Global Exoskeleton Market size was valued at USD 1.58 Million in 2022 and is poised to grow from USD 2.35 Million in 2023 to USD 23.6 Billion by 2031, growing at a CAGR of 31.4% in the forecast period (2024-2031).
The exoskeleton refers to a protective layer over the human body to support or improve functionality by reducing stress on actual human organs. Advancements in healthcare technology and the growing need for new prosthetics for the disabled population have led to the creation of novel exoskeleton products.
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Apart from rehabilitation and support for disabled people, exoskeletons are finding massive applications in multiple other industry verticals such as military, construction, and manufacturing. Integration of advanced robotic technologies and artificial intelligence will also be crucial trends governing the demand for exoskeletons. High prevalence of neurological disorders is also contributing to the high adoption of exoskeletons in the healthcare space. Increasing demand for better rehabilitation around the world will also provide new opportunities for exoskeleton companies in the future.
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Diversification of Exoskeleton Business Crucial in Improving Revenue Generation
Exoskeleton manufacturers should focus on developing and launching new products tailored to specific applications. The healthcare industry is projected to be the most opportune space for new as well as established exoskeleton providers. Military and construction industries are also projected to witness a good hike in demand for exoskeletons over the coming years. Exoskeleton market players are also opting for creative new strategies to maximize their sales and revenue generation potential. Partnerships and collaborations also play a vital role in future exoskeleton market development. New as well as established exoskeleton companies should invest in innovation to stay ahead of the competition and stay relevant in the rapidly evolving market landscape.
In May 2024, German Bionic, a leading manufacturer of smart exoskeletons based in Europe, launched its new 360° Human Augmentation Platform at the VivaTech event. The platform integrates the latest exoskeletons with German Bionic OS for its exoskeletons.
In September 2023, Hilti, a leading provider of construction hardware and services, launched the EXO-S exoskeleton. This offering is the updated iteration of the company’s EXO-O1 wearable skeleton. The product was aimed at relieving stress for above shoulder movements.
Wandercraft SAS, a French company specializing in exoskeletons, launched its Atalante X exoskeleton in the United States in October 2023. Additionally, the company partnered with the Kessler Foundation to enhance research efforts and broaden the uses of its exoskeleton products
In February 2024, Rehab Technologies IIT – INAIL, unveiled its new robotic exoskeleton at the Museum of Science and Technology. TWIN is a robotic exoskeleton for lower limbs and only a prototype was demonstrated using two patients.
In March 2023, Festool, a renowned construction tool provider launched a new pilot program for professionals to try out the new shoulder support exoskeleton for free before market launch. Festool can test its product in real-life environments while users will get to experience the product without spending anything.
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The global market is rife with opportunities, but companies need to pay heed to where they invest. Targeting the healthcare industry is the best bet for any exoskeleton company looking to make a mark in this market. Partnerships and collaborations will be highly effective in expanding the global market presence of any exoskeleton provider. Moreover, innovation and use of advanced technologies will further expand business scope for exoskeleton providers going forward.
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