Exoskeletons are wearable robotic devices worn externally that help amplify or accelerate human strength and endurance. There are different types of exoskeletons that provide support to injured or disabled people, help them walk or move certain body parts. Exoskeletons find various applications in healthcare, industrial usage and military. In healthcare, they help patients with mobility challenges to walk or move independently.
The global Exoskeleton Market is estimated to be valued at US$ 0.81 Bn in 2024 and is expected to exhibit a CAGR of 38.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in healthcare and rehabilitation is expected to drive high growth in the exoskeleton market. As exoskeletons can help patients with paralysis or those who had accidents to gain mobility, their usage for rehabilitation purposes is growing. They provide support to injured muscles and nerves and help patients learn how to walk or move parts of the body again. With rising elderly population worldwide and accidents, the need for devices that assist in rehabilitation and care is increasing rapidly. The exoskeletons market is thus poised to benefit significantly from their growing application in healthcare, hospitals and rehabilitation centers for assisting patients. This will contribute to the high demand and anticipated strong growth of the exoskeleton market over the forecast period.
Porter's Analysis
Threat of new entrants: Low upfront capital requirements have lowered entry barriers in the exoskeleton market. However, developing exoskeleton technology requires substantial R&D investments, limiting new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of exoskeleton systems. However, large organizations and government buyers can negotiate on price and customize products.
Bargaining power of suppliers: Key suppliers of components like sensors and actuators possess some bargaining power due to specialized technology and patents. However, presence of alternate suppliers mitigates their power.
Threat of new substitutes: No close substitutes exist for powered exoskeleton technology. Alternative assistive devices have limited capabilities.
Competitive rivalry: Intense competition exists among established players to gain market share through continuous innovation and portfolio expansion.
SWOT Analysis
Strengths: Abundant opportunities in healthcare, military and industrial sectors. Technological advances promoting product efficacy and acceptance.
Weaknesses: High product and maintenance costs restrict mass adoption. Safety issues necessitate extensive testing and certification.
Opportunities: Growing geriatric population boosting demand for rehabilitation exoskeletons. Efforts by key players to commercialize technologies for consumer markets.
Threats: Stricter regulatory norms may delay product approvals. Challenges in miniaturizing components may hamper wearability.
Key Takeaways
The global exoskeleton market growth is expected to witness high growth over the forecast period of 2024 to 2031 on account of advancements in materials, sensors and control systems. The market size for 2024 is projected to reach US$ 0.81 Bn growing at a CAGR of 38%.
Regional analysis
indicates North America dominating the global market with the largest market share in 2024 owing to supportive government initiatives and presence of key industry players in the US and Canada. Asia Pacific exoskeleton market is poised to grow at the fastest pace during the forecast period backed by increased R&D investments and healthcare expenditure in China, Japan and India.
Key players
operating in the exoskeleton market are Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, ReWalk Robotics Ltd, Hocoma, Rex Bionics PLC, ActiveLink (Panasonic Corporation) and Cyberdyne, Inc. These players are focusing on new product launches and strategic collaborations to penetrate emerging application sectors like industrial exoskeletons and consumer medical devices.
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