The global exoskeleton market size is expected to grow from USD 0.7 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 38.6%. The increasing demand for robotic rehabilitation from the healthcare sector and rising advancements in robotic technologies are the key factors driving the market growth.
The key players operating in the exoskeleton market include the major players that operate in different stages in the entire value chain of the exoskeleton; these players are 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). These players have adopted various growth strategies such as product launches and developments, collaborations, partnerships, acquisitions, agreements, and contracts to increase their presence in the global market.
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Ottobock is one of the key players in the exoskeleton market. It held the major share of the exoskeleton market in 2022. The company develops mobility options for people with disabilities and offers a large number of solutions in this field. Based on its knowledge of biomechanics and orthopedics, the company has developed an exoskeleton that helps people during strenuous activities by relieving strain. Besides, the company has adopted inorganic growth strategies in recent years. The company’s R&D department primarily focuses on developing new products.
Ekso Bionics also holds a significant share of the market. The company designs, develops, and sells wearable bionic human exoskeletons that have applications in the healthcare, industrial, military, and consumer markets. Ekso Bionics has been using both organic and inorganic growth strategies in recent years and has engaged its development sector in integrating material technologies, electronic and electrical engineering, control technologies, and sensor and software into its offerings. The company believes that advancements in technology are a driving factor for the further development of exoskeletons and, hence, made strategic acquisitions of technologies, which have increased the effectiveness of its growth strategies significantly.
Another important player in the exoskeleton market is CYBERDYNE INC. It is an established manufacturer of exoskeletons for various applications. The company aims to implement Cybernics Technologies powered by IoH/IoT (Internet of Humans/Internet of Things), robotics, and AI to create a Cybernetics Industry that will connect medicine, nursing care, production, workplace, and daily life in order to solve various problems. CYBERDYNE has made many investments and formed alliances for the development of society. It promotes Cybernics treatment with HAL as a global standard of treatment to induce the improvement of brain-nerve and musculoskeletal functions.
Exoskeleton Market by Component (Hardware), Software), Type (Powered, Passive), Body Part (Full Body, Lower & Upper Extremities), Mobility (Stationary, Mobile), Structure (Rigid, Soft), Vertical and Region - Global Forecast to 2028
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