Exoskeleton market is anticipated to grow at a CAGR of 12.4% during the forecast period (2024-2031). Significant factors contributing to the exoskeleton market include the growing incidence rate of spinal cord injuries, increasing investment in R&D of the exoskeleton, and cohesive government policies. As per the National Spinal Cord Injury Statistical Center (NSCISC) 2023, the most recent estimate of the annual incidence of traumatic spinal cord injury (tSCI) is approximately 54 cases per one million people in the US, which equals about 18,000 new tSCI cases each year. Additionally, growing investments from private and public sectors in the development of exoskeleton technologies further contribute to market growth. In December 2023, Verve Motion, a Cambridge-based exoskeleton developer, raised $20 million in Series B funding to scale its SafeLift soft exoskeleton. SafeLift, worn like a backpack, utilizes real-time motion sensing and robotic assistance to alleviate 40% of the strain on a worker's back during a typical workday. 

Segmental Outlook 

The global exoskeleton market is segmented by type, mobility, and end-user. Based on the type, the market is sub-segmented into powered exoskeletons and passive exoskeletons. Based on mobility, the market is sub-segmented into mobile and fixed/stationary. Further, based on the end-user, the market is sub-segmented into medical, industrial, and military. Among the types, the powered exoskeletons sub-segment is projected to hold a significant share of the market, primarily attributed to reducing physical strain in industries, improving productivity, and rehabilitation support. 

The Mobile Sub-Segment is Anticipated to Hold a Considerable Share of the Global Exoskeleton Market 

Among the mobility, the mobile sub-segment is expected to hold a considerable share of the global exoskeleton market. The segmental growth is attributed to providing individuals with mobility impairments the ability to stand, promoting independence and improved quality of life, and continuous advancements in mobile exoskeleton technology, and regulatory approvals. In addition, the key players are also expanding their business in different regions to cater to the demand for mobile exoskeletons. For instance, in October 2023, Wandercraft launched commercial operations in the US for its Atalante X mobility exoskeleton, partnering with the Kessler Foundation. FDA-approved for stroke rehabilitation, the hands-free device utilizes self-balancing technology and gamified features for engaging in physiotherapy. After securing FDA approval in December 2022 for Atalante's utilization in stroke rehabilitation, Wandercraft strategically expanded its footprint in the US. The company established a new operational base in New York to enhance its market presence and support the deployment of Atalante in the region. The device was approved for use in the EU in 2019 and has since been used to treat over 650 patients across over 5,000 sessions. 

Regional Outlook

The global exoskeleton market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to the growing use of exoskeletons in military and defense applications, including soldier augmentation and load-bearing assistance, which contributes to market expansion in Europe. 

Global Exoskeleton Market Growth, by Region 2024-2031

The North America Region is Expected to Grow at a Significant CAGR in the Global Exoskeleton Market 

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. The regional market growth is attributed to the growing adoption of exoskeletons in healthcare for rehabilitation and supportive government initiatives and the increasing adoption of exoskeletons in industrial settings to enhance worker safety and productivity. According to the US Bureau of Labor Statistics, there were 5,486 fatal work injuries recorded in the US in 2022, marking a 5.7% increase from the 5,190 recorded in 2021. The fatal work injury rate was 3.7 fatalities per 100,000 full-time equivalent workers, up from 3.6 per 100,000 full-time equivalents in 2021. In addition, increasing collaborations between exoskeleton manufacturers, technology firms, and research institutions bolster innovation and market growth in the region. In January 2024, Prof. Ming Wu at the Richard and Loan Hill Department of Biomedical Engineering received a collaborative grant from the University of Illinois Chicago and OSF Healthcare to create an exoskeleton for nursing. The project aimed to create an exoskeleton for nursing staff to avoid lower back pain and injury risks associated with repetitive tasks and long shifts. 

Market Players Outlook

The major companies serving the exoskeleton market include Bionik Laboratories, Bioness Inc., Cyberdyne Inc., Ekso Bionics Holdings, Inc., ReWalk Robotics Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, Ekso Bionics received FDA 510(k) clearance for its EksoNR robotic exoskeleton designed for Multiple Sclerosis (MS) patients. This marked the first FDA clearance for exoskeleton rehabilitation use in MS patients, broadening the device's application. 

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global exoskeleton market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.