Exoskeleton Robots Market

Exoskeleton Robots Market Outlook (2022-2032)

The global exoskeleton robots market is forecasted to skyrocket at an impressive CAGR of 23.7%, rising from its current market valuation of US$ 950 million to US$ 8 billion by the end of 2032.

An exoskeleton robot, also known as a powered suit, powered armor, cybernetic armor, or cybernetic suit, is a type of wearable electromechanical equipment designed to coordinate with the user's intentional motions.

Exoskeleton robots are outfitted with an electric motor, levers, pneumatics, hydraulics, and a variety of other technologies that equally distribute the energy put on muscles and joints, decreasing stress and strain on the limbs. This contributes to the wearer's overall physical performance.

COVID-19-induced lockdowns had a significant impact on the sales of exoskeleton robots. Lockdown measures in several places drastically slowed robotic providers for a short amount of time. On the flip side, the pandemic offered opportunities for product and service providers to enhance their market presence by concentrating on and tackling real clinical difficulties in partnership with physicians.

Exoskeleton robots are extensively used in various industries such as healthcare, industrial, and military and defense, as these robots aid in personal mobility and can be worn on the human body and control and assist the person's movements.

Stroke is one of the world's major causes of acquired disability, with survival rates improving as medical care and treatment techniques advance. The rising geriatric population, which is prone to strokes and mobility concerns, would necessitate the implementation of rehabilitation therapy procedures. The growing number of people with stroke-related disabilities and those who have speech and movement restrictions are driving up demand for exoskeleton robots.

• According to the Centers for Disease Control and Prevention, in 2019, there were over 795,000 stroke cases in the United States. Furthermore, more than half of stroke survivors experience long-term walking difficulty as a result of hemiplegia or hemiparesis.
• As per the Burden of Stroke in Europe, the overall number of stroke events in the EU will rise by 34% between 2015 and 2035, from 613,148 in 2015 to 819,771 in 2035.

Moreover, exoskeleton robots are widely used in the military and industrial sectors. In these industries, exoskeleton robots are custom-fitted to body parts and built of fiberglass, carbon fiber, or aluminum based on the strength required. Furthermore, they effectively support multiple joints and detect human movements to activate the required reactions of the exoskeleton actuators, increasing product demand in the military and industrial sectors.

Report Attributes	Details
Market Size (2022)	US$ 950 Million
Projected Market Value (2032)	US$ 8 Billion
Global Market Growth Rate (2022-2032)	23.7% CAGR
North America Market Share (2021)	47%
Healthcare Segment Share (2021)	51.3%
Key Companies Profiled	ATOUN Inc Gogoa Mobility Robots Bioness Inc Bionik Laboratories Corp Hocoma AG Lockheed Martin Corporation Bioservo Technologies AB B-Temia Inc Rehab-Robotics Company Limited Cyberdyne Inc Ekso Bionics Holdings Inc ReWalk Robotics Ltd Parker-Hannifin Corporation RB3D Rex Bionics Ltd suitX (US Bionics)

Which Factor is Pushing the Demand for Exoskeleton Robots?

“Incorporation of Smart Technologies in Exoskeleton Robots”

Exoskeleton robots are becoming more common in industries all around the world as technological capabilities develop. The incorporation of technologies such as the Internet of Things (IoT), artificial intelligence (AI), interactive learning, virtual guidance, and digital assistants in robots has improved the medical, logistics, and engineering industries.

Moreover, the robotics industry has undergone significant transformations as a result of the introduction of techniques, particularly human-in-the-loop optimization in robotics. In these systems, real-time measurements of human physiological data, like breathing rate, are used to adjust control settings and other functions.

Furthermore, major firms are offering rechargeable and removable battery packs, assistive torque, and other operating algorithms to assist users with heavy lifting and other complex or repetitive tasks.

What Can Restrict the Demand Growth for Exoskeleton Robots?

“Extremely High Cost of Exoskeleton Robots”

The high cost of exoskeleton robots for rehabilitation is an obstacle to their adoption among people with disabilities in low-income nations. A patient with a lower limb handicap will have to pay a significant cost for an exoskeleton power suit for robotic rehabilitation and a supervision session led by physiotherapists trained to work with power suits.

Moreover, patients not only have to pay for rehabilitation robots but also other usual medical charges such as surgery and hospitalization, making the treatment unaffordable.

Country-wise Insights

Why is the United States a Profitable Market in North America?

North America accounted for 47% of the global exoskeleton robot industry in 2021. The United States is the most profitable market for exoskeleton robots in North America due to increased use across all sectors, including rehabilitation centers, military, healthcare, and industrial operations.

Furthermore, market players in the United States place a high priority on research and development.

• Ekso Bionics, based in California, received US$ 34 million to develop and manufacture powerful exoskeletons for industrial applications in 2021.

Moreover, the expanding senior population, the introduction of robotic technologies, and substantial investment in exoskeleton technology are boosting the market growth in the United States.

What Allows South Korea and Japan to Be Market Leaders in Asia Pacific?

Demand for exoskeleton robots is increasing in Asia Pacific. Developing and advancing healthcare infrastructure, as well as the availability of government support and funding, are raising the sales of exoskeleton robots in Asia Pacific.

South Korea and Japan, in particular, are market leaders in Asia Pacific.

• In April 2021, a South Korean research team from the Korea Institute of Machinery and Materials created a suit-type wearable device that can be utilized for a wide range of physical duties ranging from deliveries to construction work. It can be connected to the arm, thigh, and other parts of the body to support muscles.

South Korea has long been a center for the development of robotics and automation technologies. The emphasis on R&D and government spending on breakthrough technologies were important contributors to the advancement of wearable robots in the country.

Furthermore, Japan is also contributing substantially to the market growth in Asia Pacific.

• Archelis Inc., a Japanese firm, unveiled the ArchelisFX exoskeleton, which stems from the Japanese word for "walkable chair." The device is intended for a variety of conditions, including back discomfort and recent surgery.

Which Country is Driving Market Growth in Europe?

Europe is also likely to have a significant market share due to ongoing technological improvements and R&D activities. Germany is expected to support market growth in Europe during the forecast period.

Category-wise Insights

For What Purpose are Exoskeleton Robots Widely Used in Healthcare Industry?

The healthcare industry held 51.3% of the global demand for exoskeleton robots in 2021. This is mostly due to an increase in the prevalence of inborn physical disabilities, vehicular accidents, and other reasons.

• As per the National Spinal Cord Injury Statistical Center (NSCIAC), approximately 288,000 individuals in the United States were living with spinal cord injuries in 2019, with an annual incidence of around 17,700 new cases.
• As per the Multiple Sclerosis Foundation, about 1 million people in the United States and around 2.3 million people worldwide suffered from multiple sclerosis in 2019.

Exoskeleton robots are finding growing use in medical fields ranging from physiotherapy to emergency services.

• For instance, GenElek Technologies, a Delhi-based startup, offers a robotic assistance system that assists individuals suffering from paralysis, stroke, spinal cord injury (SCI), or other neurological diseases. The exoskeleton helps disabled individuals regain their ability to walk. It will assist them in being self-sufficient and independent, which will benefit them both physically and mentally.

Furthermore, numerous market participants are continually attempting to invent products for usage in the healthcare industry and obtain the appropriate approval.

• For example, in Nov 2021, ReWalk Robotics, a maker of robotic medical devices for people with lower limb infirmities, reported that the US Food and Drug Administration had approved the sale of its ReStore soft exo-suit system to rehabilitation facilities around the country.

Competitive Landscape

The global exoskeleton robots market is extremely competitive. Furthermore, many startups are entering the market, thus, intensifying the competition. Key players in the exoskeleton robots market are increasingly concentrating on introducing newer innovative solutions and extending their geographical reach through a variety of techniques such as product approvals, product launches, partnerships, and collaborations.

• Ottobock debuted the Paexo Cool Sleeve, Paexo Thumb Slim, and Paexo Shoulder Jacket at the Hannover Messe Digital Edition 2021 event in April 2021. These devices offer great relaxation to the body during demanding activities like package lifting or overhead work.
• The Thai Food and Medical Products Approval Authority (Thai FDA) approved CYBERDYNE's HAL Single Joint Type medical device in March 2021. The product is intended for people with limited mobility in their lower and upper limbs due to paralysis or muscle weakness.
• Cyberdyne Inc collaborated with J-Workout Inc. (Koto-Ku, Tokyo, Japan, President: Takunori Isa, "J-Workout") in March 2021 to deliver the new services. The Group offers Neuro HALFIT as a service to support the functional improvement of people with limited motor functions by engaging the brain's nervous system's activity loop with Wearable Cyborg HAL.
• DIH partnered with Reha Technology in March 2021. DIH agreed to take over the distribution of Reha Technology's robotics products as well as promote and distribute Reha Technology's end-effector-based gait rehabilitation devices in important markets like the United States, Switzerland, and Germany under this arrangement.
• Ekso Bionics collaborated with US Physiatry (USP) in March 2021 to educate physicians on the clinical advantages of an EksoNR exoskeleton. USP is the country's biggest in-patient physician practice, specializing solely in physical medicine and rehabilitation.

Key Segments of Exoskeleton Robots Industry Research

• By Product:

  • Full Body
  • Lower Extremities
  • Upper Extremities

• By Mobility:

  • Mobile
  • Stationary

• By Technology:

  • Powered
  • Passive

• By End User:

  • Healthcare
  • Industrial
  • Military and Defense

• By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA