Exoskeleton Market Report
RA01247
Exoskeleton Market by Mobility (Mobile and Fixed/Stationary), Technology (Powered and Non-powered), Extremity (Upper Body, Lower Body, and Full Body), End Use (Healthcare, Military, and Industry), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Exoskeleton Overview
An exoskeleton, an external skeleton or exosuit, is a mechanical structure worn by a person to enhance their physical abilities. It consists of rigid or semi-rigid segments connected by hinges or flexible mechanisms strategically placed to mirror a body's natural movement. Exoskeletons can be powered or unpowered. Powered exoskeletons use actuators or motors to provide additional strength and mobility, while unpowered exoskeletons use mechanical structures and springs to reduce strain and promote stability. These devices have diverse healthcare, military, industrial, and sports applications. They assist with rehabilitation, augment soldiers' endurance, aid in physically demanding tasks, and enhance athletic performance. As technology advances, exoskeletons are becoming more specialized, offering tailored solutions for specific needs. They represent an energizing range of continuous research and development with the potential to revolutionize human capabilities.
Global Exoskeleton Market Analysis
The global exoskeleton market size was $335.27 million in 2022 and is predicted to grow with a CAGR of 16.55%, by generating a revenue of $1520.85 million by 2032.
COVID-19 Impact on Global Exoskeleton Market
The COVID-19 pandemic had a significant impact on the exoskeleton market. Disrupted supply chains due to lockdown measures and restrictions on movement led to factory closures, reduced production capacities, and delays in the delivery of components. This resulted in a decrease in overall production and sales of exoskeletons. In the healthcare sector, resources were focused on managing COVID-19 cases, leading to a temporary decline in adopting exoskeletons for non-essential medical purposes. The economic downturn has also reduced funding and investment in new technologies, including exoskeletons.
However, major sectors such as logistics, manufacturing and construction are increasing their demand for exoskeletons that improve worker safety and productivity. The pandemic also accelerated the shift towards remote support and telerehabilitation, with manufacturers and healthcare providers exploring virtual training and remote assistance solutions. Additionally, there has been an emphasis on incorporating hygiene and safety features into exoskeletons to minimize the risk of viral transmission.
Growing Demand in Healthcare Sector to Drive the Market Growth
The exoskeleton market is driven by various factors contributing to its development. One key driver is the expanding demand in the healthcare sector, where exoskeletons are utilized for rehabilitation and assistive technologies. The rising geriatric population and prevalence of disabilities necessitate improved mobility and rehabilitation solutions, fueling the demand for exoskeletons in healthcare. Technological advancements also play a crucial role, with continuous progress in robotics, sensors, AI, and materials enhancing the capabilities and user experience of exoskeleton systems. Furthermore, the industrial sector benefits from exoskeletons in terms of improved worker safety, expanded productivity, and reduced fatigue, particularly in physically demanding jobs. Military and defense applications contribute to the market's development, as exoskeletons can improve soldiers' strength, endurance, and protection capabilities. Additionally, the exoskeleton market receives significant investments and funding, accelerating research and development efforts. Regulatory support and standards, increasing awareness, and cost reduction initiatives are essential in driving the exoskeleton market forward.
High Cost to Restrain the Market Growth
The exoskeleton market faces several factors that restrain its growth. One of the significant challenges is the high cost of developing and manufacturing exoskeletons. The complexity of engineering and advanced technologies involved in exoskeletons contribute to their expensive nature, restricting their accessibility and affordability. Additionally, exoskeletons often have limited functionality, catering to specific applications such as medical rehabilitation, industrial use, or military purposes. This restricted functionality hampers their adoption in various industries or everyday use. Technological challenges, such as improving power sources, battery life, weight reduction, and durability, impede the market's expansion. Furthermore, the exoskeleton industry encounters regulatory hurdles due to varying standards and certifications across different countries, which can slow market growth and restrict availability. Lack of awareness and acceptance among the public and industries, safety concerns, and social stigma associated with exoskeletons further hinder their widespread adoption.
Industrial Applications to Drive Excellent Opportunities
The exoskeleton market presents numerous opportunities in various sectors. One key opportunity is industrial applications. Manufacturing, construction, and logistics industries can benefit from exoskeleton technology to improve worker productivity and safety. Defense and military applications involve enhancing soldiers' capabilities and aiding in rehabilitating injured personnel. Exoskeletons also have potential in elderly care, supporting seniors with mobility and balance while reducing strain on caregivers. Sports and recreation can utilize exoskeletons to enhance performance and aid in rehabilitation. The market offers research and development prospects for robotics, biomechanics, and human-machine interfaces. In expansion, the exoskeleton can serve as assistive technology for people with disabilities, helping in everyday activities. Technological advances in lightweight materials, sensors and control algorithms will drive growth and innovation.
Global Exoskeleton Market Share, by Mobility, 2022
The mobile sub-segment accounted for the highest market share in 2022. Mobile technology can potentially impact and dominate the exoskeleton market in several ways. Firstly, mobile devices offer connectivity and control choices through Bluetooth and Wi-Fi, enabling remote control, monitoring, and adjustment of exoskeletons. Additionally, mobile devices are equipped with different sensors, such as accelerometers and gyroscopes, which can enhance motion detection and provide real-time feedback to users. The advanced processing capabilities of mobile devices also empower the analysis of large amounts of information created by exoskeletons, permitting personalized assistance and predictive support through machine learning algorithms. Furthermore, mobile apps provide intuitive user interfaces, making exoskeleton control accessible and user-friendly. Remote support and monitoring can be facilitated through mobile technology, enabling healthcare professionals to assess users and provide timely assistance remotely. The ease of data sharing and collaboration among users, researchers, and manufacturers is also facilitated by mobile devices. Finally, the increasing affordability and accessibility of mobile technology make it a cost-effective solution for exoskeleton control interfaces, promoting wider adoption across various industries and user groups.
Global Exoskeleton Market Share, by Technology, 2022
The powered sub-segment accounted for the highest market share in 2022. Powered technology has revolutionized the exoskeleton market, dominating it in several ways. By integrating electric motors, actuators, and sensors, powered exoskeletons provide mechanical assistance that enhances the wearer's strength and endurance. These devices allow individuals to perform physically demanding tasks with reduced effort while increasing mobility and flexibility through motorized joints and advanced control systems. Powered exoskeletons alleviate strain on muscles and joints, reducing fatigue and preventing injuries. These exoskeletons' customizable and adaptive designs cater to individual needs, offering adjustable levels of assistance and real-time responsiveness to the wearer's movements.
Global Exoskeleton Market Share, by Extremity, 2022
The lower body sub-segment accounted for the highest market share in 2022. Lower-body exoskeletons have dominated the exoskeleton market due to several reasons. Firstly, they have gained significant attention for their rehabilitation and mobility assistance applications. By supporting the lower limbs, these exoskeletons help individuals with mobility impairments or undergoing rehabilitation regain or enhance their ability to walk and perform daily activities. Additionally, the biomechanics of the lower body makes it well-suited for exoskeletal support, as it plays an essential role in human locomotion. Lower body exoskeletons leverage this advantage to provide strength and stability, benefiting tasks that involve walking, standing, or lifting objects. Moreover, they improve balance and stability, reduce the risk of falls and enhance safety. Lower body exoskeletons also find utility in industries where workers must carry heavy loads or operate in physically demanding environments, as they redistribute weight and reduce strain. Lastly, regulatory considerations have favored lower body exoskeletons, as they have received more approvals and certifications for medical and rehabilitation purposes.
Global Exoskeleton Market Share, by End Use, 2022
The healthcare sub-segment accounted for the highest market share in 2022. The healthcare sector has emerged as a dominant force in the exoskeleton market due to its significant contributions and advantages. Healthcare has propelled the growth of exoskeletons through their extensive use in rehabilitation and physical therapy. These devices have proven effective in assisting individuals with mobility impairments, helping them regain motor functions and achieve better outcomes. Moreover, healthcare professionals benefit from exoskeletons, as these devices reduce physical strain and support them in performing demanding tasks. With the aging population and extending disabilities, healthcare providers recognize the potential of exoskeletons in addressing portability challenges. The healthcare industry has invested in research and development, obtained regulatory approvals, and has the necessary infrastructure and expertise to integrate exoskeletons into care settings. This, coupled with the market demand driven by the prevalence of mobility-related conditions, has set healthcare's dominance in the exoskeleton market.
Global Exoskeleton Market Share, by Region, 2022
The North America exoskeleton market generated the highest revenue in 2022. North America dominates the exoskeleton market due to a combination of several factors. Technological advances, strong R&D, robust industrial and military sectors, supportive regulatory framework, strong market players, investment opportunities, and market perception have all contributed to North America's leadership position. The region's focus on innovation and the presence of leading technology companies and research institutions have propelled the development of sophisticated exoskeleton systems. Additionally, North America's industrial and military sectors have recognized the potential benefits of exoskeletons, driving their adoption in various applications. The region's supportive regulatory frameworks have facilitated the development and deployment of exoskeleton technology, while the availability of investment and funding opportunities has fueled further growth. North America's dominance is also attributed to the presence of key market players and a higher level of market awareness and adoption than other regions.
Competitive Scenario in the Global Exoskeleton Market
Investment and agreement are common strategies followed by major market players. One of the leading market players in the industry is Ekso Bionics. For instance, in June 2020, Ekso Bionics received U.S. FDA approval for clinical use of Ekso NR robotic exoskeleton which is used in patients suffering from acquired brain injury (ABI). Some of the leading exoskeleton market players are Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, Re Walk Robotics Ltd, Hocoma, Rex Bionics PLC., Active Link (Panasonic Corporation, and Cyber dyne, Inc.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2022 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Mobility |
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| Segmentation by Technology |
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Segmentation by Extremity
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| Segmentation by End-use |
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| Key Companies Profiled |
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Q1. What is the size of the global exoskeleton market?
A. The size of the global exoskeleton market was over $335.27 million in 2022 and is projected to reach $1520.85 million by 2032.
Q2. Which are the major companies in the exoskeleton market?
A. Active Link (Panasonic Corporation and Cyber dyne, Inc. are some of the key players in the global exoskeleton market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Ekso Bionics, suitX, Re Walk Robotics Ltd, Hocoma are the companies investing more on R&D activities for developing new products and technologies.
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1. RESEARCH METHODOLOGY
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
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2. REPORT SCOPE
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on Global Exoskeleton Market
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on Exoskeleton Market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
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5. Exoskeleton Market, By Sector
5.1. Overview
5.2 Stationary
5.2.1 Definition, key trends, growth factors, and opportunities
5.2.2 Market size analysis, by region, 2020-2027
5.2.3 Market share analysis, by country, 2020-2027
5.3 Mobile
5.3.1 Definition, key trends, growth factors, and opportunities
5.3.2 Market size analysis, by region, 2020-2027
5.3.3 Market share analysis, by country, 2020-2027
5.4 Research Dive Exclusive Insights
5.4.1 Market attractiveness
5.4.2 Competition heatmap
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6. Exoskeleton Market, By Lumen
6.1. Overview
6.2 Passive
6.2.1 Definition, key trends, growth factors, and opportunities
6.2.2 Market size analysis, by region, 2020-2027
6.2.3 Market share analysis, by country, 2020-2027
6.3 Semi-Passive
6.3.1 Definition, key trends, growth factors, and opportunities
6.3.2 Market size analysis, by region, 2020-2027
6.3.3 Market share analysis, by country, 2020-2027
6.4 Active
6.4.1 Definition, key trends, growth factors, and opportunities
6.4.2 Market size analysis, by region, 2020-2027
6.4.3 Market share analysis, by country, 2020-2027
6.5 Research Dive Exclusive Insights
6.5.1 Market attractiveness
6.5.2 Competition heatmap
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7. Exoskeleton Market, By Resorbability
7.1. Overview
7.2 Industrial
7.2.1 Definition, key trends, growth factors, and opportunities
7.2.2 Market size analysis, by region, 2020-2027
7.2.3 Market share analysis, by country, 2020-2027
7.3 Military
7.3.1 Definition, key trends, growth factors, and opportunities
7.3.2 Market size analysis, by region, 2020-2027
7.3.3 Market share analysis, by country, 2020-2027
7.4 Healthcare
7.4.1 Definition, key trends, growth factors, and opportunities
7.4.2 Market size analysis, by region, 2020-2027
7.4.3 Market share analysis, by country, 2020-2027
7.5 Others
7.5.1 Definition, key trends, growth factors, and opportunities
7.5.2 Market size analysis, by region, 2020-2027
7.5.3 Market share analysis, by country, 2020-2027
7.6 Research Dive Exclusive Insights
7.6.1 Market attractiveness
7.6.2 Competition heatmap
8. Exoskeleton Market, By Region
8.1 North America
8.1.1 U.S
8.1.1.1 Market size analysis, By Sector, 2020-2027
8.1.1.2 Market size analysis, By Lumen, 2020-2027
8.1.1.3 Market size analysis, By Resorbability, 2020-2027
8.1.2 Canada
8.1.2.1 Market size analysis, By Sector, 2020-2027
8.1.2.2 Market size analysis, By Lumen, 2020-2027
8.1.2.3 Market size analysis, By Resorbability, 2020-2027
8.1.3 Mexico
8.1.3.1 Market size analysis, By Sector, 2020-2027
8.1.3.2 Market size analysis, By Lumen, 2020-2027
8.1.3.3 Market size analysis, By Resorbability, 2020-2027
8.1.4 Research Dive Exclusive Insights
8.1.4.1 Market attractiveness
8.1.4.2 Competition heatmap
8.2 Europe
8.2.1 Germany
8.2.1.1 Market size analysis, By Sector, 2020-2027
8.2.1.2 Market size analysis, By Lumen, 2020-2027
8.2.1.3 Market size analysis, By Resorbability, 2020-2027
8.2.2 UK
8.2.2.1 Market size analysis, By Sector, 2020-2027
8.2.2.2 Market size analysis, By Lumen, 2020-2027
8.2.2.3 Market size analysis, By Resorbability, 2020-2027
8.2.3 France
8.2.3.1 Market size analysis, By Sector, 2020-2027
8.2.3.2 Market size analysis, By Lumen, 2020-2027
8.2.3.3 Market size analysis, By Resorbability, 2020-2027
8.2.4 Spain
8.2.4.1 Market size analysis, By Sector, 2020-2027
8.2.4.2 Market size analysis, By Lumen, 2020-2027
8.2.4.3 Market size analysis, By Resorbability, 2020-2027
8.2.5 Italy
8.2.5.1 Market size analysis, By Sector, 2020-2027
8.2.5.2 Market size analysis, By Lumen, 2020-2027
8.2.5.3 Market size analysis, By Resorbability, 2020-2027
8.2.6 Rest of Europe
8.2.6.1 Market size analysis, By Sector, 2020-2027
8.2.6.2 Market size analysis, By Lumen, 2020-2027
8.2.6.3 Market size analysis, By Resorbability, 2020-2027
8.2.7 Research Dive Exclusive Insights
8.2.7.1 Market attractiveness
8.2.7.2 Competition heatmap
8.3 Asia-Pacific
8.3.1 China
8.3.1.1 Market size analysis, By Sector, 2020-2027
8.3.1.2 Market size analysis, By Lumen, 2020-2027
8.3.1.3 Market size analysis, By Resorbability, 2020-2027
8.3.2 Japan
8.3.2.1 Market size analysis, By Sector, 2020-2027
8.3.2.2 Market size analysis, By Lumen, 2020-2027
8.3.2.3 Market size analysis, By Resorbability, 2020-2027
8.3.3 India
8.3.3.1 Market size analysis, By Sector, 2020-2027
8.3.3.2 Market size analysis, By Lumen, 2020-2027
8.3.3.3 Market size analysis, By Resorbability, 2020-2027
8.3.4 Australia
8.3.4.1 Market size analysis, By Sector, 2020-2027
8.3.4.2 Market size analysis, By Lumen, 2020-2027
8.3.4.3 Market size analysis, By Resorbability, 2020-2027
8.3.5 South Korea
8.3.5.1 Market size analysis, By Sector, 2020-2027
8.3.5.2 Market size analysis, By Lumen, 2020-2027
8.3.5.3 Market size analysis, By Resorbability, 2020-2027
8.3.6 Rest of Asia-Pacific
8.3.6.1 Market size analysis, By Sector, 2020-2027
8.3.6.2 Market size analysis, By Lumen, 2020-2027
8.3.6.3 Market size analysis, By Resorbability, 2020-2027
8.3.7 Research Dive Exclusive Insights
8.3.7.1 Market attractiveness
8.3.7.2 Competition heatmap
8.4 LAMEA
8.4.1 Brazil
8.4.1.1 Market size analysis, By Sector, 2020-2027
8.4.1.2 Market size analysis, By Lumen, 2020-2027
8.4.1.3 Market size analysis, By Resorbability, 2020-2027
8.4.2 Saudi Arabia
8.4.2.1 Market size analysis, By Sector, 2020-2027
8.4.2.2 Market size analysis, By Lumen, 2020-2027
8.4.2.3 Market size analysis, By Resorbability, 2020-2027
8.4.3 UAE
8.4.3.1 Market size analysis, By Sector, 2020-2027
8.4.3.2 Market size analysis, By Lumen, 2020-2027
8.4.3.3 Market size analysis, By Resorbability, 2020-2027
8.4.4 South Africa
8.4.4.1 Market size analysis, By Sector, 2020-2027
8.4.4.2 Market size analysis, By Lumen, 2020-2027
8.4.4.3 Market size analysis, By Resorbability, 2020-2027
8.4.5 Rest of LAMEA
8.4.5.1 Market size analysis, By Sector, 2020-2027
8.4.5.2 Market size analysis, By Lumen, 2020-2027
8.4.5.3 Market size analysis, By Resorbability, 2020-2027
8.4.6 Research Dive Exclusive Insights
8.4.6.1 Market attractiveness
8.4.6.2 Competition heatmap
9. Competitive Landscape
9.1 Top winning strategies, 2020-2027
9.1.1 By strategy
9.1.2 By year
9.2 Strategic overview
9.3 Market share analysis, 2020-2027
10. Company Profiles
10.1 Knots Plus Ltd.
10.1.1 Overview
10.1.2 Business segments
10.1.3 Product portfolio
10.1.4 Financial performance
10.1.5 Recent developments
10.1.6 SWOT analysis
10.2 ATOUN Inc
10.2.1 Overview
10.2.2 Business segments
10.2.3 Product portfolio
10.2.4 Financial performance
10.2.5 Recent developments
10.2.6 SWOT analysis
10.3 BIONIK
10.3.1 Overview
10.3.2 Business segments
10.3.3 Product portfolio
10.3.4 Financial performance
10.3.5 Recent developments
10.3.6 SWOT analysis
10.4 CYBERDYNE, INC.
10.4.1 Overview
10.4.2 Business segments
10.4.3 Product portfolio
10.4.4 Financial performance
10.4.5 Recent developments
10.4.6 SWOT analysis
10.5 Ekso Bionics
10.5.1 Overview
10.5.2 Business segments
10.5.3 Product portfolio
10.5.4 Financial performance
10.5.5 Recent developments
10.5.6 SWOT analysis
10.6 GOGOA
10.6.1 Overview
10.6.2 Business segments
10.6.3 Product portfolio
10.6.4 Financial performance
10.6.5 Recent developments
10.6.6 SWOT analysis
10.7 Hocoma
10.7.1 Overview
10.7.2 Business segments
10.7.3 Product portfolio
10.7.4 Financial performance
10.7.5 Recent developments
10.7.6 SWOT analysis
10.8 Honda Motor Co. Ltd
10.8.1 Overview
10.8.2 Business segments
10.8.3 Product portfolio
10.8.4 Financial performance
10.8.5 Recent developments
10.8.6 SWOT analysis
10.9 Hyundai Motor Company
10.9.1 Overview
10.9.2 Business segments
10.9.3 Product portfolio
10.9.4 Financial performance
10.9.5 Recent developments
10.9.6 SWOT analysis
10.10 Laevo exoskelet
10.10.1 Overview
10.10.2 Business segments
10.10.3 Product portfolio
10.10.4 Financial performance
10.10.5 Recent developments
10.10.6 SWOT analysis
10.11 Lockheed Martin Corporation
10.11.1 Overview
10.11.2 Business segments
10.11.3 Product portfolio
10.11.4 Financial performance
10.11.5 Recent developments
10.11.6 SWOT analysis
10.12 Noonee
10.12.1 Overview
10.12.2 Business segments
10.12.3 Product portfolio
10.12.4 Financial performance
10.12.5 Recent developments
10.12.6 SWOT analysis
10.13 Parker Hannifin
10.13.1 Overview
10.13.2 Business segments
10.13.3 Product portfolio
10.13.4 Financial performance
10.13.5 Recent developments
10.13.6 SWOT analysis
10.14 Revision Military
10.14.1 Overview
10.14.2 Business segments
10.14.3 Product portfolio
10.14.4 Financial performance
10.14.5 Recent developments
10.14.6 SWOT analysis
10.15 ReWalk Robotics
10.15.1 Overview
10.15.2 Business segments
10.15.3 Product portfolio
10.15.4 Financial performance
10.15.5 Recent developments
10.15.6 SWOT analysis
10.16 Rex Bionics Ltd.
10.16.1 Overview
10.16.2 Business segments
10.16.3 Product portfolio
10.16.4 Financial performance
10.16.5 Recent developments
10.16.6 SWOT analysis
10.17 Sarcos Corp.
10.17.1 Overview
10.17.2 Business segments
10.17.3 Product portfolio
10.17.4 Financial performance
10.17.5 Recent developments
10.17.6 SWOT analysis
10.18 SRI International
10.18.1 Overview
10.18.2 Business segments
10.18.3 Product portfolio
10.18.4 Financial performance
10.18.5 Recent developments
10.18.6 SWOT analysis
10.19 Technaid S.L.
10.19.1 Overview
10.19.2 Business segments
10.19.3 Product portfolio
10.19.4 Financial performance
10.19.5 Recent developments
10.19.6 SWOT analysis
10.20 US Bionics
10.20.1 Overview
10.20.2 Business segments
10.20.3 Product portfolio
10.20.4 Financial performance
10.20.5 Recent developments
10.20.6 SWOT analysis
10.21 Wandercraft
10.21.1 Overview
10.21.2 Business segments
10.21.3 Product portfolio
10.21.4 Financial performance
10.21.5 Recent developments
10.21.6 SWOT analysis
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