The global exoskeleton market size was estimated at USD 0.26 billion in 2021 and is expected to reach USD 1.4 billion by 2032 at a compound annual growth rate (CAGR) of 16.2% from 2022."

Robotic exoskeletons are assistive devices that facilitate movement. Exoskeletons help with mobility by storing energy in motorized and passive pressurized gas bags.

According to a report by Market.us, "The global exoskeleton market size was estimated at $0.26 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.2 % from 2022 to reach $1.4 billion by 2032."

Some of the major factors driving the market expansion are the rapidly growing elderly population across the globe, increasing adoption of medical devices in various industries such as automotive, military, defense, and construction, and increasing incidence of strokes.

Moreover, rising prevalence of spinal cord injury (SCI) is expected to drive demand across international markets.

However, significant investment and the refusal of insurance companies to cover the cost of robotic devices are preventing the exoskeleton market from growing.

Anurag Sharma, senior research analyst at Market.us, says, "To improve employee well-being and increase productivity, exoskeleton solutions are being used across industries. Numerous companies specializing in exoskeleton technology and offering rehabilitation solutions have emerged due to the increasing demand."

To increase the adoption rate in the coming years, the ongoing development of the exoskeleton industry will force market players to design new product development tactics.

For example, suitX introduced shieldX in June 2021, which is used by healthcare professionals who often experience neck and back pain due to their heavy radiation protective aprons.

Similarly, in May 2021, Roam Robotics announced the release of Ascend, a robotic partial knee brace that helps wearers relieve knee pain and regain mobility.

Other variables such as the increase in traffic accidents, the aging population, the increase in strokes and major trauma, and the number of people with physical disabilities are increasing worldwide.

Exoskeletons are used in rehabilitation to help patients perform everyday tasks or recover from serious physical injuries. In 2021, the healthcare sector accounted for more than 50 % of the exoskeleton market. Healthcare exoskeletons are used for a range of applications, including multiple sclerosis, stroke, spinal cord injury, rehabilitation, and others.

Exoskeleton robots are becoming increasingly common in many industries worldwide as technology advances. The development of technologies such as interactive Internet of Things (IoT), virtual guidance, artificial intelligence (AI), interactive learning and digital assistants in robots have improved the logistics, medical and engineering industries.

Robots using powered exoskeletons can transfer weights and improve mobility while causing less strain or damage. To gain an edge in the market, a number of major players are focusing on developing state-of-the-art mobile exoskeleton solutions. The industry segment is expected to grow rapidly with the increasing use of robotic exoskeletons.

The U.S. is expected to dominate a large portion of the market. The combined investments of government and commercial organizations in the robotics industry have given it a dominant position in global markets.

The high purchasing power of patients, the increasing number of elderly people, and the government and private organizations providing grants and funding for the development of technologically improved products are the main reasons for the large share of the U.S. market.

Over the forecast period, Asia Pacific is expected to witness exponential growth at the highest CAGR. This is due to the increasing use of wearable robots and growing awareness in the manufacturing and construction industries. The market is expected to be significantly impacted by the increase in manufacturing of exoskeletons for the defense industry, with Japan, China, and South Korea being the leading revenue generating nations.

The market is expected to be dominated by Europe. Europe is expected to maintain its second place due to the continuous technological developments, R&D efforts and dominance of exoskeleton manufacturers in the field.

Source: Organizations Adapting Emerging Solutions for Improved Rehabilitation with Innovative Exoskeletons, Says Market.us - Market Scoop (ampproject.org) (10.01.2022)