PUBLISHER: Acute Market Reports | PRODUCT CODE: 1388481
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1388481
The exoskeleton market, a burgeoning sector in the field of wearable technology, is poised for remarkable growth with an expected CAGR of 35.3% during the forecast period of 2023 to 2031. The exoskeleton market is poised for robust growth from 2023 to 2031, driven by hardware and software innovations, as well as the transformative impact of powered exoskeletons, especially in healthcare. The high cost remains a restraint, but industry stakeholders are actively working to address this challenge. Competitive trends suggest that key players will continue to focus on innovation, partnerships, and global expansion in this dynamic and evolving industry.
In 2022, the hardware component of exoskeletons played a pivotal role in driving market growth. Hardware innovations, including lightweight materials, advanced sensors, and improved power sources, contributed to the enhanced performance and comfort of exoskeletons. These innovations were instrumental in expanding the application areas of exoskeletons, including healthcare, manufacturing, and defense. The hardware segment is also expected to exhibit the highest CAGR during the forecast period from 2023 to 2031, driven by ongoing research and development efforts aimed at making exoskeletons more ergonomic, versatile, and affordable.
In 2022, software integration in exoskeletons emerged as a significant driver, contributing to the overall performance and adaptability of these wearable devices. Software advancements allowed for better synchronization of exoskeleton movements with user intent, leading to improved mobility and reduced physical strain. The software segment is projected to continue its growth trajectory through 2031, with the highest CAGR during the forecast period. This growth is underpinned by the increasing demand for real-time data analytics and machine learning capabilities to optimize exoskeleton functionality, making them more user-friendly and responsive to individual needs.
Powered exoskeletons gained substantial traction in 2022 and are expected to be a driving force from 2023 to 2031, especially in the healthcare sector. These wearable devices have demonstrated their potential to assist individuals with mobility impairments, such as spinal cord injuries or neurological disorders. Powered exoskeletons enable patients to regain mobility and improve their quality of life significantly. As a result, this technology is expected to exhibit the highest revenue growth and CAGR during the forecast period, driven by increased adoption in rehabilitation centers and home healthcare settings, as well as ongoing research to enhance their capabilities.
One significant restraint in the exoskeleton market is the high cost associated with these advanced wearable devices. In 2022, the cost of exoskeletons remained relatively prohibitive for many potential users, limiting their accessibility to a broader population. While technological advancements and increased adoption are expected to drive economies of scale and reduce manufacturing costs, affordability remains a challenge. Manufacturers and industry stakeholders must work diligently to address this restraint by focusing on cost-effective production methods, strategic partnerships, and potential government subsidies or incentives to make exoskeletons more accessible to individuals who can benefit from them.
In 2022, the Exoskeleton Market's highest revenue was generated by the Hardware component. This segment's dominance can be attributed to the continuous innovations in lightweight materials, advanced sensors, and power sources, which significantly enhanced the performance and comfort of exoskeletons. These hardware advancements expanded the applications of exoskeletons across various industries, including healthcare, manufacturing, and defense. Importantly, the Hardware segment is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period from 2023 to 2031. This growth is driven by ongoing research and development efforts aimed at making exoskeletons more ergonomic, versatile, and cost-effective.
In 2022, the Powered Exoskeletons segment emerged as a pivotal driver of the Exoskeleton Market. These powered wearable devices demonstrated immense potential, particularly in the healthcare sector, where they aided individuals with mobility impairments. Powered exoskeletons enable patients to regain mobility and improve their quality of life significantly. Consequently, this technology is expected to exhibit the highest revenue growth and CAGR during the forecast period from 2023 to 2031. Its growth will be driven by increased adoption in rehabilitation centers and home healthcare settings, as well as ongoing research and development efforts to enhance their capabilities.
From 2023 to 2031, the exoskeleton market is expected to exhibit the highest CAGR in North America, primarily driven by the strong presence of key industry players, robust investment in research and development, and increasing adoption in healthcare and defense applications. Asia-Pacific is projected to maintain its position as the region with the highest revenue percentage as it was in 2022, thanks to the rapid industrialization and expanding manufacturing sectors in countries like China and Japan. Europe is expected to show steady growth, particularly in the healthcare and rehabilitation sectors, contributing to the global landscape's diversification.
In 2022, the exoskeleton market witnessed intense competition among key players. Companies such as IBM, Ekso Bionics, ReWalk Robotics, Cyberdyne Inc., Hocoma, Lockheed Martin Corporation, Rex Bionics Plc And RB3D. were among the market leaders. These industry leaders focused on strategies like product diversification, partnerships with rehabilitation centers and hospitals, and expansion into emerging markets to maintain their market dominance. As we move into the forecast period from 2023 to 2031, it is expected that these players will continue to invest in research and development to introduce innovative exoskeleton models tailored for specific applications. Moreover, digitalization and connectivity will be significant trends, allowing for remote monitoring and customization of exoskeletons to meet individual user needs. The focus will remain on enhancing user experience and accessibility.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofExoskeleton market are as follows:
Micro and macro environment factors that are currently influencing the Exoskeleton market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
TABLE 3 Global Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 4 Global Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 5 Global Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 10 Global Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 11 Global Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 15 North America Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 16 North America Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 17 North America Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 22 North America Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 23 North America Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 27 U.S. Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 28 U.S. Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 29 U.S. Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 34 U.S. Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 35 U.S. Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 39 Canada Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 40 Canada Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 41 Canada Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 46 Canada Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 47 Canada Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 51 Rest of North America Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 52 Rest of North America Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 53 Rest of North America Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 58 Rest of North America Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 59 Rest of North America Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 63 UK and European Union Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 64 UK and European Union Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 65 UK and European Union Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 70 UK and European Union Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 71 UK and European Union Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 75 UK Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 76 UK Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 77 UK Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 82 UK Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 83 UK Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 87 Germany Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 88 Germany Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 89 Germany Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 94 Germany Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 95 Germany Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 99 Spain Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 100 Spain Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 101 Spain Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 106 Spain Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 107 Spain Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 111 Italy Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 112 Italy Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 113 Italy Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 118 Italy Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 119 Italy Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 123 France Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 124 France Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 125 France Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 130 France Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 131 France Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 135 Rest of Europe Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 136 Rest of Europe Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 137 Rest of Europe Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 142 Rest of Europe Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 143 Rest of Europe Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 147 Asia Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 148 Asia Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 149 Asia Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 154 Asia Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 155 Asia Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 159 China Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 160 China Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 161 China Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 166 China Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 167 China Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 171 Japan Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 172 Japan Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 173 Japan Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 178 Japan Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 179 Japan Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 183 India Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 184 India Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 185 India Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 190 India Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 191 India Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 195 Australia Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 196 Australia Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 197 Australia Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 202 Australia Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 203 Australia Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 207 South Korea Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 208 South Korea Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 209 South Korea Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 214 South Korea Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 215 South Korea Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 219 Latin America Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 220 Latin America Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 221 Latin America Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 226 Latin America Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 227 Latin America Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 231 Brazil Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 232 Brazil Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 233 Brazil Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 238 Brazil Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 239 Brazil Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 243 Mexico Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 244 Mexico Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 245 Mexico Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 250 Mexico Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 251 Mexico Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 255 Rest of Latin America Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 256 Rest of Latin America Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 257 Rest of Latin America Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 262 Rest of Latin America Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 263 Rest of Latin America Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 267 Middle East and Africa Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 268 Middle East and Africa Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 269 Middle East and Africa Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 274 Middle East and Africa Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 275 Middle East and Africa Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 279 GCC Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 280 GCC Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 281 GCC Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 286 GCC Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 287 GCC Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 291 Africa Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 292 Africa Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 293 Africa Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 298 Africa Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 299 Africa Exoskeleton Market By End-Use, 2021-2031, USD (Million)
TABLE 303 Rest of Middle East and Africa Exoskeleton Market By Sensors, 2021-2031, USD (Million)
TABLE 304 Rest of Middle East and Africa Exoskeleton Market By Actuators, 2021-2031, USD (Million)
TABLE 305 Rest of Middle East and Africa Exoskeleton Market By Mobility, 2021-2031, USD (Million)
TABLE 310 Rest of Middle East and Africa Exoskeleton Market By Non-Powered, 2021-2031, USD (Million)
TABLE 311 Rest of Middle East and Africa Exoskeleton Market By End-Use, 2021-2031, USD (Million)
FIG. 14Market Positioning of Key Exoskeleton Market Players, 2022
FIG. 15Global Exoskeleton Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031