Exoskeletons are wearable robotic systems that provide powered assistance to the wearer's physical movements. By sensing the wearer's motions, exoskeletons aid and amplify human strength, endurance and mobility. Exosuits can support people with conditions such as spinal cord injuries or multiple sclerosis in activities like walking, lifting and other daily tasks. Exoskeletons are also used by workers in manufacturing, construction and other labor-intensive jobs to prevent musculoskeletal disorders by reducing physical strain.

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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key driver for the growth of exoskeleton market is rising adoption in healthcare industry. There has been a significant rise in spinal cord injuries, strokes and other physical disabilities worldwide. Exoskeletons help improve mobility and quality of life for people with such conditions. For example, the ReWalk allows persons with spinal cord injuries to stand and walk independently. Ekso Bionics provides powered leg braces that enable paraplegics to walk. Growing elderly population prone to disabilities also present an opportunity.

The increasing scope of industrial applications further fuel the market growth. Exosuits augment worker's strength, reduce fatigue and risk of injuries. Several companies now offer exoskeletons solutions for material handling, assembly line jobs and construction. For instance, Berkeley Bionics, Mobius Bionics, Sarcos Robotics and others provide upper and lower body exosuits to enhance productivity in factories and warehouses. With rapid industrialization and focus on worker safety, adoption of robotic exosuits is projected to rise in various manufacturing sectors over the coming years.

SWOT Analysis

Strength: The exoskeleton market size has significant growth opportunities due to rising demand from manufacturing and healthcare industries. With technological advancements, exoskeletons are becoming compact, lightweight and affordable. Exoskeleton suits can help reduce workplace injuries and enhance work efficiency by assisting body movements.

Weakness: High costs of production and R&D activities associated with exoskeleton development can restrict wider adoption. Dependence on lithium-ion batteries limits usage time. Limited expertise availability for usage and maintenance of advanced exoskeletons.

Opportunity: Growing geriatric population suffering from disabilities and injuries increases the potential for exoskeleton suits in rehabilitation therapies. Investments in robotics and automation by industries and militaries present an opportunity to develop versatile exoskeleton applications.

Threats: Stringent regulatory approvals for medical use of exoskeleton technology can delay market growth. Technology obsolescence due to continuous innovations poses challenges. Competitive pressures from establishing alternatives like wearable robots and prosthetics.

Key Takeaways

The global exoskeleton market is expected to witness high growth. With rising factory and warehouse automation, exoskeleton suits are being used by industrial workers and manual labourers to reduce fatigue and enhance productivity.

Regional analysis:

North America is anticipated to grow at a significant rate in the exoskeleton market during the forecast period owing to rising applications of exoskeleton technology in healthcare and military sectors across US and Canada.

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, Cyberdyne, Inc.

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