Passive Exoskeleton Market Size, Share, Growth, and Industry Analysis, By Type (Lower Extremities, Upper Extremities, Full Body and Others), By Application (Healthcare, Defense, Industrial and Others.), Regional Forecast By 2031

Passive Exoskeleton Market Report Overview

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The global passive exoskeleton market size was USD 752.69 million in 2021, as per our research, the market is projected to touch USD 4,830.52 million in 2031, exhibiting a CAGR of 46.12% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A wearable man-machine device known as a passive exoskeleton system combines mechanical strength with human intelligence to give the user support. It consists of a powered wearable suit with a powered wearable suit that is intended to increase user safety and overall performance efficiency for doing particular jobs. With a variety of sensors and electrical connections to operate the parts, it employs clever algorithms that alter and adapt in accordance with the movements of the human body. The user's back muscles and spine are put under less strain when using exo-suits to help carry large objects. Injuries from falls are also avoided and the elderly are able to walk more easily thanks to them.

Some of the main factors driving the market expansion include the quickly expanding senior population worldwide, rising medical device adoption rates in various industries like the automotive, military, defence, and construction, as well as the rising incidence of stroke. Additionally, the prevalence of spinal cord injuries (SCI), which is rising, is anticipated to fuel demand in all international markets.

COVID-19 Impact: COVID-19 Underlying Condition Uplifted the Market Growth

The global exoskeleton market was dramatically influenced by the pandemic. Exoskeletons are increasingly being used in the treatment of COVID-19 patients who have ongoing mobility issues. Exoskeleton technology users have increased significantly over the course of the pandemic. Additionally, the demand for these items has increased as a result of the expansion of regulatory approvals and the expansion of research and development initiatives to provide novel solutions and therefore inflating the passive exoskeleton market share.

LATEST TRENDS

"Growing Need of the Product in Rehabilitation Centers to Boost Market Growth"

The primary elements fueling the market expansion are the expanding demand for passive exoskeletons in rehabilitation facilities and the rising industrial activity around the world. In order to function better, the user briefly dons medical exoskeletons for rehabilitation. Following use of the rehabilitation tools, the patient begins to walk correctly. The rising prevalence of disability and the adoption of strategic initiatives by the passive exoskeleton market players are the main drivers of the segment's growth.

Passive Exoskeleton Market Segmentation

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• By Type

Based on type the passive exoskeleton market is classified as lower extremities, upper extremities, full body and others.

• By Application

Based on application the passive exoskeleton market is classified as healthcare, defense, industrial  and others.

DRIVING FACTORS

"Increasing Demand From Military Sector to Attract the Market Share"

Exoskeletons are becoming increasingly popular in the military because they allow soldiers to carry heavier armour while moving quickly, which is what is fueling the market's expansion. Additionally, exoskeletons can let soldiers cover more ground and carry more armour on their own, which is boosting demand for exoskeletons in the military sector and, in turn, driving market expansion. For instance, Lockheed Martin is creating military software for the support and load carrying of soldiers. 2010 saw the start of two significant military exoskeleton projects. Both were complete body outfits for enhanced solid mobility. The ability of exoskeletons to help soldiers on the battlefield hoist heavy weapons and move faster, covering a bigger area on the battlefield, is credited with the passive exoskeleton market growth.

"Product Dominance in Healthcare Sector to Witness Surplus Growth in Market"

Due to factors such as the rising incidence of spinal cord injuries (SCIs), the widespread use of these products and solutions in rehabilitation centres, and a significant increase in the number of patients receiving treatment, the healthcare segment dominated the exoskeleton market and accounted for the largest revenue share (51.3%) and volume share (51.8%). Additionally, the demand for and acceptance rate of exoskeleton goods in the healthcare sector are being driven by an increase in regulatory approvals and a growing awareness of technologically advanced systems. For instance, in April 2016, Ekso Bionics got FDA certification from the United States for the clinical usage of Ekso GT Robotic, which was widely utilised in rehabilitation facilities to treat patients with spinal cord injuries and hemiplegia.

RESTRAINING FACTORS

"High Cost and Lack of Adequate Technological Advancements to Restrain the Market "

Due to restricted technological improvements and low per capita income in emerging nations and underdeveloped countries, the passive exoskeleton market is unable to grow and flourish. Lack of funding and patient access to these cutting-edge technologies are two issues that underdeveloped countries' businesses must deal with. For example, access to rehabilitation therapy for disabled communities has been hampered by the inadequate healthcare services in emerging economies. In addition, these developing nations rely largely on imported medical equipment, which raises the cost and limits access to the equipment, impeding the expansion and development of the exoskeleton industry.

Passive Exoskeleton Market Regional Insights

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"North American region to Lead the Market With Presence of Dominant Manufacturers"

North America's market retained a leading position among geographies in 2016 and is anticipated to continue doing so over the course of the projected period. By 2025, it is anticipated that this region's exoskeleton market will soar higher in monetary terms. The expansion is attributable to the growing use of exoskeletons in the U.S. military, healthcare, rehabilitation facilities, and industrial operations. Additionally, the market's expansion is attributable to an increase in R&D expenditures by a number of market participants, including Ekso Bionics and ReWalk Robotics Ltd., which has influenced the region's quick development of new products and product models.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

LIST OF TOP PASSIVE EXOSKELETON COMPANIES

• Ekso Bionics (U.S.)
• Lockheed Martin (U.S.)
• Ottobock Paexo (Germany)
• Skelex (Netherlands)
• Laevo Exoskeletons (Netherlands)
• Comau (Italy)
• Innophys (Japan)
• Levitate Technologies (U.S.)
• Noonee (Germany)
• Hyetone (China).

INDUSTRY DEVELOPMENT

• February 2022: CYBERDYNE Inc. stated that the Ministry of Health Republic of Indonesia had granted its request for a medical device marketing licence for Medical HAL Single Joint Type, a wearable cyborg that enhances physical functions.
• January 2022: CYBERDYNE Inc. launched a partnership with MIHARU Inc., a company that offers elderly citizens life partners services.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.