One of the major drivers for the growth of the global exoskeleton market is the rising usage of these devices in the military and industrial sites. Industrial exoskeletons are available as wearable robots, which provide strength and endurance of industrial robots to workers. Unlike traditional robots, which address tasks, especially repetitive tasks, that cannot be automated using traditional methods, the exoskeleton technology can be seen as a bridging solution between the extremes of fully manual work and tasks that demand typical industrial robots. Due to these factors, the market is expected to generate $6,957.9 million revenue by 2030, progressing at a CAGR of 35.9% during the forecast period (2020–2030).
The manufacturing of exoskeletons has been impacted negatively due to COVID-19. With the imposition of lockdowns, reduced workforce, lower product demand, constraints in producing goods with proper sanitization, surge of unemployment, and affected import and export services, production and distribution facilities across the world were affected significantly, which imposed strong negative impact on the exoskeleton market.
Powered Category To Dominate Market throughout Forecast Period
The exoskeleton market is classified into powered and passive, on the basis of type. Of these, the powered category is expected to account for the major share in the market till 2030. The larger share is attributed to the rising number of applications of powered exoskeleton devices and suits in the healthcare sector and by defense organizations in many developed countries.
Further, the exoskeleton market, on the basis of mobility, is categorized into stationary and mobile. The mobile category is set to register the faster growth during the forecast period, owing to the high usage of these devices by various end users, such as industrial workers, military personnel, and healthcare settings. However, stationary devices also find their applications mainly in the healthcare settings such as rehabilitation centers during the treatment of stroke and spinal cord injury (SCI).
Globally, the North American region held the largest share in the exoskeleton market in 2019. This is credited to the high prevalence of spine injuries and stroke among North American people, advanced healthcare infrastructure, presence of a large number of healthcare settings, and high penetration of military exoskeleton devices in the U.S. The region has been exploring and utilizing exoskeletons in the military sector. For instance, the U.S. Army uses exoskeletons to support strength and endurance and protect soldiers from strain injuries.
Key Players Are Creating Lucrative Business Opportunities with New Product Launches
Players in the exoskeleton market are consistently focusing on the development and launch of new and innovative products, to remain competitive.
Some of the major players operating in the global exoskeleton market are Bionik Laboratories Corp., B-Temia Inc., Cyberdyne Inc., Ekso Bionics Holdings Inc., DIH Group, Lockheed Martin Corporation, GBS German Bionic Systems GmbH, Focal Meditech BV, MediTouch Ltd., Gogoa Mobility Robots Sl, Shanghai Fourier Intelligence Co. Ltd., Ottobock SE & Co. KGaA, Honda Motor Co. Ltd., and Parker-Hannifin Corporation.