Exoskeleton Companies | Forecast by 2033

04 Sep 2024

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Table of Content

1. Exoskeleton Market Growth, Trends and Report Highlights 2. Market Overview 3. Exoskeleton Market Trends 4. Top Companies in the Exoskeleton Market 5. Regional Insights 6. Market Opportunity and Growth Potential 7. Exoskeleton Market Highlights 8. Exoskeleton Market News

Exoskeleton Market Growth, Trends and Report Highlights

The global exoskeleton market surpassed USD 426.02 billion in 2023 and is predicted to attain around USD 1,983.96 billion by 2033, growing at a CAGR of 16.63% during the forecast period. The increasing senior population worldwide and growing cases of muscle-related diseases contribute to the growth of the market.

Market Overview

The exoskeleton is a rigid covering found on many animals, mainly invertebrates like mollusks and invertebrates. The exoskeleton market includes the entire industry involved in the manufacturing, developing, and commercialization of exoskeletons specially designed to enhance individuals' physical disabilities. The benefits of exoskeleton include improved bladder function or bowel, enhanced pain management, increased circulation, improved mental health, increased quality of life, improved trunk control, and spasticity at the time of spinal cord injury.

Exoskeleton Market Trends

• Growing senior population: The growing senior population across the globe leads to several disorders like spinal cord disorders which need support for movement leading to the growth of the exoskeleton market.
• Increased use in military and defense: The increased demand for exoskeletons in military and defense to enhance the physical capabilities of warfighters and allow them to reduce strain on the body, run faster, etc.

Advanced technologies driving the market

The benefits of advanced technologies in the exoskeleton include the fact that they are designed to support human performance in physically demanding works by helping body parts like the upper body, lower body, legs, lower back, and hands to help the growth of the exoskeleton market. This helps to eliminate the need for workers to safely hold, transport, and lift boxes, tools, and other industrial tools.

• In February 2024, the new robotic exoskeleton for lower limbs, named TWIN, was designed and developed by Rehab Technologies IIT-INAIL, the joint laboratory between the Italian Institute of Technology and the prosthetic center of INAIL that may enable patients to wear it more easily to stand up, maintain upright position, sit, and walk.

However, the disadvantages of exoskeletons, like structural limitations, energy expenditure, growth and development limitations, limited protection, vulnerability to injury, high costs of product acquisition, and related to research & development, etc. factors can hamper the growth of the exoskeleton market.

Top Companies in the Exoskeleton Market

• ActiveLink (Panasonic Corporation)
• Cyberdyne, Inc.
• ReWalk Robotics
• RB3D
• Rex Bionics Plc.
• Suit X
• Lockheed Martin Corporation
• Hocoma
• Ekso Bionics
• Sarcos
• Parker Hannifin
• Ottobock SE & Co. KGaA
• Noonee
• Levitate Technologies, Inc.
• Hyundai Motor Company
• Gogoa
• B-Temia
• Bionik Laboratories Corp.

Recent Development in the Exoskeleton Market by Maxon Group

Recent Development in the Exoskeleton Market by German Bionic

Regional Insights

North America dominated the exoskeleton market in 2023. The increasing use of exoskeletons in military and defense use provides significant opportunities for the growth of the market in the future. Exoskeletons eliminate human casualties, perform hard tasks, provide effective surveillance, lower operational costs, and enhance the attack potential of the military and defense sectors. Rising collaborations and partnerships with key players, an increasing number of disabled people, and rising investment in research activities contribute to the growth of the market in the Asia Pacific region.

• In October 2023, in the United States, a commercial operation of the exoskeleton, mobility exoskeleton Atlante X, was launched by Wandercraft SAS, a mobility exoskeleton developer. This helps the millions of people with mobility impairments. The Atlante X is beneficial for neurological impaired patients, including those recovering from motor neuron disease, stroke, and spinal cord injuries.

Asia Pacific is estimated to be the fastest-growing during the forecast period of 2024-2033. The increasing patient pool needs rehabilitation support, improvement & development of healthcare infrastructure, and the availability of government funding and support to contribute to the growth of the exoskeleton market in the Asia Pacific region. Continuous economic improvement in countries like India, China, and Japan contributes to the market’s growth.

• In March 2023, India’s first homegrown exoskeleton and quadruped robots were launched by a Hyderabad-based company, Svaya Robotics, in collaboration with two DRDO labs, the R&DE (Research & Development Establishment in Pune) and Defense Bio-engineering & Electro Medical Laboratory in Bengaluru (DEBEL).

Market Opportunity and Growth Potential

Future opportunities in the exoskeleton

There are many opportunities in the future in the exoskeleton development of wearable robots, weight-bearing exoskeletons, joint targeting devices, reduction of manufacturing costs, machine learning patient selection, etc., which contribute to the growth of the exoskeleton market. Implementation of artificial intelligence (AI), machine learning (ML), and internet of things (IoT) in exoskeletons provide rehabilitation, recovery of patients, predictive maintenance, personalized treatment plans, and enhanced diagnostics that contribute to the growth of the market.

• In May 2023, AI-powered wearable exoskeletons do the heavy lifting that endows superhuman strength. It was developed by German Bionic, an Augsburg-based startup. These exoskeletons are a little more modest than Iron Man’s.

Exoskeleton Market Highlights

Exoskeleton Market News

• In December 2023, the production version of the GR-1 humanoid robot was launched by Fourier Intelligence, a Singapore-based company. This company has been manufacturing rehabilitation devices and exoskeletons since 2017.
• In September 2024, in America, the ExoActive EXO 18 HPC 4, 0 I-Plus exoskeleton for construction-related tradespeople was planned to be launched by Festool. These exoskeletons are wearable robotics that may be helpful for users by providing extra support and strength so users may move heavy patients safely and hike hills faster. 

Market Segmentation

By Mobility

• Mobile
• Fixed/Stationary

By Technology

• Powered
• Non-powered

By Extremity

• Upper Body
• Lower Body
• Full Body

By Structure

• Rigid Exoskeleton
• Soft Exoskeleton

By End-use

• Industry
• Military
• Healthcare

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