Exoskeleton Market Size By Product (Stationary, Mobile), By Application (Industrial, Military, Healthcare), Technology (Passive, Semi-Passive, Active) & Global Forecast, 2022 - 2030

Exoskeleton Market Size By Product (Stationary, Mobile), By Application (Industrial, Military, Healthcare), Technology (Passive, Semi-Passive, Active) & Global Forecast, 2022 - 2030

Exoskeleton Market Size

Exoskeleton Market size exceeded USD 500 million in 2021 and is projected to expand at over 30% CAGR from 2022 to 2030. The industry growth is attributed to the rising adoption of AI and IoT-powered exosuits for rehabilitation purposes in the medical sector.
 

AI-based exoskeleton is used in various applications including rehabilitation centers, manufacturing facilities, construction sites, and military. It enables users to reduce fatigue and strain caused by repetitive tasks as well as reduce the risks of injury caused by lifting, carrying, or moving heavy loads. Additionally, the acceptance of exosuits helps in increasing productivity as well as improving proficiency, further promoting the market expansion.
 

The COVID-19 pandemic has disrupted the global market sales. The industry statistics witnessed a temporary decline in 2020. Due to government restrictions on import & export, OEMs around the world experienced a shortage of raw materials. The COVID-19 pandemic has led to a decline in the overall manufacturing of electronic components required for exoskeletons because of the supply chain disruptions in the Asia Pacific semiconductor sector. The China semiconductor industry experienced disruptive challenges in component manufacturing owing to the COVID-19 pandemic. However, the ongoing crisis between Russia and Ukraine is positively impacting the market in the military & defense sector of the Europe region.
 

Exoskeleton Market Analysis

The mobile segment generated a market revenue of around USD 400 million in 2021 on account of the rising demand in the industrial sector. Mobile exoskeletons are designed as wearable mobile machines integrated with actuators and sensors, covering the entire body. These exoskeletons provide the ability to stand, walk, and work mechanically to support body motion.
 

Several key players are focusing on developing advanced mobile exoskeleton solutions to gain a competitive edge in the market. For instance, in December 2021, Ekso Bionics, a medical equipment manufacturing business based in California, announced the development of new robotic exoskeletons for industrial applications. This is designed to wear by workers for all-day use to maintain ruggedness and durability.
 

The healthcare segment held over 50% of exoskeleton market share in 2021. Healthcare exoskeletons are integrated for various applications such as spinal cord injury, rehabilitation, multiple sclerosis, stroke, and others. The rise in injuries caused by accidents, work-related musculoskeletal injuries, and other factors are driving the demand for exosuits in the medical industry. According to the WHO, around 20 - 50 million people suffer from non-fatal injuries every year, resulting in a disability. The increasing usage of medical exosuits to actuate & support physical movements will fuel the market value.
 

The passive technology segment accounted USD 100 million in 2021 and is predicted to observe a 25% growth rate till 2030. This growth is credited to the several factors such as low price, no power consumption, and increased efficiency, among others. Instead of power, they use mechanical energy and mechanical device such as springs, dampeners, etc. These characteristics have encouraged its acceptance in several markets including logistics, construction, military, and aerospace. Several participants, such as Innophys Corporation, Technaid S.L, and ReWalk Robotics, among others, are continuously focusing on distribution strategy to gain a high industry share.
 

The North America exoskeleton market is estimated to attain a 30% CAGR by 2030. The increasing usage of smart exosuits in military & defense applications provides significant opportunities for component suppliers during the forecast period. They reduce human causalities, perform hazardous tasks, lower the operational costs, collect better intelligence, effective surveillance, and improve the attack capabilities in the military & defense sector. Companies are proactively focusing on expanding business verticals to gain a competitive advantage in the market.
 

Exoskeleton Market Share

Key participants operating in the market include

• Bionik Laboratories Corp.
• B-Temia
• Cyberdyne Inc.
• Ekso Bionics
• Gogoa
• Hocoma
• Hyundai Motor Company
• Levitate Technologies, Inc.
• Lockheed Martin Corporation
• Noonee
• Ottobock SE & Co. KGaA
• Parker Hannifin
• ReWalk Robotics
• REX Bionics
• Sarcos

These leaders are proactively focusing on new product developments and launches to gain a competitive advantage.
 

The exoskeleton market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 to 2030 for the following segments

Click here to Buy Section of this Report

Market, By Product

• Stationary
• Mobile

Market, By Application

• Healthcare
• Industrial
• Military
• Others

Market, By technology

• Passive
• Semi- passive
• Active

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
• Asia Pacific
  • Japan
  • China
  • Australia
  • Singapore
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA