The exoskeleton robotic system market is expected to grow from US$ 1,001.14 million in 2021 to US$ 4,224.63 million by 2028; it is estimated to grow at a CAGR of 23.0% from 2022 to 2028.
The exoskeleton robot system is a type of human–robot cooperation system. Robotic exoskeletons are considered wearable robotic units controlled by computer boards to power a system of motors, pneumatics, levers, or hydraulics to restore locomotion. The exoskeleton robotic system market is growing due to rising incidence of stroke & musculoskeletal disorders and increasing strategic initiatives by market players.
Market Insights
Rising Incidence of Stroke and Musculoskeletal Disorders Drive Market Growth
Stroke continues to be a disease of major concern for public health, despite advancements in the medical industry. According to the Indian Stroke Association, the incidence of stroke in India has increased by ~100% over the past few decades. Furthermore, ~1.8 million people in India suffer a stroke yearly, and only early treatment can reduce morbidity and mortality. Even though the growing incidence of this noncommunicable disease threatens the larger population, stroke treatment and rehabilitation remain underdeveloped in the country. As per the Centers for Disease Control and Prevention, every year, more than 795,000 people in the US have a stroke, of which ~610,000 are first or new strokes. Further, stroke is the fifth-highest cause of death in the US, causing 147,810 deaths in 2018. Overall, there were an estimated 460,000 strokes in the US in 2019 (two-thirds were ischemic), 190,000 were stroke-related deaths, and 3.83 million stroke-disability-adjusted life years. Therefore, the rising incidences of stroke has increased the demand for exoskeleton robotic system for rehabilitation of stroke patients to help improve the quality of life.
Furthermore, musculoskeletal disorders affect the mobility of an individual. The rising prevalence of musculoskeletal disorders, such as tendinitis, sarcopenia, osteopenia, and low back injuries, is expected to fuel the need for exoskeletal robotic systems. According to the World Health Organization (WHO), musculoskeletal diseases affect ~1.71 billion people globally, and low back pain is the leading cause of disability in 160 countries. These exoskeletons robotic systems assist patients in managing their condition and regaining their mobility, thereby improving their overall quality of life. Thus, the rising prevalence of stroke and musculoskeletal disorders has fueled the use of exoskeletal robotic systems for rehabilitation.
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Exoskeleton Robotic System Market: Strategic Insights
Market Size Value in US$ 1,001.14 Million in 2021 Market Size Value by US$ 4,224.63 Billion by 2028 Growth rate CAGR of 23.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Exoskeleton Robotic System Market: Strategic Insights
| Market Size Value in | US$ 1,001.14 Million in 2021 |
| Market Size Value by | US$ 4,224.63 Billion by 2028 |
| Growth rate | CAGR of 23.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Increasing Technological Advancements and Rising Investments
The healthcare industry trends are changing drastically due to constant technological developments and innovations, enhancing healthcare services and quality of care. Various global exoskeleton robotic system market players are striving hard to acquire a larger market share, followed by rising investments in exoskeleton robotic systems on a global level. For instance, in April 2022, exoskeleton maker—RoboCT Technology Development Co.—completed a US$ 15.7 million (RMB 100 million) Series A+ financing round. Hangzhou, China-based RoboCT provides the disabled, the elderly, and medical rehabilitation institutes with intelligent rehabilitation devices and robotic technology with data analysis and cloud computing. Additionally, the surge in R&D activities by the companies is expected to accelerate the development of advanced systems for diverse application areas such as healthcare, chemical, defense, and commercial. The companies also hold their technology and intellectual property rights (IPR) that help them maintain their market share. For instance, RoboCT Technology Development Co. is involved in the research and development of exoskeleton technology in several fields, such as entertainment, industry, and sports. RoboCT has applied for over 100 intellectual Property Rights (IPRs) and has received more than 20 awards across different fields.
Also, constant technological advancements are expected to augment the market growth. The increased adoption of artificial intelligence (AI) and Internet of Things (IoT) in developing smart exoskeleton robotic systems is expected to complement the market growth. For instance, German Bionic has developed an AI-based exoskeleton robotic system that has added a smart safety companion, and the cloud-based platform for exoskeletons. Thus, the increasing technological advancements and rising investments are likely to catalyze the growth of the global exoskeleton robotic system market
Type-Based Insights
The exoskeleton robotic system market, based on type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held the largest market share of the exoskeleton robotic system market in 2021 and upper body exoskeleton segment is likely to be the fastest-growing segment during the forecast period.
Exoskeleton Robotic System Market, by Type – 2021 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Type-Based Insights
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The exoskeleton robotic system market, based on type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment accounted for the largest share of the market in 2021. The upper body exoskeleton segment is expected to register the highest CAGR of 23.6% during the forecast period.
Application-Based Insights
Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. The healthcare segment accounted for the largest share of the market in 2021. The industrial segment is expected to register the highest CAGR of 23.6% during the forecast period.
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the exoskeleton robotic system market. The recent key market developments are listed below:
- In February 2022, Hocoma announced that the SwissNeuroRehab Flagship project will be supported by funding from the Swiss innovation agency Innosuisse. The SwissNeuroRehab project aims at developing and evaluating a novel model of neurorehabilitation along the continuum of care, from hospital to home, by combining the best available digital and technological methods to create innovative and efficient therapeutic programs tailored to the individual patient needs.
- In November 2021, FDA awarded breakthrough device designation to ReWalk ReBoot Soft Exo-Suit for stroke rehab at home. The ReBoot is a lightweight, battery-powered orthotic exo-suit intended to assist ambulatory functions in individuals with reduced ankle function due to neurological injuries and stroke. It is a sister product to the ReStore device, which received FDA clearance in 2019 for use in the rehabilitation setting.
Company Profiles - Exoskeleton Robotic System Market
- Lockheed Martin Corp
- Cyberdyne Inc
- Panasonic Holdings Corp
- Hocoma AG
- Rewalk Robotics Inc
- Ekso Bionics Holdings Inc
- Parker Hannifin Corp
- Myomo Inc
- B-Temia Inc
- AlterG Inc
- INNOPHYS Co., LTD.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The exoskeleton robot system is a type of human–robot cooperation system. Robotic exoskeletons are considered wearable robotic units controlled by computer boards to power a system of motors, pneumatics, levers, or hydraulics to restore locomotion. The market for exoskeleton robotic systems is growing due to rising incidence of stroke & musculoskeletal disorders and increasing strategic initiatives by market players.
The market for exoskeleton robotic systems is growing due to rising incidence of stroke & musculoskeletal disorders and increasing strategic initiatives by market players.
The exoskeleton robotic system market, based on type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held the largest market share of the exoskeleton robotic system market in 2021 and upper body exoskeleton segment is likely to be the fastest-growing segment during the forecast period.
Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. The healthcare segment accounted for the largest share of the market in 2021.
Companies operating in the market are Lockheed Martin Corp; Cyberdyne Inc; Panasonic Holdings Corp; Hocoma AG; Rewalk Robotics Inc; Ekso Bionics Holdings Inc; Parker Hannifin Corp; Myomo Inc; B-Temia Inc; AlterG Inc; INNOPHYS Co., LTD. amongst others.
Global exoskeleton robotic system market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is likely to continue its dominance in the exoskeleton robotic system market during 2022–2028. The US holds the largest share of the market in North America and is expected to continue this trend during the forecast period.
The List of Companies - Exoskeleton Robotic System Market
- Lockheed Martin Corp
- Cyberdyne Inc
- Panasonic Holdings Corp
- Hocoma AG
- ReWalk Robotics Inc
- Ekso Bionics Holdings Inc
- Parker Hannifin Corp
- Myomo Inc
- B-Temia Inc
- AlterG Inc
- INNOPHYS CO., LTD.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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