Exoskeleton Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2024-2028

Exoskeleton Market Size 2024-2028

The global exoskeleton market size is estimated to grow by USD 4.16 billion at a CAGR of 48.07% between 2023 and 2028. The market is experiencing growth propelled by several key factors. Firstly, there is an increase in the number of spinal cord injuries (SCIs), which has heightened the demand for innovative rehabilitation solutions. Secondly, the healthcare sector is increasingly adopting robotic rehabilitation technologies to enhance patient care and outcomes. Lastly, the expanding insurance coverage for medical exoskeletons is making these advanced devices more accessible to a larger population. Together, these factors are driving significant growth in the market for robotic rehabilitation and medical exoskeletons. This growth is indicative of a broader trend towards the adoption of technology-driven solutions in healthcare to improve patient outcomes and quality of life.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

By Application 

The market share growth by the healthcare segment will be significant during the forecast period. An exoskeleton is an innovative wearable device that provides external support to the user's body and enhances physical performance. These devices are gaining popularity in the healthcare industry owing to their potential to improve patient outcomes, aid rehabilitation, and reduce physical strain on healthcare workers. Exoskeleton technology enables people with neurological and musculoskeletal disorders, such as stroke and spinal cord injury, to regain mobility and improve their quality of life.

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The healthcare segment was valued at USD 101.40 billion in 2018. Exoskeletons help patients relearn motor skills, strengthen muscles, and improve overall physical performance by assisting movement. The healthcare industry also uses exoskeletons to support medical workers during physically demanding tasks. Physical strain from manual lifting and repetitive motion can cause musculoskeletal injuries in healthcare workers. To combat this problem, exoskeletons are deployed to provide assistance and reduce the risk of injury. Exoskeletons have the potential to revolutionize surgical techniques, making procedures safer and more efficient. Hence, such factors will boost the growth of the segment in the exoskeleton market during the forecast period.

By Mobility Type 

An exoskeleton is an innovative wearable device that provides external support to the user's body and enhances physical performance. These devices are gaining popularity in the healthcare industry due to their potential to improve patient outcomes, aid rehabilitation, and reduce physical strain on healthcare workers. In addition, exoskeletons also play an important role in the field of care for the disabled. Moreover, exoskeletons reduce the risk of secondary health problems associated with prolonged sitting or immobility, such as pressure sores and cardiovascular disease. This technology provides greater control and accuracy, reduces the risk of complications, and improves surgical outcomes. Exoskeletons have the potential to revolutionize surgical technology and make surgery safer and more efficient. Hence, these factors will boost the growth of the segment in the exoskeleton market during the forecast period. 

By Region

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The presence of advanced medical facilities, increasing disability from spinal cord injuries, and high demand for self-assisting exoskeletons make the US the largest contributor to the North American market. In addition, the existence of the American Spinal Cord Injury Association (ASIA), a favorable policy on coverage and reimbursement of third-party commercial payers of medical exoskeletons, aims to raise awareness of available treatment options for patients with SCI. The presence of major market players such as Ekso Bionics Holdings and Parker-Hannifin Corp. (Parker-Hannifin), offering exoskeletons in the region, drives the market growth.

Furthermore, Mexico is another cleading revenue contributor to the market in North America. The Maxios government increased government and private hospital budgets due to an increase in the incidence of spinal cord injuries in its aging population, and increase the number of hospitals and rehabilitation centers using exoskeletons to move patients, thus boosting the North American market. In addition, researchers focusing on developing affordable exoskeletons are also contributing to the market growth during the forecast period.

Market Dynamics and Customer Landscape

The market is witnessing significant growth, driven by technological advancements and increasing demand across various sectors like healthcare, military, and industrial. Innovations like Bionic’s Cray X and soft actuators are revolutionizing human augmentation equipment, enhancing physical capabilities and mobility. Merger and acquisition activities, along with government regulations and reimbursement policies, play pivotal roles in shaping the market landscape. These batteries are also vital in medical devices used to treat conditions like Multiple Sclerosis, Strokes, and other Neurological Disorders, providing power to devices such as wheelchairs, crutches, and walkers. They are also used in tools and equipment in the Automobile industry, defense, and construction industries. The NSCISC (National Spinal Cord Injury Statistical Center) highlights the importance of dependable power sources for devices aiding in rehabilitation and daily living for individuals with spinal cord injuries. The market is seeing increased adoption in the Construction industry, industrial, military, and automobile sectors, as well as the defense and construction industries. These industries benefit from the integration of advanced robotic technologies to enhance worker capabilities and reduce the risk of shoulder injuries. The market's growth is driven by the need for improved efficiency and safety across various sectors.

Key Market Driver

Increasing incidences of SCIs is notably driving market growth. The National Spinal Cord Injury Statistical Center (NSCISC) reports that musculoskeletal injuries, including spinal cord injuries (SCIs), are often caused by accidents, motor vehicle crashes, sports, and recreation activities, as well as diseases such as osteoporosis, arthritis, and inflammation of the spinal cord. SCIs can result in partial or complete paralysis and paraplegia, necessitating rehabilitation and assistive devices. Exoskeletons, such as the EksoNR robotic exoskeleton, are increasingly being used to aid individuals with SCIs at levels T7 to L5 and T4 to T6.

Moreover, these devices provide stability and assistance for interlimb-coordinated movements, enabling users to walk and perform daily activities. The regulatory framework for exoskeletons includes FDA clearance, ensuring their safety and efficacy. Cumulative trauma disorders, including repetitive strain injuries, are also addressed by exoskeletons, which can reduce the risk of further injury and promote user independence.Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trends

The prevailing trend in the market is the increasing adoption of exoskeletons integrated with both established and emerging technologies. There's a growing emphasis on leveraging exoskeletons equipped with Functional Electrical Stimulation (FES) and Brain-Computer Interface (BCI) for rehabilitating upper and lower extremities in patients with neuromotor disorders. FES facilitates coordinated muscle movement activation, aiding individuals in maintaining optimal physical function. Controlled by a BCI system within the MATLAB and Simulink environment, the FES exoskeleton device monitors brain electrical activity, utilizing advanced signal processing algorithms to control locomotion.

Furthermore, incorporating innovative approaches like FES and BCI into exoskeletons has the potential to significantly reduce healthcare expenses and enhance quality of life, particularly for individuals with spinal cord injuries, paraplegia, and paralysis. This increasing focus on integrating existing and emerging technologies into exoskeletons is poised to drive substantial market growth and trends, shaping the market during the forecast period.

Major Market Challenges

Well-trained caregivers' requirement post-treatment is the major challenge that affects the growth of the market. Using a medical exoskeleton in a hospital, rehabilitation center, or home care facility requires the assistance of a well-trained caregiver who can assist in walking with the exoskeleton. However, the availability of such dedicated caregivers to support patients with spinal cord injuries and locomotion impairments is limited. Recruitment of well-trained caregivers is limited by factors such as human resources shortages, lack of standardization in training curricula and accreditation policies, and poor patient-caregiver coordination during exoskeleton ambulation.

Therefore, well-trained and certified exoskeleton trainers with hands-on training are required to support the use of medical exoskeletons in spinal cord injury patients. Companies such as ReWalk Robotics offer extensive training on the use of exoskeletons through the ReWalk Training Center (Exoskeletons). Considering all these factors, the shortage of well-trained caregivers is the major challenge and will impede the growth of the global exoskeleton market during the forecast period.

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Key Market Customer Landscape

The market trends and analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

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Key Exoskeleton Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Bionik Laboratories Corp.: The company offers exoskeletons such as ARKE lower body exoskeletons.

• Cyberdyne Inc.
•  DIH Group
•  Ekso Bionics Holdings Inc.
• German Bionic Systems Gmbh
• Honda Motor Co. Ltd.
• Hyundai Motor Co.
•  Lockheed Martin Corp.
• Marsi Bionics SL
• Myomo Inc.
• Ottobock SE and Co. KGaA
• Panasonic Holdings Corp.
• Parker Hannifin Corp.
• Press Brake Safety
• RB3D
• ReWalk Robotics Ltd.
• Rex Bionics Ltd.
• Sarcos Technology and Robotics Corp.
• Watercraft

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• End-user Outlook 
  • Healthcare
  • Military
  • Industry

• Mobility Type Outlook 
  • Mobile
  • Fixed/Stationary

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India 
  • Rest of the World (ROW)
    • Brazil 
    • Argentina
    • Australia

You may also interested in below market reports:

1. Medical Exoskeleton Market  Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast

2. Wearable Robots And Exoskeletons Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, China, UK, France - Size and Forecast

3. Rehabilitation Robots Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Japan, Germany, UK, France - Size and Forecast

Market  Analyst Overview

The market is experiencing significant growth, driven by various factors such as technological advancements and an aging population. With applications spanning medical, automotive, defense, and construction industries, exoskeletons offer solutions for spinal cord injuries (SCI) and occupational disorders like repetitive strain injury (RSI). Innovations like Bionic’s Cray X and Wandercraft SAS's Atalante X showcase the industry's progress, while regulatory frameworks ensure safety and quality standards. Despite challenges like high costs and regulatory hurdles, the market is witnessing expansion, particularly in emerging economies. Advancements in materials, Sensor system, actuators, and control systems have led to the development of lightweight, portable exoskeletons, revolutionizing human augmentation and industrial applications alike. As research and development activities continue and investment grows, the market is poised for further evolution and adoption worldwide.

The market is expanding rapidly, with applications across various sectors such as the Industrial sector and Military sector. These systems integrate advanced robotic and software technologies to enhance human capabilities, particularly in demanding environments. In healthcare, exoskeletons are used for rehabilitation and to aid individuals with conditions like shoulder injuries or neurological disorders. They find use in logistics, vehicle factories, aircraft manufacture, and more. Regulatory challenges and cost barriers exist, but innovations in cloud computing, deep learning, and artificial intelligence are driving advancements. The market is poised for significant growth, especially with the development of smart sensors and improved control strategies.

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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