Published: January 2024 | Report Code: 12081 | Available Format: PDF
The exoskeleton market generated revenue of USD 698.6 million in 2023, which will witness a CAGR of 38.8% during 2024–2030, to reach USD 6,857.9 million by 2030. The key drivers for the market are the growing incidence of spinal cord injuries (SCIs) and strokes, growing geriatric population, rising healthcare spending, and surging employment opportunities for people with physical disabilities. Furthermore, the demand for these systems has risen significantly in the industrial and military sectors in recent years due to the acquisition of soft actuators and human enhancements for training and operational purposes.
Based on component, the hardware category accounted for the bigger market share in 2023, because these systems include a variety of sensors, actuators, and powered systems. Moreover, which new features and degrees of movement can be integrated into the hardware depends on the level of advancement of the control systems.
Further, the recent launch of new systems by market players drives this category. For example, the Paexo thumb developed by German company Ottoback reduces thumb strain by up to 70%, by diverting maximum force to other parts and protecting the thumb from the impact of plugging or clipping. In the same way, the Esko Bionics EVO developed by Esko Bionics supports industrial workers in carrying heavy loads across the factory floor.
Between 2024 and 2030, the powered category, under the type segment, is expected to grow at the higher rate. Powered systems offer higher endurance and strength because they use motors, connectors, electric cables, and batteries to drive sensors and actuators, via a control system. This permits people to move their legs, arms, hands, and other body parts with much less strength than would be needed with passive systems. This makes them an ideal fit for the elderly and those who have had a major loss of physical strength due to illness, intentional violence, or injuries, such as due to an accident or battle.
Within the mobility segment, the mobile category is expected to experience the higher growth rate in the coming years. This will be due to the flexibility and portability these variants offer. The rising significance of motor-equipped robots for the automation of human body mechanisms is one of the key drivers for the market in this category. Additionally, the integration of sensors into exoskeletons allows for the incorporation of intelligent algorithms that remember movement patterns. Further, with an expanding network of healthcare institutions, the demand for these systems continues to surge around the world.
Report Attribute | Details |
Market Size in 2023 |
USD 698.6 Million |
Market Size in 2024 |
USD 958.5 Million |
Revenue Forecast in 2030 |
USD 6,857.9 Million |
Growth Rate |
38.8% CAGR |
Historical Years |
2017-2023 |
Forecast Years |
2024-2030 |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Component; By Type; By Mobility; By Body Part; By Technology; By End User; By Region |
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In 2023, the body part segment was dominated by the lower extremities division, a trend that will not change over this decade. This is credited to the availability of a wide array of lower body exoskeletons, rising burden of leg injuries and SCIs that restrict the movement of the lower body parts, and growing requirement of people unable to move their legs for independence from caretakers.
During 2024–2030, the technology segment will receive the highest revenue from the electric actuator classification. Exoskeletons powered by electric actuators can be used in various joint and limb treatments, wherein they provide controlled and precise movements. There are several types of electric actuators available for these systems, such as linear actuators, rotary actuators, and servo motors.
On the basis of end use, the healthcare category held the largest value share in 2023. Medical exoskeletons assist people suffering from various types of musculoskeletal disorders. As per the Motor Neuron Disease Association, 1 in every 300 people around the world are at a risk of this debilitating disease of the musculoskeletal system, which severely affects mobility. The most well-known among this group of diseases are amyotrophic lateral sclerosis (Lou Gehrig’s disease), primary lateral sclerosis, progressive bulbar palsy, pseudobulbar palsy, progressive muscular atrophy, Kennedy’s disease, and spinal muscular atrophy. Moreover, a large number of companies are investing in research activities for the creation of more-efficient robotic systems for such patients.
In 2023, North America was the largest market, and it will continue doing so over this decade. The market here is driven by the high purchasing power of patients, growing older population, and rising private and public funding for the development of technologically advanced products. According to the National Spinal Cord Injury Statistical Center (NSCISCI), around 178,10 new SCIs are recorded every year in the U.S., with males registering 78% of the total cases.
Another major driver for the North American market is the increasing expenditure by governments to develop the healthcare infrastructure and reimburse people with musculoskeletal issues who purchase exoskeletons. Data from the Peter G. Peterson Foundation reveals that healthcare spending per capita in the U.S. is the highest among OECD countries, standing at USD 12,555 per person.
Furthermore, Asia-Pacific is set to witness the swiftest growth in the market. The major reason behind this surge would be the constant increase in the geriatric population, which suffers from a low bone density and fragile bones. Another key driver for the market is the region’s economic progress, which has led to a sharp rise in the purchasing power of the population, thus granting it access to life-saving healthcare technologies. Moreover, governments in the Asia-Pacific region are showing interest in supporting and funding initiatives related to devices that can enhance the quality of life of people with severe debilitating diseases and major injuries.
Further, the recent product approvals have been instrumental in making advanced technologies accessible in exoskeletons. For instance, in March 2021, Cyberdyne Inc. obtained the medical device approval for its HAL Single Joint Type from the Thai Food and Drug Administration. This new product is designed for patients with restricted movement in both their lower and upper limbs due to paralysis or muscle weakness.
The integration of new-generation technologies, including cloud computing and AI, with cutting-edge robotic functions is a key trend in the market, with the players making concrete efforts to offer high-performance exoskeletons for medical, military, industrial, and numerous other applications. For instance, in 2021, Ottobock acquired 100% shares in Suit X to combine their expertise in AI, prosthetics, robotics, and orthotics.
Moreover, the increasing incidence of strokes and SCIs is the biggest driver for the market. As per the NSCISC’s most-recent estimates, the annual traumatic SCI incidence rate was around 54 cases per 1,000,000 people in the U.S. in 2022. This means that approximately 18,000 new cases were reported in the country that year. Such mishaps generally lead to a strong demand for exoskeletons at rehabilitation centers, long-term-care settings, nursing homes, homecare settings, and hospitals to enable paralyzed patients to regain at least some level of motor function.
In addition, with the surging requirement for more-efficient exoskeletons, nations are spending significantly in the field of rehabilitative medicine. Medical device companies and Governments are collaborating for R&D in the field to develop improved systems. Their efforts have led to significant strides along the path to managing chronic and acute musculoskeletal conditions.
To enhance their standings in the market, companies are launching new products and getting them approved by regulatory agencies.
Furthermore, the market has witnessed notable acquisitions by companies looking to consolidate their positions.
Amidst the increasing demand for medical exoskeletons, such product approvals and acquisitions reflect the industry's ongoing efforts to enhance the lives of patients with mobility challenges.
This report offers deep insights into the research exoskeleton market, with size estimation for 2017 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.
In 2023, the market for exoskeletons valued USD 698.6 million.
The exoskeleton industry CAGR till 2030 is 38.8%.
Hardware holds the larger share of the market for exoskeletons.
The exoskeleton industry is propelled by the growing number of disabled people, enhancing medical infrastructure, and product launches.
The powered bifurcation is growing faster in the market for exoskeletons.
The lower extremities category has the largest exoskeleton industry size, while upper extremities have the highest CAGR.
APAC is the fastest-growing market for exoskeletons and North America the largest.
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