Smart Exoskeleton Market Growth Expanding at a CAGR of 31% from 2021 to 2030.
The global smart exoskeleton market value reached at US$ 201 million in 2020 and predicted to surpass around US$ 3.4 billion by 2030, expanding at a noteworthy CAGR of 31% from 2021 to 2030.
Increase in patient population with health conditions such as musculoskeletal injuries and neurological disorders including spinal cord injury due to work-related accidents, motor vehicle accidents, and injuries caused while participating in sporting or recreational activities and technological advancement are key factors projected to fuel the global smart exoskeleton market during the forecast period.
The report provides an elaborate executive summary, which comprises a snapshot of various segments of the global smart exoskeleton market. The report also provides information and data analysis of the global smart exoskeleton market with regard to segments based on product, extremity, application, end user, and region.
The overview section of the report provides detailed qualitative analysis of drivers and restraints impacting the global smart exoskeleton market, along with opportunities in the global market.
Additionally, the global smart exoskeleton market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competitive landscape in the global smart exoskeleton market.
The report includes data analysis on the smart exoskeleton market attractiveness by region and segments.
The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global smart exoskeleton market. It elaborates key competitive strategies adopted by major industry players, thereby presenting a thorough understanding of the competitive scenario in the global smart exoskeleton market.
Surge in Adoption of Technologically Advanced Smart Exoskeleton Products to Propel Market
A number of people with mobility disorders due to various diseases is increasing rapidly across the globe. Thus, adoption of smart exoskeleton products is rising to improve the quality of life of these people, thereby driving the demand for these products. Advantages of smart exoskeleton include increasing efficiency, productivity, decrease in worker injuries, and decline in healthcare and disability costs. Moreover, it can be used instead of industrial robots and eliminates the need of completely automated solutions. These factors boost the adoption of technologically advanced smart exoskeleton products in various industries and subsequently, drive the market.
Additionally, robotic rehabilitation systems (RRS) help reduce costs, improve treatment quality, and increase productivity of therapists. Modern developments are promising to obtain exoskeleton with a natural and a wide range of motions. Thus, adoption of robot technology in healthcare settings is fueling the demand for smart exoskeleton products. Hence, key players operating in the market are engaged in the development of new innovative technologically advanced products to address the needs of patients. For instance, Ekso Bionics, a prominent player, is engaged in the development of wearable technology to augment human potential. The company has received approval from the U.S. Food and Drug Administration to market its Ekso GT robotic exoskeleton. Ekso GT is the first exoskeleton cleared by the FDA for use with stroke patients. Thus, a surge in the adoption of technologically advanced products is likely to augment the market.
Material Sciences, AI Research Help to Boost Adoption of Smart Exoskeleton
Wearable exoskeleton are being used to support the motor function for people with severe mobility impairments. However, the market adoption of exoskeleton is relatively low due to factors concerning the weight of the equipment and sometimes ineffective prediction of the wearer’s movements, while walking or approaching an obstacle. Hence, companies in the smart exoskeleton market are increasing their research in robotics, material sciences, and artificial intelligence (AI), which help to make mobility assistance and rehabilitation tools more lightweight, compact, and effective for the wearer.
The BioMot project hailing from the Human Locomotion Laboratory in Madrid is advancing in the field of smart exoskeleton by demonstrating that personalized computational models of the human body can effectively be used to control wearable exoskeleton.
Lightweight, High Performance Personalized Wearable Exoskeleton Increase Worker Safety
According to the Occupational Safety and Health Administration (OSHA), a significant percentage of worker fatalities occur at construction sites. Companies in the smart exoskeleton market are developing devices that improve worker safety and efficiency. This is being achieved by partnering with researchers to seek planning grants from organizations such as the National Science Foundation as part of their 10 Big Ideas - Future of Work at the Human-Technology Frontier (FW-HTF) program, which involves innovations in exoskeleton.
Lightweight and high performance personalized wearable devices are being made available by manufacturers in the smart exoskeleton market for users in the construction industry.
Next-gen Military Exoskeleton Deploy Export of Data from Soldiers
The smart exoskeleton market is anticipated to progress to reach US$ 3.4 Bn by the end of 2030. Manufacturers are unlocking business opportunities for devices used in military applications to diversify their income streams. Lockheed Martin - a global security and aerospace company is increasing its marketing capabilities to be known for its research and innovation in military exoskeleton that export data from the wearer or soldier.
In order to establish stable revenue streams, companies in the smart exoskeleton market are designing devices that support repetitive and continuous kneeling or squatting, lifting and climbing with heavy loads. They are innovating in exoskeleton that help to transfer much of the weight a soldier carries to the ground, while allowing warfighters to carry extra gear with less effort climbing stairs or steep terrain.
Report Highlights
In terms of product, the global smart exoskeleton market has been bifurcated into rigid smart exoskeleton and soft smart exoskeleton. Rigid exoskeleton have been used for a long time. Hence, usage of rigid smart exoskeleton is higher and is preferred due to the material in extreme cases of paralysis.
Based on extremity, the global smart exoskeleton market has been classified into lower extremity, upper extremity, and full body extremity. The lower extremity segment is anticipated to dominate the global smart exoskeleton market during the forecast period, due to a large number of lower extremity products in the market that are used in various industries.
In terms of end user, the global smart exoskeleton market has been categorized into industrial, healthcare, military, and others. The healthcare segment is expected to account for a significant share of the global smart exoskeleton market by 2031. The increase in the adoption of smart exoskeleton by patients suffering from mobility disorders and geriatric people is likely to drive the segment during the forecast period.
North America is expected to account for a significant share of the global smart exoskeleton market during the forecast period. The expansion of the market in the region can be attributed to increase in geriatric population, highly structured healthcare industry, availability of various reimbursement policies from public and private health insurance firms, and technological advancements in exoskeleton.
The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2030. This can be ascribed to the expansion of the healthcare sector in countries such as China, Japan, and India. Moreover, increase in disposable income and purchasing power of consumers, rise in inclination toward the use of high-end technology in medical practice, large population base, and surge in incidence of chronic and lifestyle diseases are anticipated to propel the market in the region during the forecast period.
Key Players
The report provides profiles of leading players operating in the global smart exoskeleton market. These include EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne, Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D.
Market Segmentation
Report Scope
The Smart exoskeleton market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart exoskeleton market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart exoskeleton market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart exoskeleton market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart exoskeleton market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart exoskeleton capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart exoskeleton by regions (countries) and application.
In this study, the years considered to estimate the market size of Smart exoskeleton are as follows:
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Smart exoskeleton market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Smart exoskeleton market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Smart exoskeleton market.
Market Segments: This part of the report discusses about product, application and other segments of the Smart exoskeleton market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary : Global Smart Exoskeleton Market
4. Market Overview
4.1. Introduction
4.1.1. Market Introduction
4.1.2. Industry Evolution / Developments
4.2. Overview
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Global Smart Exoskeleton Market Analysis and Forecast, 2018–2030
4.4.1. Market Revenue Projections (US$ Mn)
4.4.2. Market Volume/Unit Shipments Projections
5. Key Insights
5.1. Volume Analysis, by Extremity
5.2. Key Industry Development (Merger and Acquisition, New Product Development, Technological Advancement etc.)
5.3. Average Selling Price, by Extremity Across Various Regions
5.4. COVID-19 Impact Analysis
5.5. Value Chain Analysis
5.6. PESTEL Analysis
5.7. Porter's Five Force Analysis
5.8. Qualitative Comparison of Pediatric and Adult Smart Exoskeleton Market
6. Global Smart Exoskeleton Market Analysis and Forecast, by Product
6.1. Introduction & Definition
6.2. Key Findings / Developments
6.3. Global Smart Exoskeleton Market Value Forecast, by Product, 2018–2030
6.3.1. Rigid Smart Exoskeleton
6.3.2. Soft Smart Exoskeleton
6.4. Global Smart Exoskeleton Market Attractiveness, by Product
7. Global Smart Exoskeleton Market Analysis and Forecast, by Extremity
7.1. Introduction & Definition
7.2. Key Findings / Developments
7.3. Global Smart Exoskeleton Market Value Forecast, by Extremity, 2018–2030
7.3.1. Lower Extremity
7.3.2. Upper Extremity
7.3.3. Full Body Extremity
7.4. Global Smart Exoskeleton Market Attractiveness, by Extremity
8. Global Smart Exoskeleton Market Analysis and Forecast, by Application
8.1. Introduction & Definition
8.2. Key Findings / Developments
8.3. Global Smart Exoskeleton Market Value Forecast, by Application, 2018–2030
8.3.1. Rehabilitation
8.3.2. Pick & Carry
8.3.3. Others
8.4. Global Smart Exoskeleton Market Attractiveness, by Application
9. Global Smart Exoskeleton Market Analysis and Forecast, by End-user
9.1. Introduction & Definition
9.2. Key Findings / Developments
9.3. Global Smart Exoskeleton Market Value Forecast, by End-user, 2018–2030
9.3.1. Industrial
9.3.2. Healthcare
9.3.3. Military
9.3.4. Others
9.4. Global Smart Exoskeleton Market Attractiveness, by End-user
10. Global Smart Exoskeleton Market Analysis and Forecast, by Region
10.1. Key Findings
10.2. Global Smart Exoskeleton Market Value Forecast, by Region
10.2.1. North America
10.2.2. Europe
10.2.3. Asia Pacific
10.2.4. Latin America
10.2.5. Middle East & Africa
10.3. Global Smart Exoskeleton Market Attractiveness, by Country/Region
11. North America Smart Exoskeleton Market Analysis and Forecast
11.1. Introduction
11.1.1. Key Findings
11.2. North America Smart Exoskeleton Market Value Forecast, by Product, 2018–2030
11.2.1. Rigid Smart Exoskeleton
11.2.2. Soft Smart Exoskeleton
11.3. North America Smart Exoskeleton Market Value Forecast, by Extremity, 2018–2030
11.3.1. Lower Extremity
11.3.2. Upper Extremity
11.3.3. Full Body Extremity
11.4. North America Smart Exoskeleton Market Value Forecast, by Application, 2018–2030
11.4.1. Rehabilitation
11.4.2. Pick & Carry
11.4.3. Others
11.5. North America Smart Exoskeleton Market Value Forecast, by End-user, 2018–2030
11.5.1. Industrial
11.5.2. Healthcare
11.5.3. Military
11.5.4. Others
11.6. North America Smart Exoskeleton Market Value Forecast, by Country, 2018–2030
11.6.1. U.S.
11.6.2. Canada
11.7. North America Smart Exoskeleton Market Attractiveness Analysis
11.7.1. By Product
11.7.2. By Extremity
11.7.3. By Application
11.7.4. By End-user
11.7.5. By Country
12. Europe Smart Exoskeleton Market Analysis and Forecast
12.1. Introduction
12.1.1. Key Findings
12.2. Europe Smart Exoskeleton Market Value Forecast, by Product, 2018–2030
12.2.1. Rigid Smart Exoskeleton
12.2.2. Soft Smart Exoskeleton
12.3. Europe Smart Exoskeleton Market Value Forecast, by Extremity, 2018–2030
12.3.1. Lower Extremity
12.3.2. Upper Extremity
12.3.3. Full Body Extremity
12.4. Europe Smart Exoskeleton Market Value Forecast, by Application, 2018–2030
12.4.1. Rehabilitation
12.4.2. Pick & Carry
12.4.3. Others
12.5. Europe Smart Exoskeleton Market Value Forecast, by End-user, 2018–2030
12.5.1. Industrial
12.5.2. Healthcare
12.5.3. Military
12.5.4. Others
12.6. Europe Smart Exoskeleton Market Value Forecast, by Country/Sub-region, 2018–2030
12.6.1. Germany
12.6.2. U.K.
12.6.3. France
12.6.4. Spain
12.6.5. Italy
12.6.6. Rest of Europe
12.7. Europe Smart Exoskeleton Market Attractiveness Analysis
12.7.1. By Product
12.7.2. By Extremity
12.7.3. By Application
12.7.4. By End-user
12.7.5. By Country/Sub-region
13. Asia Pacific Smart Exoskeleton Market Analysis and Forecast
13.1. Introduction
13.1.1. Key Findings
13.2. Asia Pacific Smart Exoskeleton Market Value Forecast, by Product, 2018–2030
13.2.1. Rigid Smart Exoskeleton
13.2.2. Soft Smart Exoskeleton
13.3. Asia Pacific Smart Exoskeleton Market Value Forecast, by Extremity, 2018–2030
13.3.1. Lower Extremity
13.3.2. Upper Extremity
13.3.3. Full Body Extremity
13.4. Asia Pacific Smart Exoskeleton Market Value Forecast, by Application, 2018–2030
13.4.1. Rehabilitation
13.4.2. Pick & Carry
13.4.3. Others
13.5. Asia Pacific Smart Exoskeleton Market Value Forecast, by End-user, 2018–2030
13.5.1. Industrial
13.5.2. Healthcare
13.5.3. Military
13.5.4. Others
13.6. Asia Pacific Smart Exoskeleton Market Value Forecast, by Country/Sub-region, 2018–2030
13.6.1. China
13.6.2. Japan
13.6.3. India
13.6.4. Australia & New Zealand
13.6.5. Rest of Asia Pacific
13.7. Asia Pacific Smart Exoskeleton Market Attractiveness Analysis
13.7.1. By Product
13.7.2. By Extremity
13.7.3. By Application
13.7.4. By End-user
13.7.5. By Country/Sub-region
14. Latin America Smart Exoskeleton Market Analysis and Forecast
14.1. Introduction
14.1.1. Key Findings
14.2. Latin America Smart Exoskeleton Market Value Forecast, by Product, 2018–2030
14.2.1. Rigid Smart Exoskeleton
14.2.2. Soft Smart Exoskeleton
14.3. Latin America Smart Exoskeleton Market Value Forecast, by Extremity, 2018–2030
14.3.1. Lower Extremity
14.3.2. Upper Extremity
14.3.3. Full Body Extremity
14.4. Latin America Smart Exoskeleton Market Value Forecast, by Application, 2018–2030
14.4.1. Rehabilitation
14.4.2. Pick & Carry
14.4.3. Others
14.5. Latin America Smart Exoskeleton Market Value Forecast, by End-user, 2018–2030
14.5.1. Industrial
14.5.2. Healthcare
14.5.3. Military
14.5.4. Others
14.6. Latin America Smart Exoskeleton Market Value Forecast, by Country/Sub-region, 2018–2030
14.6.1. Brazil
14.6.2. Mexico
14.6.3. Rest of Latin America
14.7. Latin America Smart Exoskeleton Market Attractiveness Analysis
14.7.1. By Product
14.7.2. By Extremity
14.7.3. By Application
14.7.4. By End-user
14.7.5. By Country/Sub-region
15. Middle East & Africa Smart Exoskeleton Market Analysis and Forecast
15.1. Introduction
15.1.1. Key Findings
15.2. Middle East & Africa Smart Exoskeleton Market Value Forecast, by Product, 2018–2030
15.2.1. Rigid Smart Exoskeleton
15.2.2. Soft Smart Exoskeleton
15.3. Middle East & Africa Smart Exoskeleton Market Value Forecast, by Extremity, 2018–2030
15.3.1. Lower Extremity
15.3.2. Upper Extremity
15.3.3. Full Body Extremity
15.4. Middle East & Africa Smart Exoskeleton Market Value Forecast, by Application, 2018–2030
15.4.1. Rehabilitation
15.4.2. Pick & Carry
15.4.3. Others
15.5. Middle East & Africa Smart Exoskeleton Market Value Forecast, by End-user, 2018–2030
15.5.1. Industrial
15.5.2. Healthcare
15.5.3. Military
15.5.4. Others
15.6. Middle East & Africa Smart Exoskeleton Market Value Forecast, by Country/Sub-region, 2018–2030
15.6.1. GCC Countries
15.6.2. South Africa
15.6.3. Rest of Middle East & Africa
15.7. Middle East & Africa Smart Exoskeleton Market Attractiveness Analysis
15.7.1. By Product
15.7.2. By Extremity
15.7.3. By Application
15.7.4. By End-user
15.7.5. By Country/Sub-region
16. Competition Landscape
16.1. Market Player – Competition Matrix (by Tier and Size of companies)
16.2. Market Rank Analysis by Company (2020)
16.3. Company Profiles
16.3.1. EksoBionics
16.3.1.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.1.2. Growth Strategies
16.3.1.3. SWOT Analysis
16.3.2. ReWalkRobotics
16.3.2.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.2.2. Growth Strategies
16.3.2.3. SWOT Analysis
16.3.3. Bionik, Inc.
16.3.3.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.3.2. Growth Strategies
16.3.3.3. SWOT Analysis
16.3.4. Cyberdyne, Inc.
16.3.4.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.4.2. Growth Strategies
16.3.4.3. SWOT Analysis
16.3.5. Rex Bionics Ltd.
16.3.5.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.5.2. Growth Strategies
16.3.5.3. SWOT Analysis
16.3.6. HocomaAG
16.3.6.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.6.2. Growth Strategies
16.3.6.3. SWOT Analysis
16.3.7. Wearable Robotics srl
16.3.7.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.7.2. Growth Strategies
16.3.7.3. SWOT Analysis
16.3.8. Fourier Intelligence
16.3.8.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.8.2. Growth Strategies
16.3.8.3. SWOT Analysis
16.3.9. AXOSUITS SRL
16.3.9.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.9.2. Growth Strategies
16.3.9.3. SWOT Analysis
16.3.10. FREE Bionics Taiwan Inc.
16.3.10.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.10.2. Growth Strategies
16.3.10.3. SWOT Analysis
16.3.11. INNOPHYS CO., LTD.
16.3.11.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.11.2. Growth Strategies
16.3.11.3. SWOT Analysis
16.3.12. MEDEXO ROBOTICS
16.3.12.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.12.2. Growth Strategies
16.3.12.3. SWOT Analysis
16.3.13. Noonee AG
16.3.13.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.13.2. Growth Strategies
16.3.13.3. SWOT Analysis
16.3.14. Technaid
16.3.14.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.14.2. Growth Strategies
16.3.14.3. SWOT Analysis
16.3.15. P&S MECHANICS CO., LTD.
16.3.15.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.15.2. Growth Strategies
16.3.15.3. SWOT Analysis
16.3.16. Lockheed Martin Corporation
16.3.16.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.16.2. Growth Strategies
16.3.16.3. SWOT Analysis
16.3.17. RB3D
16.3.17.1. Company Overview (HQ, Business Segments, Employee Strength)
16.3.17.2. Growth Strategies
16.3.17.3. SWOT Analysis
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