The exoskeleton robotic system market value was $1,001. $14 million in 2021 and is expected to reach $4,224. 63 million by 2028; It is estimated to grow at a CAGR of 23.0% from 2022 to 2028. The robotic external skeletal systems market is growing due to rising incidence of stroke and musculoskeletal disorders and increasing strategic initiatives by market players.
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However, factors such as high cost of exoskeleton robotic systems and unfavorable reimbursement scenarios restrain market growth.
The healthcare industry is growing at a great rate due to the development of healthcare facilities and infrastructure, along with the increase in healthcare expenditures globally. Companies focus on new product development, product launches, approvals, research and development, investments, and strategic cooperation to provide advanced products to meet patient requirements. Some of the recent developments boosting the global Robotic External Skeletal Systems market are mentioned below:
• In July 2022, Ekso Bionics Holdings Inc. FDA approval to market the EksoNR robotic exoskeleton for use in patients with multiple sclerosis. It was approved for the rehabilitation of strokes and spinal cord injuries in 2016 and for acquired brain injuries (ABI) in 2020. It is also CE marked and available in Europe.
• In May 2022, Samsung Electronics received FDA clearance for its “GEMS Hip” assistive robot, a wearable device that acts as an exoskeleton for users with mobility issues using an active assistive algorithm to improve gait and muscle movement.
• In December 2021, the German company Bionic launched the fifth generation of the Cray X exoskeleton. The fifth generation of the Cray X confirms the technical leadership in the exponentially growing international exoskeleton market. The company’s innovations pave the way for more people and companies around the world to benefit from a wide variety of use cases and industries.
• In November 2021, Ottobock acquired Bay Area exoskeleton company SuitX. SuitX is part of the Robotics and Human Engineering Lab at UC Berkeley. Both companies are effectively in the same category, producing robotic exoskeletons designed for two different purposes – labor assistance and healthcare.
• In May 2021, Roam Robotics launched “Ascend,” a first-of-its-kind smart knee orthosis that helps the wearer reduce knee pain and restore mobility. It senses body movement, automatically adapts to the wearer’s needs, and provides precise support at just the right moment to targeted muscle groups. It is a registered Class I device with FDA approval available for purchase directly and through private and medical insurance, radically expanding public accessibility to robotic wearables.
• In April 2021, Sarcos Corp. became a publicly traded company through its merger with Rotor Acquisition Corp. Sarcos is working to commercialize Guardian XO—a full-body artificial exoskeleton—by the end of 2022. The next generation of Guardian XO—full-body exoskeletons are highly adept mobile industrial robotic systems designed to increase productivity, save lives, and reduce injuries.
• In November 2019, Toyota Motor Corporation (Toyota) launched the Welwalk WW-2000, a robot designed to provide rehabilitation support to individuals with paralysis of the lower extremities due to stroke and other causes.
This increase in strategic collaborations, product developments, launches, and approvals by market players is accelerating the global expansion of the Exoskeleton Robotic System market.
Insights based on genre
The robotic exoskeleton system market, on the basis of type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The undercarriage took the largest market share in 2021.
The upper portion of the outer structure is expected to register the highest CAGR of 23.6% during the forecast period.
Application based insights
On the basis of application, the exoskeleton robotic system market is segmented into Healthcare, Defense, and Industrial segments, with the healthcare segment accounting for the largest share of the market in 2021.
The industrial sector is expected to register the highest compound annual growth rate of 23.6% during the forecast period.
Some of the major primary and secondary sources referred while preparing the report on Robotic Exoskeletal System Market are World Health Organization (WHO), World Stroke Organization (WSO), Centers for Disease Control and Prevention (CDC), German Federal Ministry of Labor and Social Affairs, Library American National Institute of Medicine, American Association of Neurological Surgeons, Brain Injury Society of Waterloo-Wellington (BIAWW), National Institute of Statistics and Geography (INEGI) Census, National Library of Medicine, Instituto de Rehabilitation Neurológica (IRENEA), BMC Geriatrics, Indian Institute of Paralysis, Article Journal of the Naval Medical Association, South African Medical Journal, Department of Emergency Medicine, and Indian Stroke Society.
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