According to this market research report, the exoskeleton market is expected to grow at a CAGR of 48.4% from 2019 to reach $11.4 billion by 2027.
The growth in this market is mainly attributed to the factors such as growing demand from the healthcare sector for orthopaedic rehabilitation, growing investment by military & defense sector in exoskeletons, and increasing prevalence of strokes. In addition, the replacement of conventional prosthetics with exoskeleton technology and increasing adoption of human augmentation in industrial and other end-use sectors provides significant opportunities for the exoskeleton market players.
The global exoskeleton market is primarily segmented by product type (soft & rigid), by power type (powered & passive), body type (complete body, upper extremities & lower extremities), end-use industry (industrial, military, healthcare & others), by mobility (stationary & mobile), and geography. The study also evaluates industry competitors and analyses their market share at global and regional level.
Based on product type, the rigid exoskeleton segment accounted for the largest share of the overall exoskeleton market in 2019. The large share of this segment is mainly attributed to the rigid exoskeleton's huge demand from military and industrial sector owing to its high strength and load bearing capacity as well as its ability to offer protection against physical damage and abrasion. However, the soft exoskeleton segment is expected to grow at the fastest CAGR during the forecast period.
Based on the end-user, the healthcare segment commanded the largest share of the overall exoskeleton market in 2019. All major regions across the globe are witnessing significant growth in their geriatric populations, and this trend is expected to continue in the coming years as well, which will create more demand for exoskeletons in healthcare industry, thereby driving the growth of the exoskeleton market for healthcare segment. However, the industrial segment is slated to grow at the fastest CAGR during the forecast period.
Geographically, North America commanded the largest share of the global exoskeleton market in 2019. The large share of this region is mainly due to the well-established infrastructure for technology & education in the region and a higher adoption rate for advanced technologies. Furthermore, the factors such as growing geriatric population; advent of robotic technologies; growing purchasing power of patients and increased investment towards exoskeleton technology; and the presence of majority of established exoskeleton players and start-ups have bolstered the market growth in the North American region. However, Asia Pacific region will experience the highest growth rate during the forecast period.
Growing Demand from the Healthcare Sector for Orthopedic Rehabilitation
Growing Investment of Military & Defense Sector in the Exoskeletons
Increasing Prevalence of Stroke
Stringent Government Regulations Pertaining to Medical Applications
Replacement of Conventional Prosthetics With Exoskeleton Technology
Increasing Adoption of Human Augmentation in Industrial and Other End-use Sectors
High Procurement Cost Associated With Exoskeletons
Lack of Reliability Issues With Existing Technology
Introduction of New Composite Materials for Better Performance