Exoskeleton Market size was valued at USD 1.24 Billion in 2023 and is poised to cross USD 21.02 Billion by the end of 2036, registering more than 24.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of exoskeleton is estimated at USD 1.51 Billion. The major element anticipated to influence the market demand is the growth in number of people suffering from spinal cord injuries. Between 250,000 and 500,000 individuals get spinal cord injuries annually globally. The majority of these cases have resulted from avoidable factors including violence and auto accidents.
Furthermore, with technological improvements, the demand for robots is impacted by the specifications of what they are made of and their prospective uses. The introduction of superior materials, sensors and actuators, control systems, and software technologies is a result of ongoing study and development in the field of electrical and electronic engineering. These cutting-edge components have made it simpler to develop exoskeletons that are new, better, very power-efficient, self-powered, lightweight, less complicated, and portable.
Growth Drivers
In accordance with the Emergency Event Database EM-DAT, 387 natural disasters, and hazards took place around the world in 2022, claiming 30,704 deaths and affecting 185 million people. In emergency and rescue situations, robotics may be used in a variety of ways. A robotic exoskeleton could undoubtedly assist in the actual rescue by transporting supplies, rescuing individuals from hazardous circumstances, or just offering information about the circumstance.
Exoskeletons are employed in factories to aid employees with painting. To lower tiredness and improve production, the exoskeleton enables the worker to utilize their arms with greater efficiency. Exoskeleton technology has also been shown to help welders maintain better posture and reduce muscular fatigue, which may result in fewer injuries and more production.
There has been growing interest from the military from all over the world in deploying exoskeleton owing to their various advantages. Exoskeleton come equipped with sensors that let soldiers maintain tabs on their health while wearing them. Additionally, it enables communication via voice instructions & hand gestures and reduces heat loss during nighttime operations by generating electricity using body heat via thermoelectric implants.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
24.3% |
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Base Year Market Size (2023) |
USD 1.24 Billion |
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Forecast Year Market Size (2036) |
USD 21.02 Billion |
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Regional Scope |
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Product (Lower Extremities, Full Body, Upper Extremities)
The upper extremities segment in the exoskeleton market is set to generate the largest revenue of 56 percent by the end of 2036. Exoskeletons for the upper extremities may boost pressures acting on a worker's arms and torso that vary from the forces required to move a load. They serve as essential human extenders that boost human strength to enable the handling of large, bulky items. During the forecast period, the prevalence of accidental accidents is anticipated to raise demand for upper extremities as these exoskeletons serve as an alternative for an accident-related arm or hand that has been lost entirely or partially.
Technology (Powered, Passive)
Exoskeleton market from the powered segment is expected to have notable growth with a registered share of 60 percent over the projected period. Powered exoskeleton robots are capable of transferring weight, enabling improved mobility with fewer strains or injuries. For armed personnel traveling greater distances in harsh terrain such as mountains and cliffs, this is extremely crucial. Hence, this segment is anticipated to experience the biggest year-over-year growth during the forecast timeframe as a result.
End User (Industrial, Military & Defense, Healthcare)
The healthcare segment in the exoskeleton market is poised to rise over the forecast period. The healthcare industry has recently seen an enormous rise in the number of exoskeleton remedies being created for rehabilitation training for humans and rehabilitation robots to assist persons who are paralyzed entirely or partially.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Mobility |
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Technology |
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End User |
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North American Market Forecast
The exoskeleton market in North America is set to gather the largest revenue of 30 percent by the end of 2036. The growth of the region can be impelled by the growing adoption of emerging technology such as exoskeleton. Approximately 7 out of 10 people in America consider exoskeleton as a developing technology working in benefit to improve themselves and their daily activities. Moreover, there has been growing awareness regarding this emerging technology among people which is also estimated to boost market growth. Additionally, growth in the market has been aided by the presence of major industry players in the North American region and an increase in R&D efforts to introduce new innovations. The North American government's large military and healthcare expenditures have also contributed to the market's growth.
APAC Market Analysis
The Asia Pacific exoskeleton market is also projected to have significant growth with a 25 percent share by the end of 2036. Though robotic exoskeleton application is presently modest in the Asia-Pacific robotic exoskeleton industry, however, they are expected to provide substantial growth potential in the coming years. With increased economic development and population growth in this region, the exoskeleton market is expanding significantly. This region offers substantial growth potential for market participants as it includes some of the most technologically advanced nations in the world, including China, India, and South Korea. Furthermore, the presence of a substantial patient pool, a rise in disposable income, and the accessibility of government funding are all expected to encourage the growth of the Asia Pacific market throughout the course of the projected period.
Author Credits: Abhishek Verma
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