EXOSKELETON MARKET ANALYSIS

Exoskeleton Market Size and Trends

The global exoskeleton market is estimated to be valued at US$ 3.71 Bn in 2024 and is expected to reach US$ 10.91 Bn by 2031, exhibiting at a compound annual growth rate (CAGR) of 16.7% from 2024 to 2031.

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Ongoing advancement and continued R&D in exoskeleton technologies aimed at increased application across industrial and healthcare sectors is expected to drive the market growth. Increasing application of exoskeletons for rehabilitation of people with walking disabilities and paralysis is expected to support market gains. Growing use of exoskeletons by defense and military organizations to enhance soldier mobility and reduce fatigue is also poised to create new avenues for market participants. However, high product costs and lack of reimbursement policies related to medical exoskeletons may negatively impact the market in the short term. The key players operating in the market are making significant investments to develop affordable and user-friendly exoskeleton solutions.

Rising prevalence of workplace injuries

The global exoskeleton market is witnessing significant growth due to the rising prevalence of workplace injuries across different industry verticals. Strenuous activities involving repetitive motions, heavy lifting, and prolonged standing put significant strain on the body and often lead to musculoskeletal disorders over time. Jobs in manufacturing, construction, warehousing, and package delivery are particularly prone to such ergonomic challenges. Prolonged periods of standing on concrete floors can cause stress on the back and legs. Similarly, repetitive arm motions in automated production lines and assembly workstations increase the risk of injuries in shoulders, elbows, and wrists.

The constant stress often results in musculoskeletal disorders like tendinitis, carpal tunnel syndrome, and lower back pain among workers. With strict deadlines and delivery commitments in various industries, companies can afford such losses. Many are now actively looking for technological solutions to prevent injuries, promote wellness of workers, and optimize their operational efficiency.

Addressing ageing workforce challenges

A major driver for the growing exoskeleton adoption is the challenge of an ageing workforce in developed economies. With improving life expectancy and declining birth rates, the average age of populations is rising steadily across regions like Europe, North America, Japan and Korea. This poses unique human resource challenges for companies with physically demanding job roles. Older workers face higher fatigue levels and are more prone to injuries while performing tasks involving manual handling, repetitive motions, and prolonged standing. It is difficult for them to sustain the same level of productivity as their younger colleagues.

At the same time, there is a severe shortage of new entrants into manufacturing and construction industries due to societal preferences of younger generations for more comfortable office jobs. This has started impacting business continuity plans of many companies. In this situation, exoskeletons can serve as a helpful assistive solution by reducing physical stress on the body and supporting extended performance of job tasks. They allow older employees and those recovering from injuries to stay active in work place and utilize their valuable skillsets and experience.