Exoskeleton Market Size & Forecast
The Exoskeleton Market is projected to reach $11.90 billion by 2031, at a CAGR of 36.8% during the forecast period 2024–2031. The growth of this market is mainly driven by factors such as the rising demand for exoskeletons for orthopedic rehabilitation, the increasing prevalence of stroke and associated disabilities, and growing investments in exoskeletons by the military & defense sector. 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.
Growing Demand for Exoskeletons from the Healthcare Sector for Orthopedic Rehabilitation is Expected to Drive the Market’s Growth
Globally, the number of people with physical disabilities is growing consistently, majorly due to the rising geriatric population and increasing number of general & road accidents. According to the World Health Organization (WHO)(Switzerland), Approximately 1.71 billion people have musculoskeletal conditions worldwide. Musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability in 160 countries. Musculoskeletal conditions significantly limit mobility and dexterity, leading to early retirement from work, lower levels of well-being, and reduced ability to participate in society.
According to The National Spinal Cord Injury Statistical Center (NSCISC) (U.S.), the 2022 population size in the United States was estimated to be about 334 million people. The most recent estimate of the annual incidence of traumatic spinal cord injury (tSCI) is approximately 54 cases per one million people in the United States, which equals about 18,000 new tSCI cases each year.
Several players operating in the market offer exoskeletons for orthopedic rehabilitation to help patients who are recovering from a stroke or other conditions. Several companies, such as Rex Bionics Ltd. (New Zealand) and Ekso Bionics Holdings, Inc. (U.S.), offer exoskeletons for modern-day healthcare facilities to help people recover from severe physical trauma or assist them in their independent, active lifestyles.
Thus, the rising sense of self-reliance among disabled people and the official advent of exoskeletons through medical approvals is helping the propagation of exoskeletons, particularly in the healthcare sector.
Click here to: Get Free Sample Pages of this Report
Key Findings in the Exoskeleton Market Study:
In 2024, the Rigid Exoskeletons Segment is Expected to Dominate the Exoskeleton Market
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 exoskeletons from the military and industrial sectors to enhance the strength and endurance of soldiers and workers.
In 2024, the Powered Exoskeletons Segment is Expected to Dominate the Exoskeleton Market
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. The 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.
In 2024, the Lower Extremities Segment is Expected to Dominate the Exoskeleton Market
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.
In 2024, the Mobile Exoskeletons Segment is Expected to Dominate the Exoskeleton Market
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 across different verticals and growing technological advancements.
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.
In 2024, the Healthcare Segment is Expected to Dominate the Exoskeleton Market
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.
North America: Largest Regional Market
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, the 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.
Exoskeleton Companies
The key exoskeleton companies operating across the globe 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).
Exoskeleton Market Report Summary:
Particulars
|
Details
|
Number of Pages
|
200
|
Format
|
PDF
|
Forecast Period
|
2024-2031
|
Base Year
|
2023
|
CAGR
|
36.8%
|
Estimated Market Size (Value)
|
$11.90 billion by 2031
|
Segments Covered
|
By Product
- Rigid Exoskeletons
- Soft Exoskeletons
- Hybrid Exoskeletons
By Power Type
- Powered Exoskeletons
- Passive Exoskeletons
By Body Type
- Complete Body
- Upper Extremities
- Lower Extremities
By Mobility
- Mobile Exoskeletons
- Stationary Exoskeletons
By End-use Industry
- Mobile Healthcare
- Industrial
- Military
- Other End-use Industries
|
Countries Covered
|
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
|
Key Companies
|
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).
|
Key questions answered in the report: