacific (China, Japan, South Korea, India, Australia)
• LAMEA (Latin America, Middle East, Africa)

Key players

• Ekso Bionics Holdings
• ReWalk Robotics
• Cyberdyne Inc
• Rex Bionics Ltd
• Sarcos
• Lockheed Martin Corporation
• B-Temia
• Ottobock
• DIH Medical
• Medi-Touch

Competitive landscape
The global exoskeleton market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Exoskeleton manufacturing. Large global players constitute ~20% of competitors, while country-niche players represent ~45% of competitors.

Most of these country players include component manufacturers and assembling companies. Some of the major players in the market include Ekso Bionics Holdings, ReWalk Robotics, Cyberdyne Inc., Rex Bionics Ltd., Sarcos, Lockheed Martin Corporation, B-Temia, Ottobock, DIH Medical, Medi-Touch, and among others.

Recent developments related to major players
In September 2020, Sarcos Robotics raised US$ 40 Million in Funding, the funding is likely to be used for the production of Guardian XO which is an industrial exoskeleton that is going to be the world’s first full-body, battery-powered Exoskeleton with enhanced strength and endurance.

In February 2022, CYBERDYNE Inc. received its marketing license approved by the Ministry of Health Republic of Indonesia, for Medical HAL Single Joint Type which is a “Wearable Cyborg” for the upper body exoskeleton that improves the physical function of the user.

Conclusion
The global exoskeleton Market is forecasted to grow exponentially with a CAGR of ~20% during the forecast period primarily driven by the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation. Though the market is highly competitive with ~ 100 participants, few global players control the dominant share and country-niche players also hold a significant share. North America is the dominating region, owing to the High Purchasing power of the Users. Research and Markets