Exoskeleton Market

Market Overview

The global exoskeleton market size was valued at USD 334.5 million in 2022. It is estimated to reach USD 1363.72 million by 2031, growing at a CAGR of 16.9% during the forecast period (2023–2031). Increasing demand, vast potential application areas of the exoskeleton in various industries, and the development of technologically advanced products by market leaders are thus some of the key factors driving exoskeleton market growth.

Exoskeletons are the unyielding exterior coverings found on certain animals, most frequently arthropods. Due to their composition of chitin and calcium carbonate, they are non-living. Exoskeletons provide structural support and protection from predators, water, and dehydration to the animal's body. Larger animals, on the other hand, would find exoskeletons to be excessively burdensome. Arthropods, such as crustaceans and beetles, have an exoskeleton visible on their bodies' exteriors. They lack the internal skeleton found throughout the human body. Their skeleton is called an exoskeleton because their 'bones' are on the outside, much like a suit of Armor. The shell of certain sponges is an additional example. It is known as the exoskeleton.

The exoskeleton or integument of an insect functions not only as a protective covering but also as a surface for muscle attachment, a watertight barrier against desiccation, and a sensory interface with the surrounding environment. Insects, spiders, and crustaceans are all examples of the arthropod animal class. Exoskeletons are a characteristic feature of arthropods. Grasshoppers, cockroaches, ants, wasps, cicadas, scorpions, lobsters, shrimp, black widow spiders, snails, and crabs are examples of animals with exoskeletons. Black widow spiders and black widow snails are additional examples.

Market Dynamics

Global Exoskeleton Market Drivers:

Increasing Incidence of Spinal Cord Injury

As patients with spinal cord injuries are advised to use exoskeletons to enhance their condition, the occurrence of spinal cord injuries drives the growth of the exoskeleton market. This has become a significant driver for patient and healthcare provider adoption of exoskeletons. According to the World Health Organization, between 250,000 and 500,000 people worldwide sustain a spinal cord injury every year, and this increase in patients is leading to a rise in the use of exoskeletons. In addition, the demand for exoskeletons is increasing because they offer a variety of advantages; they allow individuals with spinal cord injuries to experience walking and standing at a low metabolic cost.

According to Clinicaltrials.gov, exoskeletons can improve bowel function and reduce spasticity while assisting with mobility. In addition, both the level of physical activity and psychological parameters are enhanced by continuous exoskeleton use. In addition, previous research indicates that using an exoskeleton at least two to three times per week for one to two hours is advantageous for rehabilitating individuals with spinal cord injuries. These benefits are driving the development of the exoskeleton market.

Technological Advancements in the Exoskeleton Market

The increasing technological advances in the exoskeleton market are anticipated to increase demand for exoskeletons. Exoskeletons are expected to contribute to the market's growth due to their expanding popularity and business adoption. In addition, the increasing adoption of exoskeletons in the manufacturing sector, logistics, automotive, and construction is resulting in a rise in exoskeletons' market penetration, driving market growth. In addition, essential players are consistently developing new exoskeleton technologies. In recent years, the demand for exoskeletons has increased due to technological advancements, such as the incorporation of artificial intelligence and improved robotics and modifications to the exoskeleton concept in terms of how it can be directly applied to human bodies.

Previously, exoskeletons were only used in factories; now, they are a valuable instrument for boosting productivity and work quality. In addition, they provide an unprecedented increase in muscular strength and running pace. Increasing demand, vast potential application areas of the exoskeleton in various industries, and the development of technologically advanced products by market leaders are thus some of the key factors driving market expansion.

Global Exoskeleton Market Restraint:

High Procedure Costs

Exoskeletons have a high price tag, which includes the device, maintenance, standard care hospitalization, and trainers who can operate the device. The combination of these and other expenses makes exoskeletons costly for consumers. The minimal cost of an exoskeleton is significantly higher than that of a wheelchair, which is an alternative to an exoskeleton. In addition, mechanical features and techniques that mimic human movement increase the price, one of the main factors inhibiting the exoskeleton market growth. In addition, most companies developing exoskeletons target rehabilitation centers and hospitals. The adoption of exoskeleton devices for clinical and domestic use is quite low due to their exorbitant prices. Some of the companies additionally lease out their robots. For instance, Cyberdyne's Robot Suit HAL is available for lease or rental to medical and welfare facilities.

Global Exoskeleton Market Opportunities:

Exoskeleton Insurance Coverage Is Expanding

Patients can get assistive technology through several healthcare systems since it is an integral component of modern medicine and because it is readily available. As a direct consequence of this, it is currently accessible in a significant number of countries all over the world. As the utilization of robotics in medical operations becomes more popular, certain robotic technologies, such as exoskeletons, are beginning to be included in the scope of coverage provided by health insurance policies. This category encompasses a vast range of distinct pieces of apparatus, the likes of which include prosthetic limbs and surgical robots, to name just two examples.

Regional Analysis

The global exoskeleton market share is bifurcated based on region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global exoskeleton market shareholder and is estimated to exhibit a CAGR of 16.7% over the forecast period. Increasing adoption of exoskeletons in the military, healthcare, medical, industrial, and consumer markets is propelling the expansion of the North American market for exoskeleton. In addition, the incidence of spinal cord injuries is rising in the region, propelling market expansion. Increasing elderly and disabled populations are among the factors accelerating the adoption of exoskeletons.

In addition, government agencies' high research expenditures in the healthcare sector and continuous technological advancement are driving market growth in the North American region. The presence of private entities that provide funding for R&D to develop technologically advanced products is contributing to the expansion of the market. In addition, the use of exoskeletons in various industries, such as the medical and military, is increasing. These exoskeletons help infantry personnel carry 17 times their normal carrying capacity with significantly less physical strain. Exoskeletons have numerous medical applications, assisting patients in standing, walking, and carrying large objects.

Europe is anticipated to exhibit a CAGR of 18.4% over the forecast period. In Europe, the high incidence of stroke has been a significant public health concern, resulting in mobility impairment and long-term disability. In addition, a growing elderly population is anticipated to contribute to an increase in exoskeleton usage. The widespread use of exoskeletons in the military, industrial, and manufacturing sectors is anticipated to drive market expansion. Exoskeletons make industrial activities requiring heavy lifting easier. According to the European Foundation for Improvement of Living and Working Conditions, approximately 65 percent of workers spend at least a quarter of their time performing lifting and carrying duties. Low back pain and injuries related to employment are most prevalent among these workers. For industrial purposes, European researchers are interested in developing technologically advanced exoskeletons. Robo-Mate is one such illustration. Thus, the abovementioned factors will stimulate market expansion over the forecast period.

In the Asia-Pacific region, A growing elderly population is causing a decline in the labor force and a significant increase in public spending on, among other things, long-term care, healthcare, and pensions. The World Bank predicts that the senior population will reach approximately 1,3 billion by the end of 2050. The Ministry of Economy, Trade, and Industry in Japan has nominated 24 companies to develop robot apparatus for nursing care. The Japanese government subsidized these enterprises between 50 and 75 percent of the total development costs. Toyota Motor Corporation and Orix Living Corporation are two of these corporations.

In addition, increasing government subsidies are anticipated to contribute to the growth of the market for exoskeleton over the forecast period. Also, an increase in automotive suppliers in the exoskeleton market is anticipated to fuel market expansion in the coming years. Numerous exoskeleton technology-specializing manufacturers in this region, such as Cyberdyne, Inc. and ReWalk Robotics Ltd., are also propelling market expansion.

Latin America is one of the youngest regions; the younger population is rapidly declining due to falling fertility rates, increasing life expectancy, and a growing elderly population. The Latin American and Caribbean Demographic Centre predicts that by 2050, the population over 60 will exceed 180 million. The labor force participation rate is minimal in several Latin American nations, such as Colombia, Argentina, and Brazil. The declining workforce, incidence of spinal cord injuries, and demand for technologically advanced healthcare services are among the primary factors propelling new-age technologies, such as exoskeletons and robotics, in the healthcare industry.

The Middle East and Africa (MEA) exoskeleton market is in its infancy due to low levels of technology penetration, limited purchasing power, and fewer players in this region than in the United States and European markets. Ekso Bionics is concentrating on increasing productivity, reducing unit costs, and reducing wage rates in the Middle East market to increase its market penetration, thereby establishing a foothold and raising awareness of the benefits of exoskeletons to various industries. The company primarily focuses on expanding its industrial production, logistics, and construction capabilities. In addition, the increasing development of new products in the market for exoskeleton, the growing number of product approvals by the FDA, and the rising number of partnerships between international players for product refinements are expected to drive the market over the forecast period.

Segmental Analysis

The global exoskeleton market is bifurcated into mobility, technology, extremity, and end-user.

The global market is bifurcated based on mobility into mobile and fixed/stationary. 

The mobile segment dominates the global market and is projected to exhibit a CAGR of 15.3% over the forecast period. According to Cyberdyne, the use of mobile exoskeletons in spinal cord injury recovery is becoming more prevalent. This exoskeleton provides advantages such as walking after a neurological injury, performing activity-based therapy, and allowing patients who use wheelchairs to rise and move normally. In addition, it could revolutionize users' mobility, promoting market expansion. Moreover, hesitant or sluggish pedestrians and runners typically utilize a lower body mobile exoskeleton, which assists them in completing daily activities with ease and boosts their confidence.

Consequently, these advantages are increasing the demand for mobile exoskeletons. LGS, a mobile exoskeleton, is utilized by several paraplegic patients who have lost the ability to walk. This exoskeleton assists users in achieving a natural gait with their legs. This system is controllable by both educators and users. Thus, these developments in mobile exoskeletons are fostering market expansion. Due to these advantages of mobile exoskeletons and the increased technological advancements in this field to provide higher quality and flexible exoskeletons, the market is expected to grow significantly over the forecast period.

The global exoskeleton market is segmented based on technology into powered and non-powered. 

The powered segment dominates the global market and is predicted to exhibit a CAGR of 14.3% during the forecast period. The demand for propelled exoskeletons, which offer numerous advantages to patients, is being driven by technological advancements. These exoskeletons provide patients with spinal cord injuries, limb rehabilitation, stroke, or age-related complications with external support for standing and walking. In addition, they enhance bladder and bowel function, decrease chronic pain and spasticity, and increase bone density.

The expanding use of powered exoskeletons in the medical, military, and civilian sectors drives the market. Designed for arm and wrist rehabilitation, the Armeo by Ho Coma is a prominent example of this trend. In industries such as construction and warehouse, powered exoskeletons offer a novel approach to distribution, allowing for tighter stock arrangement and increased capacity and productivity. These factors are anticipated to drive market expansion in the coming years.

Based on extremities, the global market is bifurcated into upper body, lower body, and full body. 

The lower body segment owns the highest exoskeleton market share and is predicted to exhibit a CAGR of 18.6% over the forecast period. The adoption, penetration, and expansion of the market for lower-body exoskeletons are anticipated to be bolstered by the rising incidence of lower-body disabilities, the accelerated aging of the population, and the rising number of paralyzed patients. The robotic lower-body exoskeleton is used to facilitate paralysis of the lower limbs and promote lower-body muscle activity. For example, Cyberdyne's HAL Lower Limb exoskeleton is one of the most popular exoskeletons used for medical and non-medical purposes.

Additionally, lower limb exoskeletons assist individuals with spinal cord injuries in moving. Exoskeletons for the lower limbs are also used by the elderly, those with multiple sclerosis, stroke victims, and those with severe gait impairments. In addition, the military's demand for lower-body exoskeletons is rising due to their usefulness when jumping out of an airplane, parachuting into a lake, crawling through mud, running for cover, and engaging the adversary. The exoskeleton provides greater efficiency and assistance when performing activities. In addition, the durability, flexibility, and mobility provided by lower body exoskeletons improve rehabilitation in medical cases while reducing injuries and increasing work productivity in non-medical situations.

Based on end-users, the global exoskeleton market is divided into healthcare, industry, and military. 

The healthcare segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 18.9% over the forecast period. As the incidence of spinal cord injuries and paralysis rises, the penetration of exoskeletons within the healthcare industry is growing. Using exoskeletons enhances bowel and bladder function, mental health, and well-being, boosting the exoskeleton's growth in the healthcare industry. According to a Spinal Cord Injury System Centre report, therapists observed that many patients felt psychological benefits from using exoskeletons and began engaging in more activities due to increased mobility.

In addition, an increasing number of FDA approvals for medical exoskeletons, the commercialization of an increasing number of exoskeletons, and a growing awareness of technologically advanced exoskeleton technologies are factors driving the market for exoskeleton. The expansion of the company's product line for enhancing exoskeleton technology to enable people to stand, walk, and carry heavy objects is expected to be a key market driver over the forecast period. A few companies, including ReWalk Robotics, Ekso Bionics, and Cyberdyne, contribute to the expansion of the market.

Recent Developments

• November 2023- XoMotion was created by SFU researchers to be the world’s most advanced exoskeleton for mobility challenges. The technology is poised to offer people with mobility challenges a new chance at free and independent movement.
• September 2023- IIT-D's Exoskeleton Device RoboExo SMART headed for international footprint. The exoskeleton synchronizes wrist and finger joint movements, significantly enhancing daily functions and minimizing muscle rigidity. Its muscle activity-controlled interface, adaptable settings, and real-time performance feedback promise a journey toward swifter recovery.