Global Exoskeleton Market Size (2024 - 2029)

Exoskeleton Market Analysis

The Global Exoskeleton Market size is estimated at USD 0.82 billion in 2024, and is expected to reach USD 2.79 billion by 2029, growing at a CAGR of 15.32% during the forecast period (2024-2029).

The major factors propelling the market’s growth are the high burden of stroke, the increasing adoption of exoskeletons, and the growing geriatric population. With the increasing number of disabled and aged people, the demand for robotic rehabilitation is rising globally.

In recent years, the demand for physical therapy services has grown, partly because of the aging population. The role of technology in healthcare has become evident with the enhanced rate of survival from medical disorders such as stroke. Robotic rehabilitation and assistive technologies ease the stress on the physiotherapy staff and control expenses while refining patients’ quality of life.

The higher burden of musculoskeletal injuries, mainly spinal cord injuries, is projected to augment the adoption of exoskeleton systems as a rehabilitation system after spinal cord injuries. For instance, according to a May 2023 report of Spinal Cord Inc., around 18,000 spinal cord injuries (SCI) were reported every year in the United States, with an annual incidence rate of 54 per 1 million. Similarly, according to an article published by Springer Nature in November 2023, the burden of spondylodiscitis increased in Germany over the years and is more prevalent in the elderly population. Thus, the exaggerated burden of spinal cord injuries is likely to present lucrative growth opportunities for exoskeleton systems to offer ergonomic support for the body, which is anticipated to boost market growth over the forecast period.

The proven role of modern exoskeleton systems in the rehabilitation of spinal cord injuries is another factor projected to boost market growth over the forecast period. According to an article published by the Journal of Neuro Engineering and Rehabilitation in March 2023, the adoption of exoskeleton systems in clinical settings is safe and well-tolerated by patients, and patients receiving exoskeleton systems as a rehabilitation therapy after spinal cord injuries reported walking independence with these systems. Thus, the profound role of these systems is projected to boost their adoption over the coming years.

Innovations through key market players and increasing regulatory sanctions are also projected to foster market expansion. For instance, in October 2022, Kenoteq, a Heriot-Watt spin-out company, participated in a trial to test the capacity of exoskeleton suits in a factory environment.

In addition, in April 2023, Harmonic Bionics launched its flagship exoskeleton, Harmony SHR, following registration with the US FDA. Thus, such participations are poised to offer significant promise for the development of advanced exoskeleton systems, which is expected to boost market growth over the forecast period.

Thus, growing demand from the healthcare sector for robotic rehabilitation, high incidence of spinal cord injuries, advancement in robotic technologies, and huge investments in the development of exoskeleton technology are expected to drive market growth over the forecast period. However, the risks involved in using exoskeletons due to vague safety guidelines may slow down the growth.

Exoskeleton Industry Segmentation

As per the scope of the report, exoskeletons are the external skeletons that support and protect the body in contrast to the internal skeleton (endoskeleton). These are wearable machines that enable limb movement with amplified strength and enhance the performance of human tasks.

The exoskeleton market is segmented by treatment type, body part type, product type, and geography. By treatment type, the market is segmented into rehabilitation and augmentation. By body part type, the market is segmented into upper body and lower body. By product type, the market is segmented into stationary and mobile. The report also covers the market sizes and forecasts in major countries across different regions. For each segment, the market size is provided in terms of value (USD).