The exoskeleton market involves robotic suits and wearable bionics that help enhance or restore human performance for industrial, military, and healthcare applications. Exoskeletons provide strength, endurance, speed and mobility assistance to workers engaged in labor-intensive jobs and physically challenged individuals. They are lightweight, wearable robotic suits controlled by the movements of the user and aid in distributing weight uniformly across the person's joints.
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.
Key Takeaways
Key players operating in the exoskeleton market include Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, ReWalk Robotics Ltd, Hocoma, Rex Bionics PLC., and ActiveLink (Panasonic Corporation) and Cyberdyne, Inc. These players are investing in R&D to develop technologically advanced products with enhanced power, safety and user-friendliness.
The growing geriatric population suffering from disabilities, a rise in workplace-related accidents, and increasing deployment of robotic technologies in the healthcare sector are expected to drive demand. Moreover, rising investments by government and private organizations to support exoskeleton development will offer significant growth opportunities over the next few years.
North America dominates the global exoskeleton market due to growing demand from the healthcare sector and rapid adoption of new technologies. However, Asia Pacific is anticipated to offer lucrative growth prospects through 2031 with China and India emerging as major markets. This can be attributed to rising healthcare expenditures, growing medical tourism and a large patient pool in the region.
Market drivers
The predominant driver for the Exoskeleton Market Demand is the growing demand for physical assistance devices from industrial, military and healthcare sectors. Exoskeletons help reduce workload, fatigue and risk of injuries for workers involved in repetitive tasks. They also aid rehabilitation of individuals with lower limb disabilities. Moreover, supportive government initiatives and funding for exoskeleton development along with increasing aging population worldwide requiring mobility assistance will further propel the market growth in coming years.
PEST Analysis
Political: Government regulations regarding the use of exoskeletons in industries and workplace safety are an influencing factor. Regulations promote the adoption of exoskeletons that enhance worker productivity and safety.
Economic: Growing industrialization and manufacturing industries spur greater demand for workers. Exoskeletons help reduce workplace injuries while improving productivity, offering significant cost savings for companies.
Social: Increasing incidence of workplace injuries boosts acceptance of exoskeletons that help perform physically demanding tasks without compromising on safety or work quality. They aid job roles difficult to hire for such as eldercare.
Technological: Advancements in material science, sensors, actuation and power sources enable smarter exoskeletons with greater strength-to-weight ratio, range of motion and onboard intelligence for applications in industries, healthcare, and defense. Use of wired and wireless communication enhances integration of exoskeletons with computer systems.
Geographical Market Concentration
In terms of value, the exoskeleton market is currently concentrated in North America and Western Europe. Major industry players are headquartered here who have established presence across various application verticals such as healthcare, defense and factories. Both regions account for over 60% of global exoskeleton sales currently led by U.S, Germany, U.K and France.
Fastest Growing Region
The Asia Pacific region is poised to witness the fastest growth in the exoskeleton market over the forecast period. This is attributed to rising industrial automation, growing healthcare expenditure, and increasing workplace safety regulations across major Asian countries like China, Japan and India. With presence of key exoskeleton manufacturers as well as a large production-linked workforce, the region offers immense opportunities for wider adoption of these robots.
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About Author
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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