Exoskeleton Market to Surpass USD 23.6 Billion Valuation by 2031 On the Back of Rising Use of Exoskeletons in Healthcare and Industrial Applications | SkyQuest Technology
WESTFORD, Mass., July 3, 2024 /PRNewswire/ — According to SkyQuest, the global Exoskeleton Market size was valued at USD 1.58 Billion in 2022 and is poised to grow from USD 2.35 Billion in 2023 to USD 23.6 Billion by 2031, growing at a CAGR of 31.4% in the forecast period (2024-2031).
Exoskeletons are products designed to support or protect the human body. Advancements in robotics technology and the growing availability of affordable exoskeletons are forecasted to help market development in the future. The need for enhanced worker safety in industrial settings and the demand for advanced rehabilitation technologies in the healthcare space are creating new business scope for exoskeleton providers across the forecast period and beyond. The global exoskeleton market is segmented into component, type, body type, mobility, structure, industry, and region.
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Exoskeleton Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 2.35 billion |
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Estimated Value by 2031 |
$ 23.6 billion |
|
Growth Rate |
Poised to grow at a CAGR of 31.4% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Component, Type, Body Type, Mobility, Structure and Industry |
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Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report Highlights |
Development of hybrid exoskeletons to promote affordability and sales |
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Key Market Opportunities |
Growing use of exoskeletons for rehabilitation of trauma patients |
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Key Market Drivers |
Increasing acceptance of exoskeletons for |
Segments covered in Exoskeleton Market are as follows:
- Component
- Hardware [Sensors(Gyroscopes, Microphones, Accelerometers, Tilt Sensors and Others), Actuators(Electric, Pneumatic, Hydraulic, Piezoelectric), Power Sources, Control Systems and Other], Software
- Body Type
- Full Body, Upper Extremities, Lower Extremities
- Type
- Powered Exoskeletons, Passive Exoskeletons, Pseudo-Passive Exoskeletons, Hybrid-Exoskeletons
- Mobility
- Mobile, Stationary
- Structure
- Rigid, Flexible
- Industry
- Health Care (Spinal Cord Injury, Stroke and Other), Defense & Military, Industrial
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Powered Exoskeletons to Spearhead Revenue Generation Due to Their High Productivity
Powered exoskeletons utilize motorized components and actuators to provide external assistance to passive exoskeletons. These types of exoskeletons have better productivity and are able to enhance human capabilities beyond their limits. Advancements in robotic and bionic technologies are also forecasted to help this segment account for a dominant share of the global exoskeleton market. Manufacturing and construction industry verticals are projected to witness high demand for powered exoskeletons in the future.
On the other hand, the demand for hybrid exoskeletons is also slated to increase at an impressive pace over the coming years. These types of exoskeletons are created using active and passive elements to make them more affordable as compared to powered exoskeletons whilst offering their features as well. Healthcare and military industries are expected to be the key end users for hybrid exoskeletons.
Use of Exoskeleton for Rehabilitation and Assistance Make Healthcare Applications Highly Opportune
Robotic exoskeletons are being extensively used for the rehabilitation of patients suffering from various physical disabilities. Growing demand for advanced assistive technologies for the rapidly increasing geriatric population is also expected to offer new opportunities for exoskeleton providers in the healthcare application segment. The high incidence of road accidents and the rising number of people suffering from trauma will also bolster the adoption of exoskeletons in healthcare rehabilitation applications going forward. Meanwhile, the demand for exoskeletons in industrial applications is estimated to present highly attractive opportunities for market players. Growing demand for better worker safety and productivity in industrial setting will also help companies generate good sales from this segment going forward.
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Development of Novel Hardware Components to Improve the Functionality of Exoskeletons
Hardware components play a crucial role in determining the future of exoskeleton development. Exoskeleton companies are continually investing in the research and development of new hardware components that help make better exoskeletons. Lightweight yet advanced hardware components will be high in demand over the coming years.
The global exoskeleton market is still in its nascent stages and this is why it offers highly remunerative opportunities for established as well as incoming companies. Collaborating with organization from different industry verticals will help exoskeleton companies develop custom products and maximize their business scope as well.
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