Exoskeleton Market to be Worth $11.90 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jun 06, 2024, 10:46 ET

REDDING, Calif., June 6, 2024 /PRNewswire/ -- According to a new market 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 - Forecasts to 2031', the exoskeleton market is projected to reach $11.90 billion by 2031, at a CAGR of 36.8% from 2024 to 2031.

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The growth in this market is mainly driven by factors such as growing demand for exoskeletons for orthopedic rehabilitation, 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 the market's 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 based on product (soft exoskeletons, rigid exoskeletons, hybrid exoskeletons), power type (powered exoskeletons, passive exoskeletons), body type (complete body, upper extremities, and lower extremities), mobility (stationary exoskeletons, mobile exoskeletons), and end-use industry (industrial, healthcare, military, other end-use industries). The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on product, the exoskeleton market is segmented into rigid exoskeletons, soft exoskeletons, and hybrid exoskeletons. In 2024, the rigid exoskeleton segment is expected to account for the largest share of the global exoskeleton market. However, the hybrid exoskeletons segment is expected to grow at the highest CAGR during the forecast period. The rising focus of key players on the development of hybrid exoskeletons and to 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. The new back-support exoskeleton combines the power of rigid systems with the comfort of soft models.

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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. 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 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. However, the upper extremities segment is expected to grow at the highest CAGR during the forecast period. The rising use of these exoskeletons in industries for workers' safety is expected to drive the segment's growth. For instance, in July 2023, Auxivo (Switzerland) launched the DeltaSuit, a 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. However, the stationary exoskeletons segment is expected to grow at the highest CAGR during the forecast period.

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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 is 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. 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. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rising 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).

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Scope of the report:

Exoskeleton Market Assessment, by Product

Rigid Exoskeletons
Soft Exoskeletons
Hybrid Exoskeletons

Exoskeleton Market Assessment, by Power Type

Powered Exoskeletons
Passive Exoskeletons

Exoskeleton Market Assessment, by Body Type

Complete Body
Upper Extremities
Lower Extremities

Exoskeleton Market Assessment, by Mobility

Mobile Exoskeletons
Stationary Exoskeletons

Exoskeleton Market Assessment, by End-use Industry

Mobile Healthcare
Industrial
Military
Other End-use Industries

Exoskeleton Market Assessment, by Geography

North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
Middle East & Africa

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