According to the latest report by IMARC Group, titled “Exoskeleton System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global exoskeleton system market size reached US$ 794.2 Million in 2022. An exoskeleton system is a technologically advanced wearable device designed to enhance the wearer's physical capabilities. This innovative technology provides external support to the user's body, providing strength, endurance, and mobility. Exoskeleton systems find application in various industries, including manufacturing, healthcare, defense, and logistics. They are widely used in repetitive tasks, heavy lifting, or physically demanding activities. These systems are engineered with lightweight materials, sensors, actuators, and sophisticated control algorithms to seamlessly integrate with the user's movements and amplify their capabilities. They have the potential to reduce workplace injuries, improve productivity, and enhance overall well-being.
Global Exoskeleton System Market Trends:
The increasing demand for exoskeleton systems in mitigating the risk of musculoskeletal disorders and injuries as industries increasingly prioritize workplace safety and ergonomic solutions is one of the major factors contributing to the market growth. In line with this, the growing product utilization in sectors like manufacturing to alleviate physical strain, leading to reduced injuries and subsequent downtime, is propelling the market growth. Additionally, the widespread application of exoskeleton systems in extending the productive years of employees owing to the rapidly rising demographic shifts, is providing a thrust to the market growth. Moreover, rapid technological advancements, such as the integration of artificial intelligence (AI) and machine learning (MI) enabling exoskeleton systems to adapt to the user's movements in real-time, enhancing their fluidity and effectiveness, is positively impacting the market growth. In confluence with this, the increasing advancements in materials science leading to the development of lightweight and durable exoskeleton designs that are comfortable for prolonged use, are also contributing to the market growth. Furthermore, the increasing regulatory initiatives and exoskeleton adoption incentives by governments and industry associations promoting workplace safety and employee well-being as they recognize its potential to prevent work-related injuries are providing a considerable boost to the market growth. Looking forward, the market value is projected to reach US$ 7,597.5 Million by 2028, expanding at a CAGR of 45.8% during 2023-2028.
- Based on the component, the market has been segmented into hardware (sensors, actuators, power sources, control systems and other components) and software.
- On the basis of the type, the market has been bifurcated into powered and passive.
- Based on mobility, the market has been divided into stationery and mobile.
- On the basis of the body part, the market has been classified into lower body, upper body and full body.
- Based on the end-use sector, the market has been divided into healthcare, defense, industrial and others.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Bionik Laboratories Corp., SuitX (US Bionics, Inc.), Gogoa Mobility Robots, S.L., Exhauss Exoskeleton, Atoun Inc., Fourier Intelligence Co. Ltd., Honda Motor Co., Ltd., Daiya Industry Co. Ltd., Mitsubishi Heavy Industries Ltd., Rex Bionics Ltd., Myomo Inc., Gobio Robot, Parker Hannifin Corp., Wandercraft SAS and P&S Mechanics Co. Ltd.
|Base Year of the Analysis
||Component, Type, Mobility, Body Part, End-Use Sector, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Bionik Laboratories Corp., SuitX (US Bionics, Inc.), Gogoa Mobility Robots, S.L., Exhauss Exoskeleton, Atoun Inc., Fourier Intelligence Co. Ltd., Honda Motor Co., Ltd., Daiya Industry Co. Ltd., Mitsubishi Heavy Industries Ltd., Rex Bionics Ltd., Myomo Inc., Gobio Robot, Parker Hannifin Corp., Wandercraft SAS and P&S Mechanics Co. Ltd.
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