Exoskeleton Market Size To Reach $1.25 Billion By 2030

Exoskeleton Market Growth & Trends

The global exoskeleton market size is anticipated to reach USD 1.25 billion in terms of revenue and 26,114 units in terms of volume by 2030 and is expected to grow at a CAGR of 16.6% in terms of revenue and 9.3% in terms of volume from 2024 to 2030, according to a new report by Grand View Research, Inc. Rapidly growing global geriatric population, increasing incidences of road accidents, and rising prevalence of stroke and spinal cord injuries are boosting the adoption of exoskeleton products and driving market growth. For instance, according to an article published by SingleCare Administrators in February 2023, globally, over 350 million individuals have arthritis, and 1 in 4 adults in the U.S. has arthritis.

Furthermore, the market is expected to witness the emergence of smarter & more competent exoskeletons through the integration of artificial intelligence and machine learning algorithms. For instance, in April 2022, Ottobock introduced the Ottobock Shoulder, a next-generation Paexo Shoulder exoskeleton that supports strenuous over-the-shoulder activities in production, logistics, handicraft, and maintenance. Thus, emergence of technologically advanced exoskeletons boosts market growth.

In addition, key players adopting diverse strategies such as new product launches, geographical expansion, partnerships, and collaborations, and a rise in R&D activities drive the market growth. In April 2022, ReWalk Robotics participated in the Human-Robot Interaction (HRI) Consortium, associated with the MAGNET incentive program under the Israel Innovation Authority. This initiative was expected to promote R&D collaborations and offer grants to renowned academic & research centers and private businesses developing advanced robotic technologies.

Moreover, exoskeletons have been used in various areas, including dry docks, factories, construction sites, surgical rooms, and warehouses. They are beneficial in reducing the burden of work. Thus, various benefits of exoskeletons are fueling market growth. Furthermore, with growing adoption and demand, it is expected that companies may buy millions of units for their workers to increase productivity and prevent musculoskeletal disorders over the forecast period, which is anticipated to result in increased quality of work.

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Exoskeleton Market Report Highlights

• Based on mobility, the mobile segment led the market with the largest revenue share of 62.1% and volume share of 63.1% in 2023, owing to multiple benefits associated with these products such as improving strength without restricting movement

• Based on technology, the powered segment led the market with the largest revenue share in 2023, owing to growing number of innovative product launches and an increase in product approvals from regulatory bodies

• Based on theextremity, the lower body segment led the market with the largest revenue share in 2023, due to rising incidence of lower body disabilities and an increasing number of road accidents

• Based on end use, the healthcare segment held the largest market share in 2023 owing to growing availability of adequate healthcare infrastructure and constant technological advancements

• North America region dominated the market in 2023 with the largest revenue share of 45.9% and volume share of 27.0% owing to growing disabled population, rising prevalence of spinal cord injuries, and presence of key players

Exoskeleton Market Segmentation

Grand View Research, Inc. has segmented the exoskeleton market report based on mobility, technology, extremity, structure, end-use, and region:

Exoskeleton Mobility Outlook (Volume, Revenue, USD Million, 2018 - 2030)

• Mobile

• Fixed/Stationary

Exoskeleton Technology Outlook (Volume, Revenue, USD Million, 2018 - 2030)

• Powered

• Non-powered

Exoskeleton Extremity Outlook (Volume, Revenue, USD Million, 2018 - 2030)

• Upper Body

• Lower Body

• Full Body

Exoskeleton Structure Outlook (Volume, Revenue, USD Million, 2018 - 2030)

• Rigid Exoskeletons

• Soft Exoskeletons

Exoskeleton End-Use Outlook (Volume, Revenue, USD Million, 2018 - 2030)

• Healthcare

• Military

• Industry

Exoskeleton Regional Outlook (Volume, Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • Spain

  • Italy

  • France

  • Denmark

  • Norway

  • Sweden

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in Exoskeleton Market

• Ekso Bionics

• Hocoma

• Lockheed Martin Corporation

• Suit X

• Rex Bionics Plc.

• RB3D

• ReWalk Robotics

• Cyberdyne, Inc.

• ActiveLink (Panasonic Corporation)