Exoskeleton Market Size and Growth Analysis by 2024 | Key Market Competitors are Ekso Bionics, Hocoma AG, Hyundai Motor Company, Lockheed Martin, Parker Hannifin, ReWalk Robotics, Inc., Rex Bionics and SRI International

Exoskeleton Market size is estimated to surpass USD 3.4 billion by 2024. In 2016, the exoskeleton shipment crossed 2000 units. Increasing use of exoskeleton in rehabilitation for patients will fuel the exoskeleton market growth. These devices reinforce, augment and restore human performance. Increase in the number of orthopedic disorders and rapidly growing elderly population will provide stable growth prospects over the forecast timeline.

Robotic development companies are using low cost, high strength material to enhance safety of operation in healthcare, industrial and military applications. Increasing funding from defense department of various countries to strengthen arm forces capability will stimulate the industry demand. For instance, in 2016, South Korea defense firms developed exoskeleton systems for Republic of Korea Army (RoKA). These systems are designed to increase soldier’s strength and endurance.

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Some of manufacturers in the exoskeleton market include 20 KNOTS PLUS LTD, ActiveLink, BIONIK Laboratories Corp., Cyberdyne Inc., Ekso Bionics, GOGOA Mobility Robots, Hocoma AG, Honda Motor Co., Ltd., Hyundai Motor Company, Lockheed Martin, noonee, Parker Hannifin, Revision Military, ReWalk Robotics, Inc., Rex Bionics, Sarcos Robotics, SRI International, Technaid S.L., US Bionics and Wandercraft. The nature of the industry is consolidated with few companies permitted to commercialize the product. Stringent regulations such as FDA is creating high entry barriers for the robotic technology manufacturers.

Lower body exoskeleton acquired more than 60% of total revenue in 2016. These products are used to restore movement of disabled persons. Also, the companies such as Lockheed Martin are investing and developing effective lower body products to enable operation in hostile conditions for security forces. Upper body segment is projected to exhibit highest CAGR of 53% owing to increasing demand in industrial applications such as welding. Full body segment is poised to exhibit growth owing to use in security & defense applications. Revenue for this segment will cross USD 760 million in 2024.

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Mobile exoskeleton market accounted for highest revenue share of over 61% in 2016 and is estimated to continue its dominance during the study period. The segment growth is credited to increased application in military & industrial segment. Mobile exoskeleton provides mobility to the wearer while augmenting strength to lift heavy load. Stationary products are deployed in rehabilitation centers and hospitals. These products provide fast recovery for the patients suffering from spinal cord injuries and other mobility impairment disorders.

Healthcare sector dominated the overall exoskeleton market size in 2016 and is expected to continue its dominance during the study period. Increasing spending on healthcare, technological advancements to increase safety and stringent government regulation will attribute to the segment growth. Military segment is expected to witness an exponential growth owing to increasing funding from defense departments to develop exosuits for their arm forces. The segment will witness substantial increase in revenue and will acquire more than 26% of the overall industry by 2024.

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Asia Pacific is estimated to cross USD 780 million over the forecast timeframe. The growth can be attributed to increasing spending on healthcare and awareness about industrial robotics in manufacturing sector. China and South Korea are investing heavily in development of wearable robots for defense & security purposes.

North America is anticipated to grow at CAGR of over 48%. This growth is attributed to high demand from healthcare and military applications. Moreover, about 75% of the exo manufacturers are located in this region. The companies work in association with research universities to continue R&D on the product.

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