Exoskeleton Robots are on the Verge of Exponential Market Growth
Exoskeleton robots are a unique form of professional service robots, deployed in a wide range of applications, intended to mimic, augment or enhance the body’s own movements. These robots provide essential support for human motion, with potential uses ranging from consumer products to military deployment.
The market for exoskeleton robots is expected to explode in value in the next few years, reaching $2.8 Billion in value by 2023 and growing at an astounding 45.2% compound annual growth rate (CAGR)1. Advances in robotic technology and quickly rising demand in the healthcare sector are the main drivers of growth. Of all the different types of exoskeletons, powered exoskeleton robots have the highest growth potential, according to the International Federation of Robotics 2017 Service Robots World Report.
The primary applications for exoskeleton robots in today’s market focus on rehabilitation services in the medical field – training muscle movements and assisting in injury recovery in a more accurate and efficient way than was previously possible. They’re also used in the military to fight fatigue and injury for soldiers in combat. Partial exoskeletons can provide ergonomic support for laborers in industry who perform repetitive or stressful work.
Development of these robots outside of the military and healthcare sectors focuses mostly on lower or upper body exoskeletons with a specific application in mind. Full-body-powered exoskeletons aren’t commercially viable yet, for the most part. But when they are, they have huge growth potential in medical, military and industry applications, as well as a potentially lucrative consumer market for things like skiing, hiking, sports, and transportation.
Exoskeleton robots can be used in many different ways that continue to be explored. The technology has advanced to a point where new applications are within reach and because of this the market is set to experience significant growth within the coming years.