The exoskeleton market revenue is projected to be USD 6,857.9 million in 2030, witnessing a CAGR of 38.8% from 2024 to 2030.
With the help of extensive research and development, the robotics sector has been experiencing significant technological enhancement, which, in turn, broadens the scope for the market. Additionally, the major drivers for the market are the increasing number of people with severe mobility issues and the growing demand for such systems from militaries and industrial enterprises. Furthermore, the addition of soft actuators, artificial intelligence, and augmented reality to these systems would enhance their appeal for the industrial and military sectors.
The mobile bifurcation is expected to witness a significant CAGR during the forecast period, under the mobility segment. These highly flexible and easy-to-use exoskeletons contribute to the enhancement of productivity at both manufacturing and military sites. Further, they allow people suffering from spinal cord injuries (SCI) and other musculoskeletal diseases, as well as the geriatric population, to enjoy a better-quality life and reduce their dependence on full-time caretakers. These systems offer support, strength, and assistance to users, allowing them to carry out tasks that, otherwise, would be difficult, due to physical limitations.
Additionally, even though these systems are expensive, the favorable health insurance reimbursement scenario in most developed countries makes them accessible to those in need. Moreover, their features include powered assistance via motors and actuators, a wearable design, and movement control via various sensors and computer systems.
In the forthcoming years, the non-powered technology category will witness tremendous growth, resulting from the increase in the demand for these simple and cost-effective variants in various industries.
North America dominated the market in 2023 due to the launch of many novel products and a growing prevalence of SCIs. Further, the region has one of the most-advanced military sectors in the world, with the associated agencies continuously striving to enhance soldiers’ strength, endurance, range of movement, and other attributes. This has led to the development of many exoskeletons especially adapted to defense applications.
Asia-Pacific is expected to witness the highest CAGR in the forecast period, on account of its large geriatric population and high number of people with mobility issues. Further, India has one of the highest rates of disability and mortality due to road accidents, which hints at a massive potential demand for exoskeletons for rehabilitative purposes. Additionally, governments are making concrete efforts to enhance the medical infrastructure and make quality care accessible to the masses.
Based on body part, the fastest exoskeleton market growth is expected in the upper extremities category over this decade. Exoskeletons for upper extremities are generally designed to provide assistance to the arms and hands. These devices are wearable in nature and normally used to provide assistance to patients recovering from strokes and neurological disorders that have rendered their arms immovable or severely reduced their range of motion. This way, these devices help disabled or injured persons perform daily tasks independently.
Whereas, in military applications, these systems allow soldiers to carry highly modified and, often, heavy equipment during training, advanced combat, and logistical operations. The equipment essentially helps in enhancing the range of movement and strength of wearers, helping them in carrying out complicated and precise operations with ease and success.
Some of the prominent players operating in the industry are Bionik Laboratories Corp., B-Temia Inc., Cyberdyne Inc., Esko Bionics Holdings Inc., DIH Group, German Bionic Systems GmbH, Innophys Co. Ltd., Shanghai Fourier Intelligence Co. Ltd., Ottobock SE & Co. Ltd., and Parker Hannifin Corporation.