PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1732203
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1732203
The exoskeleton market is estimated to be USD 0.56 billion in 2025 and is projected to reach USD 2.03 billion by 2030, registering a CAGR of 29.4% during the forecast period. Exoskeletons are important for improving mobility for people with physical impairment and reducing physical strain for industrial workers, leading to the integration of exoskeletons in healthcare and manufacturing. As the elderly population increases and patients at home for rehabilitation become more prevalent, the need for exoskeletons will only rise. As more technologies become available (AI, sensors, lightweight materials), exoskeleton products will function better, cheaper, and be more available. The process of product development and the growth of the exoskeleton market internationally will only be improved by continued investments by both the public and private sectors.
Scope of the Report | |
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Years Considered for the Study | 2020-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Value (USD Million) |
Segments | By Component, Functionality, Type, Body Part and Region |
Regions covered | North America, Europe, APAC, RoW |
"Powered exoskeleton segment to register the highest CAGR during the forecast period."
The market for powered exoskeletons is experiencing accelerated growth, fueled by significant funding activities that underscore rising investor confidence and commercialization potential. For instance, in December 2023, German Bionic, a developer of electrically powered exoskeletons, secured more than USD 16.3 million in an expanded Series A funding round. This funding is aimed at strengthening the company's collaboration with its industrialization partner, Mubea, to scale production and improve deployment capabilities. In the same month, Verve Motion, a Cambridge-based startup specializing in robotic exosuits designed to enhance the physical capabilities of workers in demanding roles, successfully raised USD 20 million in a Series B funding round. These developments reflect a broader trend of strategic investments in powered exoskeleton technologies, positioning them as viable solutions for industrial automation, injury prevention, and workforce augmentation across various sectors.
"Industrial vertical to register the second-highest CAGR during the forecast period."
The industrial sector is rapidly emerging as a significant adopter of exoskeleton technology, driven by the need to improve worker safety, reduce fatigue, and increase productivity in labor-intensive environments. Exoskeletons are particularly useful in industries such as manufacturing, warehousing, logistics, and assembly lines, where workers often perform repetitive lifting, bending, and overhead tasks. By supporting the lower back, shoulders, and legs, these wearable devices help reduce the risk of musculoskeletal injuries, one of the most common causes of lost workdays and rising occupational health costs.
"Germany to dominate European exoskeleton market."
Germany represents one of the most advanced and mature markets for exoskeleton technology in Europe, driven by strong industrial demand, innovation in healthcare, and significant private investments. The country's robust manufacturing and logistics sectors are actively adopting exoskeletons to improve workforce efficiency and reduce musculoskeletal injuries. German Bionic, a leading domestic developer, exemplifies this trend. In December 2023, the company raised over USD 16.3 million in an expanded Series A funding round to advance its product portfolio. Its exoskeletons, Apogee and Apogee+, are used in logistics, retail, and healthcare settings to assist with lifting, walking, and posture correction. These connected wearables are helping redefine workplace ergonomics across Germany's key industries.
Ekso Bionics (US), Ottobock (Germany), DIH Medical (Switzerland), Comau (Italy), Myomo Inc. (US), CYBERDYNE Inc. (Japan), Lifeward Ltd. (Israel), Hyundai Motor Group Robotics LAB. (South Korea), B-Temia (Canada), Rex Bionics Ltd. (New Zealand), ABLE Human Motion (Spain), Laevo Exoskeletons (Netherlands), German Bionic Systems GmbH (Germany), and Levitate Technologies, Inc. (US) are some of the key players in the exoskeleton market.
The study includes an in-depth competitive analysis of these key players in the exoskeleton market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the exoskeleton market by component (hardware, software), type (powered, passive, hybrid), body part (lower extremities, upper extremities, full body), structure (rigid, soft), mobility (stationary, mobile), vertical (healthcare, defense, industrial, construction, other verticals), and region (North America, Europe, Asia Pacific, and RoW). The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the exoskeleton market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies (contracts, partnerships, agreements, new product launches, mergers & acquisitions); and recent developments associated with the exoskeleton market. This report covers the competitive analysis of upcoming startups in the exoskeleton market ecosystem.
Reasons to Buy This Report
The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the overall exoskeleton market and its subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.