Exoskeleton Market Surge: Demand Rising in Industrial and Medical Applications

 The global exoskeleton market was valued at USD 419.5 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 16.6% from 2024 to 2030. In terms of volume, the market reached 13,643 units in 2023 and is expected to grow at a CAGR of 9.3% over the same period. Key factors contributing to this growth include the rapidly aging global population, increased adoption of medical devices across industries like automotive, military, defense, and construction, and the rising occurrence of strokes.

 

Additionally, the growing incidence of spinal cord injuries (SCI) is another major driver. For example, according to the National Spinal Cord Injury Statistical Center (NSCISC), there are around 17,730 new SCI cases annually in the U.S., and about 291,000 people are currently living with SCIs.

 

Exoskeletons are increasingly used in various industries to improve employee health and enhance productivity. This rising demand has led to the emergence of several startups specializing in exoskeleton technology for rehabilitation purposes. The industry's continuous evolution pushes market players to develop innovative product strategies aimed at increasing adoption. For instance, in June 2022, Ekso Bionics obtained FDA 510(k) clearance to market the EksoNR robotic exoskeleton, designed for rehabilitating multiple sclerosis patients.

 

Gather more insights about the market drivers, restrains and growth of the Global Exoskeleton Market

 

Musculoskeletal injuries and disorders, such as occupational overuse syndrome (OOS), cumulative trauma disorders (CTD), and repetitive strain injury (RSI), are common in the construction sector. According to data from the World Health Organization (WHO) published in July 2022, approximately 1.71 billion people globally suffer from musculoskeletal conditions, including neck pain, lower back pain, fractures, amputations, rheumatoid arthritis, and osteoarthritis. Similarly, the U.S. Bureau of Labor Statistics reported in 2022 that around 502,380 workers across various industries experience work-related musculoskeletal disorders. These factors are increasing the adoption of exoskeletons, which offer benefits such as augmenting or assisting physical capabilities, improving worker health and productivity, and reducing fatigue among industrial workers.

 

Technological advancements in the exoskeleton market are expected to drive demand. The rising popularity and adoption of exoskeletons across industries like manufacturing, logistics, automotive, and construction are contributing to market expansion. For instance, in December 2021, IKEA and BMW began using Bionic's fifth-generation Cray X, an AI-powered exoskeleton capable of lifting an extra 70 pounds, helping to reduce the risk of repetitive stress and back injuries. Such innovations are anticipated to further fuel market growth during the forecast period.

 

End-Use Insights

In 2023, the healthcare sector dominated the exoskeleton market, holding the largest revenue share of 50%. This is largely due to the increasing incidence of spinal cord injuries, the widespread adoption of exoskeleton solutions in rehabilitation centers, and a rise in treatment demand. Regulatory approvals and growing awareness of advanced systems have also driven the demand for exoskeletons in healthcare. For example, in October 2023, Wandercraft SAS launched commercial operations in the U.S. for its Atalante X exoskeleton, designed for individuals with mobility impairments.

 

The industrial segment is expected to witness the fastest growth during the forecast period, driven by increasing awareness of the benefits of exoskeletons in various industry applications and the rising occurrence of work-related injuries. Growing demand for novel technologies and the expanding use of exoskeletons in sectors such as construction, manufacturing, and distribution will further accelerate the growth of this segment.

 

Mobility Insights

In 2023, the mobile exoskeleton segment led the market with the largest revenue share of 62.1% and a volume share of 63.1%. This segment is expected to grow at the fastest rate during the forecast period. Factors driving this growth include increased research and development activities and rising demand for motor-equipped robots that aid human movement. For instance, in October 2022, a research team at Stanford University, funded by the NIH, developed an exoskeleton to assist with walking.

 

Furthermore, favorable reimbursement policies promoting exoskeleton adoption in emerging economies are contributing to the segment's growth. Key market participants are continuously introducing innovative solutions across industries to improve worker health, increase productivity, reduce fatigue, and minimize the risk of serious injuries, further driving the overall market expansion.

 

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