by Exoskeletons are robotic suits that enhance human strength and endurance. They are used for rehabilitation and industrial purposes to reduce physical strain on workers. They help people with disabilities and injuries to walk or move with greater ease and also help industrial workers lift heavy objects securely. For instance, exoskeleton suits help construction workers carry heavy tools and materials without putting undue pressure on their backs. They also find applications in the military for load-carrying and to help injured soldiers. The global Exoskeleton Market is estimated to be valued at US$ 0.81 Bn in 2024 and is expected to exhibit a CAGR of 38.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
There is growing demand for lightweight exoskeletons across various sectors. Key manufacturers are focused on developing exoskeletons that are compact and easy to use. For example, researchers at Harvard University have developed an ankle exoskeleton that weighs less than 1 kg and assists plantarflexion and dorsiflexion. Unlike bulky models, it can be easily worn under trousers and enables unrestricted mobility. There is also rising investment in developing soft exoskeletons using innovative materials like fabrics and elastic polymers that conform to the body’s shape and movements. Soft exosuits put less stress on joints and allow for natural motions compared to rigid designs. Such technological advancements aim to boost adoption of exoskeletons for rehabilitation and industrial applications.
Porter’s Analysis
Threat of new entrants: The exoskeleton market requires high capital investment and technical expertise. However, support from governments and funding from private sources have lowered the entry barriers attracting new players.
Bargaining power of buyers: The number of buyers is increasing due to growing applications of exoskeletons in healthcare and industrial sectors. This gives buyers a higher bargaining power.
Bargaining power of suppliers: A few key players dominate the supply market. However, the specialized nature of components limits the suppliers’ bargaining power.
Threat of new substitutes: Though robotic exoskeletons provide similar functionality, they are expensive substitutes for wearable exoskeletons. Hence, the threat is low.
Competitive rivalry: With the entry of new players, competition is intensifying in this high growth market. Players are differentiating based on technology, application, and cost.
Key Takeaways
The global exoskeleton market size is expected to witness high growth. The market size is projected to grow from US$ 0.81 Bn in 2024 to US$ 8.3 Bn by 2031 at a CAGR of 38%.
Regional analysis: North America dominated the market in 2024 with a share of over 35% due to increasing investments in exoskeleton research. However, Asia Pacific is expected to grow the fastest during the forecast period supported by low-cost manufacturing and a large patient pool in countries like China and India.
Key players: Key players operating in the exoskeleton market are Lockheed Martin Corporation,,RRB3D,,Ekso Bionics,,suitX,,Re Walk Robotics Ltd,,Hocoma,,Rex Bionics PLC.,,Active Link (Panasonic Corporation,,Cyber dyne, Inc. Players are focusing on developing innovative technologies and applications to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
