Smart Exoskeleton Market Research Report - Global Forecast till 2027

Smart Exoskeleton Market Research Report: by Type (Ultra-Soft Exoskeleton, Soft Exoskeleton, Rigid Exoskeleton), Component [Hardware (Sensors, Actuators, Power Source, Control System, Others), Software)], Application (Upper Limbs, Lower Limbs, Full Body), Vertical (Industrial, Healthcare, Military, Others), Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/SEM/6507-HCR | December 2022 | Region: Global | 111 Pages         

Smart Exoskeleton Market

Smart Exoskeleton Market will exhibit a CAGR of 8.2% in the forecast period of 2018-2023 and is expected to reach USD 5,290.1 Million by 2023

Segmentation

By Type Ultra-Soft Exoskeleton Soft Exoskeleton Rigid Exoskeleton
By Component Hardware (Sensors Actuators Power Source Control System Others) Software
By Application Upper Limbs Lower Limbs Full Body
By Vertical Industrial Healthcare Military Others

Key Players

  • Ekso Bionics Holdings Inc. (US)
  • ReWalk Robotics (US)
  • Ottobock (Germany)
  • Lockheed Martin Corporation (US)
  • Parker Hannifin Corp. (US)
  • CYBERDYNE Inc. (Japan)
  • DIH Technologies Corporation (China)
  • Rex Bionics Ltd. (UK)
  • Hyundai Motor Company (South Korea)
  • US Bionics (US)
  • Gogoa.eu (Spain)
  • ATOUN Inc. (Japan)
  • RB3D (France)
  • BIONIK (Canada)
  • Honda Motor Co. Ltd (Japan)
  • Sarcos Corp. (US)
  • Technaid SL (Spain)
  • Hocoma (Switzerland)
  • Focal Meditech (Netherlands)
  • Wearable Robotics SRL (Italy)
  • B-TEMIA Inc. (Canada)

Drivers

  • The rising adoption of exoskeletons by differently abled patients and elderly people
  • The rising adoption of exoskeletons by individuals suffering from physical disabilities and neurological disorders.
Speak to Analyst Request a Free Sample

Smart Exoskeleton Market Synopsis


Globally, the size of the Smart Exoskeleton Market was valued at USD 3,345.3 million in 2017 and is expected to grow USD 5,290.1 Million by 2023 at a CAGR of 8.2% driven by, The rising geriatric population and disposable source of income in various parts of the world have increased the Smart Exoskeleton market demand in recent years.

The Smart Exoskeleton devices are bifurcated based on the requirements of the individual. The shoes, support for the lower limbs, support for the upper body, and support for the feet, are the major functionalities of a Smart Exoskeleton device. Additionally, the alternatives based on the sources and models have increased the Smart Exoskeleton market demand. The Australian health systems have recently claimed that a cost of USD 3.9 million would be spent across the country for older people and stroke patients. The complexity of the surgeries for the geriatric population and increasing health factors are further fueling the overall growth of the Smart exoskeleton industry. 


The wearable robots or mechanical devices tend to reduce the stress imposed on the human bodies and effectively supports in the physical activities which are considered to be labor-intensive activity. The increasing number of medical rehabilitation and individuals with paraplegic disorders were increasingly utilizing the battery-powered smart exoskeleton systems for mobility.


COVID 19 Analysis:


The pandemic has severely impacted several industrial activities and global economies, the sharp decline of the global economy owing to the unemployment and supply chain disruptions have created uncertainty throughout the pandemic. The healthcare industries were considered as a primary requirement and have adopted business continuity plans and alternative strategies to combat the pandemic and spread of the coronavirus. 


The dropping of sales of the equipment and changing business strategies of the rehabilitation facilities have adversely impacted the overall growth of the Smart Exoskeleton industry. The rehabilitation centers were increasingly focusing on the management of the business and thereby delayed their capital expenses during the pandemic. Such factors have affected the demand for the exoskeleton in the hospital segment. On the other hand, the increasing clinical trials and key market participants were supporting the Smart Exoskeleton market growth.


Smart Exoskeleton Market Dynamics:


Market Drivers:


The rising geriatric population and disposable source of income in various parts of the world have increased the Smart Exoskeleton market demand in recent years. The increasing incidences of individuals suffering from stroke, physical disabilities, neurological disorders, and other limb impairments are driving the Smart Exoskeleton market growth.


The utilization of the device in various sectors such as the military requires physical intensive work and movements, continuous squats, crawling, and other physical activities. Similarly, the automotive industries are widely adopting technology to increase the workflow in the overall operation.


Market Opportunities:


A recent report from the World Health Organization states that there would be over 2 billion people aged over 60 years by the year 2050. The increasing fall incidences due to lack of stability and physical disorders and increasing geriatric population are expected to present lucrative opportunities for the Smart Exoskeleton market growth. The devices also help elderly people to maintain their body tone and provide good blood circulation for people suffering from muscle weakness.


The development of Smart Exoskeleton with varied power sources and actuator systems has increased the smart exoskeleton market demand. Additionally, they are integrated with powerful sensors and control units that control the components of the exoskeleton devices are presenting lucrative opportunities for the overall growth of the Smart Exoskeleton industry.


Market Restraints:


High costs are required for the designing and manufacturing of the smart exoskeleton device for the developing countries and the countries that lack economical backing. 


The strict regulations and norms imposed by the governmental agencies and FDA approval organizations are also hindering the overall growth of the Smart Exoskeleton industry.


Market Challenges:


The economic condition of certain countries is expected to impact the purchasing power of the wide population. The pandemic has also impacted the economic condition in several countries which have significantly reduced the purchasing power of the residents. The economic condition has reduced the medical device imports from China, and other manufacturing hubs, which has reduced the production rates of smart exoskeleton devices.


The rigidity of the device and burdening of the smart exoskeleton devices and the requirement of frequent maintenance are expected to reduce the Smart Exoskeleton market value in the forecast period.


Cumulative Growth Analysis:


The mobile exoskeletons are increasingly utilized in varied end-use applications. Especially the motor-equipped smart exoskeletons are showcasing higher demand as they assist the human body mechanics effectively. The surging R&D developments in several countries and wide adoption of mobile exoskeletons are further propelling the overall growth of the Smart Exoskeleton industry. 


The healthcare industry is widely utilizing the Smart Exoskeleton devices and accounted for over 52.0% growth rate in terms of revenue and volume. The increasing incidences of spinal cord injuries and emerging rehabilitation centers with the increasing investments in the healthcare sectors are driving the Smart Exoskeleton market growth. On the other hand, a wide range of populations is increasingly accepting smart exoskeletons in recent times. The FDA approvals were also acquired easily for the medical exoskeletons. Such factors are increasingly promoting the overall growth of the Smart Exoskeletons industry. The market value of Smart Exoskeleton was at USD 3349 million in the year 2017 and is expected to surpass USD 5290.1 million by the end of the forecast period while registering a CAGR of 8.2%.


Value Chain Analysis:


The Exoskeleton systems were primarily invented for individuals with mobility issues or other physical impairments; however, the potential functionality of the Smart Exoskeleton devices has helped varied end-user applications. Especially the smart exoskeletons are used in the military sectors. Additionally, the military segment is expected to surpass the market value owing to the features integrated with the Smart Exoskeletons devices. The development with the feature of exporting the sensor data obtained from the military fighter to their smartphones and dashboards is under development. This feature is expected to provide a better understanding of the warfighter’s health and locations to the crew. 


On the other hand, smart Exoskeletons are intensively utilized in the manufacturing sectors and warehousing, where the employees are involved in physical-intensive operations. Smart skeletons devices are found to be efficient in reducing the rate of chronic pain and other muscle disorders. The battery-powered glove which has sensors equips motors in every finger to measure the force level during every activity performed. The glove tends to reduce the strain significantly. It also adds over 20% of strength to the employees’ hands. Such advancing technologies in the market are expected to propel the overall growth of the Smart Exoskeleton Market.


Smart Exoskeleton Market Segment Overview:


Based on type:



  • Ultra-soft exoskeletons

  • Soft exoskeletons

  • Rigid exoskeletons.


Based on the Component:



  • Hardware 

  • Sensors, actuators, power sources, control systems, and others.

  • Software


Based on Application:



  • Upper limbs

  • Lower limbs

  • Full body.


Based on Vertical:



  • Industrial

  • Healthcare

  • Military

  • Others.


Based on Mobility:



  • Mobile



  • Fixed/Stationary


Based on Technology:



  • Powered

  • Non-powered


Smart Exoskeleton Market Regional Analysis:


North America is estimated to hold the largest revenue in the forecast period, owing to its performance in the year 2020. North America has projected a market revenue of 47.4% in the year 2020 despite the supply chain interruptions caused by the pandemic. The growing disabilities in the region and higher investments by the private organizations and government agencies for the research related to the healthcare sectors are the primary growth stimulating factors for the Smart Exoskeleton industry. Additionally, the recent study shows that there were over 61 million adults in the U.S with disabilities and over 13.7% of people were living with mobility issues. The surging collaborations of well-renowned players in the medical device industry have also impacted the overall growth of the Smart Exoskeleton Market in recent times.


On the other hand, Asia-pacific is also registering a faster growth rate in recent times and is expected to grow further in terms of revenue in the forecast period. The growing geriatric population in the region requiring the exoskeleton for rehabilitation and developing health care industries in the region is the major driver of the Smart exoskeleton market. Countries like Japan are increasing their industrial activities, to improve work efficiency and to cut off labor, smart exoskeletons are intensively used in Japan.


Smart Exoskeleton Market Competitive Landscape:



  • Ekso Bionics Holdings, Inc. (US)

  • ReWalk Robotics (US)

  • Ottobock (Germany)

  • Lockheed Martin Corporation (US)

  • Parker Hannifin Corp. (US)

  • CYBERDYNE Inc. (Japan)

  • DIH Technologies Corporation (China)

  • Rex Bionics Ltd. (UK)

  • Hyundai Motor Company (South Korea)

  • US Bionics (US)

  • ATOUN Inc. (Japan)

  • RB3D (France)

  • BIONIC (Canada)

  • Honda Motor Co., Ltd (Japan)


Recent Developments:


The recent development of a smart exoskeleton powers itself from the movement of the individual and doesn’t require any additional power source such as batteries, or sensors. The device comprises features similar to the existing ones such as lightweight material, lower costs, and is considered biomechanically safer and intelligent. However, they are capable of operating with no external power source.


In the year 2019, the leading market players Alibaba and Bottos have partnered together to manufacture the smart exoskeleton device that is capable of reducing the work pressure of the employees working in warehousing, logistics, and other industrial activities. The actions such as picking, storing, loading, and unloading operations can be carried out efficiently utilizing this Smart Exoskeleton device.


Report Overview:


This report has covered:



  • Market overview

  • COVID 19 Analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Segment overview

  • Regional analysis

  • Competitive landscape

  • Recent developments


 



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 5,290.1 Million
  CAGR   8.2%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Component, Application, Vertical
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors

  • Ekso Bionics Holdings, Inc. (US), ReWalk Robotics (US), Ottobock (Germany), Lockheed Martin Corporation (US), Parker Hannifin Corp. (US), CYBERDYNE Inc. (Japan), DIH Technologies Corporation (China), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), US Bionics (US), Gogoa.eu (Spain), ATOUN Inc. (Japan), RB3D (France), BIONIK (Canada), and Honda Motor Co., Ltd (Japan)
  • Sarcos Corp. (US), Technaid SL (Spain), Hocoma (Switzerland), Focal Meditech (Netherlands), Wearable Robotics SRL (Italy), and B-TEMIA Inc. (Canada)
  •   Key Market Opportunities

  • High adoption of smart exoskeletons for medical and industrial use.
  • The increasing geriatric population has resulted in an increase in the number of fall-related injuries and similar instances.
  •   Key Market Drivers

  • The rising adoption of exoskeletons by differently abled patients and elderly people.
  • The rising adoption of exoskeletons by individuals suffering from physical disabilities and neurological disorders.


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    The smart exoskeleton market is assumed to value at USD 5290.1 Mn by 2024 end.

    Ekso Bionics Holdings, Inc. (US), ReWalk Robotics (US), Ottobock (Germany), Lockheed Martin Corporation (US), Parker Hannifin Corp. (US), CYBERDYNE Inc. (Japan), DIH Technologies Corporation (China), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), US Bionics (US), ATOUN Inc. (Japan), RB3D (France), BIONIC (Canada), Honda Motor Co., Ltd (Japan)

    The smart exoskeleton market, by vertical, has been segmented into industrial, military, healthcare, and others

    The type based segments of the smart exoskeleton market are soft exoskeletons, ultra-soft exoskeletons, and rigid exoskeletons.

    North America is presumed to dominate the smart exoskeleton market.

    The smart exoskeleton market is supposed to expand at 8.2% CAGR.