The global smart exoskeleton market was valued at $357.0 million in 2022, and is projected to reach $1.68 billion by 2032, registering a CAGR of 17.28% from 2023 to 2032.
A smart exoskeleton is a powered system equipped with sensors and actuators that use feedback from the wearer to provide enhanced assistance to specific body parts or the entire body while lowering energy expenditure. Smart exoskeletons are constructed using rigid materials (metals or carbon fiber) and flexible materials. Moreover, these systems make use of algorithms to device assistance strategy for the wearer.
They are extensively deployed for clinical purposes to provide effective exercise and therapy for patients. They find their major application in industries where workers are required to perform physically demanding tasks. In addition, these systems are being developed to aid in military body parts by improving physical capabilities of soldiers. Upsurge in demand for use in clinical purposes and in industrial body parts is the key factor expected to drive the growth of the global smart exoskeleton market during the forecast period. However, concerns related to affordability restrain the market growth.
For the purpose of analysis, the smart exoskeleton market scope covers segmentation based on component, type, body part, application, and region. The report provides information about various components integrated in smart exoskeleton such as sensors, actuators, power source, control system, and others. Moreover, it highlights the details about distinct types of smart exoskeleton, which include soft exoskeleton and rigid exoskeleton. It further describes the body parts around which the smart exoskeleton attaches such as upper body, lower body, and full body. Furthermore, the applications covered in the study include industrial, healthcare, military, and others. Moreover, it analyzes the current market trends of smart exoskeleton across North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities along with consideration of the COVID-19 impact.
The key players operating in the smart exoskeleton market include ReWalk Robotics Ltd, CYBERDYNE, INC., HONDA MOTOR CO.,Ltd, Ekso Bionics Holdings, Inc., Bionik Laboratories, blockheads burritos, Lockheed Martin Corporation, Technaid Inc, ATOUN INC., Sarcos Technology, and Robotics Corporation.
A smart exoskeleton is a powered system equipped with sensors and actuators that use feedback from the wearer to provide enhanced assistance to specific body parts or the entire body while lowering energy expenditure. Smart exoskeletons are constructed using rigid materials (metals or carbon fiber) and flexible materials. Moreover, these systems make use of algorithms to device assistance strategy for the wearer.
They are extensively deployed for clinical purposes to provide effective exercise and therapy for patients. They find their major application in industries where workers are required to perform physically demanding tasks. In addition, these systems are being developed to aid in military body parts by improving physical capabilities of soldiers. Upsurge in demand for use in clinical purposes and in industrial body parts is the key factor expected to drive the growth of the global smart exoskeleton market during the forecast period. However, concerns related to affordability restrain the market growth.
For the purpose of analysis, the smart exoskeleton market scope covers segmentation based on component, type, body part, application, and region. The report provides information about various components integrated in smart exoskeleton such as sensors, actuators, power source, control system, and others. Moreover, it highlights the details about distinct types of smart exoskeleton, which include soft exoskeleton and rigid exoskeleton. It further describes the body parts around which the smart exoskeleton attaches such as upper body, lower body, and full body. Furthermore, the applications covered in the study include industrial, healthcare, military, and others. Moreover, it analyzes the current market trends of smart exoskeleton across North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities along with consideration of the COVID-19 impact.
The key players operating in the smart exoskeleton market include ReWalk Robotics Ltd, CYBERDYNE, INC., HONDA MOTOR CO.,Ltd, Ekso Bionics Holdings, Inc., Bionik Laboratories, blockheads burritos, Lockheed Martin Corporation, Technaid Inc, ATOUN INC., Sarcos Technology, and Robotics Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart exoskeleton market analysis from 2022 to 2032 to identify the prevailing smart exoskeleton market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart exoskeleton market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart exoskeleton market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Soft
- Rigid
By Body Part
- Upper Body
- Lower Body
- Full Body
By Component
- Power Source
- Sensors
- Actuators
- Control System
- Others
By Application
- Industrial
- Healthcare
- Military
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ATOUN INC.
- Bionik Laboratories
- CYBERDYNE,INC.
- Ekso Bionics Holdings, Inc.
- HONDA MOTOR CO.,Ltd
- Lockheed Martin Corporation
- ReWalk Robotics Ltd.
- Rex Bionics Ltd.
- Sarcos Technology and Robotics Corporation
- Technaid Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART EXOSKELETON MARKET, BY TYPE
CHAPTER 5: SMART EXOSKELETON MARKET, BY BODY PART
CHAPTER 6: SMART EXOSKELETON MARKET, BY COMPONENT
CHAPTER 7: SMART EXOSKELETON MARKET, BY APPLICATION
CHAPTER 8: SMART EXOSKELETON MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the smart exoskeleton market was valued at $357.10 million in 2022, and is estimated to reach $1.7 billion by 2032, growing at a CAGR of 17.3% from 2023 to 2032.A smart exoskeleton, also known as a robotic exoskeleton or exosuit, is a wearable device designed to enhance or augment human physical capabilities. It combines rigid structural components, sensors, actuators, and integrated electronics to provide assistance, support, or rehabilitation to the wearer.
Smart exoskeletons are typically used in various applications, such as industrial settings, healthcare, rehabilitation, military operations, and assistive devices for individuals with mobility impairments. They are designed to provide strength augmentation, endurance support, assistance with lifting heavy objects, improving mobility, enhancing balance and stability, and aiding in rehabilitation and physical therapy.
There are many key factors driving the growth of the smart exoskeleton market. Exoskeletons can assist workers in performing physically demanding tasks, such as lifting heavy objects or working in awkward positions, reducing the risk of musculoskeletal injuries and fatigue. The desire to improve workplace ergonomics, reduce injuries, and optimize efficiency drives the adoption of smart exoskeletons in industries like manufacturing, construction, logistics, and warehousing. The increasing focus on improving the quality and effectiveness of rehabilitation therapies drives the adoption of smart exoskeletons in medical and healthcare settings.
The market also offers growth opportunities to the key players in the market. Continuous advancements in sensor technology, actuators, materials, and control systems provide opportunities for innovation and improvement in smart exoskeleton design and functionality. As new technologies emerge, there is potential to create more efficient, lightweight, and user-friendly smart exoskeletons with enhanced capabilities. The ability to customize and personalize smart exoskeletons to individual users' needs and requirements opens up opportunities for tailored solutions. This includes adjustable sizing, adaptability to specific tasks or movements, and personalized assistance levels. Developing customizable smart exoskeletons allows for a broader range of applications and accommodates diverse user needs.
Smart exoskeletons can be tailored to address specific needs and challenges in different industries. This opens opportunities for developing industry-specific solutions that improve worker productivity, reduce injuries, enhance rehabilitation outcomes, or optimize military performance. By focusing on specific sectors, manufacturers can target niche markets and cater to specialized requirements.
In industries such as manufacturing, construction, logistics, and warehousing, workers often perform physically demanding tasks that can lead to fatigue, musculoskeletal injuries, and decreased productivity. Rigid smart exoskeletons offer an opportunity to address these challenges and improve workplace efficiency.
By providing physical support and assistance, rigid smart exoskeletons can reduce the strain on workers' bodies during repetitive or strenuous tasks. These exoskeletons can assist with lifting heavy objects, maintaining proper posture, and reducing the risk of injuries related to repetitive motions. The implementation of rigid smart exoskeletons in industrial settings has the potential to enhance worker productivity by reducing fatigue and allowing workers to perform tasks more efficiently. With the assistance of exoskeletons, workers can handle heavier loads, work for longer durations without exhaustion, and maintain better ergonomics.
Smart exoskeletons offer a remarkable opportunity for personalized rehabilitation programs by providing customization and adaptability according to each patient's specific needs. This aspect creates a highly individualized approach to rehabilitation, maximizing the effectiveness and outcomes of the therapy. By tailoring the assistance and support provided by the exoskeleton to the unique requirements of each individual, these devices can significantly enhance the quality of life for individuals undergoing rehabilitation, enabling them to regain mobility, strength, and independence more efficiently. This personalized approach holds immense potential for revolutionizing the field of rehabilitation and improving the overall well-being of patients.
The global smart exoskeleton market is segmented into component, type, body part, application, and region. On the basis of components, the market is categorized into sensors, actuators, power source, control system, and others. Depending on type, it is classified into soft exoskeleton and rigid exoskeleton. By body part, it is divided into upper body, lower body, and full body. As per application, it is segregated into industrial, healthcare, military, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive analysis and profiles of the major global smart exoskeleton market players that have been provided in the report ReWalk Robotics Ltd, CYBERDYNE, INC., HONDA MOTOR CO., Ltd, Ekso Bionics Holdings, Inc., Bionik Laboratories, Lockheed Martin Corporation, Technaid Inc, ATOUN INC., Sarcos Technology, and Robotics Corporation. For instance, in January 2023, Technaid Inc. presented the RehAnkle project, in which it participated together with the Neurorehabilitation Group of CSIC, the Portuguese company Caixa Mágica, and the National Hospital of Paraplegics of Toledo. With this project, the partners intend to take a leap forward in the current landscape of the European robotic rehabilitation industry.
Key Market Insights
By type, the rigid segment is estimated to reach $223.0 million by 2032, at a significant CAGR of 17.66% during the forecast period.By application, the industrial segment was the highest revenue contributor to the market, with a significant CAGR of 17.59% during the forecast period.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for largest revenue in 2022, and is estimated to reach $836.0 million by 2032, with a CAGR of 17.6%.
Companies Mentioned
- ATOUN INC.
- Bionik Laboratories
- CYBERDYNE,INC.
- Ekso Bionics Holdings, Inc.
- HONDA MOTOR CO.,Ltd
- Lockheed Martin Corporation
- ReWalk Robotics Ltd.
- Rex Bionics Ltd.
- Sarcos Technology and Robotics Corporation
- Technaid Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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