Exoskeleton Market to be Worth

$11.90 Billion by 2031

Global XXX Market – 2016-2022

Meticulous Research®—a leading global market research company, published a research

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.’

According to this latest publication from Meticulous Research®, the exoskeleton market is
projected to reach $11.90 billion by 2031, at a CAGR of 36.8% from 2024 to 2031. The growth
of this market is mainly driven by factors such as the growing demand for exoskeletons for
orthopedic rehabilitation, the increasing prevalence of stroke and associated disabilities, and
growing investments in exoskeletons by the military & defense sectors. In addition, the
replacement of conventional prosthetics with exoskeleton technology and the rising adoption
of human augmentation technology in manufacturing and other end-use sectors are
expected to provide opportunities for market growth. However, stringent government
regulations pertaining to medical applications can restrain the growth of the market. High
procurement cost associated with exoskeletons and reliability issues poses challenges for the
market growth.

The exoskeleton market is segmented by product, power type, body type, mobility, and end-
use industry. The study also evaluates industry competitors and analyzes the regional and
country-level markets.

Based on product, the exoskeleton market is segmented into rigid exoskeletons, soft
exoskeletons, and hybrid exoskeletons. In 2024, the rigid exoskeletons segment is expected to
account for the largest share of the global exoskeleton market. The large share of the segment
is attributed to the consistent demand for rigid exoskeletons from the military and industrial
sectors to enhance the strength and endurance of soldiers and workers.

However, the hybrid exoskeletons segment is expected to grow at the highest CAGR during the
forecast period. The rising focus of key players on developing hybrid exoskeletons to offer
strong support and ensure maximal freedom of movement and usability is expected to drive
the segment’s growth. For instance, in October 2023, Ottobock SE & Co. KGaA (Germany)
launched the IX BACK AIR exoskeleton, a new back-support exoskeleton that combines the
power of rigid systems with the comfort of soft models.

Based on power type, the exoskeleton market is segmented into powered exoskeletons and
passive exoskeletons. In 2024, the powered exoskeletons segment is expected to account for
the larger share of the global exoskeleton market. A large share of the segment is attributed
to the development of powered exoskeletons to assist with heavy loads in the industrial setting
and for specialized applications such as nuclear power plant maintenance, rising usage of
powered exoskeletons for medical rehabilitation, recent advancements in power storing
technologies and growing adoption of powered exoskeleton in military application. For
instance, in January 2021, China revealed a military-use exoskeleton suit that is powered and

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Global XXX Market – 2016-2022

can provide 20 kilograms of assisted strength to its user, relieve more than 50 percent of the
burden, and greatly reduce risks of waist injury.

Moreover, the powered exoskeletons segment is expected to grow at the highest CAGR during
the forecast period. The rising focus of players on product development and enhancement is
expected to drive the segment’s growth. For instance, in August 2023, German Bionic
(Germany) launched the ‘Apogee+’ powered exoskeleton in the North American healthcare
market for nursing and care professionals.

Based on body type, the exoskeleton market is segmented into complete body, upper
extremities, and lower extremities. In 2024, the lower extremities segment is expected to
account for the largest share of the global exoskeleton market. The large share of the segment
is attributed to the rising number of cases with lower limb disorders, rising uses of exoskeletons
for rehabilitation training in a hospital, walking assistance in daily life, and carrying a load over
unstructured terrains such as forests and disaster areas. In addition, the rising focus of players
on developing innovative exoskeletons for the improvement of the physical function in the
lower limb is expected to drive the segment growth. For instance, In June 2023, Comau (Italy),
in collaboration with Esselunga (Italy), developed a new wearable exoskeleton specifically
designed to reduce lower back fatigue during lifting and repetitive tasks. Similarly, in March
2021, Astrek Innovations (India) developed a lower limb exoskeleton that can aid patients with
walking disabilities.

However, the upper extremities segment is expected to grow at the highest CAGR during the
forecast period. Rising use of these exoskeletons in industries for worker safety is expected to
drive the segment’s growth. For instance, in July 2023, Auxivo (Switzerland) launched the
DeltaSuit, a game-changing product designed to support any worker who needs to work at or
above shoulder level throughout the day. It provides a range of benefits, including reduced
load on the shoulder and neck muscles and reduced fatigue.

Based on mobility, the exoskeleton market is segmented into mobile exoskeletons and
stationary exoskeletons. In 2024, the mobile exoskeletons segment is expected to account for
the larger share of the global exoskeleton market. The large share of the segment is attributed
to the growing demand for mobile exoskeletons and advancements in exoskeleton
technology. In addition, the rising focus of industry players on developing mobile exoskeletons
for healthcare rehabilitation is expected to provide opportunities for the segment’s growth. For
instance, in September 2021, B-Temia (Canada) launched a brand-new version of its flagship
product, Keeogo, to improve the experience of both users and clinicians.

However, the stationary exoskeletons segment is expected to grow at the highest CAGR during
the forecast period. Stationary or fixed exoskeletons are primarily used for healthcare and
industrial applications, allowing workers to orient heavy material from one position to another.
Furthermore, the increasing prevalence of spinal cord injuries and the growing usage of
stationary exoskeletons in rehabilitation are expected to drive the segment’s growth. For

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Global XXX Market – 2016-2022

instance, in June 2023, Bionik Laboratories Corp.(U.S.) expanded its partnership with Lifepoint
Health (U.S.) for four new installations of the InMotion® ARM robotic device in Phoenix, Arizona,
Sacramento, California, Brownsburg, Indiana, and Louisville, Kentucky, to deliver stroke
recovery care.

Based on end-use industry, the exoskeleton market is segmented into healthcare, industrial,
military, and other end-use industries. In 2024, the healthcare segment is expected to account
for the largest share of the global exoskeleton market. The large share of the segment is
attributed to factors such as the rising geriatric population, increasing number of road
accidents, severe trauma injuries, rising usage of exoskeletons for rehabilitation, and
increasing prevalence of stroke.

Some of the recent developments:

• In May 2021 , Ekso Bionics Holdings, Inc. (U.S.) expanded its partnership with Kindred
Healthcare LLC. (U.S) to supply its EksoNR to four of Kindred’s long-term, acute-care
hospitals in Florida.

• In January 2021, suitX (U.S.) launched a novel wearable exoskeleton shield for use by
healthcare personnel required to wear heavy anti-radiation aprons. ShieldX removes
100% of the weight of a heavy anti-radiation apron from the user's shoulders and
spine.

However, the industrial segment is expected to grow at the highest CAGR during the forecast
period. The growth of the segment is driven by the rising adoption of exoskeletons by various
industries to help workers perform their tasks more safely and efficiently, reducing the risk of
workplace injuries and improving overall worker well-being, and the rising focus of players on
product launch and enhancement. For instance, in October 2023, Auxivo (Switzerland),
introduced a combined back and shoulder exoskeleton named OmniSuit, which supports
users to lift loads from the floor and place them on the highest shelf. According to the
company, this makes it a useful solution in a range of industries, including logistics,
maintenance, manufacturing, construction, cleaning, and agriculture.

Based on geography, the exoskeleton market is segmented into North America, Asia-Pacific,
Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to
account for the largest share of the exoskeleton market. The large share of North America is
attributed to the availability of well-established infrastructure for technology, higher adoption
rate for advanced technologies, increased investment in exoskeleton technology, rising
deployment of advanced robotics systems in the military, rising focus on workers’ health and
safety, and presence of the majority of established exoskeleton players and start-ups.

Some of the recent developments:

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Global XXX Market – 2016-2022

• In October 2023, Wandercraft SAS (France) began commercial operations of its

exoskeleton, Atalante X, in the U.S.

• In October 2022, the U.S. Air Force demonstrated an exoskeleton that will allow aerial
porters to load cargo onto aircraft with fewer injuries and less fatigue.

• In May 2021, The Air Force Life Cycle Management Center (U.S.) and Air Mobility
Command (U.S.) partnered with Arizona State University to develop the Aerial Port
Exoskeleton, a new piece of equipment set to be used in an official capacity at Travis
Air Force Base.

• In July 2020, Hilti North America (U.S.), a technology provider for the commercial
construction industry, announced the EXO-O1 wearable exoskeleton.

However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast
period. The growing geriatric population, along with the increasing prevalence of stroke &
spinal cord injuries (SCIs), availability of government grants and funding for the medical and
healthcare sectors, and rising adoption of exoskeletons to assist industrial workers who spend
long hours working in overhead environments ensures high growth opportunities for the
exoskeleton market in the Asia-Pacific region. For instance, in July 2022, Taiyo Koyu Co. Ltd.
(Japan) and German Bionic (Germany) entered into a partnership agreement to help logistics
companies and warehouse operations create safer and healthier workplaces while
simultaneously improving productivity.

Key Players

The key players operating in the exoskeleton market are Lifeward Inc.(Israel), Lockheed Martin
Corporation (U.S.), Parker Hannifin Corporation (U.S.), Ekso Bionics Holdings, Inc. (U.S.), Hyundai
Motor Company (South Korea), Bionik Laboratories Corp.(U.S.), Myomo, Inc. (U.S.), Honda Motor
Co. Ltd. (Japan), Technaid. S.L. (Spain), Gogoa Mobility Robots (Spain), Ottobock SE & Co.
KGaA (Germany), Wearable Robotics SRL (Italy), Cyberdyne, Inc. (Japan), Rex Bionics Ltd. (New
Zealand), and B-Temia (Canada).

Download Sample Report Here

@ https://www.meticulousresearch.com/pressrelease/88/exoskeleton-
market-2031

Key questions answered in the report-

• Which are the high-growth market segments based on product, power type, body type,
mobility, and end-use industry?

• What was the historical market for exoskeletons?

• What are the market forecasts and estimates for the period 2024–2031?

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Global XXX Market – 2016-2022

• What are the major drivers, restraints, and opportunities in the exoskeleton market?

• Who are the major players, and what shares do they hold in the exoskeleton market?

• What is the competitive landscape like in the exoskeleton market?

• What are the recent developments in the exoskeleton market?

• What are the different strategies adopted by the major players in the exoskeleton
market?

• What are the key geographic trends, and which are the high-growth countries?

• Who are the local emerging players in the global exoskeleton market, and how do they
compete with the other players?

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