Global Exoskeleton Market to Skyrocket Over the Next Three Years

Significant investments, advancements in robotic technology, and increasing demand for robotic rehabilitation are expected to lead to a six-fold increase in the global exoskeleton market’s value in the next three years.

A Markets and Markets report estimates the sector will balloon 46.2% annually through 2026 to reach $3.34 billion, up from $499 million in 2021. 

The software segment is expected to attain a higher annual growth rate. Technological advancements will produce more complex exoskeletons in terms of inter-device connectivity, artificial intelligence (AI), and autonomous operations; software’s value in the overall exoskeleton market will increase more than that of hardware because software helps with such complex functionalities in processing efficiently and accurately. A number of current software packages suited to ergonomic simulation are available in the market. In response to the limitations of traditional design tools, software providers now offer a number of 3D CAD (computer-aided design) software packages for exoskeletons. These digital human modeling (DHM) software tools enable human models to interact with virtual products and workplaces in a CAD environment. Developers have boosted modeling and simulation capabilities, enabling designers to develop exoskeletons with better cost efficiency for broader adoption.
 
Mobile exoskeletons accounted for the larger share of the overall exoskeleton market in 2020 and the segment is expected to expand at a higher annual growth rate from 2021 to 2026. The basic purpose of using exoskeletons is to provide mobility to people, which can be achieved only by using mobile exoskeletons; hence, the demand for mobile exoskeletons is more than the stationary ones. Lower extremity exoskeletons developed for motion assistance are used to help patients who have completely lost mobility in the lower limbs due to conditions such as spinal cord injury (SCI), multiple sclerosis, etc. Some of the most widely used mobile exoskeleton technologies developed for users who have lower-limb mobility impairments are ReWalk, Rex, Indego, Ekso, HAL, Atlas, and others. The application of stationary exoskeletons is limited only to therapies related to healthcare or is used for training purposes in some other verticals. The healthcare vertical is a major consumer of mobile exoskeletons. These exoskeletons are also being adopted across new application areas such as defense, sports and fitness, and search and rescue due to the growing visibility of the benefits offered by them.
 
The lower extremities segment is anticipated to account for the largest share of the market share during the forecast period, followed by the upper body segment. Most exoskeletons are designed to help a user with mobility issues. The most common mobility issues are associated with problems in the lower half of the body. Thus, the demand for lower-body exoskeletons is relatively high. Lower-body exoskeletons are used in the healthcare vertical, which is the largest vertical in the exoskeleton market, to provide mobility to people with disabilities. They can also be used in several other applications, such as to assist soldiers on a battlefield or to enhance the speed and coverage of a player. Hence, the lower extremities segment will continue to account for the largest share of the exoskeleton market throughout the forecast period.

Ottobock, which has developed products for more than a century, was ranked first in the exoskeleton market in 2020, with an approximate 7% to 8% share.  The company offers services under the Ottobock SE & Co. KGaA name, established in 2018 to channel the company’s medtech expertise into sustainably healthy workplaces. Since 1919, products and technologies from Ottobock have been helping people gain new freedom of movement and avoid potential complications.
 
DIH Medical held the second position in the exoskeleton market in 2020, with an approximate 4% to 5% share. DIH Medical develops robotics and intelligent systems for rehabilitation and sports medicine, and intelligent medication and supply. As the parent company behind the Hocoma, Motek, and other brands, DIH products can be found in the hospitals, clinics, and research facilities worldwide, pushing forward rehabilitation through fields such as robotics, AR, VR, and AI. The company has a wide distribution network across Asia Pacific, Europe, Middle East, Africa, North America, and South America. The company offers a wide range of rehabilitation and physical therapy solutions using robotic products, which have been developed with extensive clinical research conducted in the industry. The company has different types of rehabilitation products for arm and hand, gait and balance, and strength endurance. All these products are marketed under brand names such as Hocoma, Motek, and SafeGait Solutions.