Exoskeleton Market Revolution: Innovative Robotics Propel Growth to New Heights
The global exoskeleton market is poised for substantial growth, expected to increase from USD 387 billion in 2023 to an estimated USD 1663 billion by 2033, with a compound annual growth rate (CAGR) of 15.7%. This expansion is driven by advancements in robotic technologies and increasing applications across healthcare, military, and industrial sectors. Key growth factors include the rising geriatric population, advancements in robotics, and a growing emphasis on rehabilitation aids and human augmentation devices. However, the market faces challenges such as high costs of devices and the need for more robust safety regulations.
North America holds the largest share of the Exoskeleton Market at 44.8%, valued at USD 173.4 billion in 2023. This dominance is driven by a high incidence of disabilities, robust support from public and private sectors, and numerous collaborations among industry leaders. With nearly 61 million Americans facing disabilities, including 13.7% with mobility issues, the market benefits from an aging population, increasing disposable incomes, and advancements in human augmentation. Companies like Sarcos are expanding, evidenced by a USD 40 million Series B funding in 2020 for production of Guardian XO.
Asia Pacific is anticipated to experience the fastest growth, propelled by increasing healthcare demands, government support, and infrastructural developments in key economies like China, Japan, and India. North America continues to lead the market, thanks to substantial investments in R&D and a high adoption rate of exoskeleton technologies in military and healthcare applications.
Recent developments in the market underscore the dynamic nature of the industry. In 2022, significant advancements were made with the acquisition of the Human Motion and Control business unit by Ekso Bionics, expanding their range and enhancing product development. Another highlight is Ottobock’s introduction of an advanced exoskeleton designed for over-the-shoulder support in various manual tasks.
Key Takeaways
- Market Growth: Exoskeleton market to reach USD 1663 Billion by 2033, growing at 15.7% CAGR from 2023, driven by aging population and medical equipment adoption.
- Segment Dominance: Mobile exoskeletons hold 63.56% market share, favored for versatility, while powered technology captures 76.1% share for advanced capabilities.
- End-use Focus: Healthcare sector leads with 51.7% market share, driven by rehabilitation needs, while North America dominates with 44.8% share.
- Regional Trends: North America leads with USD 173.4 billion market in 2023, supported by collaborations and investments, while Asia Pacific anticipates highest growth.
- Technological Advancements: Robotics innovations propel market growth, enabling efficient and portable exoskeleton designs for diverse applications.
- Regulatory Hurdles: Stricter approvals challenge powered exoskeletons, particularly on uneven surfaces, necessitating stringent safety measures for user protection.
- Insurance Coverage: Growing insurance support increases accessibility, particularly in healthcare, enhancing adoption rates and market expansion.
- Cost Barriers: High equipment costs hinder widespread adoption, especially in low-income regions, prompting exploration of cost-effective alternatives.
- Opportunities in Emerging Economies: Favorable funding environments in regions like Asia Pacific drive market growth, fostering technological advancements and adoption rates.
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Exoskeleton Market Key Segments
Mobility
- Fixed/Stationary
- Mobile
Technology
- Non-Powered
- Powered
Extremity
- Lower Body
- Upper Body
- Full Body
End-use
- Healthcare
- Industry
- Military
Type
- Soft Exoskeleton
- Rigid Exoskeleton
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Key Players Analysis
Hocoma, a Swiss medical technology company, is at the forefront of the exoskeleton sector with its ArmeoPower, the first commercially available robotic exoskeleton designed for arm and hand rehabilitation. This product is part of the broader Armeo Therapy Concept, which provides various stages of neurological rehabilitation from early intervention to long-term recovery. ArmeoPower enhances therapy by offering assist-as-needed support in a 3D workspace, combined with virtual reality to increase patient motivation. This integration allows for intensive, repetitive training that adapts to individual patient needs, significantly aiding those with severe impairments from conditions such as strokes or traumatic brain injuries.
Ekso Bionics, a prominent player in the exoskeleton sector, experienced a notable growth in revenue, reporting a 38% increase in the third quarter of 2023 compared to the previous year. This growth was driven by robust sales across its EksoHealth devices and EksoWorks business lines, demonstrating solid market adoption and expansion efforts. The company has also made strategic acquisitions, such as Indego Exoskeletons, to strengthen its market position and broaden its product offerings. Looking ahead, Ekso Bionics anticipates potential market expansion through regulatory changes that could include exoskeletons in Medicare benefits, suggesting a positive outlook for future growth and market penetration.
Lockheed Martin Corporation is a significant player in the exoskeleton sector, notably through its ONYX exoskeleton. ONYX is a lower-body, powered suit designed to enhance user mobility and strength, particularly benefiting soldiers and first responders in physically demanding tasks such as climbing and carrying heavy loads. The device uses artificial intelligence to anticipate and amplify user movements, thereby increasing endurance and reducing the risk of injuries. Lockheed Martin’s efforts in the exoskeleton market, including their engagement with military and industrial applications, underscore their commitment to advancing human performance through technology.
Rex Bionics Plc, established in 2003 and based in Rosedale, New Zealand, specializes in developing lower-limb exoskeletons primarily for individuals recovering from spinal cord injuries. Their product, REX, offers hands-free operation allowing users to perform functional exercises and activities of daily living with autonomous control. REX is designed to assist with walking, standing, and maneuvering in multiple directions, significantly aiding rehabilitation efforts. The technology is particularly noted for its quick setup time, enabling new users to walk autonomously within minutes, and its robust design that shares the physical demands of delivering therapy, thereby reducing strain on therapists.
Cyberdyne Inc., established in 2004, has been a prominent player in the exoskeleton industry, particularly through its development of the Hybrid Assistive Limb (HAL). This technology enhances physical capabilities by interpreting bio-electrical signals from the body, enabling individuals with mobility impairments to improve their movement and strength. Notably, the HAL technology is not only used for medical rehabilitation but also caters to various sectors including labor and advanced athletics, reflecting its versatile application and significant impact on the exoskeleton market.
Exoskeleton Market Key Players:
- Hocoma
- Ekso Bionics
- Suit X (U.S. Bionics Inc.)
- Lockheed Martin Corporation
- RB3D
- Rex Bionics Plc.
- Cyberdyne Inc.
- Atoun Inc.
- Wearable Robotics Srl
- ReWalk Robotics Ltd.
- Bionik Laboratories Corp.
- ActiveLink (Panasonic Corporation)
- Other Key Players
Exoskeleton Market Report Scope >> Market Value (2023): USD 387 Billion || Forecast Revenue (2033): USD 1663 Billion || CAGR (2024-2033): 15.7% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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