Empowering Tomorrow: Exoskeleton Market Anticipated to Surge, Projected to Exceed $2220.6 million by 2030

According to the Next Move Strategy Consulting, the exoskeletons market size is anticipated to surpass $2220.6 million by 2030 reflecting a CAGR of 22.9% during the forecast period till 2030. This surge is attributed to a confluence of factors driving demand for advanced wearable robotic technologies across various industries.

Market Overview:

The exoskeleton market is experiencing a paradigm shift as industries recognize the transformative potential of wearable robotic devices. These exoskeletons, equipped with cutting-edge technologies, offer enhanced mobility, strength, and endurance to users. This growth is spurred by the increasing need for ergonomic solutions in workplaces, advancements in robotics and artificial intelligence, and a growing aging population requiring assistive devices.

As businesses strive to enhance worker productivity, reduce the risk of musculoskeletal injuries, and address the challenges posed by an aging workforce, the exoskeleton industry emerges as a key player in fostering a more efficient, safer, and inclusive work environment.

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Key Market Drivers:

1. Workplace Ergonomics: Industries are increasingly adopting exoskeletons to improve workplace ergonomics and reduce the physical strain on workers, leading to enhanced productivity and lower instances of work-related injuries.

2. Healthcare Applications: The healthcare sector is witnessing a surge in exoskeleton adoption for rehabilitation purposes, aiding individuals with mobility impairments and accelerating the recovery process.

3. Military and Defense: Exoskeletons are gaining traction in military applications, augmenting soldiers' strength and endurance, and offering improved tactical advantages.

4. Technological Advancements: Ongoing advancements in materials, sensors, and artificial intelligence are driving the development of more sophisticated and user-friendly exoskeletons, expanding their applications across diverse industries.

Market Segmentation:

The exoskeletons market includes various segments, including:

Component: Based on component, the market is segmented into hardware and software.

Mobility: Based on mobility, the market is divided into mobile and fixed.

Power Type: Based on power type, the market is classified into powered and passive.

Body Type: Based on body type, the market is bifurcated into complete body, upper and lower extremities.

Geographical Regions: Based on region, the market is analysed into North America, Europe, and Asia-Pacific, and Rest of World (RoW).

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Outlook and Future Prospects:

The introduction of soft exoskeletons is expected to create further opportunities in the field of assistive technology. These exoskeletons are made from fabric and flexible, artificial muscles, which makes them much lighter and more comfortable to wear than traditional metal exoskeletons. They also offer a wider range of motion, which means that they can be used for a wider variety of tasks.

As a result of these advantages, soft exoskeletons are expected to create lucrative opportunities for market players in the future. There is a growing demand for assistive technology, and soft exoskeletons are well-positioned to meet this demand. They are also likely to be more affordable than traditional metal exoskeletons, which will make them accessible to a wider range of people.

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The high cost of exoskeleton equipment is a major barrier to the adoption of this technology. Exoskeletons are complex devices that require a significant amount of R&D and manufacturing investment. This results in high purchase prices for exoskeletons, which can range from tens of thousands to hundreds of thousands of dollars. This high cost can be prohibitive for many potential users, such as individuals with disabilities and workers in physically demanding jobs.

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Regional Dominance:

North America dominates the exoskeleton market and is poised to maintain its leading position over the forecast period. The rising prevalence of Parkinson's disease, a progressive neurological disorder that affects movement, is a major driver of market growth. Exoskeleton devices offer a promising solution for Parkinson's patients by providing customizable support and enhancing mobility, independence, and overall motor function.

The growth of the exoskeleton market is also being driven by the increasing presence of key players such as Rewalk Robotics and Ekso Bionics, which are implementing various strategies to expand their reach in the region. For example, ReWalk Robotics collaborated with BKK Mobil Oil Insurance in March 2021 to provide ReWalk Personal Exoskeleton devices to qualified beneficiaries with spinal cord injuries.
On the other hand, the growing prevalence of road accidents in Asia-Pacific is anticipated to fuel a steady expansion of the exoskeleton market in the region. These accidents often result in neurological impairments, such as spinal cord injury, leg injury, and stroke. In 2020, road accidents claimed 250,272 lives in China, as per a World Health Ranking report published by the World Health Organization.

The growing elderly population is driving the demand for exoskeletons, which are wearable devices that provide assistance with heavy lifting tasks. This trend is particularly evident in Japan, where the aging population has led to labor shortages in industries such as construction, manufacturing, and farming. Exoskeletons are enabling older individuals to extend their working years by providing them with the physical support they need to continue performing their jobs.

Competitive Landscape:

The exoskeletons market comprises of various players such as Ekso Bionics Holdings, Inc., ReWalk Robotics Ltd., Parker Hannifin Corp, CYBERDYNE Inc., Bionik Laboratories Corp, Rex Bionics Ltd., B-TEMIA Inc., Hocoma AG, Wearable Robotics SRL, and Gogoa Mobility Robots SL. These companies are adopting various strategies including FDA approval and product launches to enhance their product and increase their dominance over global exoskeletons market.

For instance, in March 2023, ReWalk Robotics Ltd. has secured FDA approval for its ReWalk Personal Exoskeleton, allowing users to navigate stairs and curbs independently. This pioneering technology marks a significant milestone as the first and only personal exoskeleton to receive FDA clearance for this application. The ReWalk Exoskeleton's robust mechanical design, coupled with its advanced stair climbing software, empowers individuals to traverse a wider range of environments, enhancing their ability to incorporate walking into their daily lives and reap the numerous health benefits associated with regular ambulation.

Moreover, in April 2021, Ottobock launched the Paexo Shoulder Jacket, Paexo Cool Sleeve, and Paexo Thumb Slim at the Hannover Messe Digital Edition 2021 event. These devices provide significant relief for the body during strenuous activities such as overhead work or lifting packages.

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This release was published on openPR.