exoskeleton robotic system Market

The exoskeleton robotic system market was valued at US$ 1,001.14 million in 2021 and is expected to reach US$ 4,224.63 million by 2028; it is estimated to grow at a CAGR of 23.0% from 2022 to 2028.

The market for exoskeleton robotic systems is growing due to the rising incidence of stroke and musculoskeletal disorders and increasing strategic initiatives by market players. However, factors such as high cost of exoskeleton robotic systems and unfavorable reimbursement scenarios are restraining the market growth.

The healthcare industry is growing at a significant rate due to the development of healthcare facilities and infrastructure, along with the surge in healthcare expenditure globally. Companies are focusing on new product developments, product launches, approvals, R&D, investments, and strategic collaborations to introduce advanced products to suffice patient requirements. Some of the recent developments fostering the global exoskeleton robotic system market are mentioned below:

• In July 2022, Ekso Bionics Holdings Inc. received approval from the US Food and Drug Administration to market its EksoNR robotic exoskeleton for use with multiple sclerosis patients. It was cleared for stroke and spinal cord injury rehabilitation in 2016 and acquired brain injury (ABI) in 2020. It is also CE-marked and available in Europe.
• In May 2022, Samsung Electronics received the US Food and Drug Administration (FDA) for its assistive robot "GEMS Hip," a wearable device that acts as an exoskeleton for users with mobility issues using an active assist algorithm to improve gait and muscle movement.
• In December 2021, German Bionic launched the fifth generation of the Cray X exoskeleton. The fifth-generation Cray X underscores technology leadership in the massively growing international exoskeleton market. The company's innovations are paving the way for more people and businesses worldwide to benefit across a wider range of use cases and industries.
• In November 2021, Ottobock acquired Bay Area-based exoskeleton startup SuitX. SuitX is a spinout of UC Berkeley's Robotics and Human Engineering Lab. Both companies effectively operate in the same category, producing robotic exoskeletons designed for two distinct purposes-work assistance and healthcare.
• In May 2021, Roam Robotics launched "Ascend," a first-of-its-kind smart knee orthosis that helps wearers reduce knee pain and regain mobility. It senses the body's movement, automatically adjusts to the wearer's needs, and provides precise support at the right moment for target muscle groups. It is a registered Class I device with FDA approval available for purchase directly and through private and Medicare insurance, radically expanding public accessibility to wearable robotic devices.
• In April 2021, Sarcos Corp. became a publicly listed company through a merger with Rotor Acquisition Corp. Sarcos has been working to commercialize its Guardian XO-a full body, industrial exoskeleton-by the end of 2022. The next-generation Guardian XO-a full body exoskeleton is highly dexterous mobile industrial robotic systems are intended to increase productivity, save lives, and reduce injuries.
• In November 2019, Toyota Motor Corporation (Toyota) launched Welwalk WW-2000, a robot designed to provide rehabilitation support to individuals with lower limb paralysis due to stroke and other causes.

Such an increase in strategic collaborations, product developments, launches, and approvals by the market players is accelerating the global exoskeleton robotic system market expansion.

Type-Based Insights

The exoskeleton robotic system market, based on type, is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment accounted for the largest share of the market in 2021. The upper body exoskeleton segment is expected to register the highest CAGR of 23.6% during the forecast period.

Application-Based Insights

Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. The healthcare segment accounted for the largest share of the market in 2021. The industrial segment is expected to register the highest CAGR of 23.6% during the forecast period.

A few of the major primary and secondary sources referred to while preparing the report on the exoskeleton robotic system market are the World Health Organization (WHO), World Stroke Organization (WSO), and 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), Census of the National Institute of Statistics and Geography (INEGI), National Library of Medicine, Instituto de Rehabilitaci?n Neurol?gica (IRENEA), BMC Geriatrics, Indian Institute of Paralysis, Journal of Marine Medical Society article, South African Medical Journal, Department of Emergency Medicine, and Indian Stroke Association.