Exoskeleton Market Size was valued at USD 0.8 Billion in 2022. The exoskeleton market industry is projected to grow from USD 1.11 Billion in 2023 to USD 16.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 39.50% during the forecast period (2023 - 2032). Rapidly growing global geriatric population, rising adoption rates of medical devices are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Advancements in exoskeleton technology are a dominant trend in the market. Innovations include the development of lightweight and more ergonomic designs, integration of artificial intelligence for enhanced control and adaptability, and improvements in power sources such as batteries. These technological strides aim to enhance user experience, making exoskeletons more user-friendly, efficient, and applicable across diverse industries, including healthcare, military, and manufacturing. This factor drives the Market CAGR.
Additionally, a notable trend is the growing utilization of exoskeletons in the healthcare sector. Exoskeletons are being employed for rehabilitation purposes, aiding individuals with mobility impairments and assisting in the recovery process after injuries or surgeries. The market sees a rising demand for exoskeletons in addressing musculoskeletal disorders and providing mobility solutions for individuals with paralysis. This trend aligns with the broader movement toward enhancing the quality of life for patients and promoting assistive technologies in healthcare.
In the industrial realm, there is a trend toward increased adoption of exoskeletons to enhance worker productivity and safety. Exoskeletons are designed to reduce physical strain and fatigue for workers engaged in strenuous tasks, contributing to improved efficiency and a decrease in workplace injuries. Industries such as manufacturing, construction, and logistics are integrating exoskeletons into daily operations to support workers in handling heavy loads and performing repetitive movements, ultimately fostering a safer and more productive work environment. These trends collectively highlight the transformative impact of exoskeleton technology across various sectors.
For instance, In February 2022, CYBERDYNE Inc. announced that its application for a medical device marketing license for Medical HAL Single Joint Type, a wearable cyborg that improves physical functions, was approved by the Ministry of Health Republic of Indonesia. Thus, driving the exoskeleton market revenue.
The exoskeleton market segmentation, based on Component includes Hardware, Software. The dominating category is hardware, encompassing the physical elements of exoskeleton systems such as frames, actuators, sensors, and power sources. Hardware is fundamental to the structure and functionality of exoskeletons, driving their performance and providing the necessary mechanical support. Meanwhile, the fastest-growing category is software, propelled by advancements in control algorithms, user interfaces, and integration with artificial intelligence. As exoskeletons evolve to offer more sophisticated functionalities, the demand for software solutions to enhance user experience and optimize performance is on the rise.
The exoskeleton market segmentation, based on Type, includes Powered, Passive. The dominating category is powered exoskeletons, which are equipped with motors and actuators to actively assist or augment the user's movements. Powered exoskeletons provide enhanced strength and support, making them ideal for applications requiring increased endurance and reduced physical strain. On the other hand, the fastest-growing category is passive exoskeletons, designed to mechanically support but not actively augment movement. The growth in passive exoskeletons is driven by their simplicity, lower cost, and suitability for various industries where power assistance may not be a primary requirement.
The exoskeleton market segmentation, based on Body Part, includes Lower Extremities, Upper Extremities, and Full Body. The dominating category is lower extremities exoskeletons, which primarily focus on supporting and enhancing the movements of the legs. This dominance can be attributed to the widespread applications in industries like manufacturing, construction, and healthcare, where workers often require assistance in carrying heavy loads or maintaining prolonged standing positions. Meanwhile, the fastest-growing category is full-body exoskeletons, as they offer a comprehensive solution by providing assistance to both upper and lower extremities, catering to diverse user needs and applications.
The exoskeleton market segmentation, based on Mobility, includes Stationary, Mobile. The dominating category is mobile exoskeletons, which are designed for users requiring mobility and flexibility in various environments. This dominance can be attributed to the increasing demand in applications such as military, healthcare, and logistics, where users need to move freely and perform dynamic activities. On the other hand, the fastest-growing category is stationary exoskeletons, as they find applications in scenarios where users may not need extensive mobility, such as rehabilitation centers or specific workstations, and are witnessing rapid adoption for their specialized utility.
The exoskeleton market segmentation, based on Structure, includes Rigid Exoskeletons, Soft Exoskeletons. Rigid exoskeletons dominate the market due to their robust design and capability to provide substantial support, making them suitable for applications in industries like manufacturing, construction, and defense. Their durability and ability to handle heavy loads contribute to their market dominance. Meanwhile, soft exoskeletons are the fastest-growing category, driven by their lightweight and flexible design, making them well-suited for applications in healthcare and rehabilitation. The increasing focus on user comfort and natural movement positions soft exoskeletons for rapid market expansion.
The exoskeleton market segmentation, based on Vertical, includes Healthcare, Defense, Industrial, Others. The industrial sector dominates the market, primarily due to the widespread adoption of exoskeletons in manufacturing and construction to enhance worker productivity, reduce fatigue, and prevent injuries. The industrial sector's emphasis on workplace safety and efficiency contributes to the dominance of exoskeletons in this category. Simultaneously, the healthcare vertical is experiencing the fastest growth, driven by the increasing adoption of exoskeletons for rehabilitation purposes and assisting individuals with mobility challenges. Growing awareness of the therapeutic benefits fuels the rapid expansion in the healthcare sector
Figure1: Exoskeleton Market, by Vertical, 2022 &2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Exoskeleton Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American exoskeleton market area will dominate this market, owing to an technological innovation and research and development, fostering the creation of cutting-edge exoskeleton technologies will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: EXOSKELETON MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe exoskeleton market accounts for the second-largest market share due to enhancing healthcare and rehabilitation practices has resulted in the increased use of exoskeletons for medical applications. Further, the German exoskeleton market held the largest market share, and the UK exoskeleton market was the fastest growing market in the European region
The Asia-Pacific Exoskeleton Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid industrialization and urbanization, leading to an increased demand for solutions that enhance worker productivity. Moreover, China’s exoskeleton market held the largest market share, and the Indian exoskeleton market was the fastest growing market in the Asia-Pacific region.
Exoskeleton Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the exoskeleton market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, exoskeleton industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the exoskeleton industry to benefit clients and increase the market sector. In recent years, the exoskeleton industry has offered some of the most significant advantages. Major players in the exoskeleton market, including Ekso Bionics; Hocoma; Lockheed Martin Corporation; Suit X; Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd; Cyberdyne, Inc.; and ActiveLink, are attempting to increase market demand by investing in research and development operations.
German Bionic is a Germany-based company that focuses on the creation of wearable robotic exoskeletons. The company's exoskeletons are designed to augment human strength and support workers in various industries, including manufacturing and logistics. German Bionic is known for its Cray X exoskeleton, which is designed to assist workers in lifting and carrying heavy loads, reducing the risk of musculoskeletal strain and injuries. The exoskeleton is equipped with sensors and intelligent control systems to provide support based on the user's movements. In December 2023, German Bionic introduced the Apogee exoskeleton with robotic motors for healthcare workers to lift and move heavy patients with greater ease, less strain, and improved stamina.
Ekso Bionics is a company specializing in the design and manufacture of exoskeletons, robotic exosuits that can be worn by individuals to enhance their strength and mobility. The company's exoskeletons are developed for both medical rehabilitation and industrial use. Ekso Bionics is known for its work in the rehabilitation sector. Their exoskeletons are designed to assist individuals with mobility impairments, including those who have experienced spinal cord injuries or strokes. The exoskeleton provides powered support, enabling individuals to stand and walk. In June 2022, Ekso Bionics received 510(k) FDA clearance for marketing the EksoNR robotic exoskeleton. It is the latest generation of devices that can be used for the rehabilitation of multiple sclerosis patients.
Key Companies in the exoskeleton market include
Exoskeleton Industry Developments
June 2022:CYBERDYNE Inc. formed a business and capital alliance with LIFESCAPES Inc. This collaboration highlighted the combined effort to further leverage the exoskeleton technology arena and improve rehabilitation options for patients with severe paralysis.
November 2018:Lockheed Martin received a USD 6.9 million development contract from the U.S. Army Natick Soldier Research, Development, and Engineering Center (NSRDEC) to further develop the Onyx exoskeleton for soldier demonstrations.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 0.8 Billion |
| Market Size 2023 | USD 1.11 Billion |
| Market Size2032 | USD 16.0 Billion |
| Compound Annual Growth Rate (CAGR) | 39.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Type, Body Part, Mobility, Structure, Vertical and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Ekso Bionics; Hocoma; Lockheed Martin Corporation; Suit X; Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd; Cyberdyne, Inc.; and ActiveLink |
| Key Market Opportunities | · Rapidly growing global geriatric population |
| Key Market Dynamics | · Rising adoption rates of medical devices |
Frequently Asked Questions (FAQ) :
The exoskeleton market size was valued at USD 0.8 Billion in 2022.
The global market is projected to grow at a CAGR of 39.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Ekso Bionics; Hocoma; Lockheed Martin Corporation; Suit X; Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd; Cyberdyne, Inc.; and ActiveLink.
The Powered category dominated the market in 2022.
The Lower Extremities had the largest share in the global market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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