Exoskeleton Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2024-2028

Exoskeleton Market Size 2024-2028

The exoskeleton market size is forecast to increase by USD 4.16 billion at a CAGR of 48.07% between 2023 and 2028.

What will be the Size of the Exoskeleton Market During the Forecast Period?

 Request Free Sample

How is this Exoskeleton Industry segmented and which is the largest segment?

The exoskeleton industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user
  • Healthcare
  • Military
  • Industry
• Mobility Type
  • Mobile
  • Fixed or stationary
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

By End-user Insights

The healthcare segment is estimated to witness significant growth during the forecast period. Exoskeletons are advanced wearable devices that augment human physical capabilities. Gaining traction In the healthcare sector, these innovations offer significant benefits, including enhanced rehabilitation and improved patient outcomes for individuals with neurological and musculoskeletal disorders, such as Multiple Sclerosis, Strokes, and Spinal Cord Injuries. Exoskeleton technology facilitates motor skill learning, muscle strengthening, and overall physical enhancement through assisted movements. In the medical field, these devices are instrumental in addressing mobility challenges, often replacing or complementing assistive devices like wheelchairs, crutches, and walkers. Exoskeletons consist of a hardware system, including sensors, controllers, and motors, powered by various sources and employing control strategies.

Soft actuators and sensors are essential components, ensuring seamless integration with the user's body. The regulatory landscape poses challenges, with FDA clearance being a crucial consideration. Exoskeleton applications extend beyond healthcare, with the industrial sector utilizing these technologies for labor-intensive tasks, enhancing safety and productivity. The market growth is driven by the increasing prevalence of work-related injuries, the aging population, and advancements in robotics, control systems, software technologies, and actuation technologies. Economies of scale, cost barriers, and the integration of cloud computing, deep learning, and artificial intelligence are also significant factors. The military sector is a significant adopter, with exoskeletons being used to augment soldiers' physical capabilities and protect against injuries.

In conclusion, exoskeletons represent a promising technology with significant potential to transform various industries and improve the quality of life for individuals with mobility challenges. As the market continues to evolve, addressing regulatory challenges and optimizing cost structures will be crucial to realizing the full potential of these innovative devices.

Get a glance at the market report of various segments Request Free Sample

The Healthcare segment was valued at USD 101.40 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market size of various regions, Request Free Sample

The US market holds a significant share In the North American the market due to advanced healthcare facilities, rising incidences of spinal cord injuries (SCIs), and increasing demand for self-assistive exoskeletons. Favorable reimbursement policies from commercial payers and organizations like the American Spinal Injury Association (ASIA) promoting awareness of treatment options further boost market growth. Key companies, such as Ekso Bionics Holdings and Parker-Hannifin, are based In the US, offering electromechanical exoskeletons for both upper and lower extremities. Emerging technologies like 3D-printed exoskeletons and the United Spinal Association's efforts to increase exoskeleton awareness also contribute to market expansion. The North American the market encompasses medical applications for neuroplasticity, rehabilitation centers, and home settings, as well as industrial uses in logistics, factories, and vehicle manufacturing.

Key technologies include actuators, control systems, software, sensors, motors, power sources, and control strategies. Regulatory challenges, cost barriers, and insurance coverage are significant market constraints. The market size is expected to grow due to the increasing prevalence of musculoskeletal disorders, work-related accidents, and cardiovascular and metabolic disorders.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Exoskeleton Industry?

• Increasing incidences of SCIs is the key driver of the market.Exoskeleton technology, a form of augmentation equipment, is revolutionizing healthcare with its application in various sectors, including the military and healthcare systems. Robotic technologies, including actuators, control systems, and software technologies, power these devices. In the healthcare industry, medical exoskeletons are used to aid individuals with spinal cord injuries (SCIs) and neurological disorders, such as Multiple Sclerosis, Strokes, and Acquired Brain Injury. These devices assist in stabilizing and facilitating interlimb-coordinated movements for patients with SCIs at levels T7 to L5 and T4 to T6. The market is driven by the increasing demand for assistive devices to improve mobility and enhance quality of life for individuals with disabilities.

  Medical applications include upper extremity exoskeletons for individuals with shoulder injuries and lower extremity exoskeletons for those with spinal cord injuries. The market faces regulatory challenges due to the need for FDA clearance and the development of a robust regulatory framework. Exoskeletons are also gaining popularity In the industrial sector for use in logistics, vehicle factories, aircraft manufacture, shipyards, and foundries. These devices help prevent work-related accidents and reduce the physical strain on able-bodied workers. Economies of scale and advancements in actuation technologies, including sensors, motors, power sources, and control strategies, are driving the growth of the industrial the market.

  Exoskeletons are also used in rehabilitation centers and home settings for individuals with cardiovascular disorders, metabolic disorders, and musculoskeletal injuries. The integration of cloud computing, deep learning, smart sensors, and artificial intelligence in exoskeleton hardware systems is enhancing their functionality and improving the return on investment for users. The market includes various forms of exoskeletons, including passive exoskeletons and electromechanical exoskeletons, which operate in different modes. Ekso Bionics, RISE, XoMotion, and other companies are leading the development of these technologies. The market volume is expected to grow significantly In the coming years due to the increasing demand for assistive devices and advancements in robotics and sensor technologies.

What are the market trends shaping the Exoskeleton market?

• Rising adoption of exoskeletons featuring existing and emerging technologies is the upcoming market trend.Exoskeleton technology, which includes actuators, control systems, and software technologies, is revolutionizing healthcare through the development of medical exoskeletons. These devices, which can cover upper or lower extremities, are particularly beneficial for individuals with neuromotor disabilities, such as those caused by Multiple Sclerosis, Strokes, or Spinal Cord Injuries. Exoskeletons employ advanced technologies like functional electrical stimulation (FES) and brain-computer interfaces (BCI) to enhance rehabilitation. FES coordinates muscle movements, while BCI systems, implemented in a MATLAB & Simulink environment, monitor brain electrical activity and detect EEG features to control locomotion. These innovations can significantly reduce medical costs and improve quality of life, especially for individuals with Spinal Cord Injuries, paraplegia, or paralysis.

  Furthermore, exoskeletons are being explored In the military sector, where they are used as industrial exoskeletons to enhance labor capabilities in industries like logistics, vehicle factories, aircraft manufacture, shipyards, and foundries. The regulatory challenges surrounding FDA clearance and the integration of these technologies into healthcare systems are being addressed through collaborative efforts between organizations like Ekso Bionics, RISE, and NSCISC. The market for exoskeletons is expected to grow due to the potential cost savings and improved mobility they offer for individuals with various medical conditions, including Musculoskeletal Disorders, Acquired Brain Injuries, and Cardiovascular or Metabolic Disorders. The integration of technologies like cloud computing, deep learning, smart sensors, and artificial intelligence is also expected to enhance the functionality and accessibility of these devices.

What challenges does the Exoskeleton Industry face during its growth?

• Well-trained caregivers requirement post treatment is a key challenge affecting the industry growth.Exoskeleton technology, a form of augmentation equipment utilizing robotic technologies, has gained significant attention in both the healthcare and military sectors. Soft actuators and advanced control systems are integral components of these systems, which also incorporate software technologies for optimal performance. Medical applications include assisting individuals with neurological disorders such as Multiple Sclerosis, Strokes, and Spinal Cord Injuries, enhancing mobility and improving quality of life. However, regulatory challenges, including FDA clearance, pose obstacles to widespread adoption. Exoskeletons are used to aid individuals with various mobility issues, including those who rely on wheelchairs, crutches, or walkers. These devices offer a potential alternative to traditional assistive devices, addressing the physical demands of labor-intensive industries like logistics, vehicle factories, aircraft manufacture, shipyards, and foundries.

  In the military sector, exoskeletons are used to enhance the capabilities of able-bodied users, particularly in demanding missions. Exoskeleton hardware systems consist of sensors, motors, power sources, and controllers, enabling users to overcome challenges related to cardiovascular disorders, metabolic disorders, and spinal cord injuries. Control strategies, including those based on neuroplasticity, artificial intelligence, and deep learning, are crucial for effective operation. Passive exoskeletons and upper and lower extremity exoskeletons are available for different applications. Cost barriers, including the need for cloud computing and smart sensors, are significant challenges for the market. Companies like Ekso Bionics and XoMotion are addressing these challenges with innovative solutions.

  The market for medical and industrial exoskeletons is expected to grow, driven by the potential for increased productivity and reduced work-related accidents. However, the availability of well-trained caregivers for medical applications remains a significant challenge. Incorrect usage of exoskeletons may result in injuries, fractures, and accidental falls, emphasizing the importance of proper training and coordination.

Exclusive Customer Landscape

The exoskeleton market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the exoskeleton market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, exoskeleton market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

Bionik Laboratories Corp. - The company specializes In the development and deployment of advanced exoskeleton technology, including the ARKE lower body model. These wearable devices enhance human capabilities by providing external support and augmentation, enabling users to perform tasks more efficiently and safely. Exoskeletons offer potential applications in various industries, such as manufacturing, construction, and healthcare, by reducing physical strain and improving productivity. The technology continues to evolve, offering promising solutions for workforce enhancement and mobility assistance.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Bionik Laboratories Corp.
• Cyberdyne Inc.
• DIH Group
• Ekso Bionics Holdings Inc.
• German Bionic Systems GmbH
• Honda Motor Co. Ltd.
• Hyundai Motor Co.
• Lockheed Martin Corp.
• Marsi Bionics SL
• MYOMO INC.
• Ottobock SE and Co. KGaA
• Panasonic Holdings Corp.
• Parker Hannifin Corp.
• Press Brake Safety
• RB3D
• ReWalk Robotics Ltd.
• Rex Bionics Ltd.
• Sarcos Technology and Robotics Corp.
• Wandercraft

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Exoskeleton technology, a form of augmentation equipment, has gained significant attention in various sectors due to its potential to enhance human capabilities and mobility. This technology, which combines robotic, actuator, and software technologies, is revolutionizing the way we approach mobility challenges in both medical and industrial applications. The market is experiencing robust growth, driven by advancements in actuator technologies, control systems, and sensor systems. Soft actuators, in particular, have gained traction due to their ability to mimic the natural motion of human muscles, making the technology more user-friendly and efficient. The military sector has been an early adopter of exoskeleton technology, with applications ranging from enhancing soldiers' physical capabilities to reducing the risk of work-related injuries.

In the medical field, exoskeletons are being used to improve the quality of life for individuals with neurological disorders, such as multiple sclerosis and strokes, as well as those with mobility impairments resulting from shoulder or spinal cord injuries. Assistive devices, such as wheelchairs, crutches, and walkers, have long been the go-to solutions for individuals with mobility challenges. However, exoskeletons offer a more active and engaging alternative, allowing users to stand, walk, and even climb stairs in certain cases. Moreover, exoskeletons have the potential to improve neuroplasticity, which is the brain's ability to reorganize neural connections in response to new experiences.

Despite the numerous benefits of exoskeleton technology, there are regulatory challenges that need to be addressed. Regulatory frameworks, such as the FDA clearance process, need to be streamlined to facilitate the adoption of this technology in various applications. Furthermore, insurance coverage for exoskeleton devices is still a work in progress, which can be a significant barrier to entry for many potential users. Exoskeletons come in various forms, including passive and electromechanical, and can be used for both upper and lower extremities. Passive exoskeletons, which rely on the user's own motion to function, are particularly useful for individuals with muscle weakness or paralysis.

On the other hand, electromechanical exoskeletons, which use motors and power sources to assist the user, are more suitable for individuals with more significant mobility challenges. The industrial sector is also embracing exoskeleton technology, with applications ranging from logistics in vehicle factories and aircraft manufacture to heavy labor in shipyards and foundries. Exoskeletons are being used to reduce the physical strain on workers, improve productivity, and prevent work-related accidents. Cost barriers are another challenge that needs to be addressed to facilitate the widespread adoption of exoskeleton technology. Cloud computing, deep learning, and smart sensors are being explored as potential solutions to reduce the cost of exoskeletons while maintaining their performance and functionality.

In conclusion, the market is experiencing robust growth, driven by advancements in actuation technologies, control systems, and sensor systems. The technology holds significant potential for improving the quality of life for individuals with mobility challenges in both medical and industrial applications. However, regulatory challenges, insurance coverage, and cost barriers need to be addressed to facilitate the widespread adoption of this technology. The future of exoskeleton technology is bright, with applications ranging from rehabilitation centers to home settings and from cardiovascular disorders to metabolic disorders.

Request Free Sample

What are the Key Data Covered in this Exoskeleton Market Research and Growth Report?

• CAGR of the Exoskeleton industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the exoskeleton market growth of industry companies

We can help! Our analysts can customize this exoskeleton market research report to meet your requirements.

Get in touch