Published: September 2020 | Report Code: LS12081 | Available Format: PDF | Pages: 319
The exoskeleton market revenue stood at $290.3 million in 2019, and it is projected to reach $6,957.9 million in 2030, advancing at a CAGR of 35.9% during 2020–2030. The key growth drivers for this market include the surging number of strokes and spinal cord injuries (SCIs), rising healthcare spending, growing geriatric population, booming job opportunities for disabled people, and increasing penetration of these products in industrial and military operations.
On account of COVID-19, the exoskeleton industry witnessed a substantial loss, especially in the first two quarters of 2020. The pandemic coerced thousands of raw material supplying companies into temporarily stopping or throttling down on their activities in Germany, China, the U.S., and several other countries. This has severely affected the supply of raw materials and production of components needed for the development of exoskeletons. Moreover, a dip in the exoskeleton demand during the first two quarters of 2020 can be owed to the financial and job losses and closure of physical rehabilitation and orthopedic centers across the world.
The market, under the component segment, is bifurcated into hardware and software. Of these, the hardware category accounted for the larger market share in 2019 because exoskeletons primarily comprise hardware components, including sensors, powered systems, and actuators. Passive exoskeletons are mostly constructed with hardware parts.
The categories under the type segment of the exoskeleton market include powered and passive. Of these, the powered category will exhibit the faster growth between 2020 and 2030. Powered exoskeletons use motors, connections, batteries, and electric cables to run actuators and sensors, through a control system, to enable the movement of limbs and other body parts, therefore offer high endurance and strength. These reasons have led to the popularity of this type of exoskeletons.
The industry, under the mobility segment, is classified into stationary and mobile. In the coming years, the mobile category will register the faster growth on account of the rising number of healthcare facilities and the flexibility and movability offered by such exoskeletons.
Lower extremities, upper extremities, and full body are the categories of the market on the basis of body part. Among these, the lower extremities category generated the highest revenue in 2019 on account of the variety of exoskeleton devices available for the lower body, numerous cases of leg and spinal injuries that affect the lower body parts, and high requirement for compensating injured patients for the loss of their motor functions.
The categories under the technology segment include electric actuator, hydraulic, fully mechanical, and pneumatic. During 2020–2030, the electric actuator category is expected to hold the largest exoskeleton market share due to the high effectiveness of this technology in the majority of applications.
Among the various categories under the end user segment, the healthcare category accounted for the highest revenue in 2019 due to the vast number of clinical care and rehabilitation centers around the world, which require exoskeletons for treating patients on a daily basis.
North America generated the highest revenue in 2019, and it is projected to continue this trend during 2020–2030. The growth is mainly led by the booming workforce of disabled people, accelerating adoption of exoskeletons in the military and healthcare sectors, and increasing availability of these products.
Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the market for exoskeletons till 2030. This will be due to the surge in the geriatric population and rise in the usage of exoskeletons in the medical field. The rapidly growing aged pool has resulted in the increasing prevalence of disability and orthopedic diseases in the region. Aging also results in the lowering of the bone density and fragile bones, which boosts the demand for these medical products.
Key players in the exoskeleton market are focusing on integrating advanced technologies, such as artificial intelligence (AI), cloud connectivity, and robotics, to enhance the performance of their products. AI boosts the human potential, as well as productivity, of the devices. Owing to this reason, AI-based products are being commercialized and rapidly adopted in various countries. For example, Ottobock SE & Co. KGaA has designed Bebionic Hand to help people perform the daily work. This AI-equipped device can be controlled with the Myo app provided by the company.
The surging incidence of SCIs and strokes are playing a vital role in increasing the uptake of exoskeletons. The National Spinal Cord Injury Statistical Center (NSCISC), the U.S., states that there are nearly 17,730 new SCI cases, or 54 cases per one million people, in this country each year. Moreover, the average number of people suffering from SCIs in the country is 291,000, with the estimates of different surveys and studies ranging from 249,000 to 363,000. These diseases generate a high requirement for exoskeletons in several healthcare facilities, such as rehabilitation centers, as they help paralyzed patients regain mobility.
Another key reason behind the consistent growth of the exoskeleton market is the booming in the population of the elderly. Additionally, according to the UN World Population Ageing 2019 report, 703 million individuals aged 65 years or above were present in the world in 2019, and the number is estimated to rise to 1.5 billion by 2050. The rapidly rising elderly population is improving the growth prospects for the market players owing to the ability of these products to offer physical strength to older people.
Moreover, the surging healthcare spending is leading to the growth of the market for exoskeletons. Governments and medical device companies are investing heavy sums for research and development (R&D) in the field, so that improved variants of these systems can be created. As per the World Bank, from 9.0% of the worldwide gross domestic product (GDP) in 2007, healthcare spending rose to 9.8% of the global GDP in 2017. This, coupled with the increasing awareness of people on how exoskeletons can help in the management of acute and chronic musculoskeletal diseases, is driving their procurement.
|Base Year (2019) Market Size||$290.3 Million|
|Forecast Period (2020-2030) CAGR||35.9%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Market Share Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||By Component, By Type, By Mobility, By Body Part, By Technology, By End User, By Geography|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Russia, Belgium, Switzerland, Japan, China, India, Australia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia|
|Secondary Sources and References (Partial List)||Organisation for Economic Co-operation and Development, United Nations Department of Economic and Social Affairs, World Health Organization, National Spinal Cord Injury Statistical Center, Robotic Industries Association, Federal Ministry of Health (Germany), International Federation of Robotics|
The global market for exoskeleton is fragmented in nature, with the presence of several key players. In recent years, the major players in the market have taken several strategic measures, such as product launches, partnerships, and facility expansions, to gain a competitive edge.
The exoskeleton market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Component
Based on Type
Based on Mobility
Based on Body Part
Based on Technology
Based on End User
The healthcare category garnered the largest revenue share in the global market in 2019. This was majorly due to the fact that a large number of healthcare settings, such as rehabilitation and clinical care centers, are present globally and they require exoskeleton devices for the treatment of patients on daily basis.
The powered category is expected to witness the higher growth rate during 2020–2030. This is attributed to the rising number of applications of powered exoskeleton devices, as they suit patients of all age groups and are preferred by defense organizations in many developed countries.
The APAC exoskeleton market is expected to grow at the highest rate in the coming years.
The key drivers responsible for the growth of the global exoskeleton market include the high number of spinal cord injury (SCIs) and stroke cases, increasing healthcare expenditure, surging geriatric population, increasing penetration of exoskeletons in industrial and military operations, and growing employment opportunities for disabled people.
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