Exoskeleton Robotic System Market Research Report and Outlook by 2028

In 2021, the exoskeleton robotic system market was valued at approximately US$ 1,001.14 million and is projected to grow to around US$ 4,224.63 million by 2028, reflecting a compound annual growth rate (CAGR) of 23.0% from 2022 to 2028.

The expansion of the exoskeleton robotic systems market is primarily driven by the increasing prevalence of strokes and musculoskeletal disorders, alongside proactive initiatives from industry players. Nevertheless, challenges such as the high costs associated with exoskeleton systems and unfavorable reimbursement policies are hindering market growth.

The healthcare sector is experiencing robust growth, fueled by advancements in healthcare facilities and infrastructure, as well as a global increase in healthcare spending. Companies are concentrating on developing new products, launching innovations, obtaining approvals, investing in research and development, and forming strategic partnerships to meet the evolving needs of patients. Below are some notable recent advancements that are contributing to the global exoskeleton robotic system market:

• In July 2022, Ekso Bionics Holdings Inc. received FDA approval for its EksoNR robotic exoskeleton, which is designed for patients with multiple sclerosis. This device was previously cleared for rehabilitation in stroke and spinal cord injury cases in 2016 and for acquired brain injury in 2020. It is also CE-marked for availability in Europe.
• In May 2022, Samsung Electronics obtained FDA clearance for its assistive robot "GEMS Hip," a wearable exoskeleton that utilizes an active assist algorithm to enhance gait and muscle movement for individuals with mobility challenges.
• In December 2021, German Bionic introduced the fifth generation of its Cray X exoskeleton, showcasing its technological leadership in the rapidly expanding global exoskeleton market. The company's innovations are enabling a broader range of applications across various industries.
• In November 2021, Ottobock acquired SuitX, a Bay Area-based startup specializing in exoskeleton technology. SuitX emerged from UC Berkeley's Robotics and Human Engineering Lab, and both companies focus on developing robotic exoskeletons for work assistance and healthcare.
• In May 2021, Roam Robotics launched "Ascend," a pioneering smart knee orthosis that alleviates knee pain and enhances mobility. This device adapts to the user's movements, providing targeted support to specific muscle groups. It is classified as a Class I device with FDA approval and is available for purchase through private and Medicare insurance, significantly improving access to wearable robotic technology.
• In April 2021, Sarcos Corp. went public through a merger with Rotor Acquisition Corp. The company aims to commercialize its Guardian XO, a full-body industrial exoskeleton, by the end of 2022. This next-generation exoskeleton is designed to enhance productivity, improve safety, and reduce workplace injuries.
• In November 2019, Toyota Motor Corporation launched the Welwalk WW-2000, a robotic device intended to assist in the rehabilitation of individuals suffering from lower limb paralysis due to strokes and other conditions.

The surge in strategic partnerships, product innovations, launches, and regulatory approvals by industry players is propelling the growth of the global exoskeleton robotic system market.

Insights by Type

The exoskeleton robotic system market is categorized by type into lower body exoskeletons, upper body exoskeletons, and full body exoskeletons. The lower body exoskeleton segment held the largest market share in 2021, while the upper body exoskeleton segment is anticipated to experience the highest CAGR of 23.6% during the forecast period.

Insights by Application

In terms of application, the exoskeleton robotic system market is divided into healthcare, defense, and industrial sectors. The healthcare segment represented the largest market share in 2021, whereas the industrial segment is projected to achieve the highest CAGR of 23.6% throughout the forecast period.

The report on the exoskeleton robotic system market references several key primary and secondary sources, including the World Health Organization (WHO), World Stroke Organization (WSO), Centers for Disease Control and Prevention (CDC), German Federal Ministry of Labor and Social Affairs, US National Library of Medicine, American Association of Neurological Surgeons, Brain Injury Association of Waterloo-Wellington (BIAWW), National Institute of Statistics and Geography (INEGI), Instituto de Rehabilitaci?n Neurol?gica (IRENEA), BMC Geriatrics, Indian Institute of Paralysis, Journal of Marine Medical Society, South African Medical Journal, Department of Emergency Medicine, and Indian Stroke Association.