Global Exoskeleton Market Is Estimated To Witness High Growth Owing To Increasing Use In Healthcare And Growing Adoption In Industrial Sector
The Global Exoskeleton Market is estimated to be valued at US$ 3.71 Bn in 2024 and exhibit a CAGR of 16.7% over the forecast period 2024-2031. The growing geriatric population and rising number of people suffering from various physical disabilities are majorly driving the demand for exoskeleton in healthcare sector. Furthermore, exoskeleton is gaining traction in industrial sector for power-assisted lifting and mobility so as to reduce fatigue and enhance worker's productivity.
Market Dynamics:
The global exoskeleton market is experiencing high growth owing to increasing adoption in healthcare and industrial sectors. Growing geriatric population suffering from limited mobility has significantly boosted adoption of exoskeleton in medical institutions to assist mobility. Physicians find exoskeleton effective in gait training and rehabilitation of patients with paralysis or leg injuries. Meanwhile, industrial sector is increasingly adopting power-assisted exoskeleton solutions to enhance worker's productivity by reducing fatigue and minimizing risks of injuries during material handling jobs. Exoskeleton allows workers to carry heavy loads for long hours without risks of muscle fatigue and back pain. Major manufacturing companies are investing in exoskeleton to comply with stringent worker safety regulations.
Increasing Investment in Exoskeleton Technology by Government and Private Organizations
Government and private organizations across the world have significantly increased their investments in exoskeleton technology research and development over the past few years. Major players like DARPA, DoD, NASA, etc. have funded numerous projects to develop enhanced exoskeleton systems for military and industrial applications. On the other hand, venture capital funding in exoskeleton startups has also risen dramatically. This heavy investment is allowing researchers to rapidly advance exoskeleton design and make the systems more practical for real world use cases. The influx of capital is directly fueling innovation and driving the global exoskeleton market forward.
Growing Demand from Industrial Sector to Enhance Worker Productivity and Reduce Fatigue
Exoskeletons are increasingly being adopted by various industries like manufacturing, construction, logistics etc. to augment worker productivity and reduce fatigue. Jobs that require intensive lifting, repetitive arm motions or remain standing for long hours can greatly benefit from strength-amplifying and fatigue-reducing exoskeleton solutions. This is generating a strong demand as companies realize they can improve production throughput, reduce injury-related costs and boost employee retention with exoskeleton assisted workers. The industrial sector is expected to be one of the biggest adopters which will propel the global exoskeleton market over the coming years.
High Development Costs of Exoskeleton Systems
Despite technological progress, exoskeleton systems remain expensive to develop due to their complexity as mechanical, electrical and software engineering challenges need to be addressed. Advanced materials, sensors, power sources and control algorithms incorporated in the design contribute to swelling R&D and manufacturing expenses. The total cost of ownership including maintenance and repairs also adds to the pricing. This makes exoskeleton solutions out of reach for most individual consumers and some business segments currently. The high cost barrier impacts faster mass adoption and larger scale commercialization potential in the short-term.
Concerns Regarding Reliability, Safety and Regulations
As an emerging technology, exoskeleton systems are still evolving and maturing. There are open questions regarding their long term reliability under rigorous usage conditions. Issues pertaining to power system failures, component durability, software faults etc. could affect the practical functionality of exoskeletons over extended deployment. Safety also remains a concern, especially the risk of injuries from accidental misuse or malfunctions. Strict regulatory clearances would be required before certain high-risk exoskeleton applications gain approvals. This introduces uncertainty which slows down overall market development.
Rehabilitation and Physical Therapy Applications
The rehabilitation and physical therapy sector presents a major growth opportunity for exoskeleton systems. Lower body exoskeletons are already being used by clinics worldwide to help treat conditions like stroke, paralysis, age-related mobility impairments etc. Through gait training and strength building activities assisted by robotic aids, faster recovery times and improved patient outcomes can be achieved compared to conventional therapies. This application segment is expected witness strong demand driving the exoskeleton market as rising healthcare costs incentivize alternative treatment options.
Aging Population Fueling Need for Elderly Care Exoskeletons
With a growing geriatric population globally, there exists a latent need for elderly care assistance exoskeletons that can help senior citizens remain mobile and independent for longer. Exoskeleton designs optimized for everyday living tasks like walking, standing, sit-to-stand transfers etc. would be ideally suited for aged care. Startups are working on soft-suit exoskeleton technologies for this application. If such products gain acceptability and market penetration, they present an untapped revenue potential that can substantially boost the overall exoskeleton industry in the medium to long run.
Link - https://www.coherentmarketinsights.com/market-insight/exoskeleton-market-1424
Key Developments:
- In June 2022, CYBERDYNE Inc., a leading Japanese robotics and cybernics technology company, announced a collaborative initiative with Malaysia's Social Security Organization (SOCSO) to expand the availability of Cybernics Treatment using CYBERDYNE's Hybrid Assistive Limb (HAL) exoskeleton technology for SOCSO-insured patients. This partnership has enabled more Malaysians with neurological conditions to access this advanced robotic rehabilitation system, which helps restore mobility and support their return to work, contributing to the country's economic and social well-being.
- In April 2022, Ottobock, a global leader in healthcare technology, announced the launch of the Ottobock Shoulder, a next-generation exoskeleton designed to provide support during strenuous overhead work in industries such as logistics, production, maintenance, and manufacturing. The Ottobock Shoulder is an evolution of the company's previous Paexo Shoulder model, incorporating user feedback and technological advancements to enhance comfort, ease of use, and productivity for workers.
- In December 2021, German Bionic, a leading developer of smart robotic exoskeletons, announced the launch of its fifth-generation Cray X model. The Cray X is an AI-enhanced power suit that can provide up to 66 pounds (30 kg) of lifting assistance, helping to reduce the risk of back injuries and repetitive strain for workers at companies like IKEA and BMW. The latest version of the Cray X features active walking support, waterproofing for outdoor use, and an improved battery system, further expanding the applications of this wearable robotic technology.
- In November 2021, Ottobock, a global leader in prosthetics, orthotics and exoskeletons, announced the acquisition of suitX, a US-based company specializing in occupational and medical exoskeletons, to accelerate the adoption of wearable robotics technology worldwide. The two companies are combining their complementary product portfolios and expertise to become a world-leading provider of exoskeleton solutions for industries such as manufacturing, logistics, and healthcare.
Key Players:
Bionik Laboratories, Cyberdyne Inc., Ekso Bionics Holdings, Inc., Hocoma AG, Honda Motor Co., Ltd., Lockheed Martin Corporation, Ottobock, Parker Hannifin Corp., Rewalk Robotics Ltd., Rex Bionics Ltd., Sarcos Technology and Robotics Corporation, Technaid S.L., Wandercraft, Wearable Robotics srl, and Willow Wood
