[195 Pages Report] The Exoskeleton Market size was estimated at USD 865.78 million in 2023 and expected to reach USD 999.81 million in 2024, at a CAGR 18.20% to reach USD 2,791.19 million by 2030.
Exoskeletons are used to support and assist movement or augment the physical capabilities, disabilities, or limitations resulting from disease or injury that enables patients with lower extremity weakness or partial paralysis to stand and walk on level surfaces. The increasing adoption of human exoskeletons in industrial & military sectors and elevating demand from the healthcare sector for robotic rehabilitation are propelling the market. Additionally, growing awareness and government initiatives for adopting exoskeletons in different industries present various opportunities to capitalize upon. However, the high equipment cost of an exoskeleton robot can pose a challenge to market penetration. Current regulatory issues for securing approvals for medical applications of exoskeletons may impede this progress moderately, given their complex structure. Market players have the opportunity to incorporate technological advancement in materials science, artificial intelligence, and robotics to increase the adoption of exoskeletons in different industries.
Regional Insights
The North American market is responsible for a significant share, including patients’ high purchasing power, the growing geriatric population, and the public and private organizations offering grants and funds to develop technologically advanced products. On the other hand, Asia-Pacific is expected to register growth during the forthcoming years owing to a growing patient pool requiring rehabilitation support. Developing & advancing healthcare infrastructure and the availability of government support & funding are driving the development & growth of the exoskeleton market in Asia-Pacific. In Europe, non-manufacturing industries are adopting exoskeleton systems at large for rehabilitation, pick and carry, and other applications. The escalated maritime border tensions between the countries of Russia and Ukraine caused increased military spending worldwide as governments scrambled to upgrade their defensive systems and prepare for potential threats. Additionally, improving economic conditions, coupled with the rising demand for intelligent sensors for quality interaction between human and robotic devices, is expected to boost the exoskeleton market growth in Europe.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Exoskeleton Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Exoskeleton Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Exoskeleton Market, highlighting leading vendors and their innovative profiles. These include ABLE Human Motion S.L., American Bionics, Aselsan AS, ATOUN Inc., B-Temia Inc., Bioness Inc., Bionic Power Inc., BIONIK Inc., Bioservo Technologies AB, Bioventus LLC, Cyberdyne Inc., Dachser Group SE & Co. KG, Dephy Inc., Ekso Bionics Holdings Inc., ExoAtlet, Focal Meditech, Gogoa Mobility Robots, SL, Hilti Corporation, Hocoma AG, Honda Motor Co. Ltd., Honeywell International Inc., Hyundai Motor Company, Innophys Co., Ltd., Ktwo Healthcare Pvt. Ltd., Laevo, Levitate Technologies, Inc., Lockheed Martin Corporation, Marsi Bionics, S.L., Mitsubishi Heavy Industries, Ltd., Myomo, Inc., Noonee Germany GmbH, Northrop Grumman Corporation, Ottobock SE & Co. KGaA, Panasonic Corporation, Parker Hannifin Corporation, Raytheon Technologies Corporation, RB3D, Revision Inc., ReWalk Robotics Ltd., Rex Bionics Ltd., Rostec Corp., Safran S.A., Sarcos Corporation, SpringActive Inc., SRI International Inc., Suit X, Technaid, S.L., The Boeing Company, Toyota Motor Corporation, and Wearable Robotics s.r.l..
Market Segmentation & Coverage
This research report categorizes the Exoskeleton Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Full Body
- Lower Body
- Upper Body
- Type
- Mobile
- Stationary
- Technology
- Active
- Passive
- End User
- Hospitals
- Manufacturing & Construction
- Military & Defense
- Rehabilitation Center
- Sport & Fitness
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Exoskeleton Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Exoskeleton Market?
- What are the technology trends and regulatory frameworks in the Exoskeleton Market?
- What is the market share of the leading vendors in the Exoskeleton Market?
- Which modes and strategic moves are suitable for entering the Exoskeleton Market?
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