USD 800 Million
Exoskeleton Market Size, Share, Growth Analysis, By Component(Hardware and Software), By Exoskeleton Type(Powered and Passive), By Vertical Outlook(Healthcare, Defense) - Industry Forecast 2024-2031
Report ID:
SQMIG25E2122 |
Region:
Global |
Published Date: May, 2024
Pages:
157
|
Tables:
86 |
Figures:
73
Exoskeleton Market Insights
Global Exoskeleton Market size was valued at USD 800 Million in 2022 poised to grow from USD 1110 Million in 2023 to USD 15,920 Million by 2031, growing at a CAGR of 39.50% in the forecast period (2024-2031).
Also known as exo-frames, power jackets, wearable machines, robotic suits, powered armour, and others. An example of wearable technology is an exoskeleton, which collaborates with the user and amplifiers to support, enhance, and recover human performance. One major factor driving the exoskeleton business is the military's use of them to help disabled soldiers and lift large goods. The development of new technologies to assist patients, the growing need for orthopedic rehabilitation from the healthcare sector, and the significant expenditures made in exoskeletons by the military and defence industry are the main reasons propelling the exoskeleton market's expansion. The market for exoskeletons is anticipated to develop as a result of the increasing use of these devices across a range of sectors.
Additionally, during the projection period of 2022–2029, the exoskeleton market will have growth prospects due to the increasing prevalence of spinal cord injuries, the introduction of soft actuators, and the expansion of insurance coverage for exoskeletons. But during the previously indicated prediction period, the government's strict rules regarding medical uses and the expensive nature of the equipment would serve as a barrier and hinder the exoskeleton market's growth. The information in this report on the exoskeleton market includes the latest advancements, trade laws, production and import/export analysis, value chain optimization, market share, and the effects of local and domestic market players. It also analyses opportunities for emerging revenue pockets, regulatory changes, market size, category market growths, application niches, and dominance.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Healthcare
Growth Rate
39.50% CAGR
Global Exoskeleton Market ($ Bn)
Country Share by North America (%)
Global Exoskeleton Market By Vertical Outlook (%)
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Exoskeleton Market Segmental Analysis
The global exoskeleton market is segmented based on component, exoskeleton type, vertical outlook and region. In terms of component, the market is bifurcated into hardware and software. Based on exoskeleton type, the market is divided into powered and passive. In terms of vertical outlook, the market is segmented into healthcare, defense, industrial and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Vertical Outlook
As per categorization by vertical outlook, the market is classified as healthcare, defense, industrial and others. Among these, industrial earned the largest share and continues to dominate the market. Enhancing worker safety, productivity, and ergonomics is the primary driving force behind the remarkable innovation and growing acceptance of exoskeletons in the industrial vertical, which is driving the global market for these devices. Exoskeletons are being used in the industrial, construction, and logistics industries to lessen physical strain, avoid injuries, and increase productivity. Due to its high-risk work settings and the demonstrable advantages exoskeletons provide in terms of reducing workplace dangers and enhancing operational performance, the industrial sector leads this industry.
The healthcare and industrial verticals are poised to experience rapid growth in the Global Exoskeleton Market due to their unique needs and potential benefits. In healthcare, exoskeletons are revolutionizing rehabilitation, offering patients mobility assistance and aiding therapists in providing precise, targeted therapy. Meanwhile, in the industrial sector, exoskeletons are increasingly adopted to enhance worker safety, productivity, and ergonomics, crucial for demanding tasks in manufacturing, construction, and logistics. With rising awareness of the transformative impact of exoskeleton technology, these sectors are set to lead the market's expansion.
Analysis by Component
Hardware components are seeing a lot of innovation and adoption in the global exoskeleton market, which is fueling the market's expansion. These parts, which make up the core of exoskeleton systems, comprise actuators, sensors, power sources, and structural elements. Due to its tangible nature and essential role in exoskeleton functionality—such as supplying strength, flexibility, and control—hardware commands the majority of the industry. Hardware performance and dependability continue to be the fundamental pillars of exoskeleton development and deployment as long as technology advances.
As software plays a crucial role in improving the functionality and user experience of exoskeletons, the global exoskeleton market is expected to grow rapidly in the coming years. Exoskeletons can now adjust to the specific needs of each user, maximize movement support, and offer real-time data analytics for performance evaluation and enhancement thanks to sophisticated algorithms and software. The software market is predicted to grow more quickly as demand for intelligent and customized exoskeleton solutions increases. This growth will be fueled by ongoing innovation and the incorporation of AI and machine learning technology.
Global Exoskeleton Market By Vertical Outlook (%), 2022 (%)
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Exoskeleton Market Regional Insights
Due to technical innovation, research and development, and support for the development of cutting-edge exoskeleton technologies, the North American exoskeleton market is expected to lead this market. This will contribute to the expansion of the exoskeleton market in this region. The US leads the North American market for self-assisting exoskeletons due to its superior medical facilities, rising disability from spinal cord injuries, and strong demand. Furthermore, to increase awareness of the treatment choices available for patients with spinal cord injuries, the American Spinal Cord Injury Association (ASIA) was established. This organization has a favorable attitude on the coverage and reimbursement of third-party commercial payers of medical exoskeletons.
The second-largest market share for exoskeletons is held by the European region, where improved rehabilitation and healthcare procedures have led to a rise in the use of exoskeletons for medical purposes. In addition, the exoskeleton market in Germany had the most market share, while the exoskeleton market in the UK was expanding at the quickest rate in the European Union.
The exoskeleton market in Asia-Pacific is anticipated to expand at the fastest rate possible between 2023 and 2032. This is due to the quickening pace of urbanization and industrialization, which has raised the need for solutions that raise worker productivity. Furthermore, the exoskeleton market in China had the most market share, while the exoskeleton market in India had the quickest rate of growth in the Asia-Pacific area. With significant development potential, Latin America and the Middle East & Africa are showing signs of promise in the global exoskeleton market. Brazil and South Africa are the fastest-growing nations in their respective areas, with increased industrialization, increased workplace safety awareness, and increased investments in healthcare infrastructure being the main drivers of this growth. Exoskeleton suppliers and manufacturers have rich prospects in these areas.
Global Exoskeleton Market By Geography, 2024-2031
- Largest
- Fastest
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Exoskeleton Market Dynamics
Drivers
Technological Developments in Robotics
- The specifications of what robots are made of and their possible uses are influencing demand for them as technology advances. In the discipline of electrical and electronic engineering, ongoing research and development have led to the introduction of better materials, control systems, software technologies, sensors, and actuators. These cutting-edge parts have made it easier to create novel, enhanced, self-powered, extremely low power consumption, lightweight, less complicated, and portable exoskeletons.
Exoskeleton Insurance Coverage Is Growing
- Assistive devices are a vital component of healthcare, and they are offered by numerous healthcare systems worldwide. Healthcare insurance companies have started to include robotic devices, such as exoskeletons, as part of their health insurance policies due to the growing trend of employing robots in medical procedures. The ReWalk 6.0 exoskeleton system was included to the list of authorised insurance procurement devices in the Medical Device Directory (MDD) of the German National Association of Statutory Health Insurance Funds in 2018.
Restraints
Regulatory obstacles in obtaining licenses for exoskeleton uses in medicine
- While powered lower-limb exoskeletons have made great strides, users are finding it difficult to manoeuvre on slick or sloped terrain. As the prototypes are not yet capable of handling twisting motions, users turning while carrying goods may become fatigued quickly, which could lead to unfavourable outcomes such bone fractures and injury to skin and tissue. The actuators in these devices have a high-power output, regulatory organisations have set in place a highly strict licencing process to ensure that wearers' safety is not jeopardised.
Expensive Exoskeleton Equipment
- Wheelchairs with powered exoskeletons are better than exoskeletons since the wearable robots require more time to put on. Aside from this, the typical cost of lower limb exoskeletons is significantly greater and does not account for expenditures associated with servicing and maintenance. Additionally, the cost of ownership of an exoskeleton is significantly higher as it needs a trainer who is qualified to operate the power suits. The industry's ability to expand has also been limited by the product's extremely high total cost.
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Exoskeleton Market Competitive Landscape
Prominent industry participants are making significant investments in R&D to broaden their product offerings, hence contributing to the exoskeleton market's continued expansion. In order to increase their worldwide presence, market players are also engaging in a range of strategic initiatives. Notable changes in the industry include the introduction of new products, contracts, mergers and acquisitions, increased investment, and cooperation with other businesses. German Bionic is a firm established in Germany that specialises in the development of robotic exoskeletons that are wearable. The company makes exoskeletons that are intended to support workers in a variety of industries, such as manufacturing and logistics, and to increase human strength.
Top Player’s Company Profiles
- Lifeward Inc. (Israel)
- Lockheed Martin Corporation (US)
- Honda Motor Co. Ltd. (Japan)
- Wearable Robotics SRL (Italy)
- Rex Bionics Ltd. (New Zealand)
- Hyundai Motor Company (South Korea)
- Sarcos Technology and Robotics Corporation (US)
- Ekso Bionics (US)
- Gogoa Mobility Robots (Spain)
- Bionik Laboratories Corp. (US)
- Parker Hannifin Corporation (US)
- DIH Medical (China)
- BIONIK (US)
- Ekso Bionics Holdings, Inc. (US)
- Myomo, Inc. (US)
- Technaid. SL (Spain)
- Ottobock SE & Co. KGOA (Germany)
Recent Developments
- In June 2022, CYBERDYNE Inc. and LIFESCAPES Inc. forged a commercial and financial partnership. This partnership demonstrated the group's united efforts to better utilise the field of exoskeleton technology and enhance patients' prospects for rehabilitation who suffer from severe paralysis.
- In June 2021, For Indian soldiers stationed at high elevations, the Défense Research and construction Organization (DRDO) announced the construction of an exoskeleton. In order to make troops' lives safer and more conductive, the DRDO declared that it will enhance Indian soldiers' performance in war scenarios, including lower/upper extremity configurations.
- In March 2021, In an effort to inform physicians about the clinical utility of the EksoNR exoskeleton, Ekso Bionics and the American Physiatry Society have announced their collaboration. Through the collaboration, medical experts and other rehabilitation therapists will learn more about Ekso Bionics technology and how to effectively use robots into their services.
Exoskeleton Key Market Trends
- Evolution of Exoskeleton Technology in Various Industries: Market has been reporting a major trend in exoskeleton technology advancements - innovations range from creation of lightweight and more ergonomic designs to integration of artificial intelligence to facilitate better command and flexibility in power sources like batteries, among others. Scientific breakthroughs are meant to ensure better human experience therefore making exoskeletons more friendly efficient end - user products applicable even in areas like healthcare as well as defense.
- Rise of Exoskeleton Adoption for Worker Safety and Efficiency: There is a behavior in the business world where exoskeleton is increasingly being utilized to boost workers' productivity level and their safety. These gadgets are meant to help laborers relieve some of the pressures and fatigue experienced during tough jobs, hence increasing overall productivity besides reducing work accidents. With time, industries dealing with construction, manufacturing or even transportation have started embracing mainstream use of exoskeleton technology as a way of supporting workers who carry heavy loads.
Exoskeleton Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the penetration of innovative materials and control systems is driving demand for more efficient, lighter and portable robotic exoskeletons since insurance companies providing health services now offer coverage for such devices reflecting their growing relevance for surgery, with Germany having the ReWalk 6.0 system in its Medical Device Directory. Current exoskeleton technology has several constraints, one being that moving on slippery or hilly ground and doing twisting movements, makes regulators have many rules for licensing the devices on grounds of safety issues. This is compounded by high-force exoskeleton actuators that require stringent licensing processes due to safety concerns; nonetheless, the industry is also affected by costs of buying, maintaining and hiring trainers for exoskeletons.
Key industry stakeholders like German Bionic are stimulating the growth of the exoskeleton market through substantial increases in research and development (R&D) spend in order to broaden portfolio offerings worldwide presence expansion strategies also through activities like product release, partnering or merging with other companies among others so as to serve needs of diverse sectors that include manufacturing as well as logistics by availing wearable robotic exoskeletons designed for enhancing human power which aid workers. Exoskeleton technology is quickly growing among different fields, supporting the wearers’ experience with refined sources of power, artificial intelligence, and light weight designs used to improve worker conditions as well as productivity rates with respect to those working in sectors dealing with health care or defense, as well as promoting safety measures in the workplace and reducing the inability to work due to muscle tiredness, or lifting heavy weights, therefore leading to fast adoption by other industries like building, production, and transportation.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 800 Million |
| Market size value in 2031 | USD 15,920 Million |
| Growth Rate | 39.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Exoskeleton Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Exoskeleton Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Exoskeleton Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Exoskeleton Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Exoskeleton Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Exoskeleton Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Exoskeleton Market Report Snapshots
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