Global Sports Exoskeleton Market - 2023-2030

Global Sports Exoskeleton Market - 2023-2030

Global Sports Exoskeleton Market reached US$ 881.8 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 10,214.0 million by 2030. The market is growing at a CAGR of 35.8% during the forecast period (2023-2030).

One of the primary factors driving the market growth is the rising interest in sports performance enhancement and injury prevention among athletes and sports enthusiasts. Sports exoskeletons can assist in improving athletic performance by augmenting strength, enabling faster recovery and reducing the risk of injuries. These benefits have led to their adoption in various sports such as cycling, running, skiing and weightlifting.

Europe promotes collaboration and cooperation among industry stakeholders to foster innovation in the sports exoskeleton market. For instance, the European Union-funded projects such as the ""Robotic Exoskeletons for Sports and Active Life"" (REX) project bring together academic institutions, research organizations and industry partners to advance the development of exoskeleton technologies for sports and active lifestyles. Such collaborative efforts accelerate the market growth by pooling expertise and resources. Therefore, Europe accounts for nearly 1/3th of the global market share.

Market Dynamics
Increasing Awareness of the Benefits of Sports Exoskeletons
As the potential benefits of sports exoskeletons become more widely recognized, investors are increasingly interested in supporting companies that are developing and commercializing these devices. It is driving greater investment in the market and helping to fuel its growth. As awareness of the benefits of sports exoskeletons grows, regulatory agencies are becoming more willing to approve these devices for use in rehabilitation and assistive technologies. This is helping to expand the market and make sports exoskeletons more widely available to patients who need them.

In 2022, A robotic exoskeleton boot that Stanford University researchers developed enables patients with mobility difficulties to walk 9% faster. According to the team, it is the first technology that benefits users ""in the real world"" and can make it easier for people who have mobility issues to walk. Therefore, benefits mentioned above drives the growth of the exoskeleton market.

Growing Demand for Assistive Technologies
Sports exoskeletons have proven to be effective tools in the field of rehabilitation and therapy. They assist individuals recovering from injuries or undergoing rehabilitation programs, enabling them to regain mobility, strength and coordination. As the demand for rehabilitation and therapy services grows, so does the need for advanced assistive technologies like sports exoskeletons.

With a globally aging population, there is an increasing demand for technologies that support active aging and maintain independence. Sports exoskeletons can aid older individuals in maintaining or improving their physical capabilities, allowing them to participate in sports and physical activities. The desire for healthy and active aging drives the demand for assistive technologies like sports exoskeletons.

Limited Awareness and Technological Limitations
Another key challenge facing the sports exoskeleton market is technological limitations. While sports exoskeletons are becoming more advanced, there are still some technical limitations that can restrain their growth. For example, some sports exoskeletons may be bulky or heavy, which can limit their ease of use and comfort. Others may have limited battery life, which can limit the duration of use. Additionally, some sports exoskeletons may not be suitable for all types of sports or activities, which can limit their versatility and appeal to potential users.

To overcome these technological limitations, companies operating in the sports exoskeleton market need to invest in research and development to improve the performance, comfort and usability of their devices. They may also need to collaborate with athletes and other users to better understand their needs and develop products that meet those needs.

Therefore, limited awareness and technological limitations are two key factors that can restrain the growth of the global sports exoskeleton market. To overcome these challenges, companies operating in this market need to invest in marketing, awareness campaigns, research and development to improve their products and increase adoption.

COVID-19 Impact Analysis
The pandemic highlighted the importance of health and fitness, leading to an increased interest in home workouts, outdoor activities and personal fitness. This shift in consumer behavior created opportunities for sports exoskeletons aimed at personal fitness and recreational activities. Individuals sought ways to enhance their training and improve physical performance even outside of professional sports.

The pandemic accelerated technological advancements and the integration of virtual training platforms. Remote training, virtual coaching and digital health monitoring became more prevalent. These developments provided opportunities for the integration of sports exoskeletons into remote training programs and virtual rehabilitation, enabling athletes and individuals to train and recover from the comfort of their homes.

Segment Analysis
The global sports exoskeleton market is segmented based on body part, component, application and region.

Key Role of Hardware Components in Empowering Sports Exoskeleton Performance and Market Growth
Sports exoskeletons are designed to augment human physical abilities and provide support during activities such as running, walking and jumping. The hardware components of sports exoskeletons are responsible for providing this physical support and assistance to users, which makes them the most critical components of the device. Additionally, the hardware components of sports exoskeletons are typically more expensive than the software components. This is because they require a higher level of engineering and design and they are manufactured using specialized materials and technologies.

Therefore, the hardware components of sports exoskeletons dominate the global sports exoskeleton market because they are the primary components that determine the performance, effectiveness and usability of these devices. They play a crucial role in providing physical support and assistance to users and are critical to the success of sports exoskeletons in the market.

Geographical Analysis
Growing Investments in Research and Development Drives the Growth of the North American Market
Growing investments in research and development (R&D) is a key driver of the growth of the North America sports exoskeleton market. The region has several academic institutions and research centers that are focused on developing new and innovative sports exoskeleton products. With increased investments in R&D, companies in the North America sports exoskeleton market are able to develop new and innovative products. These products are designed to be more efficient, lightweight and user-friendly, with improved safety features. The development of such products attracts more customers, thereby increasing the demand for sports exoskeletons.

Competitive Landscape
The major global players include Ekso Bionics, Bionik Laboratories, Ottobock SE & Co. KGaA, SuitX, ReWalk Robotics, Lockheed Martin Corporation, Sarcos Robotics, Honda Motor Co., Ltd., MYO Technologies and Exhauss.

Why Purchase the Report?
• To visualize the global sports exoskeleton market segmentation based on body part, component, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of sports exoskeleton market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global sports exoskeleton market report would provide approximately 61 tables, 54 figures and 172 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies