What is the global market size of Exoskeleton Market?

Global Exoskeleton Market size was valued at USD 1.58 Million in 2022 and is poised to grow from USD 2.35 Million in 2023 to USD 23.6 Billion by 2031, growing at a CAGR of 31.4% in the forecast period (2024-2031).

Who are the key vendors in the Exoskeleton Market?

The market is characterized by the presence of both established companies and emerging players. Established companies have a strong foothold and brand recognition, often leveraging their experience and expertise in robotics and healthcare. These companies have a wide range of exoskeleton products catering to different applications and industries. They focus on continuous research and development to enhance the performance and functionality of their exoskeleton offerings. 'Cyberdyne Inc ', 'Ekso Bionics ', 'Ergosanté ', 'B-Temia ', 'ExoAtlet ', 'ReWalk Robotics. ', 'Ottobock SE & Co. KGaA (suit X) ', 'DIH medical Hocoma. ', 'Human Motion Technologies LLC. ', 'Wearable Robotics srl ', 'LockHeed Martin Corporation ', 'Sarcos Technology & Robotic Corporation ', 'Exhauss ', 'Meditouch ', 'Daiya Industry ', 'Focal Meditech ', 'GoGoa.Eu ', 'Rex Bionics Ltd. ', 'MyOmo Inc ', 'Laevo Exoskeleton'

What is the key driver of Exoskeleton Market?

Exoskeletons have gained traction in diverse industrial sectors, including manufacturing, construction, and logistics. Their implementation aims to mitigate work-related injuries, enhance productivity, and enable workers to accomplish physically demanding tasks more efficiently. As companies prioritize worker safety and ergonomics, there is a growing demand for exoskeletons in industrial settings. The increase in the number of product launch and product approvals for medical exoskeleton and rise in the number of adoption of strategies such as collaboration, acquisition, and partnership by market players drives the market growth.

What is the key market trend for Exoskeleton Market?

Advancements in Exoskeleton Technology: A key market trend in the global exoskeleton market is the rapid advancements in technology and the development of innovative exoskeleton solutions. Exoskeleton technology has witnessed significant progress in recent years, driven by advancements in materials, sensors, actuators, and control systems. These technological advancements have resulted in the creation of more lightweight, ergonomic, and sophisticated exoskeletons with improved functionality and usability.

Which region accounted for the largest share in Exoskeleton Market?

In the global exoskeleton market, the most dominant region is North America. The region's dominance can be attributed to factors such as technological advancements, a strong presence of key market players, robust healthcare infrastructure, and government support for the development and adoption of exoskeleton technology. North America, particularly the US, has been at the forefront of exoskeleton research and development, with applications ranging from medical rehabilitation to industrial use.

Exoskeleton Market Regional Analysis

Skyquest Technology's expert advisors have carried out comprehensive global market analysis on the exoskeleton market, covering regional industry trends and market insights. Our team of analysts have conducted in-depth primary and secondary research to provide regional industry analysis and forecast of exoskeleton market across North America, South America, Europe, Asia, the Middle East, and Africa.

Exoskeleton Market Regional Insights

Rapid adoption of exoskeletons in the healthcare and military industry verticals in the North American region is expected to help it hold a dominant stance in the world. Rising use of exoskeletons for rehabilitation programs and growing investments in the military and defense sector to promote use of advanced technologies are forecasted to help this region maintain its high market share. Canada and the United States are slated to be the top markets for exoskeleton providers in this region. Moreover, high investments in R&D by exoskeleton companies operating in this region also contribute to the high market share of North America.

Asia Pacific is projected to emerge as the fastest-growing regional market for exoskeleton companies during the study period. Growing adoption of advanced technologies, rising awareness regarding benefits of exoskeleton, and increasing availability of exoskeleton products are setting the tone for good market growth in this region. Rising emphasis on worker safety and productivity enhancement will also boost sales of exoskeletons in this region with Japan, China, and India being the top markets.

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FAQs

Exoskeleton Market size was valued at USD 2.35 Billion in 2023 and is poised to grow from USD 3.09 Billion in 2024 to USD 31.01 Billion by 2032, growing at a CAGR of 31.4% during the forecast period (2025-2032).

The global exoskeleton market is estimated to offer highly attractive moneymaking opportunities for all companies. Use of advanced technologies such as artificial intelligence, machine learning, etc. Is projected to increase among all exoskeleton manufacturers going forward. Compliance with worker safety mandates will play a crucial role in determining the success of any exoskeleton product. Launching new and innovative products at an affordable price is a key strategy that almost all exoskeleton market players will be focusing on going forward. 'Cyberdyne Inc ', 'ExoAtlet ', 'GoGoa.Eu ', 'Focal Meditech ', 'Exhauss ', 'Meditouch ', 'DIH medical Hocoma ', 'Ekso Bionics ', 'LockHeed Martin Corporation ', 'Human Motion Technologies LLC ', 'Laevo Exoskeleton ', 'Ergosanté ', 'B-Temia ', 'MyOmo Inc. ', 'ReWalk Robotics. ', 'Ottobock SE & Co. KGaA (suit X) ', 'Wearable Robotics srl ', 'Sarcos Technology & Robotic Corporation ', 'Daiya Industry ', 'Rex Bionics Ltd.'

Exoskeletons are gaining massive popularity in the military and healthcare industries owing to their impressive application scope. In healthcare exoskeletons are being used for rehabilitation of the physically disabled people whereas in military they are being used to provide additional strength and security to soldiers.

Ergonomic and Lightweight Designs: Exoskeletons available on the market are heavy and use a bulky design that is not appealing. Exoskeleton companies need to focus on using advanced technologies to improve their designs and experiment using different materials for weight reduction of their product. This design change will be highly beneficial for the overall exoskeleton market growth in the long run.