The global exoskeleton market size is anticipated to reach USD 4.2 billion by 2027, expanding at a CAGR of 26.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of exoskeletons in healthcare and non-healthcare settings, reimbursement coverage offered on these systems, and increasing prevalence of spinal cord injuries (SCIs) are the key factors driving the market. Moreover, development in robotics and growing demand for customized exoskeleton that addresses the specific needs of the patients is anticipated to fuel the growth over the forecast period.
Based on technology type, in 2019, mobile exoskeleton dominated the global market, accounting for a revenue share of 61.8%. Introduction of innovative mobile exoskeleton by manufacturers for the aging and disabled population is a key factor driving the market. However, mobile systems are complicated and expensive to design, which increases their cost. This is compelling the patients to switch to the stationary systems, thus making stationary systems the fastest growing segment in the market.
On the basis of technology drive type, in 2019, electric actuators dominated the global exoskeleton market with a share of 32.1% in terms of revenue, as they are cost-effective in comparison with the other drive types. Moreover, presence of a wide variety of commercialized electric actuators is fueling the growth of this electric actuators segment. Usage of fuel cell-powered exoskeleton is increasing in military applications as they provide longer operation hours. This is anticipated to drive the fuel cell segment over the forecast period.
North America dominated the global market in 2019, generating a revenue of USD 297.8 million. Increasing investments in robotics, growing geriatric population, favorable reimbursement policies, and availability of funding for various projects are anticipated to drive the regional market over the forecast period. Asia Pacific is expected to exhibit the fastest CAGR owing to growing geriatric population, improvement in the healthcare infrastructure, and increasing investments in robotics in countries, such as Japan, China, and India.
Further key findings from the report suggest:
- The global exoskeleton market size is anticipated to reach USD 4.2 billion by 2027 owing to rising applications of these products in healthcare and non-healthcare settings
- Based on technology type, mobile exoskeleton accounted for a major share of 61.8% in 2019 owing to introduction of innovative mobile systems for various industrial applications
- On the basis of technology drive type, electric actuators dominated the global market with a revenue share of 32.1% as they are cost-effective than other drive types
- North America dominated the market with a value of USD 297.8 million in 2019 owing to availability of favorable reimbursement policies and increasing investments in robotics
- Some of the key players operating in this market are Ekso Bionics, Cyberdyne, ReWalk Laboratories, REX Bionics, and Suit X.