Exoskeleton Robotic System Market Demand & Growth by 2028

The exoskeleton robotic system market is expected to grow from US$ 1,001.14 million in 2021 to US$ 4,224.63 million by 2028; it is estimated to grow at a CAGR of 23.0% from 2022 to 2028.

The exoskeleton robot system is a type of human–robot cooperation system. Robotic exoskeletons are considered wearable robotic units controlled by computer boards to power a system of motors, pneumatics, levers, or hydraulics to restore locomotion. The exoskeleton robotic system market is growing due to rising incidence of stroke & musculoskeletal disorders and increasing strategic initiatives by market players.

Market Insights

Rising Incidence of Stroke and Musculoskeletal Disorders Drive Market Growth

Stroke continues to be a disease of major concern for public health, despite advancements in the medical industry. According to the Indian Stroke Association, the incidence of stroke in India has increased by ~100% over the past few decades. Furthermore, ~1.8 million people in India suffer a stroke yearly, and only early treatment can reduce morbidity and mortality. Even though the growing incidence of this noncommunicable disease threatens the larger population, stroke treatment and rehabilitation remain underdeveloped in the country. As per the Centers for Disease Control and Prevention, every year, more than 795,000 people in the US have a stroke, of which ~610,000 are first or new strokes. Further, stroke is the fifth-highest cause of death in the US, causing 147,810 deaths in 2018. Overall, there were an estimated 460,000 strokes in the US in 2019 (two-thirds were ischemic), 190,000 were stroke-related deaths, and 3.83 million stroke-disability-adjusted life years. Therefore, the rising incidences of stroke has increased the demand for exoskeleton robotic system for rehabilitation of stroke patients to help improve the quality of life.

Furthermore, musculoskeletal disorders affect the mobility of an individual. The rising prevalence of musculoskeletal disorders, such as tendinitis, sarcopenia, osteopenia, and low back injuries, is expected to fuel the need for exoskeletal robotic systems. According to the World Health Organization (WHO), musculoskeletal diseases affect ~1.71 billion people globally, and low back pain is the leading cause of disability in 160 countries. These exoskeletons robotic systems assist patients in managing their condition and regaining their mobility, thereby improving their overall quality of life. Thus, the rising prevalence of stroke and musculoskeletal disorders has fueled the use of exoskeletal robotic systems for rehabilitation.

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Exoskeleton Robotic System Market: Strategic Insights

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Increasing Technological Advancements and Rising Investments

The healthcare industry trends are changing drastically due to constant technological developments and innovations, enhancing healthcare services and quality of care. Various global exoskeleton robotic system market players are striving hard to acquire a larger market share, followed by rising investments in exoskeleton robotic systems on a global level. For instance, in April 2022, exoskeleton maker—RoboCT Technology Development Co.—completed a US$ 15.7 million (RMB 100 million) Series A+ financing round. Hangzhou, China-based RoboCT provides the disabled, the elderly, and medical rehabilitation institutes with intelligent rehabilitation devices and robotic technology with data analysis and cloud computing. Additionally, the surge in R&D activities by the companies is expected to accelerate the development of advanced systems for diverse application areas such as healthcare, chemical, defense, and commercial. The companies also hold their technology and intellectual property rights (IPR) that help them maintain their market share. For instance, RoboCT Technology Development Co. is involved in the research and development of exoskeleton technology in several fields, such as entertainment, industry, and sports. RoboCT has applied for over 100 intellectual Property Rights (IPRs) and has received more than 20 awards across different fields.

Also, constant technological advancements are expected to augment the market growth. The increased adoption of artificial intelligence (AI) and Internet of Things (IoT) in developing smart exoskeleton robotic systems is expected to complement the market growth. For instance, German Bionic has developed an AI-based exoskeleton robotic system that has added a smart safety companion, and the cloud-based platform for exoskeletons. Thus, the increasing technological advancements and rising investments are likely to catalyze the growth of the global exoskeleton robotic system market

Type-Based Insights

The exoskeleton robotic system market, based on type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held the largest market share of the exoskeleton robotic system market in 2021 and upper body exoskeleton segment is likely to be the fastest-growing segment during the forecast period. 

Type-Based Insights

The exoskeleton robotic system market, based on type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment accounted for the largest share of the market in 2021. The upper body exoskeleton segment is expected to register the highest CAGR of 23.6% during the forecast period.

Application-Based Insights

Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. The healthcare segment accounted for the largest share of the market in 2021. The industrial segment is expected to register the highest CAGR of 23.6% during the forecast period.   

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the exoskeleton robotic system market. The recent key market developments are listed below:

• In February 2022, Hocoma announced that the SwissNeuroRehab Flagship project will be supported by funding from the Swiss innovation agency Innosuisse. The SwissNeuroRehab project aims at developing and evaluating a novel model of neurorehabilitation along the continuum of care, from hospital to home, by combining the best available digital and technological methods to create innovative and efficient therapeutic programs tailored to the individual patient needs.  
• In November 2021, FDA awarded breakthrough device designation to ReWalk ReBoot Soft Exo-Suit for stroke rehab at home. The ReBoot is a lightweight, battery-powered orthotic exo-suit intended to assist ambulatory functions in individuals with reduced ankle function due to neurological injuries and stroke. It is a sister product to the ReStore device, which received FDA clearance in 2019 for use in the rehabilitation setting.

Exoskeleton Robotic System Market Regional Insights

The regional trends and factors influencing the Exoskeleton Robotic System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Exoskeleton Robotic System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Exoskeleton Robotic System Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Exoskeleton Robotic System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Exoskeleton Robotic System Market are:

1. Lockheed Martin Corp
2. Cyberdyne Inc
3. Panasonic Holdings Corp
4. Hocoma AG
5. ReWalk Robotics Inc

Disclaimer: The companies listed above are not ranked in any particular order.

Company Profiles - Exoskeleton Robotic System Market

• Lockheed Martin Corp
• Cyberdyne Inc
• Panasonic Holdings Corp
• Hocoma AG
• Rewalk Robotics Inc
• Ekso Bionics Holdings Inc
• Parker Hannifin Corp
• Myomo Inc
• B-Temia Inc
• AlterG Inc
• INNOPHYS Co., LTD.