Rise in Demand From Medical and Military Sector Combined With Price Declines Driven by Technological Advancements Is Anticipated to Boost Robotic Exoskeleton Market

Robotic Exoskeleton Market generated revenue of $447.95 M in 2020 and is estimated to reach $852.26 by 2026, growing at CAGR of 13.1% during the forecast period of 2021-2026. End-users buy these products owing to the fact that the number of peoples with physical injuries is increasing majorly owing to the increasing number of road accidents. The most common goal of the robotic exoskeleton is to provide superhuman strength, engineers, and scientists around the world are building robotic exoskeletons with a wide range of different purpose. Robotic exoskeletons can work as multipurpose medical equipment, an alternative to wheelchairs, and increasing patient’s independence in daily life, which increases the growth of robotic exoskeleton market.

Robotic Exoskeleton Market is driven by advancement in technology which increases the versatility and safety. Moreover, increasing prevalence of stroke and rising geriatric population helps to boost to the market growth. Key players in the Robotic Exoskeleton Market are Ekso Bionics, Cyberdyne Inc., ReWalk Robotics, among others. The market is consolidated with few players holding the majority of market share. Major companies are focusing on technological advancements and innovations. Further companies are focusing on partnerships, acquisitions, collaborations, mergers and expansions, among others. Robotic Exoskeleton has improved connectivity with IoT Technology which leads to increase in the adoption of Internet of Things providing growth opportunities for the market. The Ekso GT Exoskeleton from Ekso Bionics are using the Internet of Things (IOT) SIM from telecommunication to ensure reliable communications for diagnostics and improved access to patient data with the exoskeleton. The Ekso GT exoskeleton is designed to help physical therapists mobilize patients more frequently and with a greater number of high-intensity. The Ekso GT can provide adaptive amounts of power to either side of the patient’s body, helping to improve results for patients which increases opportunities for the growth of this market.

Advancement in robotic technology and quickly rising demand in the various industries are driving the growth of this market. According to International Federation of Robotics, powered exoskeleton robots have the highest growth potential in 2017 which increases the demand of powered skeleton boosting the growth of this market. Increasing technological innovations helps to reduce the overall weight and ease motion of exoskeletons driving the market growth. In May 2016, Wyss Institute has acquisition with  ReWalk Robotics in order to develop lightweight soft exosuits for helping people with lower limb disabilities. In 16 November 2016, suitX launches a flexible exoskeleton MAX that can be adapted to a variety of workplace tasks and also bring support to strenuous activities including lifting, stooping, bending, squatting. LG, in 2019 launched an exoskeleton, CLOi SuitBot to help workers to take the load off their legs. Such advancement in robotics and artificial intelligence are increasing the functionalities in exoskeleton which in turn are increasing the growth of Robotic Exoskeleton Market. Various companies such as Strong Arm Technologies Inc. are operating on passive exoskeletons that helps to increase proper posture and form for lifting and also developed modern devices such as Arm Strong Technology’s V-22 which is only a few pounds weigh but can lift hundreds which increases the demand of this market.

Artificial Intelligence helps to enhance the robot so that a exoskeleton can be autonomously controlled. Advancement in artificial intelligence have added many functionalities in exoskeleton which increases the opportunities for the growth of this market. On 7 October 2020, The Engineering Design and Technological Development Group (DIDET) innovate the design of  a new handheld robotic exoskeleton which improves the lives of people with limited or no ability to move due to neurological and/or physiological disorders. Various companies such as Sacros Robotics developed “Smart” Dexterous Robotic Systems with advanced artificial intelligence. Increasing artificial intelligence (AI) system in various technologies, such as the Guardian DX robot helps to perform tasks with human-like movement through positive reinforcement and imitation machine learning (ML) technologies, known as Cybernetic Training for Autonomous Robots (CYTAR). On 9 August 2019, Bionik Laboratories Corporation are utilizing ARKE Exoskeleton that uses artificial intelligence which helps to making it more powerful robotic exoskeleton device that increases opportunities for the growth of this market.