USD 1.58 Million
Exoskeleton Market Size, Share, Growth Analysis, By Body Type(Full Body, Upper Extremities, Lower Extremities), By Component(Hardware, and Software), By Structure(Flexible, and Rigid), By Type(Powered Exoskeletons, Passive Exoskeletons, Pseudo-Passive Exoskeletons, and Hybrid-Exoskeletons), By Mobility(Mobile, and Stationary), By Industry(Healthcare, Defense & Military, Construction, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2122 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
206
|Figures:
80
Exoskeleton Market Insights
Global Exoskeleton Market size was valued at USD 1.58 Billion in 2022 and is poised to grow from USD 2.35 Billion in 2023 to USD 23.6 Billion by 2031, growing at a CAGR of 31.4% in the forecast period (2024-2031).
Rapidly surging demand for better support systems and emphasis on improving human capabilities are projected to primarily bolster the demand for exoskeleton on a global level. High investments in the research and development of novel exoskeleton products will also bolster market development in the future. Growing demand for better rehabilitation technologies and techniques in the healthcare space and increasing use of advanced technologies in the military sector are also fostering new growth scope for exoskeleton companies around the world. Contrastingly, the high costs of exoskeletons, limited awareness, low acceptance, and absence of proper reimbursement for exoskeleton use in healthcare are some key restraints that could slow down market growth over the coming years.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Powered Exoskeletons
Fastest Growth
Passive Exoskeletons
Growth Rate
31.4% CAGR
Global Exoskeleton Market ($ Bn)
Country Share for North America Region (%)
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Exoskeleton Market Segmental Analysis
The global exoskeleton market is segmented based on component, type, offering, body type, mobility, structure, industry, and region. Based on component, the market is further sub-segmented into hardware and software. In terms of body type, the market is segmented into full body, upper extremities, and lower extremities. Based on structure, the market is segmented into flexible and rigid. Based on type, the market is further sub-segmented into powered exoskeletons, passive exoskeletons, pseudo-passive exoskeletons, and hybrid-exoskeletons. Based on mobility, the market is further sub-segmented into mobile and stationery. Based on industry, the market is further sub-segmented into healthcare, defense & military, construction, and others. Based on Region, North America, Europe, Latin America, Asia Pacific, Middle East and Africa.
Analysis by Component
Hardware components play a crucial role in determining the functionality and use case of exoskeletons. Exoskeleton companies are continually investing in the research and development of new hardware components that help make better exoskeletons. Companies are expected to leverage advanced semiconductor technologies to create new hardware components and maximize their business scope in the future.
Meanwhile, the need for advanced software for exoskeleton operation is also expected to increase at a rapid pace over the coming years. Integration of advanced technologies will necessitate the use of better software that can handle such technologies and improve the capability of all exoskeleton products. Software can also help users personalize and change the features of exoskeletons to improve functionality as per application.
Analysis by Mobility
The demand for mobile exoskeletons is projected to hold a major chunk of the global market share. Mobile exoskeletons are estimated to be preferred for their high flexibility and diverse application scope across multiple industry verticals. Users can easily move or navigate through different workplaces using this type of exoskeleton. The more lightweight nature of these exoskeletons is also expected to contribute to the high market share of this segment going forward. The use of advanced mobile technologies will also play a vital role in determining future market growth through this segment.
Stationary exoskeletons account for the second-highest market share and are expected to gain popularity at a steady pace. Stationary exoskeletons are expected to be used in rehabilitation and gain massive popularity in the healthcare space as demand for assistive products increases.
Global Exoskeleton Market By Component
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Exoskeleton Market Regional Insights
Rapid adoption of exoskeletons in the healthcare and military industry verticals in the North American region is expected to help it hold a dominant stance in the world. Rising use of exoskeletons for rehabilitation programs and growing investments in the military and defense sector to promote use of advanced technologies are forecasted to help this region maintain its high market share. Canada and the United States are slated to be the top markets for exoskeleton providers in this region. Moreover, high investments in R&D by exoskeleton companies operating in this region also contribute to the high market share of North America.
Asia Pacific is projected to emerge as the fastest-growing regional market for exoskeleton companies during the study period. Growing adoption of advanced technologies, rising awareness regarding benefits of exoskeleton, and increasing availability of exoskeleton products are setting the tone for good market growth in this region. Rising emphasis on worker safety and productivity enhancement will also boost sales of exoskeletons in this region with Japan, China, and India being the top markets.
Global Exoskeleton Market By Region
- Largest
- Fastest
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Exoskeleton Market Dynamics
Drivers
Use in Military and Healthcare Applications
- Exoskeletons are gaining massive popularity in the military and healthcare industries owing to their impressive application scope. In healthcare exoskeletons are being used for rehabilitation of the physically disabled people whereas in military they are being used to provide additional strength and security to soldiers.
Emphasis on Workplace Safety
- Workers working in dangerous and risky environments are prone to injuries and use of exoskeletons can help prevent this by offering workers extra strength and support to endure and avoid injuries. Impositions of worker safety mandates will also help promote exoskeleton demand outlook over the coming years.
Restraints
Limited Awareness and Acceptance
- Exoskeletons are a relatively new concept to people and not many people are aware of their use and associated benefits. This lack of awareness and hesitation in acceptance of workers is slated to slow down the demand for exoskeletons over the coming years.
Technical Complexities of Development and Use
- Exoskeletons are made up of advanced technologies and integrating them with the human body in an efficient and safe manner is a highly complex task, which is also expected to impede market development in the future.
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Exoskeleton Market Competitive Landscape
The global exoskeleton market is estimated to offer highly attractive moneymaking opportunities for all companies. Use of advanced technologies such as artificial intelligence, machine learning, etc. Is projected to increase among all exoskeleton manufacturers going forward. Compliance with worker safety mandates will play a crucial role in determining the success of any exoskeleton product. Launching new and innovative products at an affordable price is a key strategy that almost all exoskeleton market players will be focusing on going forward.
Top Player’s Company Profiles
- Cyberdyne Inc
- ExoAtlet
- GoGoa.Eu
- Focal Meditech
- Exhauss
- Meditouch
- DIH medical Hocoma
- Ekso Bionics
- LockHeed Martin Corporation
- Human Motion Technologies LLC
- Laevo Exoskeleton
- Ergosanté
- B-Temia
- MyOmo Inc.
- ReWalk Robotics.
- Ottobock SE & Co. KGaA (suit X)
- Wearable Robotics srl
- Sarcos Technology & Robotic Corporation
- Daiya Industry
- Rex Bionics Ltd.
Recent Developments
- In February 2024, Rehab Technologies IIT – INAIL, unveiled its new robotic exoskeleton at the Museum of Science and Technology. TWIN is a robotic exoskeleton for lower limbs and only a prototype was demonstrated using two patients.
- In May 2024, German Bionic, a leading manufacturer of smart exoskeletons based in Europe, launched its new 360° Human Augmentation Platform at the VivaTech event. The platform integrates the latest exoskeletons with German Bionic OS for its exoskeletons.
Exoskeleton Key Market Trends
- Ergonomic and Lightweight Designs: Exoskeletons available on the market are heavy and use a bulky design that is not appealing. Exoskeleton companies need to focus on using advanced technologies to improve their designs and experiment using different materials for weight reduction of their product. This design change will be highly beneficial for the overall exoskeleton market growth in the long run.
Exoskeleton Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing emphasis on improving human productivity and advancements in exoskeleton development technologies are slated to bolster market growth in the future. The healthcare industry is projected to be the most opportune space for exoskeleton companies as exoskeletons redefine rehabilitation and recovery processes. However, high costs, technical complexities, and lack of awareness are expected to slow down market development going forward. Use of lightweight materials to create more ergonomic exoskeletons with better scope of application will be a major trend for exoskeleton companies in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.58 Billion |
| Market size value in 2031 | USD 23.6 Billion |
| Growth Rate | 31.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Exoskeleton Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Exoskeleton Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Exoskeleton Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Exoskeleton Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Exoskeleton Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Exoskeleton Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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