The exoskeleton market covers full body exoskeletons and partial exoskeletons designed for medical, industrial and military applications to enhance the user's mobility and strength. Exoskeletons provide strength and endurance augmentation to perform physically demanding tasks such as lifting heavy objects or walking for long durations. They are used in industrial sectors for material handling operations and in military sectors to augment soldier's strength and resilience.
The global exoskeleton market is estimated to be valued at US$ 0.81 Bn in 2024 and is expected to exhibit a CAGR of 38% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Exoskeleton Market are Lockheed Martin Corporation,,RRB3D,,Ekso Bionics,,suitX,,Re Walk Robotics Ltd,,Hocoma,,Rex Bionics PLC.,,Active Link (Panasonic Corporation,,Cyber dyne, Inc. The major players are focusing on developing technologically advanced full body and partial exoskeletons for various applications. Ekso Bionics has developed EksoNR, a robotic exoskeleton specifically designed for neurorehabilitation. Lockheed Martin has developed modular exoskeleton called Lockheed Martin XOS 2 to enhance mobility and reduce fatigue for military personnel.
The growing demand for material handling equipment across industries is propelling the demand for industrial exoskeletons. They allow employees to lift heavy payloads without strain and reduce the risk of workplace injury. The growing geriatric population globally is also driving the demand for medical exoskeletons to assist the elderly and disabled to move independently.
The global expansion of key players in the market is another major factor fuelling the exoskeleton market growth. Major companies are establishing production and distribution facilities globally to cater to the growing demand. For instance, Ekso Bionics has partnered with DIH Technologies to accelerate the adoption of exoskeletons in China.
Market drivers
The increasing focus on worker safety and need for functional augmentation in industrial sectors is a major driver for the exoskeleton market. They allow industrial workers to perform physically demanding jobs involving lifting, assembly and warehouse operations efficiently while reducing the risk of injury. The extensive use of exoskeletons by armed forces globally to augment soldier strength is another key factor. Its ability to reduce fatigue and enhance endurance helps military personnel to carry out strenuous activities effectively.
Current Geopolitical Impact and Future Strategies for the Exoskeleton Market
The global exoskeleton market is witnessing significant growth driven by increased demand from industrial and military sectors. However, the ongoing Russia-Ukraine conflict could pose challenges to the market's expansion plans in the European region in the coming years. Both countries are major producers of raw materials like steel and palladium that are crucial for manufacturing exoskeleton components and systems. The prolonged war has disrupted supply chains and trade routes, aggravating raw material shortage issues for exoskeleton manufacturers. Rising inflation has also dampened consumer sentiment, impactingNearshoring of critical component production and developing alternative sourcing channels could help address supply chain vulnerabilities. Collaborations with regional allies for cooperative manufacturing of core parts can enhance supply security.Additionally, companies must focus on developing affordable exoskeleton models for healthcare and post-rehabilitation sectors to offset declines in military and industrial device sales during economic downturns.Promoting use of exoskeletons in elderly care, para/tetraplegic assistance and home-based physiotherapy can drive new revenue streams.
Geographical Regions of Concentrated Exoskeleton Market Value
Currently, North America accounts for the largest share of the global exoskeleton market value estimated at over 35% in 2024. The region is a major hub for exoskeleton research and development activities. Presence of leading players such as Lockheed Martin, Ekso Bionics and ReWalk Robotics has strengthened the technology and innovation base in the US and Canada. Furthermore, rising healthcare expenditure, fast track approval processes for medical exoskeletons and growing defense budgets are supporting the exoskeleton market growth.
Europe is another lucrative geographical region for exoskeleton devices, projected to capture around 30% global market share by 2024. Major European countries like Germany, U.K., France and Italy have robust industrial, healthcare and defense ecosystems that are driving adoption of full body and limb exoskeleton solutions.
Fastest Growing Region for the Exoskeleton Market
The Asia Pacific region is poised to emerge as the fastest growing market for exoskeletons globally during the forecast period of 2024 to 2030. It is estimated exhibit over 40% CAGR during this time. Rapid industrialization, rising living standards, growing medical requirements of aging societies and increasing defense outlays are fueling exoskeleton demand across Asia Pacific nations. China, Japan, South Korea and India have emerged as hotspots with supportive government policies and funding for indigenous exoskeleton product development initiatives. Localization initiatives are gaining traction, which is expected to accelerate exoskeleton commercialization across sectors. A rapidly expanding customer base, along with development of tailored exoskeleton solutions present huge growth opportunities in the Asia Pacific region.
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