Exoskeleton Market Revenue is Predicted to Hit USD 3,340 Million by 2026 Globally – Report by MarketsandMarkets™
Chicago, Nov. 23, 2022 (GLOBE NEWSWIRE) — Exoskeleton Market by Type (Powered, Passive), Component (Hardware, Software), Mobility, Body Part (Lower Extremities, Upper Extremities, Full Body), Vertical (Healthcare, Defense, Industrial) and Region (2021-2026)”, Although exoskeletons have been in existence for a long time, the market for exoskeletons is growing owing to factors such as growing demand from the healthcare sector for robotic rehabilitation, advancements in robotic technologies, and huge investments for the development of exoskeleton technology.
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Scope of the Report
|Exoskeleton Market Research Report||
|Forecast Unit||Value (USD Million)|
|Segments Covered||By Component, By Type, By Mobility, By Body Part, By Vertical|
|Geographic Regions Covered||North America, Asia Pacific, Europe, and RoW|
“Browse in-depth TOC on “Exoskeleton Industry“
49 – Figures
201 – Pages
Ottobock was ranked first in the exoskeleton market in 2020, with an approximate share of 7–8% of the market. Ottobock is a med-tech company that has been developing innovative products for over 100 years. The company offers services under the Ottobock SE & Co. KGaA name, which was established in 2018 to channel the company’s med-tech expertise into sustainably healthy workplaces. Since 1919, products and technologies from Ottobock have been helping people gain new freedom of movement and avoid potential complications.
DIH Medical held the second position in the exoskeleton market in 2020, with an approximate share of 4–5% of the market. DIH Medical is a healthcare technology company that develops robotics and intelligent systems for rehabilitation and sports medicine, and intelligent medication and supply. As the parent company behind the Hocoma, Motek, and other brands, DIH products can be found in the top hospitals, clinics, and research facilities across the world, pushing forward rehabilitation through fields such as robotics, AR, VR, and AI. The company is committed to bringing the world’s most advanced rehabilitation solutions and innovations to the market. The company has a wide distribution network across APAC, EMEA, North America, and South America. The company offers a wide range of rehabilitation and physical therapy solutions using robotic products, which have been developed with extensive clinical research conducted in the industry. The company has different types of rehabilitation products for arm & hand, gait & balance, and strength endurance. All these products are marketed under brand names such as Hocoma, Motek, and SafeGait Solutions. Through such a huge product portfolio, DIH covers many product features and creates a high impact on customer value.
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Exoskeleton market for software to hold the highest CAGR from 2021 to 2026
The software segment is expected to grow at a higher CAGR during the forecast period. Technological advancements will lead to an increase in complexities in exoskeletons in terms of inter-device connectivity, artificial intelligence (AI), and autonomous operations; the value of software in the overall exoskeleton market will increase more than that of hardware, as the software will assist such complex functionalities in processing efficiently and accurately. At present, a number of software packages suited to ergonomic simulation are available in the market. In response to the limitations of traditional design tools, software providers now offer a number of 3D CAD software packages for exoskeletons. These digital human modeling (DHM) software tools enable models of humans to interact with virtual products and workplaces in a CAD environment. Developers have boosted modeling and simulation capabilities, enabling designers to develop exoskeletons with better cost efficiency for broader adoption.
Mobile exoskeleton segment to hold highest market share during the forecast period
Mobile exoskeletons accounted for the larger share of the overall exoskeleton market in 2020 and the segment is expected to grow at a higher CAGR from 2021 to 2026. The basic purpose of using exoskeletons is to provide mobility to people, which can be achieved only by using mobile exoskeletons; hence, the demand for mobile exoskeletons is more than the stationary ones. Lower extremity exoskeletons developed for human locomotion assistance are used to help patients who have completely lost mobility in the lower limbs due to conditions such as spinal cord injury (SCI), multiple sclerosis, etc. Some of the most widely used mobile exoskeleton technologies developed for users who have lower-limb mobility impairments are ReWalk, Rex, Indego, Ekso, HAL, Atlas, and others. The application of stationary exoskeletons is limited only to therapies related to healthcare or is used for training purposes in some other verticals. The healthcare vertical is a major consumer of mobile exoskeletons. These exoskeletons are also being adopted across new application areas such as defense, sports and fitness, and search and rescue due to the growing visibility of the benefits offered by them.
Exoskeleton market for lower extremities to capture highest market share from 2021 to 2026
The lower extremities segment is anticipated to account for the largest share of the market share during the forecast period, followed by the upper body segment. Most exoskeletons are designed to help a user with mobility issues. The most common mobility issues are associated with problems in the lower half of the body. Thus, the demand for lower-body exoskeletons is relatively high. Lower-body exoskeletons are used in the healthcare vertical, which is the largest vertical in the exoskeleton market, to provide mobility to people with disabilities. They can also be used in several other applications, such as to assist soldiers on a battlefield or to enhance the speed and coverage of a player. Hence, the lower extremities segment will continue to account for the largest share of the exoskeleton market throughout the forecast period.
The Humanoid Robot Market was valued at USD 1.5 billion in 2022 and is estimated to reach USD 17.3 billion by 2027, registering a CAGR of 63.5% between 2022 and 2027.
The Collaborative Robot (Cobot) Market is projected to grow from USD 1.1 Billion in 2022 to USD 9.2 Billion by 2028, at a CAGR of 41.5% during the forecast period from 2022 to 2028.
The Industrial Robotics Market is valued at USD 6.8 billion in 2022 and is anticipated to be USD 9.0 billion by 2027; growing at a CAGR of 5.9% from 2022 to 2027.
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