April 22, 2024

The Global exoskeleton market is estimated to fuel by growing geriatric population

The exoskeleton market is estimated to witness high growth owing to advancements in robotics and wearable technologies. Exoskeletons are externally worn robotic frames that enhance a person’s mobility, strength and endurance. They use electric motors, lithium-ion batteries and sensors to power joints and replicate natural human movements. Exoskeletons assist in rehabilitation after injuries or for people with disabilities by supporting limb movements. Workers in physically demanding industries have benefitted from exoskeletons that reduce muscle fatigue and risk of injury from repetitive tasks.

The Global exoskeleton market is estimated to be valued at US$ 0.81 Bn in 2024 and is expected to exhibit a CAGR of 38% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the exoskeleton market are Lockheed Martin Corporation,,RRB3D,,Ekso Bionics,,suitX,,Re Walk Robotics Ltd,,Hocoma,,Rex Bionics PLC.,,Active Link (Panasonic Corporation,,Cyber dyne, Inc. Key opportunities in the market include expanded applications across healthcare, industrial and military sectors. Technological advancements are focusing on lightweight frames, miniaturized components, increased battery life and artificial intelligence integration.

Key players analysis: Key players operating in the exoskeleton market include Lockheed Martin Corporation focusing on developing exoskeletons for industrial and military applications. Ekso Bionics manufactures medical exoskeletons for gait rehabilitation. Re Walk Robotics Ltd and suitX are pioneers in power suits for paraplegics.

Key opportunities: The key opportunities in the Exoskeleton Market include expanded applications across healthcare, industrial and military sectors. Healthcare remains the major application area owing to advantages for physical therapy. Industrial exoskeletons can benefit workers in manufacturing, logistics, construction industries. Military is increasingly adopting exoskeletons for load-carrying and combat roles.

Technological advancements: Advancements are focusing on developing lighter weight frames, miniaturizing components, improving battery life and integrating artificial intelligence. Use of 3D printing, carbon fiber and new alloys help reduce exoskeleton weight. AI integration enables monitoring biomechanics and automatic joint assistance.

Market drivers

A major market driver is the growing geriatric population with age-related mobility issues. Over 38% of the world population is projected to be aged 60 years or above by 2050 creating demand for assistive devices. Physical rehabilitation and increasing acceptance of robotic aids is another key driver. Rapid automation in industries is increasing workload demands necessitating workers’ support exoskeletons. Rising defense budgets and technology investments positively impact the military exoskeleton sector. Investments in robotics and bionics R&D will further fuel the exoskeleton market growth over the forecast period.

Current Challenges in Exoskeleton Market:

The exoskeleton market is still in nascent stages of development and adoption. High costs of purchasing and maintaining exoskeleton systems pose significant challenges in wide adoption across various application areas. Current exoskeleton designs need further improvements in terms of comfort, customizability and form factor to appeal to broad consumer needs. Lack of standard regulations and certifications is also restricting many companies from marketing their exoskeleton products commercially. Further research is necessary to design durable and energy-efficient systems that can match human movements seamlessly without technical glitches.

SWOT Analysis
Strength: Exoskeleton technology enables enhanced user strength and endurance without fatigue. It can improve work productivity significantly for applications involving heavy lifting or repetitive tasks.

Weakness: High costs make exoskeleton systems unaffordable for many individual and SME end-users currently. Designing lightweight yet robust systems remains an engineering challenge.

Opportunity: Technological advancements are making exoskeletons more affordable and user-friendly over time. Rising labor costs are increasing adoption across industries like manufacturing, logistics and construction. Growing geriatric population demands such assistive devices.

Threats: Limited customer awareness exists about benefits of exoskeleton technology. Alternative assistive devices like powered prosthetics/wheelchairs provide competition. Stringent regulations may restrict commercialization.

Currently, North America accounts for the largest share in the exoskeleton market in terms of value due to high defense spending and R&D investments in robotic technologies. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising industrial automation and increasing disabilities due to accidents in densely populated countries like China and India.

The manufacturing sector dominated the exoskeleton market in terms of value in 2024. However, healthcare and military sectors are anticipated to surpass manufacturing during 2024-2030 as technologically advanced exoskeleton suits get increasingly adopted for rehabilitation and combat applications globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it