Introduction of soft actuators is set to drive the exoskeleton market”

The exoskeleton market is valued at USD 499 million in 2021 and is projected to reach USD 3,340 million by 2026; it is expected to grow at a CAGR of 46.2% from 2021 to 2026.The use of soft actuators has led to the development of inexpensive gait-supportive exoskeletons, creating opportunities for new players in the industry. Many companies such as Beyond Robotics (Switzerland) and Harvard Biodesign Lab (US) are contributing to the development of safe, lightweight, soft, and small actuators for human interaction. These companies focus on designing single portable wearable soft exoskeletons capable of performing all rehabilitation movements and on using low-cost materials to create cost-efficient and affordable devices. ReWalk Robotics and the Wyss Institute entered into a multi-year research collaboration agreement in 2016 to develop wearable exosuits for patients with limited mobility. In June 2019, ReWalk Robotics’s ReStore soft exo-suit system received clearance from the US FDA for use in rehabilitation centers across the US. ReStore is the only soft exo-suit with FDA clearance and is intended for use in the treatment of stroke survivors with mobility challenges.

However, cost acts as a barrier to the adoption of exoskeletons for rehabilitation among people with disabilities in low-income countries. A patient with a lower limb disability will have to pay a high price for an exoskeleton power suit for robotic rehabilitation, along with the supervision session conducted by physiotherapists, who are trained to work with power suits. A patient will have to pay for the exoskeleton and other standard medical expenses such as surgery and hospital stay, making the use of the exoskeleton incredibly expensive. Hence, the companies in the industry are focusing on R&D to develop cost-efficient exoskeleton solutions.

“Powered Exoskeletons: The fastest type of exoskeleton market .”

Powered exoskeletons are wearable robots that are usually powered by electric motors, actuators, sensors, batteries, and levers, and other technological combinations that provide the endurance to a wearer’s body. In powered exoskeletons, various controlling functions are provided to sense different information from sensors, such as motion, tilt, speed, and others. Such sensors are highly embedded inside the powered exoskeleton and are continuously in contact with the body muscle, providing assistance and protection to the wearer. Hence, these exoskeletons find huge applications in industrial, medical, military, construction, and many other applications. Powered exoskeletons provide mobility assistance for aged and weak people.

“Mobile Exoskeletons: The fastest segment of the exoskeleton market .”

An increase in the number of patients with paralysis and spinal cord injuries has led to a surge in robotic surgeries and the use of instruments and accessories associated with robots. For many of these patients, the wheelchair is the primary means of mobility, which brings along with a collection of health complications stemming from usage for extended periods of time. Hence, to improve the quality of life and overcome the complications involved in using other mobility assistance devices, mobile exoskeletons are used as they facilitate effective and repetitive gait training.

“Healthcare: Largest growing vertical of exoskeleton market”

Exoskeletons are mainly used in the healthcare sector for rehabilitation. They are used to aid elderly people and nursing staff. Rehabilitation robotic systems include assistive robots, orthotics, prosthetics, therapeutic robots, and exoskeletons. The demand for rehabilitation exoskeleton systems is poised to increase at several rehabilitation treatment centers and sports facilities in the coming years, as these systems help to rehabilitate patients with injuries or physical dysfunctions.

“North America: The leading region in the global exoskeleton market .”

North America is expected to hold the largest share of the global exoskeleton market during 2021–2026. The growing demand for assistive technology, especially in the healthcare sector for orthopedic rehabilitation, increasing prevalence of strokes, and growing investment in exoskeletons by the defense sector of various countries are promoting the growth of this market. Especially in the US, the demand for exoskeletons is increasing remarkably in the defense sector. The US army has been exploring commercial exoskeleton technologies for potential military applications, which can be used to support strength and endurance and protect soldiers from strain injuries.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

• By Company Type: Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
• By Designation: C-level Executives – 35%, Directors – 28%, and Others – 37%
• By Region: APAC – 40%, North America – 28%, Europe – 22%, RoW – 10%

Ottobock (Germany), DIH Medical (China), CYBERDYNE (Japan), Ekso Bionics. (US), Lockheed Martin Corporation (US), ATOUN. (Japan), BIONIK (Canada), B-Temia (Canada), MediTouch (Israel), ReWalk Robotics (US), Daiya Industry (Japan), Europe Technologies (France), Exhauss (France), Focal Meditech BV (Netherlands), Fourier Intelligence (China), Gogoa Mobility (Spain), Honda Motor Co (Japan), Hyundai Motors (South Korea), Mitsubishi Heavy Industries (Japan), Myomo (US), Parker Hannifin (US), P&S Mechanics (South Korea), Rex Bionics (UK), suitX (US) and Wandercraft (France) are some of the key players in the exoskeleton market.

Research Coverage:

The report segments the exoskeleton market and forecasts its size, by value, based on by Type (Powered, Passive), by Component (Hardware, Software), by Mobility (Stationary, Mobile), by Body Part (Lower Extrimities, Upper Extrimities, Full Body), by Vertical (Healthcare, Defense, Industrial, Others), and Region (North America, Europe, APAC, and RoW),.

The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the exoskeleton market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying the Report

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the exoskeleton market and provides them information on key market drivers, restraints, challenges, and opportunities. The report also covers COVID-19 impact on exoskeleton market.