Exoskeleton Market

Global Exoskeleton Market Size (2024 to 2032)

The size of the global exoskeleton market is projected to grow from USD 1.52 billion in 2024 to USD 7.90 billion by 2032, growing at a CAGR of 22.88% during the forecast period.

Exoskeletons are portable devices that are used to expand the user's physical capabilities. It contains rigid and resistant components that are only a set of functional roles, in particular excretion, protection, support, and detection. In general, exoskeletons work with sensors and actuators or sometimes they can be passive. These portable machines allow limb movement with amplified force and improve the performance of human tasks. The term exoskeleton means a rigid and solid outer shell that is intended to protect the body from certain invertebrates, mainly arthropods. The exoskeleton acts as protection that covers animals with weaker body parts. The same technology has now extended to humans. There are several applications of the exoskeleton in humans with congenital disabilities or in humans with deformed body appendages. Since the 1960s, researchers have continuously worked on the construction of mechanical exoskeletons for human application. The first exoskeleton was built by General Electric and the armed forces of the United States. Scientists and researchers have developed this portable technology that combines information systems and robotics to form an external structure for the human body. The main applications are intended for soldiers who suffer physical malformations due to the consequences of war.

MARKET DRIVERS

Y-O-Y growth in the aging population worldwide is promoting the growth of the exoskeleton market.

The major factors stimulating the growth of the global exoskeleton market are the geriatric population, the advent of robotic technologies and the increase in investments in exoskeleton technology. The safety of the elderly is one of the main concerns of the health care industry. Lesions resulting from loss of balance are more common in the elderly. Intelligent lightweight carbon fiber exoskeletons can be worn below the waist and easily fit the wearer's body. These smart exoskeletons learn from users' walking style and recognize the patterns of their passage. Once the walking pattern is established, the exoskeleton system algorithm can detect deviations from the regular stride pattern. Any difference would activate the thigh motors, which would help restore the stability of the hip and prevent the fall of the elderly. These benefits of smart exoskeleton systems are presumed to stimulate market growth significantly.

The increasing adoption in the industrial and military sectors, the growing demand of the health care sector for robotic rehabilitation, a rising prevalence of strokes, advances in robotic technologies, higher investments and financing for R&D to develop solutions more accessible and affordable, and mobility are the main factors that drive the growth of the global exoskeleton market.

MARKET RESTRAINTS

However, strict government regulations regarding medical applications are the main factor limiting the growth of the exoskeleton market. Also, the high cost of equipment can hamper the market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Exoskeleton Market Analysis By Type

Based on type, the powered segment accounted for an outstanding share in the global exoskeleton market and is likely to expand in the same manner in the coming years.

Global Exoskeleton Market Analysis By Mobility

Based on mobility, the mobile segment held the bulk of the share of the global exoskeleton market in 2023. However, the stationary exoskeleton segment is assumed to experience lucrative growth over the forecast period. Key factors that contribute to the growth of this segment include the increased prevalence of spinal cord injury (SCI) and the increasing use of the stationary type in rehabilitation. Mobile and desktop exoskeletons are segmented into active and passive systems, depending on the energy used.

Global Exoskeleton Market Analysis By End-User

Based on end-user, the healthcare segment had the largest share of the worldwide market in 2023. This segment is also classified in rehabilitation, care for the elderly and care centers. The increasing use of these products in rehabilitation centers, the increase in the prevalence of SCI and the subsequent increase in the rate of treatment are among the few factors that should stimulate market growth.​​

​REGIONAL ANALYSIS

The North American region dominated the market worldwide in 2023 with a larger share by region. The main contributors to the large part may be the increase in the geriatric population and the increase in the purchasing power of patients. In addition, the increasing adoption of exoskeletons in the military, healthcare, industrial and consumer sectors should stimulate growth in the exoskeleton market of North America during the forecast period. Europe exoskeleton market is also foreseen to expand with a notable growth rate.

KEY PLAYERS IN THE GLOBAL EXOSKELETON MARKET

Bionik (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (United States), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai laboratories (South Korea), Lockheed Martin (USA), Meditouch (Israel), Ottobock (Germany), ReWalk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics ( South Korea), suitX (USA), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (USA), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (USA) and Wandercraft (France) are some of the notable companies in the global exoskeleton market.

RECENT HAPPENINGS IN THE GLOBAL MARKET

• Robotic exoskeletons are becoming a rehabilitation tool to improve various health-related consequences after spinal cord injury. For example, ReWalk is the first exoskeleton to receive FDA approval for rehabilitation use in the United States. This robotic exoskeleton allows people with spinal cord injuries to stand, walk, turn and climb.
• Ekso Bionics launched EksoNR, a robotic exoskeleton for neurorehabilitation purposes. EksoNR allows patients who recover from a stroke or other conditions to walk again with a natural step. It is equipped with EksoView, a touch screen controller that enables therapists to customize assistance to challenge patients through real-time feedback and measure results during use.
• Avicrobot (a subsidiary of the Aviation Industry Corporation of China) has developed a robot for the rehabilitation of the lower extremities. The company also collaborated with the hospital in Xijing (China) to develop the robot. They have cooperatively launched a research center on rehabilitation robots to provide data support to these robots.
• The New Life Rehab Hospital (India) has adopted robotic rehabilitation for neuro, ortho and geriatric patients. They use robotic devices connected to the patient to help him move his limbs naturally.

DETAILED SEGMENTATION OF THE GLOBAL EXOSKELETON MARKET INCLUDED IN THIS REPORT

This research report on the global exoskeleton market has been segmented and sub-segmented based on type, mobility, end-user, body part, and region.

By Type

• Powered
• Passive

By Mobility

• Mobile
• Stationary

By End-User

• Healthcare
• Defense
• Industrial

By Body Part

• Lower
• Upper
• Full Body

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa