What is the global market size of Exoskeleton Market?

Global Exoskeleton Market size was valued at USD 800 Million in 2022 poised to grow from USD 1110 Million in 2023 to USD 15,920 Million by 2031, growing at a CAGR of 39.50% in the forecast period (2024-2031).

Who are the key vendors in the Global Exoskeleton Market?

Prominent industry participants are making significant investments in R&D to broaden their product offerings, hence contributing to the exoskeleton market's continued expansion. In order to increase their worldwide presence, market players are also engaging in a range of strategic initiatives. Notable changes in the industry include the introduction of new products, contracts, mergers and acquisitions, increased investment, and cooperation with other businesses. German Bionic is a firm established in Germany that specialises in the development of robotic exoskeletons that are wearable. The company makes exoskeletons that are intended to support workers in a variety of industries, such as manufacturing and logistics, and to increase human strength. 'Lifeward Inc. (Israel)', 'Lockheed Martin Corporation (US)', 'Honda Motor Co. Ltd. (Japan)', 'Wearable Robotics SRL (Italy)', 'Rex Bionics Ltd. (New Zealand)', 'Hyundai Motor Company (South Korea)', 'Sarcos Technology and Robotics Corporation (US)', 'Ekso Bionics (US)', 'Gogoa Mobility Robots (Spain)', 'Bionik Laboratories Corp. (US)', 'Parker Hannifin Corporation (US)', 'DIH Medical (China)', 'BIONIK (US)', 'Ekso Bionics Holdings, Inc. (US)', 'Myomo, Inc. (US)', 'Technaid. SL (Spain)', 'Ottobock SE & Co. KGOA (Germany)'

What is the key driver of Global Exoskeleton Market?

The specifications of what robots are made of and their possible uses are influencing demand for them as technology advances. In the discipline of electrical and electronic engineering, ongoing research and development have led to the introduction of better materials, control systems, software technologies, sensors, and actuators. These cutting-edge parts have made it easier to create novel, enhanced, self-powered, extremely low power consumption, lightweight, less complicated, and portable exoskeletons.

What is the key market trend for Global Exoskeleton Market?

Evolution of Exoskeleton Technology in Various Industries: Market has been reporting a major trend in exoskeleton technology advancements - innovations range from creation of lightweight and more ergonomic designs to integration of artificial intelligence to facilitate better command and flexibility in power sources like batteries, among others. Scientific breakthroughs are meant to ensure better human experience therefore making exoskeletons more friendly efficient end - user products applicable even in areas like healthcare as well as defense.

Which region accounted for the largest share in Global Exoskeleton Market?

Due to technical innovation, research and development, and support for the development of cutting-edge exoskeleton technologies, the North American exoskeleton market is expected to lead this market. This will contribute to the expansion of the exoskeleton market in this region. The US leads the North American market for self-assisting exoskeletons due to its superior medical facilities, rising disability from spinal cord injuries, and strong demand. Furthermore, to increase awareness of the treatment choices available for patients with spinal cord injuries, the American Spinal Cord Injury Association (ASIA) was established. This organization has a favorable attitude on the coverage and reimbursement of third-party commercial payers of medical exoskeletons.

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.

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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. '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.'

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.

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.

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.

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Exoskeleton Market Insights

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FAQs

What is the global market size of Exoskeleton Market?

Who are the key vendors in the Exoskeleton Market?

What is the key driver of Exoskeleton Market?

What is the key market trend for Exoskeleton Market?

Which region accounted for the largest share in Exoskeleton Market?

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