Exoskeleton Market

Updated on : May 25, 2023

The global exoskeleton market in terms of revenue was estimated to be USD 0.7 billion in 2023 and is poised to reach USD 3.7 billion by 2028 , growing at a CAGR of 38.6%. from 2023 to 2028. The new research study consists of an industry trend analysis of the market.

The rising adoption of exoskeletons from healthcare and increasing investment in the advancement of exoskeleton technology are the major driving factors for the growth of the exoskeleton industry. Moreover, the introduction of soft actuators in exoskeletons and the rising adoption of human augmentation equipment in industrial and military sectors are also expected to drive the growth of the market in the near future.

Exoskeleton Market Forecast to 2028

To know about the assumptions considered for the study, Request for Free Sample Report

Exoskeleton Market Dynamics

DRIVER : Advancements in robotic technologies

With technological advancements, the demand for robots is being influenced by the specification of what they are built of and their potential applications. Continuous research and development in the field of electrical and electronic engineering have resulted in the introduction of improved materials, sensors and actuators, control systems, and software technologies. These advanced components have facilitated the development of innovative, improved, very low-power-consuming, self-powered, lightweight, less complex, and portable exoskeletons.

RESTRAINT: Regulatory challenges in securing approvals for medical applications of exoskeleton

There have been many advancements in powered lower-limb exoskeletons, but users are experiencing a hard time navigating sloping or slippery surfaces. The prototypes cannot yet cope with twisting motions, so users making turns while carrying objects could tire out easily, resulting in adverse events, which can include skin and tissue damage and bone fractures. Thus, regulatory bodies have established a very tight approval process for such devices so that a wearer's safety is not compromised due to the high-power output of actuators used in them.

OPPORTUNITY : Growing insurance coverage for exoskeletons

Assistive devices are an essential part of healthcare, and several healthcare systems in different countries provide these devices. With a rise in the trend of using robots in healthcare practices, healthcare insurance providers have begun to include robotic devices, including exoskeletons, in their health insurance coverage. In 2018, the ReWalk 6.0 personal exoskeleton system was listed in the Medical Device Directory (MDD) of the National Association of Statutory Health Insurance Funds in Germany, which includes all approved devices for insurance procurement.

CHALLENGE: High equipment cost

Exoskeleton substitute-powered wheelchairs-are preferable over exoskeletons as these wearable robots take time to put on. Apart from this, the average price of lower limb exoskeletons is much higher and does not include maintenance and service costs. Also, an exoskeleton requires a trainer trained to work with the power suits, resulting in a much higher cost of ownership. Such a high cost of the overall product has also restricted the growth of the industry. Cost acts as a barrier to the adoption of exoskeletons for rehabilitation among people with disabilities in low-income countries.

Hardware components of exoskeletons held the major market share in 2022

An exoskeleton hardware system comprises electrical, electronic, and mechanical components. These components are required to assemble a complete exoskeleton. The control system is the brain of a powered exoskeleton, which processes the data received by the sensor system and based on the output of the decision process, it commands the actuators to act accordingly. Controllers are the most essential and valuable part of exoskeletons and based on the complexity of the device, the prices of controllers can go high, resulting in the maximum value addition to the overall exoskeleton hardware circuitry. The hardware components play a major role in the cost of the exoskeleton and thus hold the major share of the market in 2022.

Passive exoskeleton was  the second-dominating segment in 2022

Passive exoskeletons are best suited for industrial applications; they can be used to enhance the physical strength of an able person to lift heavy loads. These exoskeletons are typically cheaper and lighter than powered devices. The demand for passive exoskeletons is rising rapidly in the industrial vertical in order to enhance the physical strength of an able person to lift heavy loads, which is expected to increase its adoption during the forecast period.

Upper extremities to be the second-largest growing segment during the forecast period

Upper extremity exoskeletons can stimulate forces acting on workers' arms and torso, which differ from the forces needed to move a load. They are important human extenders that provide human power augmentation for the manipulation of heavy and bulky objects. The increasing incidence of accidental injuries is expected to increase the demand for upper extremities during the forecast period, as these exoskeletons act as a substitute for a partially or completely lost arm or hand due to an accident.

Asia Pacific is expected to capture the largest market growth rate during the forecast period

Asia Pacific comprises a diverse range of economies with varying levels of development and the presence of various manufacturers. This region has witnessed an influx of investments and business expansion opportunities, especially for manufacturing industries, because of the availability of abundant and cheap labor. Moreover, Asia Pacific is home to a few of the world's largest electronic players, such as Samsung (South Korea), Toshiba (Japan), Panasonic (Japan), and LG Electronics (South Korea), which indirectly contribute to the growth of the exoskeleton market. The subsequent introduction of advanced exoskeletons, coupled with the increasing use of these robotic systems in various industries, is driving the exoskeleton market growth in Asia Pacific region.

Exoskeleton Market by Region

To know about the assumptions considered for the study, download the pdf brochure

Top Exoskeleton Companies - Key Market Players

The Exoskeleton Companies is dominated by a few globally established players such as CYBERDYNE INC. (Japan), Lockheed Martin Corporation (US), Ottobock (Germany), Ekso Bionics (US), DIH Medical (China), Sarcos Technology and Robotics Corporation (US), BIONIK (US), and B-Temia (Canada).

Exoskeleton Market Report Scope :

Exoskeleton Market Highlights

This research report segments the exoskeleton market based on component, type, body part, mobility, structure, vertical, and region.

Recent Developments in Exoskeleton Industry

• In December 2022, Ekso Bionics announced the acquisition of the Human Motion and Control business unit from Parker Hannifin Corporation. The acquisition includes the Indego lower limb exoskeleton line of products as well as the planned development of robotic-assisted orthotic and prosthetic devices. This complementary acquisition expands Ekso's product offerings across the continuum of care to home and community use markets grow Ekso's product pipeline and adds strategic relationships with key commercial and research partners, including Vanderbilt University.
• In April 2022, Ottobock announced the launch of Ottobock Shoulder, a next-generation exoskeleton. It provides support during strenuous over-the-shoulder activities in logistics, production, maintenance, and handcraft. The new exoskeleton is a further development of the Paexo Shoulder.
• In November 2021, Ottobock announced the acquisition of 100% shares of suitX. Ottobock and suitX combined their expertise and products to take the exoskeleton market to a new level and foster the worldwide adoption of exoskeletons.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst