Global Exoskeleton System Market to Reach US$ 25,700.7 Million by 2032, Impelled by widespread Product Adoption Across Military and Industrial Sectors

August 25, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Exoskeleton System Market Report by Component (Hardware, Software), Type (Powered, Passive), Mobility (Stationery, Mobile), Body Part (Lower Body, Upper Body, Full Body), End-Use Sector (Healthcare, Defense, Industrial, and Others), and Region 2024-2032,” the global exoskeleton system market size reached US$ 1,157.1 Million in 2023. 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$ 25,700.7 Million by 2032, expanding at a CAGR of 39.9% during 2024-2032.

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Component, Type, Mobility, Body Part, End-Use Sector, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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.
Customization Scope 10% Free Customization
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Global Exoskeleton System Market to Reach US$ 25,700.7 Million by 2032, Impelled by widespread Product Adoption Across Military and Industrial Sectors
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