Exoskeleton Market Rising Trends, Technology Research and Advancement Outlook 2023 to 2030

Numerous sectors have embraced exoskeleton technologies to promote worker wellness and increase output. A number of firms that specialize in exoskeleton technology and offer rehabilitation solutions have emerged as a result of the growing demand. In addition, the dynamic nature of the exoskeleton sector is pushing industry participants to create novel approaches to product development in order to accelerate market uptake within the anticipated duration. For example, Ekso Bionics obtained FDA approval under 510(k) in June 2022 to market the EksoNR robotic exoskeleton. It is the newest generation of medical equipment that can help individuals with multiple sclerosis recover.

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Exoskeleton Market size was valued at USD 333.5 million in 2022 and is expected to grow to USD 1155.15 million by 2030 and grow at a CAGR of 16.8% over the forecast period of 2023-2030.

Growth Drivers:

Occupational overuse syndrome (OOS), cumulative trauma disorders (CTD), and repetitive strain injuries (RSI) are among the most prevalent musculoskeletal injuries and disorders impacting the construction sector. For example, according to WHO data estimates released in July 2022, 1.71 billion people worldwide suffer from musculoskeletal illnesses, which might include osteoarthritis, rheumatoid arthritis, fractures, neck and lower back discomfort, and amputations. Similarly, in 2022, musculoskeletal problems associated with various industries would affect about 502,380 workers, according to the U.S. Bureau of Labor Statistics. Owing to advantages associated with exoskeleton technology, such as enhancing or supporting users' physical activity or capability, enhancing users' health & productivity, and lessening fatigue experienced by industrial workers, these are some of the factors propelling the adoption of exoskeleton solutions.

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Geographic Overview:

With a revenue share of 45.9% and a volume share of 27.0% in 2023, North America led the market due to growing research spending, an increase in the number of partnerships and collaborations among key players, the availability of technologically advanced products, and an increase in both public and private support. For example, in March 2021, U.S. Physiatry (USP) and exoskeleton technology startup Ekso Bionics collaborated to teach medical professionals about the advantages of using an EksoNR exoskeleton. Furthermore, the rise is being driven by increasing disposable income, a rapidly aging population, the widespread presence of major market participants, the expanding augmentation of human capital in the military and industry sectors, and the accessibility of both public and private investors.

Top Key Players of Exoskeleton Market:

Ekso Bionics

Hocoma

Lockheed Martin Corporation

Suit X

Rex Bionics Plc.

RB3D

ReWalk Robotics

Cyberdyne, Inc.

ActiveLink (Panasonic Corporation)

Market Segmentation:

By Type

Powered

Passive

By Body Part

Lower Extremities

Upper Extremities

Full Body

By Mobility

Stationary

Mobile

By Structure

Rigid Exoskeletons

Soft Exoskeletons

By Vertical

Healthcare

Defense

Industrial

Others

By Region

North America (U.S, Canada, Mexico)

Europe (Germany, France, UK, Italy, Rest of Europe)

Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

Key Benefits of the Report:

This study presents the analytical depiction of the Exoskeleton industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of Exoskeleton market.
The current market is quantitatively analyzed to highlight the growth scenario of the Exoskeleton market.
The report provides a detailed Exoskeleton market analysis based on competitive intensity and the competition that will take shape in coming years.

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