Exoskeleton Robotic System Market Demand & Growth by 2028

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Exoskeleton Robotic System Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Lower Body Exoskeleton, Upper Body Exoskeleton, and Full Body Exoskeleton) and Application (Healthcare, Defense, and Industrial)

Publication Month: Dec 2022 | Report Code: TIPRE00023148 | No. of Pages: 166 | Category: Healthcare IT | Status: Published

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.

Exoskeleton Robotic System Market - Strategic Insights

Report Coverage - Exoskeleton Robotic System Market
Report CoverageDetails
Market Size Value inUS$ 1,001.14 Million in 2021
Market Size Value byUS$ 4,224.63 Billion by 2028
Growth rateCAGR of 23.0% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
No. of Pages166
No. of Tables57
No. of Charts & Figures67
Historical data availableYes
Segments coveredType, and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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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

Exoskeleton Robotic System Market, by Type – 2021 and 2028

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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 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.

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

  1. Lockheed Martin Corp
  2. Cyberdyne Inc
  3. Panasonic Holdings Corp
  4. Hocoma AG
  5. ReWalk Robotics Inc
  6. Ekso Bionics Holdings Inc
  7. Parker Hannifin Corp
  8. Myomo Inc
  9. B-Temia Inc
  10. AlterG Inc
  11. INNOPHYS CO., LTD.    
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the exoskeleton robotic system market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global exoskeleton robotic system market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
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