WASHINGTON, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The Global Exoskeleton Market size is expected to reach over USD 3,350 Million by 2028. The market stood at a revenue of USD 400 Million in the year 2021, and is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 42.1% during the forecast period.
Market Synopsis
The rising prevalence of stroke and the rising usage and adoption of exoskeletons in several sectors, including military, automobile, and construction are the determinants contributing to the boost in the exoskeletons adoption. Furthermore, rising occurrence of spinal cord injury is likely to boost the growth of the market in the coming years, states Vantage Market Research, in a report, titled “Exoskeleton Market by Product (Stationery, Mobile), by Application (Healthcare, Military, Industry), by Technology (Powered, Non-powered), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List Of Prominent Players in the Exoskeleton Market:
- REkso Bionics
- Hocoma
- Lockheed Martin Corporation
- Suit X (U.S. Bionics, Inc.)
- Rex Bionics Plc.
- RB3D
- ReWalk Robotics Ltd
- Cyberdyne, Inc.
- Active Link (Panasonic Corporation)
Market Dynamics:
Restraint: Regulatory Challenges for Medical Uses of Exoskeletons for Securing Approvals
Device reliability and User safety are the key concerns in the regulation and development of medical devices. Manufacturers’ expertise and skills related to technical designing which matters during the product testing. Malfunctioning in the medical device may lead to life-threatening situations, hence, exoskeletons made for healthcare applications must be examined thoroughly. Currently, there are certain standards which are applicable directly to the exoskeleton market. The FDA identifies ISO standards which are applicable to relevant sectors, and only items that receive these regulatory approvals must be sold in the market.
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Opportunity: Increasing Acceptance of People’s augmentation equipment in Military and Industrial Sectors
Research has resulted in the conversion of load systems into new human augmentation equipment. These exoskeleton systems can load carrying, improve powerlifting, and endurance functions; the Exoskeleton market has received a number of funding from the defence department of several countries. Furthermore, the exoskeletons market is exhibiting a growth outlook, coupled with increasing awareness about devices in different areas, is attracting more investments in the sector—especially from private VCs. Various exoskeletons manufactured to date are tested and designed effectively for mechanical structure and support soldiers in main body strength augmentation.
Regional Trends
North America accounted for the largest market share. This is owing to the increasing disabled populace, high expenditure on research in the healthcare industry by private firms, government agencies, availability of medical devices which are technologically advanced, and a boost in collaborations in the industry.
Recent Developments
- April, 2021: Ottobock launched the Paexo Shoulder Jacket, Paexo Cool Sleeve, and Paexo Thumb Slim at the Hannover Messe Digital Edition 2021 event. These devices provide significant relief for the body during strenuous activities such as overhead work or lifting packages.
- March, 2021: CYBERDYNE received medical device approval from Thai Food and Medical Products Approval Authority (Thai FDA) for HAL Single Joint Type. The product is for patients with reduced mobility in the upper and lower limbs due to muscle weakness or paralysis.
- March, 2021: DIH entered into a strategic partnership agreement with Reha Technology. Under this agreement, DIH agreed to take over the distribution of Reha Technology’s robotics products and promote and distribute Reha Technology´s end-effector-based gait therapy devices in key markets such as Switzerland, Germany, and the US.
- March, 2021: Ekso Bionics announced a partnership with US Physiatry (USP) to educate physicians on the clinical benefits of an EksoNR exoskeleton. USP is the largest in-patient physician practice in the US, focused exclusively on physical medicine and rehabilitation.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Exoskeleton Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through 162 Pages and in-depth TOC on "Exoskeleton Market by Product (Stationery, Mobile), by Application (Healthcare, Military, Industry), by Technology (Powered, Non-powered), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/exoskeleton-market-670432
The report on Exoskeleton Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Exoskeleton Market?
- How will the Exoskeleton Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Exoskeleton Market?
- What is the Exoskeleton market drivers and restrictions?
- What will be the CAGR and size of the Exoskeleton Market throughout the forecast period?
This market titled “Exoskeleton Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 400 Million |
| Projected Market Size in 2028 | USD 3,350 Million |
| CAGR Growth Rate | CAGR of 42.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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