Exoskeleton Robot Market Overview:
As per MRFR analysis, the Exoskeleton Robot Market Size was estimated at 4.15 (USD Billion) in 2022. The Exoskeleton Robot Market Industry is expected to grow from 5.05 (USD Billion) in 2023 to 29.7 (USD Billion) by 2032. The Exoskeleton Robot Market CAGR (growth rate) is expected to be around 21.75% during the forecast period (2024 - 2032).
Key Exoskeleton Robot Market Trends Highlighted
The exoskeleton robots global market is currently experiencing new changes with the growth of technology, more money being spent on health care, and increased longevity. The main factors fuelling the growth of the market include the increasing number of musculoskeletal disorders, new product development, and program initiatives supporting motion rehabilitation and assistive devices. Further, the integration of AI, IoT and wearable sensors for customized rehabilitation and tele-rehabilitation provide new prospects. Current developments in the field of exoskeleton robots include the introduction of modular designs for individualized solutions, soft exosuits that are easy to wear and use, and solutions for data and analytics hosted on the cloud. By utilizing these trends, players in the industry will be able to meet the increasing demand for exoskeleton robots in the healthcare, industrial and military markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Exoskeleton Robot Market Drivers
Technological Advancements and Innovation
Continuous developments and innovations in robotics, materials science and sensor technologies are key factors responsible for the growth in the Exoskeleton Robot Market Industry. Research and development activities underway have led to the development of ever-sophisticated and efficient exoskeleton robots. The latest exoskeleton robots have enhanced functionalities, mobility, and comfort for the user. As such, there has been an increase in the potential applications of these exoskeleton robots also in various other industries such as healthcare, manufacturing, and the military.
Rising Demand for Rehabilitation and Assistive Devices
The increasing prevalence of chronic conditions, such as stroke, spinal cord injuries, and musculoskeletal disorders, has fueled the demand for rehabilitation and assistive devices. Exoskeleton robots offer a promising solution for individuals with mobility impairments, providing them with the ability to regain or enhance their physical function. The growing adoption of exoskeletons in rehabilitation centers and home healthcare settings is contributing to the growth of the Exoskeleton Robot Market Industry.
Government Support and Funding
Governments worldwide are recognizing the potential of exoskeleton robots to improve healthcare outcomes, enhance workforce productivity, and support aging populations. As a result, several countries are providing financial support and incentives for research, development, and commercialization of exoskeleton technologies. This government support is creating a favorable environment for the growth of the Exoskeleton Robot Market Industry.
Exoskeleton Robot Market Segment Insights:
Exoskeleton Robot Market Application Insights
The Exoskeleton Robot Market is segmented by application into medical, industrial, military, entertainment, and research and development. The medical segment is expected to account for the largest share of the market in 2023, owing to the increasing demand for exoskeletons in rehabilitation and assistive technologies. The industrial segment is also expected to witness significant growth due to the rising adoption of exoskeletons in manufacturing and logistics. The military segment is expected to grow steadily as exoskeletons are increasingly used to enhance the capabilities of soldiers.The entertainment segment is expected to witness moderate growth, driven by the increasing use of exoskeletons in gaming and virtual reality applications.
The growth of the market is attributed to the increasing demand for exoskeletons in various applications, such as medical, industrial, military, entertainment, and research and development. The medical segment is expected to account for over 50% of the Exoskeleton Robot Market revenue by 2032. The increasing demand for exoskeletons in rehabilitation and assistive technologies is driving the growth of this segment.Exoskeletons are being used to help people with disabilities regain mobility and independence. The industrial segment is expected to witness significant growth due to the rising adoption of exoskeletons in manufacturing and logistics. Exoskeletons can help workers lift heavy objects and perform repetitive tasks, reducing the risk of injury and increasing productivity. The research and development segment is expected to exhibit rapid growth as exoskeletons are being developed for a wide range of applications, including space exploration and disaster response.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Exoskeleton Robot Market Component Insights
The Exoskeleton Robot Market is segmented by Component that includes Power Source, Actuators, Sensors, Control Systems, and Exo-Frame. The Power Source segment is expected to increase as the fastest segment controlling the market. This power source segment growth can be attributed to the increasing number of demands for lightweight and portable exoskeleton. The Actuators are differentiated as the motors and help to power the exoskeletons. The Sensors segment is anticipated to grow over the years because of more availability of advanced levels of sensors comprising IMUs and force sensors.The Control System is making progress day by day and making them ideally suited one controlling the movement of the exoskeleton where the exoskeleton is becoming highly robotic. The Exo-Frame section is expected to continue to the increased rate of demands for the exoskeleton both in industrial and military applications.
Exoskeleton Robot Market Power Source Insights
The Exoskeleton Robot Market is segmented based on Power Source into Battery, Hydraulic, Pneumatic, and Fuel Cell. Battery-powered exoskeletons are expected to hold the largest market share due to their portability, ease of use, and increasing adoption in various applications. The Exoskeleton Robot Market revenue for the Battery segment is projected to reach USD 12.5 billion by 2024, growing at a CAGR of 22.5%. Hydraulic exoskeletons offer high power density and durability, making them suitable for industrial and military applications.The Pneumatic segment is expected to witness significant growth due to the increasing demand for lightweight and low-cost exoskeletons. Fuel Cell-powered exoskeletons are gaining traction due to their extended operating time and zero emissions, making them ideal for long-duration operations.
Exoskeleton Robot Market Control System Insights
The Control System segment of the Exoskeleton Robot Market is categorized into Manual, Semi-Autonomous, and Autonomous systems. Manual systems require direct human control and intervention, offering precise and customizable movements. In 2023, the Manual control system held the largest market share due to its affordability and simplicity. Semi-Autonomous systems provide assisted control, combining human input with automated functions, enhancing efficiency and reducing user fatigue. This segment is expected to witness significant growth in the coming years.Autonomous systems offer independent operation with advanced sensors and algorithms, enabling hands-free control and complex movements. As technology advances, the demand for Autonomous systems is projected to surge, contributing to the overall market growth. The Exoskeleton Robot Market revenue is estimated to reach approximately USD 11.45 billion by 2028, expanding at a CAGR of 24.2% during the forecast period (2023-2028).
Exoskeleton Robot Market Regional Insights
The regional segmentation of the Exoskeleton Robot Market showcases distinct market dynamics across key regions. North America is anticipated to dominate the market with a significant share due to factors such as advanced healthcare infrastructure, technological advancements, and increasing adoption of exoskeletons in rehabilitation and industrial applications. Europe follows closely, driven by government initiatives and a growing geriatric population. The Asia-Pacific region is expected to witness substantial growth, owing to rising healthcare expenditure, government support, and a large patient pool.South America, the Middle East, and Africa (MEA) are emerging markets with potential for growth as exoskeleton technology gains traction in healthcare and industrial sectors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Exoskeleton Robot Market Key Players And Competitive Insights:
Major players in the Exoskeleton Robot Market industry are continuously striving to develop innovative and advanced exoskeleton robots to cater to the growing demand from various sectors. Leading Exoskeleton Robot Market players are focusing on strategic partnerships, acquisitions, and collaborations to expand their market presence and gain a competitive edge. The Exoskeleton Robot Market is witnessing a surge in research and development activities, with companies investing heavily in enhancing the capabilities and functionality of exoskeleton robots.
The competitive landscape is expected to remain dynamic, with new entrants and established players vying for market share. Key industry participants are implementing strategies to differentiate their offerings and gain a competitive advantage.ReWalk Robotics is a leading Exoskeleton Robot Market player with a strong focus on developing and manufacturing exoskeletons for rehabilitation and mobility assistance. The company's flagship product, the ReWalk exoskeleton system, is widely used in rehabilitation centers and hospitals worldwide. ReWalk Robotics has established a strong distribution network and has received regulatory approvals in various countries, contributing to its global presence. The company is committed to continuous innovation and is actively involved in research and development to improve the performance and functionality of its exoskeleton systems.Ottobock is another prominent competitor in the Exoskeleton Robot Market.
The company is known for its comprehensive portfolio of exoskeleton solutions for various applications, including rehabilitation, industrial, and military. Ottobock has a long history of innovation and has been at the forefront of exoskeleton development for decades. The company's exoskeletons are characterized by their advanced design, user-centric features, and high-quality standards. Ottobock has a global presence with manufacturing facilities and distribution channels in multiple countries. The company is actively involved in research and development to expand its product offerings and address the evolving needs of the market.
Key Companies in the Exoskeleton Robot Market Include:
- LG Electronics
- Toyota Motor Corporation
- Harmonic Bionics
- MedEXO
- Honda Motor Company
- Vuzix Corporation
- Roam Robotics
- ReWalk Robotics
- CYBERDYNE
- Ekso Bionics
- HOIST
- Hyundai Robotics
- Samsung Electronics
- Panasonic
- SuitX
Exoskeleton Robot Market Industry Developments
The Exoskeleton Robot Market is projected to reach USD 29.7 billion by 2032, exhibiting a CAGR of 21.75% during the forecast period (2023-2032). Key factors driving market growth include rising demand for rehabilitation and assistive devices, advancements in technology, and increasing government support for exoskeleton research and development.
Recent news developments in the market include:- In February 2023, Ekso Bionics received FDA clearance for its EksoNR robotic exoskeleton for use in acute rehabilitation settings.- In March 2023, Hyundai Motor Group announced its plans to establish a new robotics lab in Singapore to develop exoskeletons for industrial applications.- In April 2023, Toyota unveiled a new prototype of its Human Support Robot (HSR) exoskeleton, designed to assist workers in manufacturing and logistics settings.
Exoskeleton Robot Market Segmentation Insights
Exoskeleton Robot Market Application Outlook
- Medical
- Industrial
- Military
- Entertainment
- Research and Development
Exoskeleton Robot Market Component Outlook
- Power Source
- Actuators
- Sensors
- Control Systems
- Exo-Frame
Exoskeleton Robot Market Power Source Outlook
- Battery
- Hydraulic
- Pneumatic
- Fuel Cell
Exoskeleton Robot Market Control System Outlook
- Manual
- Semi-Autonomous
- Autonomous
Exoskeleton Robot Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
4.15 (USD Billion) |
| Market Size 2023 |
5.05 (USD Billion) |
| Market Size 2032 |
29.7 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
21.75% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
LG Electronics, Toyota Motor Corporation, Harmonic Bionics, MedEXO, Honda Motor Company, Vuzix Corporation, Roam Robotics, ReWalk Robotics, CYBERDYNE, Ekso Bionics, HOIST, Hyundai Robotics, Samsung Electronics, Panasonic, SuitX |
| Segments Covered |
Application, Component, Power Source, Control System, Regional |
| Key Market Opportunities |
Advances in AI integration Growing demand in healthcare Rehabilitation applications Industrial applications. |
| Key Market Dynamics |
Aging population, increasing labor shortage, rising healthcare expenditure, technological advancements expanding military and industrial applications |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Exoskeleton Robot Market is expected to reach USD 29.7 billion by 2032, exhibiting a CAGR of 21.75% during the forecast period (2024-2032).
North America is expected to dominate the Exoskeleton Robot Market throughout the forecast period, owing to the presence of a large number of market players and the high adoption of advanced technologies.
Rising demand for exoskeletons in healthcare and industrial applications, increasing government support for exoskeleton research and development, and growing awareness of the benefits of exoskeletons are the key factors driving market growth.
Major applications of exoskeleton robots include medical rehabilitation, industrial exoskeletons, military and defense, and consumer exoskeletons.
Key competitors in the Exoskeleton Robot Market include Ekso Bionics, Hocoma, ReWalk Robotics, SuitX, and Ottobock.
The Exoskeleton Robot Market is projected to grow at a CAGR of 21.75% from 2024 to 2032.
The medical rehabilitation segment is expected to hold the largest market share over the forecast period due to the increasing prevalence of neurological disorders and the rising demand for exoskeletons in rehabilitation therapies.
The high cost of exoskeletons, limited reimbursement coverage, and regulatory challenges are some of the key challenges faced by the Exoskeleton Robot Market.
Advancements in sensor technology, the integration of AI and machine learning, and the development of soft exosuits are some of the emerging trends in the Exoskeleton Robot Market.
The Exoskeleton Robot Market is expected to reach USD 29.7 billion by 2032.
