Powered Exoskeleton Market
Powered Exoskeleton Market Size, Share & Trends Analysis Report by Mobility (Stationary, Mobile), by Type (Full Body, Upper Body, and Lower Body), and by Application (Industrial, Military, Healthcare, and Other) Forecast Period (2024-2031)
Powered exoskeleton market is anticipated to grow at a significant CAGR of 15.9% during the forecast period (2024-2031). A powered exoskeleton is a wearable device that uses motors, springs, and other actuators to help support and assist a person's movement. The increasing adoption of powered exoskeletons in medical and industrial applications is a key factor driving global industry growth. However, the high cost of powered exoskeleton, modest speed, and inability to operate properly on uneven surfaces may restrain the growth of the market.
Market Dynamics
Advancements in Robotic Technology
The growing advancements in robotic technology such as improved materials, sensors and actuators, control systems, and sensor technology are key factors driving the growth of the global market. In June 2024, a researcher’s team at the New Jersey Institute of Technology demonstrated a new method that leverages AI and computer simulations to train robotic exoskeletons that can help users save energy while walking, running, and climbing stairs. It marks a significant advancement in wearable robotics, as this exoskeleton controller is exclusively developed through AI-driven simulations. Moreover, this controller seamlessly transitions to hardware without requiring further human subject testing, rendering it experiment-free. This breakthrough holds promise for aiding individuals with mobility challenges, including the elderly or stroke survivors, without necessitating their presence in a laboratory or clinical setting for extensive testing.
Growing Application in End-User Industry
The growing adoption of powered exoskeletons in several end-user industries owing to their offered advantages is driving the global market growth. A variety of ‘slimmed-down’ exoskeletons have been developed for use on the battlefield, aimed at decreasing fatigue and increasing productivity. For instance, Lockheed Martin's ONYX suit aims to support soldiers in performing tasks that are ‘knee-intensive’, such as crossing difficult terrain. For medical rehabilitation purposes, medical exoskeletons are designed to assist individuals with mobility impairments, such as spinal cord injuries or other brain injuries, to walk again. The increasing cases of severe injuries due to accident cases and medical emergencies are likely to create huge demand for the global powered exoskeleton market.
Market Segmentation
- Based on the mobility, the market is segmented into stationary and mobile.
- Based on the type, the market is segmented into full body, upper body, and lower body.
- Based on the application, the market is segmented into industrial, military, healthcare, and other (civilian).
Mobile Powered Exoskeleton Holds Major Share Based on Mobility
Mobility is a key attribute of the powered exoskeleton. They offer huge comfort for users to perform medical rehabilitation tasks. Additionally, new product launches to promote the use of mobile exoskeletons for healthcare workers are further aiding the growth of this market segment. For instance, in December 2023, German Bionic launched the Apogee+ exoskeleton with robotic motors. This powered wearable helps nurses and other healthcare workers lift and move heavy patients with greater ease, less strain, and improved stamina.
Regional Outlook
The global powered exoskeleton market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Development of Advanced Powered Exoskeleton in India
In March 2024, Newndra Innovations delivered two types of exoskeletons, the JaipurBelt and the ArmMax, to the Indian military. The exoskeletons help to increase the productivity and endurance of soldiers while also reducing the risk of musculoskeletal injuries. The JaipurBelt provides support to a soldier’s back and spine while the ArmMax can support the back, spine, and arms. According to the outlet, the wearables enhance a soldier’s weightlifting capacity from 5 to 35 kilograms (11 to 77 pounds), enabling tasks such as ammunition loading and unloading and weight carrying for long distances.
Global Powered Exoskeleton Market Growth by Region 2024-2031
North America Holds Major Market Share
High investment in robotic technology along with huge funding for the military and defense sector from the US government is a key factor driving the growth of the regional market. Additionally, the developed healthcare infrastructure, availability of advanced medical devices, research laboratories, and other organizations, contribute significantly to the growth of the regional market. The huge demand for industrial automation and rapid integration of IoT (Internet of Things) technology creates a huge scope for the growth of the regional market.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the powered exoskeleton market include China North Industries Group Corp. (NORINCO GROUP), Lifeward Inc., Orthocare Innovations, LLC, and Lockheed Martin Corp. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Development
- In February 2022, CYBERDYNE Inc., announced the approval of its medical device marketing license for Medical HAL Single Joint Type, a wearable cyborg that improves physical functions, by the Ministry of Health Republic of Indonesia.
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 powered exoskeleton market. Based on the availability of data, information related to new products, 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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Industry Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Market Players
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Key Strategy Analysis
4. Market Segmentation
4.1. Global Powered Exoskeleton Market by Mobility
4.1.1. Stationary
4.1.2. Mobile
4.2. Global Powered Exoskeleton Market by Type
4.2.1. Full Body
4.2.2. Upper Body
4.2.3. Lower Body
4.3. Global Powered Exoskeleton Market by Application
4.3.1. Industrial
4.3.2. Military
4.3.3. Healthcare
4.3.4. Other (Civilian)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Archelis Inc.
6.2. Bionic Power Inc.
6.3. Cyberdyne Inc.
6.4. Ekso Bionics
6.5. FANUC CORP.
6.6. Lifeward Inc.
6.7. Lockheed Martin Corp.
6.8. Myomo, Inc.
6.9. Orthocare Innovations, LLC
6.10. PARKER HANNIFIN CORP.
6.11. Reha Technology AG
6.12. Rex Bionics Ltd.
6.13. Sarcos Technology and Robotics Corp.
1. Global Powered Exoskeleton Market Research And Analysis By Mobility, 2023-2031 ($ Million)
2. Global Stationary Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Mobile Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Powered Exoskeleton Market Research And Analysis By Type, 2023-2031 ($ Million)
5. Global Full Body Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Upper Body Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Lower Body Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Powered Exoskeleton Market Research And Analysis By Application, 2023-2031 ($ Million)
9. Global Powered Exoskeleton In Industrial Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Powered Exoskeleton In Military Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global Powered Exoskeleton In Healthcare Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Powered Exoskeleton In Other Applications Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
14. North American Powered Exoskeleton Market Research And Analysis By Country, 2023-2031 ($ Million)
15. North American Powered Exoskeleton Market Research And Analysis By Mobility, 2023-2031 ($ Million)
16. North American Powered Exoskeleton Market Research And Analysis By Type, 2023-2031 ($ Million)
17. North American Powered Exoskeleton Market Research And Analysis By Application, 2023-2031 ($ Million)
18. European Powered Exoskeleton Market Research And Analysis By Country, 2023-2031 ($ Million)
19. European Powered Exoskeleton Market Research And Analysis By Mobility, 2023-2031 ($ Million)
20. European Powered Exoskeleton Market Research And Analysis By Type, 2023-2031 ($ Million)
21. European Powered Exoskeleton Market Research And Analysis By Application, 2023-2031 ($ Million)
22. Asia-Pacific Powered Exoskeleton Market Research And Analysis By Country, 2023-2031 ($ Million)
23. Asia-Pacific Powered Exoskeleton Market Research And Analysis By Mobility, 2023-2031 ($ Million)
24. Asia-Pacific Powered Exoskeleton Market Research And Analysis By Type, 2023-2031 ($ Million)
25. Asia-Pacific Powered Exoskeleton Market Research And Analysis By Application, 2023-2031 ($ Million)
26. Rest Of The World Powered Exoskeleton Market Research And Analysis By Region, 2023-2031 ($ Million)
27. Rest Of The World Powered Exoskeleton Market Research And Analysis By Mobility, 2023-2031 ($ Million)
28. Rest Of The World Powered Exoskeleton Market Research And Analysis By Type, 2023-2031 ($ Million)
29. Rest Of The World Powered Exoskeleton Market Research And Analysis By Application, 2023-2031 ($ Million)
1. Global Powered Exoskeleton Market Share By Mobility, 2023 Vs 2031 (%)
2. Global Stationary Powered Exoskeleton Market Share By Region, 2023 Vs 2031 (%)
3. Global Mobile Powered Exoskeleton Market Share By Region, 2023 Vs 2031 (%)
4. Global Powered Exoskeleton Market Share By Type, 2023 Vs 2031 (%)
5. Global Full Body Powered Exoskeleton Market Share By Region, 2023 Vs 2031 (%)
6. Global Upper Body Powered Exoskeleton Market Share By Region, 2023 Vs 2031 (%)
7. Global Lower Body Powered Exoskeleton Market Share By Region, 2023 Vs 2031 (%)
8. Global Powered Exoskeleton Market Share By Application, 2023 Vs 2031 (%)
9. Global Powered Exoskeleton In Industrial Market Share By Region, 2023 Vs 2031 (%)
10. Global Powered Exoskeleton In Military Market Share By Region, 2023 Vs 2031 (%)
11. Global Powered Exoskeleton In Healthcare Market Share By Region, 2023 Vs 2031 (%)
12. Global Powered Exoskeleton In Other Applications Market Share By Region, 2023 Vs 2031 (%)
13. Global Powered Exoskeleton Market Share By Region, 2023 Vs 2031 (%)
14. US Powered Exoskeleton Market Size, 2023-2031 ($ Million)
15. Canada Powered Exoskeleton Market Size, 2023-2031 ($ Million)
16. UK Powered Exoskeleton Market Size, 2023-2031 ($ Million)
17. France Powered Exoskeleton Market Size, 2023-2031 ($ Million)
18. Germany Powered Exoskeleton Market Size, 2023-2031 ($ Million)
19. Italy Powered Exoskeleton Market Size, 2023-2031 ($ Million)
20. Spain Powered Exoskeleton Market Size, 2023-2031 ($ Million)
21. Rest Of Europe Powered Exoskeleton Market Size, 2023-2031 ($ Million)
22. India Powered Exoskeleton Market Size, 2023-2031 ($ Million)
23. China Powered Exoskeleton Market Size, 2023-2031 ($ Million)
24. Japan Powered Exoskeleton Market Size, 2023-2031 ($ Million)
25. South Korea Powered Exoskeleton Market Size, 2023-2031 ($ Million)
26. Rest Of Asia-Pacific Powered Exoskeleton Market Size, 2023-2031 ($ Million)
27. Rest Of The World Powered Exoskeleton Market Size, 2023-2031 ($ Million)
28. Latin America Powered Exoskeleton Market Size, 2023-2031 ($ Million)
29. Middle East And Africa Powered Exoskeleton Market Size, 2023-2031 ($ Million)
