by Exoskeletons are wearable robotic systems that enhance human strength, endurance, and mobility for physically demanding tasks. Powered exoskeletons are systems incorporating powered actuators and other components that actively power or augment movement of the human body. These suits are typically used by industrial workers and military personnel to reduce fatigue and increase efficiency. Powered exoskeletons are used across applications like industrial, military, healthcare and others. In industries, they help workers lift heavy weights and perform repetitive tasks with ease and less physical exertion. This has boosted productivity as workers are able to work for longer hours without getting tired. The global exoskeleton market is estimated to be valued at US$ 0.7 Mn in 2023 and is expected to exhibit a CAGR of 38.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The heightened demand for productivity enhancement across industries is a key growth driver for powered exoskeletons adoption. Manufacturing plants are increasingly deploying exoskeletons to reduce worker fatigue and improve efficiency. It allows workers to work longer hours without medical issues like back pain. More companies are approving budgets for such workforce augmentation technologies. Another trend is increased focus on healthcare applications of exoskeletons. Lower body exoskeletons help paraplegics and elderly to walk and regain mobility. Upper body exoskeletons assist stroke patients in performing daily chores. This has created opportunities for exoskeleton providers to enter consumer markets and receive insurance reimbursements for such medical devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to substantial technology capabilities and funding requirements needed to compete in the exoskeleton market.
Bargaining power of buyers: Buyers have low bargaining power due to the specialized nature of exoskeleton technology and lack of substitute products.
Bargaining power of suppliers: A few large suppliers exist for key exoskeleton components providing them some power over buyers.
Threat of new substitutes: No close substitutes currently exist for powered exoskeleton applications.
Competitive rivalry: Competition in the exoskeleton market is high as various companies are developing innovative product solutions.
Key Takeaways
The global exoskeleton market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 0.7 Mn with a projected CAGR of 38.%.
North America is expected to dominate the exoskeleton market over the forecast period Supported by the presence of key players, strong defense budgets, and higher healthcare spending compared to other regions.
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, Cyberdyne, Inc.
Regional analysis: Asia Pacific is poised to be the fastest growing regional market for exoskeletons driven by rising disposable incomes, increasing investments in robotic technology by regional governments and companies, and a large patient pool.
Key players: 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
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
