Exoskeletons Market Set to Witness Exponential Growth, Projected to Reach USD 6 Billion by 2030

According to Next Move Strategy Consulting, the global Exoskeletons Market is expected to grow significantly in the coming years, with a projected market value of USD 6 billion by 2030. This impressive growth is anticipated to occur at a compound annual growth rate (CAGR) of 33% by 2030. Exoskeletons, also known as powered exoskeletons or exosuits, are wearable mechanical devices designed to enhance the user's physical capabilities. These devices integrate sensors, actuators, algorithms, and mechanical structures to support a variety of functions, from heavy lifting and rehabilitation to improving mobility and endurance.

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Market Dynamics and Growth Drivers

A major factor driving the exoskeleton market is the rising demand for these devices in the industrial sector. Exoskeletons provide crucial assistance with tasks such as body weight support, load maintenance, and positioning correction, making them an essential tool in reducing worker fatigue and the risk of injury during physically demanding tasks. For example, Ekso Bionics, a leader in the exoskeleton market, launched its EVO system in 2020, designed to boost endurance for industrial workers, helping to alleviate the physical burden of repetitive tasks.

The healthcare sector is also experiencing significant demand for exoskeletons, particularly for rehabilitation purposes. Spinal cord injuries, strokes, and other neurological conditions are increasing globally, creating a growing need for robotic exoskeletons. Ekso Bionics, in partnership with Kindred Healthcare, launched the EksoNR robotic exoskeleton in 2021 to help patients recovering from brain injuries and spinal cord injuries regain mobility and achieve a more natural gait.

Additionally, clinical trials, such as the WISE study conducted by the International Spinal Cord Society in 2022, are helping to demonstrate the effectiveness of exoskeleton-based gait training, further driving the adoption of these devices for rehabilitation.

Despite the growth prospects, the high cost of exoskeletons remains a challenge, which could limit widespread adoption. However, the introduction of soft exoskeletons made from flexible materials and artificial muscles presents an opportunity for more affordable and versatile products in the market.

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Segmentation and Scope

The exoskeletons market is segmented into various categories including component, mobility, power type, body type, end user, and geography. These segments include:

• Component: Hardware and Software
• Mobility: Mobile and Fixed
• Power Type: Powered and Passive
• Body Type: Complete Body, Upper Extremities, Lower Extremities
• End User: Healthcare, Industrial, Defense & Aerospace, Others
• Geography: North America, Europe, Asia-Pacific, Rest of World (RoW)

Regional Insights

North America currently dominates the exoskeletons market and is expected to maintain its leadership through 2030. The growing number of Parkinson’s disease diagnoses, which significantly affect motor skills, is a key driver of market growth in the region. Exoskeletons offer a means to help Parkinson's patients regain mobility, thus enhancing their quality of life. The presence of prominent players like ReWalk Robotics and Ekso Bionics further accelerates growth in the region. For example, ReWalk Robotics received FDA clearance for its personal exoskeleton to be used on stairs and curbs, marking a significant milestone for exoskeleton technology.

Asia-Pacific is also witnessing a steady rise in exoskeleton adoption, especially in countries like Japan, where an aging population is driving demand for devices that assist in heavy lifting and other physically strenuous tasks. The region’s growing focus on reducing work-related injuries, combined with high rates of road accidents causing neurological impairments, further fuels the market.

Competitive Landscape

Key players in the exoskeleton market include Ekso Bionics, ReWalk Robotics, Parker Hannifin, CYBERDYNE, Bionik Laboratories, and others. These companies are enhancing their product offerings through strategic partnerships, FDA approvals, and new product launches.

• In March 2023, ReWalk Robotics received FDA clearance for its ReWalk Personal Exoskeleton, making it the only personal exoskeleton with approval to be used on stairs and curbs.
• In 2021, Ottobock launched a series of exoskeleton devices to provide relief during overhead work and heavy lifting.
• Ekso Bionics received FDA clearance in 2020 for its EksoNR robotic exoskeleton for brain injury patients, expanding its market presence and application.

Conclusion

The exoskeleton market is poised for exceptional growth, driven by the increasing demand for enhanced mobility and strength in industries such as healthcare, defense, and industrial sectors. The rise in neurological disorders, combined with innovations in exoskeleton technology, presents significant growth opportunities. Despite challenges related to high equipment costs, technological advancements such as soft exoskeletons are expected to make these devices more accessible, thus further expanding market potential.

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