Exoskeleton System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Exoskeleton System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview 2023-2028:

The global exoskeleton system market size reached US$ 794.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 7,597.5 Million by 2028, exhibiting a growth rate (CAGR) of 45.8% during 2023-2028.

An exoskeleton system is a wearable man-machine mechanism that utilizes human intelligence and machine power to provide mechanical strength to the user. It consists of a powered wearable suit that is designed to improve user safety and enhance the overall efficiency to perform specific tasks. It uses smart algorithms that adjust and adapt according to the human body motions and is equipped with various sensors and electrical connections to control the components. Exo-suits assist in lifting heavy materials and reduce stress on the user’s back muscles and spine. Also, they enable the elderly to walk with ease and prevent fall-related injuries. Currently, these systems find extensive applicability across various sectors including healthcare, military and industrial.

Exoskeleton System Market Trends:
The growing need for exoskeletons in the rehabilitation centers along with the increasing industrial activities across the globe are the key factors driving the market growth. The development of motor-equipped robots to assist human body mechanics is another factor contributing to the market growth. The growing prevalence of heart strokes, spinal cord injuries and paralysis among patients has also driven the demand for exoskeletons in the healthcare sector.

The rising adoption rates of exoskeletons across military and industrial sectors are providing a boost to the exoskeleton system market growth. In these sectors, the systems are custom-fitted according to body parts and are made using fiberglass, carbon fiber and aluminum depending on the strength required. Moreover, they efficiently provide support to multiple joints and detect human movements to initiate the appropriate responses of the exoskeleton actuators, thus boosting the product demand further in the military and industrial sectors.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global exoskeleton system market report, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on component, type, mobility, body part and end-use sector.

Breakup by Component:

Hardware
Sensors
Actuators
Power Sources
Control Systems
Other Components
Software

Breakup by Type:

Powered
Passive

Breakup by Mobility:

Stationary
Mobile

Breakup by Body Part:

Lower Body
Upper Body
Full Body

Breakup by End-Use Sector:

Healthcare
Defense
Industrial
Others

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:
The global exoskeleton system market is highly fragmented with the presence of several small and large players. Some of the major players in the market are:

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
P&S Mechanics Co. Ltd.

Key Questions Answered in This Report

1. What is the expected growth rate of the global exoskeleton system market?
2. What has been the impact of COVID-19 on the global exoskeleton system market?
3. What are the key factors driving the global exoskeleton system market?
4. What is the breakup of the global exoskeleton system market based on the component?
5. What is the breakup of the global exoskeleton system market based on the type?
6. What is the breakup of the global exoskeleton system market based on the end-use sector?
7. What is the breakup of the global exoskeleton system market based on the mobility?
8. Who are the key players/companies in the global exoskeleton system market?
9. What are the key regions in the global exoskeleton system market?