Smart Exoskeleton Market Analysis

Global Smart Exoskeleton Market Overview:

Smart Exoskeleton Market Size was valued at USD 5.51 Billion in 2023. The Smart Exoskeleton industry is projected to grow from USD 5.9618 Billion in 2024 to USD 10.366 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.16% during the forecast period (2024 - 2032). Growing demand for industrial body parts and medical demand are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Exoskeleton Market Trends

• Growing medical demand is driving the market growth

An exoskeleton with the function of improving the user's movement, preventing unexpected injuries and stimulating blood circulation in people with weak muscles. People with health and neurological problems could benefit from a smart exoskeleton. It can also be used in a therapeutic setting to assist patients in successful exercise and rehabilitation. The motors are mounted on the hip and knee joints of the exoskeleton. The need for smart exoskeletons to rehabilitate physically and neurologically disabled people is a significant factor driving the global market. In the workplace, the purpose of an exoskeleton is to supplement, augment, or augment an employee's existing body components, primarily the lower back and upper limbs. This helps improve the quality of work and reduces the risk of work-related musculoskeletal disorders. These exoskeletons can be adapted to the operator's body part for added strength.

Soldiers often carry supplies while climbing stairs or hills as part of their daily routine. In addition, soldiers constantly struggle with endurance and strength and are prone to hip, back and knee injuries. As a result, military organizations worldwide have adopted smart exoskeleton technology that can carry payloads more efficiently. These skills also help soldiers perform better with minimal effort. A recent report by the World Health Organization (WHO) estimates that by 2050, the number of people over the age of 60 will exceed 2 billion. The increasing incidence of falls and increasing geriatric population due to lack of stability and physical deterioration are expected to provide beneficial opportunities for the growth of the smart exoskeleton market. The device also helps the elderly maintain body tension and ensures proper blood circulation for those with weak muscles.

The development of smart exoskeletons with various power and drive systems has increased the market demand for smart exoskeletons. It is also integrated with powerful sensors and controls that control the components of the exoskeleton device, providing beneficial opportunities for the overall growth of the smart exoskeleton industry.Thus, driving the smart exoskeleton market revenue.

Smart Exoskeleton Market Segment Insights:

Smart Exoskeleton Type Insights

The Smart Exoskeleton Market segmentation, based on type, includes ultra-soft exoskeleton, soft exoskeleton, and rigid exoskeleton. The ultra-soft exoskeleton segment dominated the market. Very soft exoskeletons can be used by people injured or who have undergone surgery to regain limb mobility and strength. As people age, physical function and mobility can decline. The ultra-soft exoskeleton helps seniors maintain their independence and quality of life by supporting them in their daily activities. Soft exoskeletons can support workers in physically demanding tasks such as manufacturing or construction, reducing the risk of injury and fatigue.

Figure 1: Smart Exoskeleton Market, by Type, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Exoskeleton Component Insights

The Smart Exoskeleton Market segmentation, based on components, includes hardware and software. The hardware category generated the most income. Hardware is further sub-segmented into sensors, actuators, power sources, control systems, etc. These are used mostly in the exoskeleton hence driving the growth of the hardware segment in the Smart Exoskeleton Market.

Smart Exoskeleton Application Insights

The Smart Exoskeleton Market segmentation based on application includes upper limbs, lower limbs, and full body. The full body category generated the most income. A full-body exoskeleton, also called a motorized exoskeleton, is a wearable robotic device that covers the entire body and is designed to augment or assist human movement. These devices use electric motors or hydraulic systems to increase the strength and durability of the clothing. Soldiers can use full-body exoskeletons to lift heavy loads, move faster and more efficiently, and increase physical endurance on the battlefield.

Smart Exoskeleton Verticals Insights

The Smart Exoskeleton Market segmentation based on verticals includes industrial, healthcare, military, and others. The healthcare category generated the most income. Growing investments in the healthcare sector, increasing incidence of spinal cord injuries and emerging rehabilitation centers will drive the growth of the smart exoskeleton market. Meanwhile, smart exoskeletons have recently been increasingly adopted by the general population. FDA approval for medical exoskeletons was also easily obtained. These factors are fueling the overall growth of the smart exoskeletons industry. The Smart Exoskeleton market was valued at USD 3,349 million in 2017 and is expected to exceed USD 5,290.1 ​​million by the end of the forecast period.

Smart Exoskeleton Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American smart exoskeleton market area will dominate this market due to its performance. Increasing disability in the region and investment from private healthcare-related organizations and government research institutes are major growth factors for the smart exoskeleton industry. Additionally, a recent study found that over 61 million people with disabilities in the United States and over 13.7% have mobility issues. The increasing cooperation of prominent players in the medical device industry has recently influenced the global growth of the smart exoskeletons market.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Smart Exoskeleton Market SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s smart exoskeleton market accounts for the second-largest market share. The growing demand for the use of smart exoskeletons for the rehabilitation of physically and neurologically disabled people is the driving force behind the growth of the global smart exoskeletons market. Further, the German smart exoskeleton market held the largest market share, and the UK was the fastest-growing market in the European region.

The Asia-Pacific Smart Exoskeleton Market is expected to grow at the fastest CAGR from 2024 to 2032. The growing geriatric population in the region is a major driver for the smart exoskeletons market, and exoskeletons are required to develop welfare and healthcare in the region. Countries like Japan are increasing industrial activities, and intelligent exoskeletons are widely used in Japan to improve work efficiency and intensive work. Moreover, China’s smart exoskeleton market held the largest market share, and the Indian smart exoskeleton market was the fastest-growing market in the Asia-Pacific region.

Smart 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 smart exoskeleton market grow even more. Market participants are also undertaking various 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, smart exoskeleton industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global smart exoskeleton industry to benefit clients and increase the market sector. The smart exoskeleton industry has offered some of the most significant advantages in recent years. Major players in the smart exoskeleton market, including Ekso Bionics Holdings Inc. (US), ReWalk Robotics (US), Ottobock (Germany), Lockheed Martin Corporation (US), Parker Hannifin Corp. (US), CYBERDYNE Inc. (Japan), DIH Technologies Corporation (China), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), US Bionics (US), Gogoa.EU (Spain), ATOUN Inc. (Japan), RB3D (France) and others are attempting to increase market demand by investing in research and development operations.

BIONIK (Canada), is a pioneering global healthcare company that aims to provide quality-of-life solutions for people with mobility impairments. Our mission is to help millions of people with disabilities live full and independent lives by promoting hope, healing and independence through evidence-based technologies that span the continuum of rehabilitative care. The company's product portfolio includes three InMotion® robots for rehabilitation after stroke and other neurological disorders and four products in various stages of development. Based on basic research at the Massachusetts Institute of Technology's Newman Biomechanics and Human Rehabilitation Laboratory, the InMotion® robot provides an effective, patient-specific treatment to restore upper limb motor control for various neurological conditions. And a recovery phase that includes early recovery from an acute stroke.

US Bionics (US), Our mission is to make Bionic a leading prosthetic and orthopedic solutions provider. Our vision is to bring like-minded people together with a common goal. Develop a growing clinical presence nationally and internationally and build strong alliances with healthcare partners. Our goal is to recognize patients as an integral part of the communities we serve. Our values ​​are to inspire and improve people's lives. Competent and compassionate treatment of patients.

Key Companies in the smart exoskeleton market include

• Ekso Bionics Holdings Inc. (US)


• ReWalk Robotics (US)


• Ottobock (Germany)


• Lockheed Martin Corporation (US)


• Parker Hannifin Corp. (US)


• CYBERDYNE Inc. (Japan)


• DIH Technologies Corporation (China)


• Rex Bionics Ltd. (UK)


• Hyundai Motor Company (South Korea)


• US Bionics (US)


• Gogoa.eu (Spain)


• ATOUN Inc. (Japan)


• RB3D (France)


• BIONIK (Canada)


• Honda Motor Co. Ltd (Japan)


• Sarcos Corp. (US)


• Technaid SL (Spain)


• Hocoma (Switzerland)


• Focal Meditech (Netherlands)


• Wearable Robotics SRL (Italy)


• B-TEMIA Inc. (Canada)

Smart Exoskeleton Industry Developments

February 2021: 

The device has similar features to existing devices, such as lightweight materials, and low cost, and is considered biomechanically safe and intelligent. However, it can work without an external power supply. Alibaba and market leader Bottos have teamed up to produce a smart exoskeleton device that can reduce the workload of workers in warehouses, logistics and other industrial activities. Activities like gathering, storing, loading and unloading can be done efficiently with this smart exoskeleton.

Smart Exoskeleton Market Segmentation:

Smart Exoskeleton Type Outlook

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  Ultra-Soft Exoskeleton

  
  


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  Soft Exoskeleton

  
  


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  Rigid Exoskeleton

  
  

Smart Exoskeleton Component Outlook

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  Hardware

  
  


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  Software

  
  

Smart Exoskeleton Application Outlook

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  Upper Limbs

  
  


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  Lower Limbs

  
  


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  Full Body

  
  

Smart Exoskeleton Vertical Outlook

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  Industrial

  
  


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  Healthcare

  
  


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  Military

  
  


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  Others

  
  

Smart Exoskeleton Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  

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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America