Intelligent Exoskeletons Market Size, Share, Growth, and Industry Growth by Type (Lower, Upper, and Full Body) By Application (Healthcare, Defense and Military, and Industrial) Regional Forecast By 2031

Updated On: 15 April 2024

Intelligent Exoskeletons Market Report Overview

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The global intelligent exoskeletons market size is estimated to be USD 203.5 million in 2022. As per our research, the market is projected to touch USD 3,329.84 million in 2031, exhibiting a CAGR of 35.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with intelligent exoskeletons experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An intelligent exoskeleton is a wearable robot.  The technology combines machine power and human intelligence. It is widely used for rehabilitation applications such as physical exercise, tendon therapy, and extension movements and supports finger flexion.

Increased need for the device in the medical and healthcare sector is estimated to fuel market growth. The rise in the aging population and increased number of injuries and the high need to prevent injuries are estimated to fuel market progress. A rise in a number of health disorders such as general fatigue, paralysis, and muscular dystrophy. Such health disorder among the population is anticipated to accelerate market progress. Modern technology is referred to as an exosuit, robotic suit, exo-frame, power jacket, and powered armor. Increased need to assure the safety of employees in the industries. A growing number of industrial activities and ongoing R&D activities is projected to fuel market growth. On the contrary, the higher cost of the device and stringent government regulations to limit market progress in the forthcoming years.

COVID-19 Impact: Lockdown Restrictions and Lower Need for the Technology to Obstruct Market Growth

The Coronavirus impact on the intelligent exoskeletons market. The market witnessed a negative impact on the market owing to strict lockdown restrictions. High concern to prevent the spread of the virus. The majority of the industrial activities were shut down due to lockdown restrictions.  Lower demand for technology and high concern for safe human lives. These factors were estimated to hamper market growth during the pandemic period.

LATEST TRENDS

"A Rise in Research Activities and Rapid Industrialization to Fuel Market Growth"

A rising number of research activities to develop a new product is estimated to propel market growth. Ongoing research activities for the development of more innovative applications and the high need for power-effective and lightweight exoskeletons are estimated to expand market growth. Huge investment from market players and rapid industrialization are predicted to fuel market progress. Modern technology is referred to as an exosuit, robotic suit, exo-frame, power jacket, and powered armor. Increased need to assure the safety of employees in the industries. A growing number of industrial activities and ongoing R&D activities is projected to fuel market growth in the forthcoming years.

Intelligent Exoskeletons Market SEGMENTATION

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• By Type

Based on type, the market is divided into lower, upper, and full body.

• By Application

Based on the application, the market is divided into healthcare, defense and military, and industrial.

Healthcare is expected to be the top part of application segmentation.

DRIVING FACTORS

"Increase in Target Population and Rise in Accidents to Fuel Market Growth"

The increase in the target population globally and the growing popularity of the technology are estimated to fuel market growth. A rise in the number of accidents causing disabilities is anticipated to accelerate market progress. A surge in the geriatric population and elderly population globally is predicted to surge market growth. The rise in chronic diseases and the high need to prevent injuries are estimated to fuel market progress. A rise in a number of health disorders such as general fatigue, paralysis, and muscular dystrophy. Such health disorder among the population is anticipated to accelerate market progress in the forthcoming years.

"Several Benefits of Wearable Exoskeletons to Push Market Growth"

Modern technology has several benefits; it helps to support motor function and it combines human intelligence and machine power. A rise in the prevalence of chronic diseases such as heart disease, cancer, diabetes, stroke, and arthritis assist. Such a growing number of chronic diseases globally is estimated to fuel market growth. Rapid development in the healthcare sector and the application offer ability to comfortably limit fall-related damages. These factors are estimated to drive market growth in the forthcoming years. Growth in the healthcare sector and the huge adoption of advanced technology in the sector are predicted to foster market progress.

RESTRAINING FACTORS

"Higher Cost and Stringent Government Regulations to Harm Market Growth"

Higher cost of the device and stringent government regulations to limit market progress in the forthcoming years.

Intelligent Exoskeletons Market Regional Insights

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"Huge Investment by Private and Government Organizations in North America to Drive Market Share "

North America is projected to account for the highest intelligent exoskeletons market share owing to higher investment by government agencies and private organizations.  The increased number of disabilities in the region and rapid development in the healthcare sector are estimated to drive market growth.

Asia Pacific is estimated to witness noticeable market growth over the forecast period due to an increase in the geriatric population. The rise in the aging population and increased number of injuries and the high need to prevent injuries are estimated to fuel market progress. A rise in a number of health disorders such as general fatigue, paralysis, and muscular dystrophy. Such health disorder among the population is anticipated to accelerate market progress

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Cyberdyne (Japan)
• Hocoma (Switzerland)
• ReWalk Robotics (Israel)
• Ekso Bionics (U.S.)
• LockHeed Martin (U.S.)
• Parker Hannifin (U.S.)
• Interactive Motion Technologies (U.S.)
• Panasonic (Japan)
• Myomo (U.S.)
• B-TEMIA Inc. (Canada)
• Alter G (U.S.)
• Suit X (US Bionics) (U.S.)
• Hyundai (South Korea)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.