Exoskeletons are wearable robotics that are external and augment the body’s abilities. Powered exoskeletons are battery-powered, motorized suits that enhance human strength and endurance to perform industrial and military tasks. Non-powered exoskeletons are lighter structures worn over the body that provide ergonomic support and reduce injury risks during tasks. 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:
Affordability of powered/non-powered exoskeletons has advanced considerably due to newer technologies and larger production runs that enable economies of scale for manufacturers. Key players have developed exosuits that are lighter, low-cost and suitable for industrial purposes like lifting heavy objects, repetitive tasking and construction labor. They reduce workplace injuries while boosting productivity. As prices fall further, adoption across sectors like manufacturing, healthcare and defense will significantly rise over the forecast period.
SWOT Analysis
Strength: Exoskeleton technology enables support for mobility and rehabilitation for individuals with physical disabilities or impairments. It enhances strength and endurance.
Weakness: High costs associated with exoskeleton systems can limit widespread adoption. Technological challenges remain in developing exoskeletons that are lightweight, affordable and easy to use.
Opportunity: Growing geriatric population and rising cases of road accidents and paralysis present a vast market opportunity. Increased defence spending on enhancing soldier efficiency also provides opportunities.
Threats: Stringent regulatory approvals and reliability issues can delay market access. Competition from alternative assistive technologies.
Key Takeaways
The global exoskeleton market demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to grow from US$ 0.7 Mn in 2023 to over US$ 12 Bn by 2030, registering a CAGR of around 38%.
Regional analysis
North America dominates current exoskeleton sales, driven by growing defense budgets as well as research and clinical adoption. Asia Pacific is expected to be the fastest growing regional market supported by factors like rising healthcare investments, large patient pools and rapid economic development. Countries like China, Japan and South Korea are emerging as global leaders in exoskeleton technology.
Key players
Key players operating in the exoskeleton market are Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, ReWalk Robotics Ltd, Hocoma, Rex Bionics PLC, Active Link (Panasonic Corporation) and Cyberdyne, Inc. These leaders are focusing on innovations to develop more compact, affordable and widely applicable exoskeleton systems for healthcare, industrial and defense applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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