HomePress-release

Redding, California - April 4, 2024

Exoskeleton Market to be Worth $11.90 Billion by 2031

Exoskeleton Market by Product (Soft, Rigid, Hybrid), Power Type (Powered, Passive), Body Type (Complete Body, Upper & Lower Extremities), Mobility (Stationary, Mobile), End-use (Industrial, Healthcare, Military, Others), Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Exoskeleton Market by Product (Soft, Rigid, Hybrid), Power Type (Powered, Passive), Body Type (Complete Body, Upper & Lower Extremities), Mobility (Stationary, Mobile), End-use (Industrial, Healthcare, Military, Others), Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the exoskeleton market is projected to reach $11.90 billion by 2031, at a CAGR of 36.8% from 2024 to 2031. The growth of this market is mainly driven by factors such as the growing demand for exoskeletons for orthopedic rehabilitation, the increasing prevalence of stroke and associated disabilities, and growing investments in exoskeletons by the military & defense sectors. In addition, the replacement of conventional prosthetics with exoskeleton technology and the rising adoption of human augmentation technology in manufacturing and other end-use sectors are expected to provide opportunities for market growth. However, stringent government regulations pertaining to medical applications can restrain the growth of the market. High procurement cost associated with exoskeletons and reliability issues poses challenges for the market growth.

The exoskeleton market is segmented by product, power type, body type, mobility, and end-use industry. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on product, the exoskeleton market is segmented into rigid exoskeletons, soft exoskeletons, and hybrid exoskeletons. In 2024, the rigid exoskeletons segment is expected to account for the largest share of the global exoskeleton market. The large share of the segment is attributed to the consistent demand for rigid exoskeletons from the military and industrial sectors to enhance the strength and endurance of soldiers and workers.

However, the hybrid exoskeletons segment is expected to grow at the highest CAGR during the forecast period. The rising focus of key players on developing hybrid exoskeletons to offer strong support and ensure maximal freedom of movement and usability is expected to drive the segment’s growth. For instance, in October 2023, Ottobock SE & Co. KGaA (Germany) launched the IX BACK AIR exoskeleton, a new back-support exoskeleton that combines the power of rigid systems with the comfort of soft models.

Based on power type, the exoskeleton market is segmented into powered exoskeletons and passive exoskeletons. In 2024, the powered exoskeletons segment is expected to account for the larger share of the global exoskeleton market. A large share of the segment is attributed to the development of powered exoskeletons to assist with heavy loads in the industrial setting and for specialized applications such as nuclear power plant maintenance, rising usage of powered exoskeletons for medical rehabilitation, recent advancements in power storing technologies and growing adoption of powered exoskeleton in military application. For instance, in January 2021, China revealed a military-use exoskeleton suit that is powered and can provide 20 kilograms of assisted strength to its user, relieve more than 50 percent of the burden, and greatly reduce risks of waist injury.

Moreover, the powered exoskeletons segment is expected to grow at the highest CAGR during the forecast period. The rising focus of players on product development and enhancement is expected to drive the segment’s growth. For instance, in August 2023, German Bionic (Germany) launched the ‘Apogee+’ powered exoskeleton in the North American healthcare market for nursing and care professionals.

Based on body type, the exoskeleton market is segmented into complete body, upper extremities, and lower extremities. In 2024, the lower extremities segment is expected to account for the largest share of the global exoskeleton market. The large share of the segment is attributed to the rising number of cases with lower limb disorders, rising uses of exoskeletons for rehabilitation training in a hospital, walking assistance in daily life, and carrying a load over unstructured terrains such as forests and disaster areas. In addition, the rising focus of players on developing innovative exoskeletons for the improvement of the physical function in the lower limb is expected to drive the segment growth. For instance, In June 2023, Comau (Italy), in collaboration with Esselunga (Italy), developed a new wearable exoskeleton specifically designed to reduce lower back fatigue during lifting and repetitive tasks. Similarly, in March 2021, Astrek Innovations (India) developed a lower limb exoskeleton that can aid patients with walking disabilities.

However, the upper extremities segment is expected to grow at the highest CAGR during the forecast period. Rising use of these exoskeletons in industries for worker safety is expected to drive the segment’s growth. For instance, in July 2023, Auxivo (Switzerland) launched the DeltaSuit, a game-changing product designed to support any worker who needs to work at or above shoulder level throughout the day. It provides a range of benefits, including reduced load on the shoulder and neck muscles and reduced fatigue.

Based on mobility, the exoskeleton market is segmented into mobile exoskeletons and stationary exoskeletons. In 2024, the mobile exoskeletons segment is expected to account for the larger share of the global exoskeleton market. The large share of the segment is attributed to the growing demand for mobile exoskeletons and advancements in exoskeleton technology. In addition, the rising focus of industry players on developing mobile exoskeletons for healthcare rehabilitation is expected to provide opportunities for the segment’s growth. For instance, in September 2021, B-Temia (Canada) launched a brand-new version of its flagship product, Keeogo, to improve the experience of both users and clinicians.

However, the stationary exoskeletons segment is expected to grow at the highest CAGR during the forecast period. Stationary or fixed exoskeletons are primarily used for healthcare and industrial applications, allowing workers to orient heavy material from one position to another. Furthermore, the increasing prevalence of spinal cord injuries and the growing usage of stationary exoskeletons in rehabilitation are expected to drive the segment’s growth. For instance, in June 2023, Bionik Laboratories Corp.(U.S.) expanded its partnership with Lifepoint Health (U.S.) for four new installations of the InMotion® ARM robotic device in Phoenix, Arizona, Sacramento, California, Brownsburg, Indiana, and Louisville, Kentucky, to deliver stroke recovery care.

Based on end-use industry, the exoskeleton market is segmented into healthcare, industrial, military, and other end-use industries. In 2024, the healthcare segment is expected to account for the largest share of the global exoskeleton market. The large share of the segment is attributed to factors such as the rising geriatric population, increasing number of road accidents, severe trauma injuries, rising usage of exoskeletons for rehabilitation, and increasing prevalence of stroke.

Some of the recent developments:

In May 2021 , Ekso Bionics Holdings, Inc. (U.S.) expanded its partnership with Kindred Healthcare LLC. (U.S) to supply its EksoNR to four of Kindred’s long-term, acute-care hospitals in Florida.
In January 2021, suitX (U.S.) launched a novel wearable exoskeleton shield for use by healthcare personnel required to wear heavy anti-radiation aprons. ShieldX removes 100% of the weight of a heavy anti-radiation apron from the user's shoulders and spine.

However, the industrial segment is expected to grow at the highest CAGR during the forecast period. The growth of the segment is driven by the rising adoption of exoskeletons by various industries to help workers perform their tasks more safely and efficiently, reducing the risk of workplace injuries and improving overall worker well-being, and the rising focus of players on product launch and enhancement. For instance, in October 2023, Auxivo (Switzerland), introduced a combined back and shoulder exoskeleton named OmniSuit, which supports users to lift loads from the floor and place them on the highest shelf. According to the company, this makes it a useful solution in a range of industries, including logistics, maintenance, manufacturing, construction, cleaning, and agriculture.

Based on geography, the exoskeleton market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the exoskeleton market. The large share of North America is attributed to the availability of well-established infrastructure for technology, higher adoption rate for advanced technologies, increased investment in exoskeleton technology, rising deployment of advanced robotics systems in the military, rising focus on workers’ health and safety, and presence of the majority of established exoskeleton players and start-ups.

Some of the recent developments:

In October 2023, Wandercraft SAS (France) began commercial operations of its exoskeleton, Atalante X, in the U.S.
In October 2022, the U.S. Air Force demonstrated an exoskeleton that will allow aerial porters to load cargo onto aircraft with fewer injuries and less fatigue.
In May 2021, The Air Force Life Cycle Management Center (U.S.) and Air Mobility Command (U.S.) partnered with Arizona State University to develop the Aerial Port Exoskeleton, a new piece of equipment set to be used in an official capacity at Travis Air Force Base.
In July 2020, Hilti North America (U.S.), a technology provider for the commercial construction industry, announced the EXO-O1 wearable exoskeleton.

However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growing geriatric population, along with the increasing prevalence of stroke & spinal cord injuries (SCIs), availability of government grants and funding for the medical and healthcare sectors, and rising adoption of exoskeletons to assist industrial workers who spend long hours working in overhead environments ensures high growth opportunities for the exoskeleton market in the Asia-Pacific region. For instance, in July 2022, Taiyo Koyu Co. Ltd. (Japan) and German Bionic (Germany) entered into a partnership agreement to help logistics companies and warehouse operations create safer and healthier workplaces while simultaneously improving productivity.

Key Players

The key players operating in the exoskeleton market are Lifeward Inc.(Israel), Lockheed Martin Corporation (U.S.), Parker Hannifin Corporation (U.S.), Ekso Bionics Holdings, Inc. (U.S.), Hyundai Motor Company (South Korea), Bionik Laboratories Corp.(U.S.), Myomo, Inc. (U.S.), Honda Motor Co. Ltd. (Japan), Technaid. S.L. (Spain), Gogoa Mobility Robots (Spain), Ottobock SE & Co. KGaA (Germany), Wearable Robotics SRL (Italy), Cyberdyne, Inc. (Japan), Rex Bionics Ltd. (New Zealand), and B-Temia (Canada).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5010

Key questions answered in the report-

Which are the high-growth market segments based on product, power type, body type, mobility, and end-use industry?
What was the historical market for exoskeletons?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the exoskeleton market?
Who are the major players, and what shares do they hold in the exoskeleton market?
What is the competitive landscape like in the exoskeleton market?
What are the recent developments in the exoskeleton market?
What are the different strategies adopted by the major players in the exoskeleton market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global exoskeleton market, and how do they compete with the other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

3D Printing

5G Technology

Advanced Chemical & Materials

Agrochemicals

Algae Products

Alternative Proteins

Animal Health

Artificial Intelligence

Automotive Technologies

Big Data Analytics

Climate Technologies

Edible Insects

Electric Vehicle

Food & Agriculture Technologies

Hydrogen Technologies

Internet Of Things

In Vitro Diagnostics

Laboratory Instrumentation

Language Learning Technologies

Medical Technologies

Next Generation Technologies

Processing & Packaging Technologies

Robotics & Automation

Smart Technologies

Water & Wastewater Technologies

Miscellaneous / Others

Redding, California - April 4, 2024

Exoskeleton Market to be Worth $11.90 Billion by 2031

Exoskeleton Market by Product (Soft, Rigid, Hybrid), Power Type (Powered, Passive), Body Type (Complete Body, Upper & Lower Extremities), Mobility (Stationary, Mobile), End-use (Industrial, Healthcare, Military, Others), Geography - Global Forecast to 2031

Recommended Readings

Advanced Chemical &
Materials

Food & Agriculture
Technologies

Next Generation
Technologies

Processing & Packaging
Technologies

Water & Wastewater
Technologies