Meticulous Research®—a prominent global market research firm—has released an insightful report titled, "Exoskeleton Market by Product (Soft, Rigid, Hybrid), Power Type (Powered, Passive), Body Type (Complete Body, Upper & Lower Extremities), Mobility (Stationary, Mobile), End-use (Industrial, Healthcare, Military, Others), Geography - Global Forecast to 2031."
The report projects that the exoskeleton market will reach $11.90 billion by 2031, growing at a remarkable CAGR of 36.8% from 2024 to 2031. This growth is largely driven by increased demand for exoskeletons in orthopedic rehabilitation, rising prevalence of stroke-related disabilities, and growing military and defense sector investments. Opportunities for market expansion are also attributed to the shift from traditional prosthetics to exoskeleton technology and the rising use of human augmentation technology in various sectors. Nonetheless, the market faces challenges from stringent government regulations on medical applications, high procurement costs, and reliability issues.
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Market Segmentation and Insights:
Product Type: The market is categorized into rigid, soft, and hybrid exoskeletons. In 2024, rigid exoskeletons are expected to dominate due to their significant demand from military and industrial sectors. Hybrid exoskeletons, however, are projected to experience the highest growth rate, driven by advancements aimed at enhancing both support and mobility.Power Type: The market is divided into powered and passive exoskeletons. Powered exoskeletons are anticipated to hold a larger market share in 2024, owing to their development for heavy load assistance and medical rehabilitation. This segment is also expected to grow at the highest CAGR, influenced by new product developments and advancements in power storage.Body Type: Exoskeletons are segmented into complete body, upper extremities, and lower extremities. The lower extremities segment is set to lead in 2024, driven by increasing cases of lower limb disorders and innovative product developments. Conversely, the upper extremities segment is expected to grow at the highest CAGR due to its increasing use in worker safety applications.Mobility: The market includes mobile and stationary exoskeletons. Mobile exoskeletons are projected to have a larger market share in 2024, attributed to advancements in technology and increased demand for healthcare rehabilitation solutions. However, stationary exoskeletons are anticipated to grow at the highest CAGR, fueled by their use in rehabilitation and industrial applications.End-use Industry: The market covers healthcare, industrial, military, and other sectors. The healthcare segment is expected to dominate in 2024 due to factors like the aging population and rising use of exoskeletons for rehabilitation. The industrial sector is projected to grow at the highest CAGR, driven by the adoption of exoskeletons to enhance worker safety and efficiency.Geography: The market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is forecasted to hold the largest market share in 2024, driven by advanced infrastructure and high technology adoption. The Asia-Pacific region, however, is expected to experience the highest growth rate due to factors like the aging population and increasing adoption of exoskeletons in various sectors.Recent Developments:
In May 2021, Ekso Bionics Holdings, Inc. expanded its partnership with Kindred Healthcare LLC to provide EksoNR exoskeletons in Florida.In January 2021, suitX introduced ShieldX, an exoskeleton designed to alleviate the weight of anti-radiation aprons for healthcare personnel.In October 2023, Auxivo launched the OmniSuit, a combined back and shoulder exoskeleton for various industries.Quick Buy – Exoskeleton Market - Global Opportunity Analysis and Industry Forecast (2024-2031), Research Report: https://www.meticulousresearch.com/Checkout/68474367
Key Players:
Notable companies in the exoskeleton market include Lifeward Inc., Lockheed Martin Corporation, Parker Hannifin Corporation, Ekso Bionics Holdings, Inc., Hyundai Motor Company, Bionik Laboratories Corp., Myomo, Inc., Honda Motor Co. Ltd., Technaid. S.L., Gogoa Mobility Robots, Ottobock SE & Co. KGaA, Wearable Robotics SRL, Cyberdyne, Inc., Rex Bionics Ltd., and B-Temia.
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