The size of the global exoskeleton market is projected to grow from USD 1.52 billion in 2024 to USD 4.27 billion by 2029, growing at a CAGR of 22.88% from 2024 to 2029.
Exoskeletons are portable devices that are used to expand the user's physical capabilities. It contains rigid and resistant components that are only a set of functional roles, in particular excretion, protection, support, and detection. In general, exoskeletons work with sensors and actuators or sometimes they can be passive. These portable machines allow limb movement with amplified force and improve the performance of human tasks. The term exoskeleton means a rigid and solid outer shell that is intended to protect the body from certain invertebrates, mainly arthropods. The exoskeleton acts as protection that covers animals with weaker body parts. The same technology has now extended to humans. There are several applications of the exoskeleton in humans with congenital disabilities or in humans with deformed body appendages. Since the 1960s, researchers have continuously worked on the construction of mechanical exoskeletons for human application. The first exoskeleton was built by General Electric and the armed forces of the United States. Scientists and researchers have developed this portable technology that combines information systems and robotics to form an external structure for the human body. The main applications are intended for soldiers who suffer physical malformations due to the consequences of war.
The major factors stimulating the growth of the global exoskeleton market are the geriatric population, the advent of robotic technologies and the increase in investments in exoskeleton technology. The safety of the elderly is one of the main concerns of the health care industry. Lesions resulting from loss of balance are more common in the elderly. Intelligent lightweight carbon fiber exoskeletons can be worn below the waist and easily fit the wearer's body. These smart exoskeletons learn from users' walking style and recognize the patterns of their passage. Once the walking pattern is established, the exoskeleton system algorithm can detect deviations from the regular stride pattern. Any difference would activate the thigh motors, which would help restore the stability of the hip and prevent the fall of the elderly. These benefits of smart exoskeleton systems are presumed to stimulate market growth significantly.
The increasing adoption in the industrial and military sectors, the growing demand of the health care sector for robotic rehabilitation, a rising prevalence of strokes, advances in robotic technologies, higher investments and financing for R&D to develop solutions more accessible and affordable, and mobility are the main factors that drive the growth of the global exoskeleton market.
However, strict government regulations regarding medical applications are the main factor limiting the growth of the exoskeleton market. Also, the high cost of equipment can hamper the market growth.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
44% |
Segments Covered |
Type, Mobility, End-User, Body Part |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Bionik (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (United States), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai laboratories (South Korea), Lockheed Martin (USA), Meditouch (Israel), Ottobock (Germany), ReWalk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics ( South Korea), suitX (USA), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (USA), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (USA)), Wandercraft (France) and other market players |
Based on type, the powered segment accounted for an outstanding share in the global exoskeleton market and is likely to expand in the same manner in the coming years.
Based on mobility, the mobile segment held the bulk of the share of the global exoskeleton market in 2023. However, the stationary exoskeleton segment is assumed to experience lucrative growth over the forecast period. Key factors that contribute to the growth of this segment include the increased prevalence of spinal cord injury (SCI) and the increasing use of the stationary type in rehabilitation. Mobile and desktop exoskeletons are segmented into active and passive systems, depending on the energy used.
Based on end-user, the healthcare segment had the largest share of the worldwide market in 2023. This segment is also classified in rehabilitation, care for the elderly and care centers. The increasing use of these products in rehabilitation centers, the increase in the prevalence of SCI and the subsequent increase in the rate of treatment are among the few factors that should stimulate market growth.
The North American region dominated the market worldwide in 2023 with a larger share by region. The main contributors to the large part may be the increase in the geriatric population and the increase in the purchasing power of patients. In addition, the increasing adoption of exoskeletons in the military, healthcare, industrial and consumer sectors should stimulate growth in the exoskeleton market of North America during the forecast period. Europe exoskeleton market is also foreseen to expand with a notable growth rate.
Bionik (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (United States), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai laboratories (South Korea), Lockheed Martin (USA), Meditouch (Israel), Ottobock (Germany), ReWalk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics ( South Korea), suitX (USA), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (USA), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (USA) and Wandercraft (France) are some of the notable companies in the global exoskeleton market.
By Type
By Mobility
By End-User
By Body Part
By Region
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