Powered Exoskeleton Market

SKU: DMAUTR579 | Last Updated On: Oct 03 2022 | Available Formats

> Global Powered Exoskeleton Market Expected to reach a high CAGR 44.85% By 2029: DataM Intelligence

Global Powered Exoskeleton Market is segmented by Component (Hardware and Software), Type (Powered and Passive), By Mobility (Stationary and Mobile), By Body Part (Lower, Upper, and Full Body), Vertical (Healthcare, Defense, and Industrial), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[195 Pages Report] The Global Powered Exoskeleton Market is expected to grow at a high CAGR of 44.85% during the forecasting period (2022-2029).

Powered exoskeletons also known as powered armor or exosuit are wearable mobile machines or hi-tech robotic devices. A powered exoskeleton is powered by a system of electric motors, levers, hydraulics, or a combination of technologies that allow limb movement with increased strength and endurance. According to the National Spinal Cord Injury Statistical Centre, in 2018, approximately 350,000 people were living with spinal cord injuries in the U.S, and nearly 15,500 new cases are estimated each year in the country. In recent years, there is an increase in the adoption of these devices for elderly patients and people suffering from neurological disorders and spinal cord injuries.

The main applications of exoskeletons are in the military to assist soldiers in motion and lifting heavy objects and as a training aid in medical industries. There is a rapid advancement in mechanical, biomedical, and electronic technology leading to rapid development in exoskeletons.

Powered Exoskeleton Market Scope

Metrics

Details

Market CAGR

44.85%

Segments Covered

By Component, By Mobility, By Body Part, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

To know more insights Click Here to Get Our Sample Brochure

Market Drivers

The market is driven by factors such as technological advancements, increasing prevalence of strokes, a rise in the number of spinal cord injury & paralysis cases, and a growing geriatric population.

Increasing incidents of stroke and spinal cord injury coupled with the growing number of accidents will drive the overall patient number suffering from mobility disorders. According to the American Journal of Public Health, over 15 million people are paralyzed and unable to walk in the US. As per the World Health Organization (WHO) in 2018, around 50 million people all over the world experienced severe injuries, due to road accidents or violent activities. Many of the survivors are left with permanent disabilities that require exoskeletons.

Furthermore, population changes will benefit the market growth as the population above the age of 60 years is increasing, according to the United Nations (UN), in 2017, there were an estimated 962 million people aged above 60 years across the globe, accounting for about 13% of the total world population, and geriatric population provides the largest market for powered exoskeletons.

Market Restraints

Huge investments for development, stringent government regulations concerning user safety and robot reliability, unavailability of consistent power supply, and high cost of equipment are going to restrain the market in the forecast period.

Selling powered exoskeletons in massive quantities is not an easy task. For this, there is a need for invention, patents (to protect the invention), engineering optimization, third-party safety validation, distributors and interested buyers, FDA regulations, and 3rd party testing that looks at the human-machine interactions.

Market Segmentation

The global powered exoskeleton market is segmented by components as hardware and software and by verticals as healthcare, defense, industrial, and others.

The software segment is expected to grow at the highest CAGR of 46% because of the introduction of artificial intelligence (AI). AI exoskeletons provide access to a collective intelligence that accelerates learning and helps make better decisions. AI administrative assistant uses machine learning technology to automate the entire meeting-scheduling process, from picking an ideal time and place to exchanging emails. High-quality products such as LEGO® and Mindstorms® are some of the hi-tech robotics.

Powered exoskeletons can support soldiers on the field by lifting heavy weapons and moving faster and covering a larger area on the battlefield. As a result, the defense sector of several countries is looking forward to deploying exoskeletons to strengthen their security. The defense sector had a market value of $ 63.64 million in the year 2018. Powered exoskeletons offer applications such as rising productivity whilst unloading supplies and enabling a soldier to carry heavy objects (40–300 kg) while running or climbing stairs. These applications are boosting the growth of the market.

Geographical Analysis

Geographically, the global powered exoskeleton market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.

North America generates the highest revenue because of the growing adoption of exoskeletons in various segments such as healthcare, rehabilitation centers, military, and industrial processes and the rise in research and development. North America accounted for more than 50% of the total market share in 2018. In the US, powered exoskeletons are classified as Class II devices and require premarket notification 510(k) clearance from the FDA before they can be marketed. Even though exoskeletons aren’t deployed on a wide scale, many US companies have been developing many working prototypes like XOS by Sarcos and Human Universal Load Carrier (HULC) by Lockheed Martin. MIT researchers developed a prototype for an exoskeleton that reduces metabolic energy used when walking and carrying loads.

The Asia Pacific region is expected to grow at the highest CAGR of 43.3% throughout the forecast due to emerging economies, such as China and India. The growth in this region is due to the increasing number of geriatric and disabled population. According to the United Nations (UN), almost 60% of the world's 650 million people with disabilities live in the Asia Pacific region.

Competitive Analysis

Some of the major key players are Cyberdyne, BionikLaboratories, Mitsubishi Heavy Industries, Honda Motors, Hyundai Motors, RewalkRobotics, MediTouch, EksoBionics Holdings, Inc., Panasonic Corporation, and Lockheed Martin Corporation.

Esko Bionics, Rewalk Robotics, and Cyberdyne are the major powered exoskeleton manufacturing companies in the world and are the top three companies in the market. EKSO filed an IPO in 2013 that raised $30.3 million and the company’s share value spiked in April 2016 alongside the FDA clearance of EksoGT exoskeleton. Rewalk Robotics has developed an FDA-approved line of exoskeleton products called “ReWalk” for personal as well as hospital rehabilitation use. Cyberdyne’s Hybrid Assistive Limb (HAL), is a lower-body exoskeleton available for medical purposes and non-medical living and labor support.

In March 2018, Ekso Bionics entered into an educational partnership with the National Stroke Association. This strategy enabled the company to improve awareness and access to advance stroke rehabilitation exoskeleton technology

In February 2018, Norinco, a state-owned manufacturer in China, introduced military exosuits to boost the weight-carrying capacity of the armed forces.

In February 2018, China's Shipbuilding Industry’s military engineers developed the L-70 for their armed forces applications.

Why purchase the report?

  • Visualize the composition of the powered exoskeleton market across each indication, in terms of type and by type highlighting the key commercial assets and players.
  • Identify commercial opportunities in powered exoskeleton by analyzing trends and co-development deals.
  • Excel data sheets with thousands of data points of the powered exoskeleton market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key products of all major market players.

Trending Topics

Robotics and Automation Actuators Market

Robotic Sensors Market

Robotic Prosthetic Market 

FAQ

What is the Growth Rate of the Powered Exoskeleton Market?

Grow at a high CAGR of 44.85% during the forecasting period (2022-2029).

Which Companies Are Included in the Powered Exoskeleton Market?

Cyberdyne, BionikLaboratories, Mitsubishi Heavy Industries, Honda Motors, Hyundai Motors, RewalkRobotics, MediTouch, EksoBionics Holdings, Inc., Panasonic Corporation, and Lockheed Martin Corporation.

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest