Global Exoskeleton Market to Grow at a CAGR of 17.2% During the Period 2024-2032, Driven by Applications in Multiple Sectors

The global exoskeleton market is expected to be driven by important applications in medical rehabilitation and multiple other sectors, including construction, military, manufacturing, food processing, shipbuilding, ceramics, natural gas and oil, HVAC installation and repair, etc. North America, Europe and Asia are likely to be key markets.

Leading companies are engaged in developing advanced exoskeleton solutions and in continual research and development to better previous offerings. For example, in 2020, Ekso Bionics Holdings unveiled EVOTM, an endurance-boosting assistive upper body exoskeleton that alleviated the burden of repetitive work. The solution built on the company’s EksoVest technology, and its innovative design was seen as the next step in the evolution of industrial exoskeletons. EVO was lighter and more flexible than its precursor; with its signature ruggedness and durability, it carried an optimized human-machine interface that was cool and comfortable to wear for whole day use. Such developments are expected to drive the global exoskeleton market. Advancements in design made EVO an appropriate solution for a broad range of industrial, manufacturing, food processing, and construction applications.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

In 2019, Ekso announced the expansion of its medical exoskeleton portfolio with EksoUE - an upper extremity rehabilitation device. The solution assisted patients with a wide range of upper extremity impairment and aimed to offer them a wider range of motion and better endurance for rehabilitation sessions of higher dose and intensity.

In 2022, ReWalk Robotics, Ltd. announced its membership in the Human Robot Interaction (HRI) Consortium, part of the Israel Innovation Authority’s MAGNET incentive program. The incentive program provided grants for R&D collaboration as part of a consortium comprising private businesses and leading academic centres. The goals of the HRI consortium were to “develop advanced technologies aimed at providing robots with social capabilities, enabling them to carry out various tasks and effective interactions with different users in diverse operational environments.”  The total program had a budget of NIS 57 million.

In 2021, ReWalk Robotics announced that its ReBoot device was granted designation as a Breakthrough Device by the FDA. The ReBoot was a lightweight, battery-powered orthotic exo-suit meant to help ambulatory functions in people with decreased ankle function associated with neurological injuries, such as stroke. The solution was a customizable personalized device meant for home and community use.

In 2017, Bionik Laboratories Corp. announced that it had integrated Amazon's Echo ("Echo") technology and Alexa Voice Service ("Alexa") into its ARKE™ lower body exoskeleton. The ARKE™ exoskeleton employed Bionik's proprietary transmission and actuation system, making it more powerful as compared to similar systems. It would now include device control, using multiple sensors located throughout the device in combination with Alexa. Users could activate different activity modes, like Standing and Walking, by saying "Alexa, I'm ready to stand" or "Alexa, I'm ready to walk."

In 2021, Ottobock acquired suitX, a US-based company specializing in research and development of occupational and medical exoskeletons. Ottobock and suitX would combine their expertise and products to take the exoskeleton market to a new level and promote worldwide adoption of exoskeletons.

In 2018, Lockheed Martin received a $6.9 million award from the U.S. Army Natick Soldier Research, Development and Engineering Center (NSRDEC) to improve the ONYX™ exoskeleton for future soldier demonstrations. ONYX was a powered, lower-body exoskeleton with artificial intelligence (AI) technology that augmented human strength and endurance. Such military applications are likely to contribute to the growth of the global exoskeleton market. In 2018, Lockheed Martin partnered with Deakin University to advance the industrial exoskeleton FORTIS. FORTIS was an unpowered, lightweight exoskeleton devised by Lockheed Martin; it made tools weighing up to 36 pounds feel weightless, thereby decreasing user fatigue and enhancing worker safety. The 12-month research partnership between Lockheed Martin Australia and Deakin University’s Institute for Intelligent Systems Research (IISRI) had extended the capability of Lockheed Martin’s FORTIS Exoskeleton.

Key Findings of the Report:

• Multiple applications across different sectors are expected to drive the global exoskeleton market.

• Advancements in technology are likely to boost market growth.

• North America, Europe and Asia are projected to be key markets. 

Market Analysis by Type, Product Type, Body Part Type, and Region:

• By type, the market is segmented into Augmentation and Rehabilitation.

• By product type, the market is classified into Stationary and Mobile.

• By body part type, the market is classified into Lower Body and Upper Body.

• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790