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Robotic Exoskeleton Market Size to Grow at a CAGR of 13.1% During the Forecast Period 2021-2026

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Robotic Exoskeleton Market Size to Grow at a CAGR of 13.1% During the Forecast Period 2021-2026

October 06
14:20 2021
Robotic Exoskeleton Market Size to Grow at a CAGR of 13.1% During the Forecast Period 2021-2026
Robotic Exoskeleton Market
Increasing Number of Disabled People and Growing Prevalence of Spinal Cord Injury Are Some Factors Driving the Growth of This Robotic Exoskeleton Market.

Robotic Exoskeleton Market generated revenue of $447.95 M in 2020 and is estimated to reach $852.26 by 2026, growing at CAGR of 13.1% during the forecast period of 2021-2026. Robotic exoskeletons are electromechanical wearable robotic units controlled by computer boards to power a system of pneumatics, hydraulics, and motors. It involve actuators, algorithms, sensors, and mechanical structures of acquiring information to execute a motor function. Robotic exoskeletons are designed to increase versatility and safety and are a unique form of professional services robot. These robotic exoskeletons provide essential support for human motions, with potential uses ranging from consumer products to military deployment. Increasing demand of exoskeleton in military and medical applications and rapid technological advancements in artificial intelligence and robotics are projected to boost the market growth.

Robotic Exoskeleton Market Segment Analysis – By Product Type

By Product Type, Mobile accounted for major share in 2020. This segment generated a revenue of $329.02 M in 2020 and is forecast to be growing at a CAGR of 13.7% during the forecast period 2021-2026. This segment is projected to generate revenue of $644.23 M by 2026 owing to the increasing use of devices to enhance the physical performance of the wearer or as orthotic devices for gait rehabilitation or locomotion assistance. Powered Products generated revenue of $266.95 M in 2020 and is projected to grow at a CAGR of 13.7% during the forecast period 2021-2026. This segment is forecast to reach revenue of $521.58 M by 2026. Moreover, Passive segment is projected to grow at a CAGR of 12.4% during the forecast period of 2021-2026.

Robotic Exoskeleton Market Segment Analysis – By Application

By Application, Medical segment is dominating the Robotic Exoskeleton market in 2020 and is estimated to grow at a CAGR of 12.5% during the forecast period 2021-2026 owing to the increasing patients with body movement disorders such as Parkinson’s disease, multiple sclerosis, and stroke. Hence this is propelling the segment growth. Military will witness a robust growth rate of 14.4% during the forecast period 2021-2026. This is owing to the growing importance of exoskeleton in military operations as it helps in assisting injured soldiers and lifting heavy objects. Industry will also witness increase in demand attributed to the increasing work-related injuries and growing awareness about the benefits of exoskeleton technology in industrial applications. Moreover, the growing need for advanced technologies to empower people in various sectors, such as construction, manufacturing, and distribution, is another factor increasing the adoption of the robotic exoskeleton in industrial applications.

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Robotic Exoskeleton Market Segment Analysis – By Geography 

North America is the major region dominating the Robotic Exoskeleton Market with revenue of $184.54 M in 2020 and is forecast to grow at a CAGR of 13.3% during the forecast period of 2021-2026 to generate a revenue of $353.26 M in 2025. U.S in North America region is dominating the Robotic Exoskeleton Market generating a revenue of $147.56 M in 2020. This is owing to the rising prevalence of stroke and increasing usage of robotic exoskeleton in industries such as construction and automobile. Asia Pacific (APAC) region is projected to be the fastest growing region with a CAGR of 12.6% during the forecast period 2021-2026. This is owing to growing focus of the manufacturers on the development of smart technologies.

Robotic Exoskeleton Market Drivers

Increasing Demand of Exoskeleton in Military and Medical Application 

A robotic exoskeleton supports the mobility of people suffering from diseases such as multiple sclerosis, stroke, and cerebral palsy, Parkinson’s disease. There is growing importance of exoskeleton in military operations as it helps in assisting injured soldiers and lifting heavy objects which is driving the growth of this market. Exoskeleton technologies helps to improve stamina and safety and also provides new ability to fighting forces. Companies such as Lockheed Martin are working on new powered lower-body exoskeleton, ONYX, which has demonstrated its ability to increase mobility and reduce fatigue. This technology helps to reduce effort in walking and climbing that can help soldiers to carry a mission-essential equipment and also helps to go extra mile. Rising military spending on the development of innovative equipment to strengthen the armed forces capability is increasing the demand of this market. In July 2015, the Australian Department of Defence developed a fully-passive system capable of reducing compression forces on the lower portion of the body. The US government are working on TALOS project in 2019 for developing a mobile exoskeleton to be used by Special Forces. Governments are investing in robotic exoskeletons for military purposes which are driving the growth of this segment. In August 2018, Rostec increases the physical abilities of a soldier and protects joints and the spine by developing its third-generation Ratnik infantry combat suite, a passive exoskeleton which increases the demand of exoskeleton in military application. In 23 January 2018, Cyberdyne, the Japanese robotics company got approval from the U.S. Food and Drug Administration (FDA) for its HAL (Hybrid Assistive Limb) lower body exoskeleton designed to help people with lower limb disabilities for walking on their own which increases the demand of robotic exoskeleton thus contributing to the market growth.

Increasing Prevalence of Spinal Cord Injuries

Increasing number of disabled people and growing prevalence of spinal cord injury are some factors driving the growth of this market. According to the National Spinal Cord Injury Statistical Center (NSCISC), about 17,730 number of cases are suffering from spinal cord injury in 2018. Approximately 363,000 people are living with these injuries in 2019 which increases the demand of stationary exoskeleton and are boosting the growth of this market. In 30 April 2019, Reha Technology launches the latest generation of its G-EOS that helps to the needs of everyday life, such as forwards and backwards walking on level ground, walking on slopes, climbing and descending stairs. According to U.S. Department of Health, in 2020 about 2 million people are suffering from lower limb impairment which increases the demand of exoskeleton and are increasing the growth of this market. In April 2016, Ekso Bionics received FDA approval on ‘Ekso GT Robotic Exoskeleton’ for patients who are suffering from stroke and spinal cord injury which are increasing the growth of this market.

Robotic Exoskeleton Market Challenges

High Cost

High cost associated with exoskeleton are challenging the market growth of Robotic Exoskeleton. Incorporation of multiple sensors and motors into the exoskeletons contribute significantly toward increasing the overall product cost. Moreover, research regarding the development of appropriate software and hardware for adjustment and customized usage further increase the cost that are challenging the growth of this market. The cost of exoskeleton is approximately $77,000 which is too expensive for injured person that are challenging the growth of Robotic Exoskeleton Market. Currently, each exoskeleton costs around $100,000 which is only sold to rehabilitation centers and hospitals and only those with adequate insurance can use the exoskeleton at hospitals and rehabilitation centers which are challenging the growth of this market.

Robotic Exoskeleton Market Landscape

The Robotic Exoskeleton market is consolidated with key players accounting for about 77.5% of the market revenue. Furthermore, the key players are adopting strategies such as product approval and agreement with other players to gain competitive advantage in the market. The top players include Lockheed Martin, Parker Hannifin, Sarcos, Honda, and Hyundai among others.

Acquisitions/Product Launches

In April 2019, Ottobock Healthcare GMBH has launched Paexo Thumb, new exoskeletons for ergonomic workplaces. The product is smallest exoskeleton in the world. Paexo thumb is lightweight exoskeleton that relieves the thumb by up to 70% by redirecting forces to the entire hand.

In March 2019, Sarcos Corporation has partnered with U.S. Navy, Puget Sound Naval Shipyard (PSNS) & Intermediate Maintenance Facility (IMF) to evaluate and deploy Powered Full-Body Exoskeletons for use in naval shipyards.

Key Takeaways

By Body Part, Upper Body accounted for the major share in 2020 and generated a revenue of $236.84 M in 2020 and is expected to be growing at a CAGR of 12.5% during the forecast period 2021-2026. This is owing to the fact that it can assist patients in simulating normal people’s footsteps and exercising leg muscles. It is comprised with steps posture controlling system and weight alleviation controlling mechanism.

Robotic exoskeletons are essentials in medical industry owing to the growing adoption of medical devices to support and actuate body movements. Technological advancements leading to the growth of robotic exoskeleton and rising prevalence of strokes and spinal cord injury.

Bulk purchases cost lesser as compared to individual purchase. Also many players offer their products in subscriptions to retain their consumers as well as the consumers get the product at a lower price than if they have to buy a single time.

Related Reports:

A. Wearable Technology Market 

https://www.industryarc.com/Research/Wearable-Technology-Market-Research-504119

B. Smart Robots Market 

https://www.industryarc.com/Research/Smart-Robots-Market-Research-504192

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