Global Exoskeleton Market Size to Gain USD 3,340 million by 2026 Says MarketsandMarkets ™
RISING DEMAND FOR HUMAN AUGMENTATION EQUIPMENT WILL DRIVE IMPLEMENTATION OF EXOSKELETONS ACROSS INDUSTRIAL AND MILITARY VERTICALS
Chicago, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The report *"**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.
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.
“*[201 Pages Report] *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.”
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*Browse in-depth TOC on "** Exoskeleton Industry**"*
*125 – Tables*
*49 – Figures*
*209 – Pages*
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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.
Initially, the company started treatment for patients with the help of the production of a series of prosthetic components. Since then, the company has been focused on developing microprocessor-controlled knee joints such as the C-Leg (which can be controlled via an app), the computer-controlled C-Brace leg orthosis, the multi-articulating bebionic hand, Juvo power wheelchairs, and the Paexo exoskeleton range for ergonomic workplaces. Ottobock Paexo designs and produces exoskeletons. The company offers a broad variety of exoskeletons for the entire body. From the most researched exoskeleton, the Paexo Shoulder, which provides relief for overhead work, to the newest addition, the Paexo Back, a technical solution for load handling in the logistics industry, Paexo exoskeletons are shaping the future of work. The Paexo series also includes support for the wrist, neck, lower back, and even the thumb. Each Paexo exoskeleton incorporates 100 years of experience with orthopedic technology and pioneering spirit from Ottobock.
*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 dynamics*
*Driver: Growing demand from the healthcare sector for robotic rehabilitation*
Robot-assisted therapy systems are being increasingly used in rehabilitation processes as they provide countless benefits in performing repeated movements during goal-directed tasks, the evaluation of different physiological and functional parameters during rehabilitation exercises, improving motivation, and assisting home exercises and training.
The use of exoskeletons for such purposes has grown, in part, due to the increase in the number of people with physical disabilities, especially the geriatric population. According to the Statistics Bureau of Japan, in 2019, the population aged 65 years and above was 35.89 million, constituting 28.4% of the total population (i.e., 1 in every 4 people)—marking a record high. It not only implies that there are more potential users for humanoid robots but also signifies that the number of active people to look after the elderly and disabled would be few. Even in North America, it is estimated by the Administration on Aging (AOA) that over the past 10 years, the population aged 65 and above increased from 38.8 million in 2008 to 52.4 million in 2018 (a 35% increase) and is projected to reach 94.7 million in 2060.
*Restraint: Regulatory challenges for securing approvals for medical applications of exoskeletons*
User safety and device reliability are the main concerns in the development and regulation of medical devices. Manufacturers’ skills and expertise pertaining to technical designing can matter during the testing of the product. The malfunctioning of a medical device can lead to life-threatening consequences, and hence, exoskeletons developed for healthcare applications need to be thoroughly examined. Currently, there are a few standards that are directly applicable to the exoskeleton industry. The FDA recognizes ISO standards that are applicable to relevant industries, and only products that receive regulatory approvals can be sold in the market.
*Opportunity: Increasing adoption of human augmentation equipment in industrial and military sectors*
Years of research has resulted in the transformation of load systems into human augmentation equipment. As exoskeleton systems can enhance powerlifting, load carrying, and endurance functions; the market has received a series of funding from the department of defense of several nations. Also, the market for exoskeletons is exhibiting an upbeat growth outlook, which, coupled with growing awareness about these devices in different fields, is attracting more investments in the industry—especially from private venture capitalists. Various exoskeletons developed to date are effectively designed and tested for mechanical structure (accessories such as guns, dead weight, devices, and others) and support soldiers in augmenting main body strength. Also, exoskeletons provide very strong load-supporting assistance with the freedom of decoupling the load at the same time. Such features of exoskeletons aid soldiers in carrying heavy loads. Several companies that are engaged in providing exoskeletons for military applications include Lockheed Martin (US), B-Temia (Canada), Bionic Power (Canada), Fourier Intelligence (China), and suitX (US).
*Challenge: High equipment cost*
Technological advancements have played a big role in the development of cost-efficient and affordable exoskeletons; however, they are yet to reach their market potential. The degree of usability of exoskeletons is a big issue being faced by the industry as exoskeletons are slow and cumbersome. Cost acts as a barrier for 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.
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