Comprehensive Market Analysis on Exoskeleton Market projected to reach USD 936.2 Million by 2030, includes Partner and Customer Ecosystem | New Developments, Vendor & Technology Assessment

According to a research report "Exoskeleton Market by Component (Hardware {Sensors [Gyroscopes, Microphones, Accelerometers, Tilt Sensors, Force/Torque Sensors, Position Sensors, Others], {Actuators, [Electric, Pneumatic, Hydraulic, Piezoelectric] {Power Sources, Control Systems/Controllers, Others}) Software), Type (Powered, Passive) Body Part (Lower Extremities, Upper Extremities, Full Body) Mobility (Stationary, Mobile), Structure (Rigid Exoskeletons, Soft Exoskeletons), Vertical ( Healthcare, Defence, Industrial, Others) & Region

Exoskeleton Market was valued USD 345.6 Million in 2023 and projected to reach USD 936.2 Million by 2030, growing at a CAGR of 15.3% during the forecast period of 2023-2030.

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Browse in-depth TOC on Exoskeleton Market

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Market Overview: Exoskeleton, a wearable external structure designed to assist the body, either in recovering from an injury or augmenting its natural capabilities. Exoskeleton solutions are gaining widespread adoption across various industries to enhance safety, reduce accidents, and increase overall productivity. The growing demand for such technology has spurred the emergence of numerous startups specializing in exoskeleton technology, particularly in the realm of rehabilitation. The dynamic exoskeleton industry is propelling market players to introduce innovative development initiatives, aiming to elevate the rate of adoption in the coming years. An illustrative example is the 2021 launch of shieldX by suitX, an exoskeleton designed for healthcare workers wearing heavy anti-radiation aprons, addressing potential neck and back issues.

In the construction industry, common musculoskeletal injuries and disorders include cumulative trauma disorders (CTD), occupational overuse syndrome (OOS), and repetitive strain injury (RSI). According to data from the World Health Organization (WHO) in February 2021, approximately 1.71 billion people worldwide suffer from musculoskeletal disorders. Furthermore, data from the Health and Safety Executive (HSE) in November 2020 revealed that around 480,000 workers in Great Britain experience occupation-related musculoskeletal disorders across diverse industries.

Market Dynamics

Drivers:

• Advancements in Healthcare and Rehabilitation
• Increasing Adoption in Industrial Applications
• Rising Military Applications

Opportunities:

• Healthcare and Aging Population
• Collaboration with Tech and Robotics Industries
• Expansion into Consumer Markets

The market for Exoskeleton is dominated by North America.

In 2022, North America is anticipated to take the lead in the Exoskeleton market, with the United States projected to dominate the regional landscape, a trend anticipated to persist through 2030. This stronghold is attributed to various factors, including the increasing prevalence of disabilities, heightened investments in research endeavors, robust public and private backing, a surge in strategic partnerships among key industry players, and the availability of cutting-edge technological products. According to data from the Centers for Disease Control and Prevention (CDC), around 61.0 million individuals in the U.S. grapple with some form of disability, with 13.7% of this population experiencing mobility-related impairments. The region's rapid aging population, escalating disposable incomes, support from public and private investors, a widespread presence of key market players, and the growing incorporation of human augmentation in industrial and military sectors contribute significantly to its market dominance. Notably, in September 2020, Sarcos secured USD 40.0 million in a Series C funding round led by Rotor Capital, earmarked for expanding commercial production levels of their Guardian XO product.

Furthermore, Asia Pacific is estimated for the most rapid growth in the upcoming years, primarily due to an expanding patient pool in need of rehabilitation support. The region's progress is further propelled by the continuous development of healthcare infrastructure, augmented by government support and funding. Economic advancements in nations like China, Japan, and India, coupled with favorable backing from both public and private sectors, are expected to fuel the robust development and growth of the exoskeleton market in Asia Pacific.

Top Key Players covered in the market report:

• CYBERDYNE INC.
• Lockheed Martin Corporation.
• Ottobock.
• Ekso Bionics
• DIH Medical
• Sarcos Technology
• Robotics Corporation

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Segmentations Analysis of Exoskeleton Market: -

• By Component
• By Type
• By Body Part
• By Mobility
• By Structure
• By Vertical
• By Region

Related Report: Human Augmentation Market

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