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

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).

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. '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)'

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.

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.

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.