Innovative Powered Exoskeletons Set to Revolutionize Healthcare and Industry by 2031

Global powered exoskeleton market is anticipated to grow at a CAGR of 15.9% during the forecast period (2024–2031). The market growth is driven by the advancement in robotics technologies and the rising demand for robots. Continuous R&D in the field of electrical and electronic engineering has resulted in the introduction of improved materials, sensors and actuators, and software technologies. These high-tech components have enabled the development of innovative improved, very low-power-consuming, self-powered, lightweight, less complex, and portable exoskeleton, thus boosting market growth. 

However, the market growth is challenged in some sectors such as securing approvals for medical applications of exoskeletons. The regulatory bodies follow a strict approval process for such devices to ensure the wearer's safety against the high-power output of actuators used in exoskeletons.

Browse the full report description of “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)” at https://www.omrglobal.com/industry-reports/powered-exoskeleton-market

North American region is anticipated to project significant growth during the forecast period. The regional market is driven by the increasing adoption of exoskeletons in the medical, industrial, and defense sectors in the US region. Additionally, various market players are investing in the technology contributing to the market growth. For instance, in January 2022, French robotic exoskeleton maker Wandercraft expanded in the US with $45.0 million in Series C funding. The round was led by Quadrant Management, a US-based firm, along with existing investor Bpifrance. 

The lower body segment holds the major share in the market due to the alarming increase of lower body disabilities and increasing adoption of exoskeleton products by paralyzed and geriatric populations for mobility stability and weight-bearing capabilities. Apart from this, lower body technologies are being utilized by military personnel and defense to assist soldiers.

Recent Developments

• In January 2024, Robotics startup Hypershell unveiled its new ProX exoskeleton at CES (Consumer Electronics Show) 2024. This all-terrain, (Artificial Intelligence) AI-assisted apparatus attaches to the legs and powers movement with a one-horsepower motor. 

• In December 2022, Ekso Bionics announced the acquisition of the Human Motion and Control business unit from Parker Hannifin Corporation. The acquisition includes the Indigo lower limb exoskeleton line of products as well as the planned development of robotic-assisted orthotic and prosthetic devices. This complementary acquisition expands Ekso's product offerings across the continuum of care to home and community use markets grows Ekso's product pipeline and adds strategic relationships with key commercial and research partners, including Vanderbilt University.

• In April 2022, Ottobock announced the launch of the Ottobock Shoulder exoskeleton. It provides support during strenuous over-the-shoulder activities in logistics, production, maintenance, and handicraft. The new exoskeleton is a further development of the Paexo Shoulder.

• In November 2021, Ottobock announced the acquisition of 100.0% shares of Suitx. Ottobock and Suit combined their expertise and products to take the exoskeleton market to a new level and foster the worldwide adoption of exoskeletons.

Market Coverage  

· The market number available for 2023-2031 

· Base year: 2023 

· Forecast period: 2024-2031 

· Segment Covered- 

o By Type

o By Application

o By Mobility

· Regions Covered- 

o North America 

o Europe 

o Asia-Pacific 

o Rest of the World

• Competitive Landscape: China North Industries Group Corp. (NORINCO GROUP), Lifeward Inc., Orthocare Innovations, LLC, and Lockheed Martin Corp. among others.

Key questions addressed by the report 

• What is the market's growth rate? 
• Which segment and region dominate the market in the base year? 
• Which segment and region will project the fastest growth in the market? 
• Who is the leader in the market? 
• How are players addressing challenges to sustain growth? 
• Where is the investment opportunity? 

Global Powered Exoskeleton Market Report Segment 

By Type

• Full Body
• Upper Body
• Lower Body 

By Application

• Industrial
• Military 
• Healthcare 
• Other (Space, Shipment)

By Mobility

• Stationary
• Mobile 

Global Powered Exoskeleton Market Report Segment by Region 

North America 

· United States 

· Canada 

Europe 

· UK 

· Germany 

· Italy 

· Spain 

· France 

· Rest of Europe 

Asia-Pacific 

· China 

· India 

· Japan 

· South Korea 

· Rest of Asia-Pacific 

Rest of the World 

· Latin America

· Middle East and Africa

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