North America is Dominating Exoskeleton Industry

The exoskeleton market is experiencing growth and is projected to reach USD 6,957.9 million by 2030. This growth can be credited to the rising count of spinal cord injuries and strokes, growing healthcare investments, rising elderly populace, thriving job opportunities for disabled individuals, and growing penetration of such items in military and industrial operations.

The industry, under the component segment, is divided into software and hardware. Of these, the hardware category held the larger revenue share in recent years because exoskeletons mainly include hardware components, such as actuators, sensors, and powered systems. Passive exoskeletons are majorly constructed with hardware parts.

The categories under the type segment of the exoskeleton industry comprise passive and powered. Of these, the powered category is projected to experience faster development in the coming few years.

Powered exoskeletons utilize motors, electric cables, batteries, and connections to run sensors and actuators, via a control system, to permit the movement of limbs and other body parts, therefore providing high strength and endurance. Such factors have led to the acceptance of this type of exoskeleton.

In the past few years, North America dominated the industry, with the largest revenue share, and the region is projected to be dominant throughout the forecast period. This growth can be credited to the thriving staff of disabled individuals, the fast-tracking acceptance of exoskeletons in the healthcare and military sectors, and the growing obtainability of such products.

Asia-Pacific is projected to showcase the fastest development in the industry for exoskeletons in the coming few years. This will be because of the rise in the elderly populace and the growth in the utilization of exoskeletons in the medicinal field.

The quickly increasing aged pool has caused the snowballing occurrence of disability and orthopedic illnesses in the region. The elderly also results in a dropping in bone density and breakable bones, which drives the need for such medicinal items.

Key companies in the exoskeleton market are concentrating on integrating progressive technologies, like cloud connectivity, robotics, and artificial intelligence, to advance the performance of their items. artificial intelligence fuels the human potential, and also productivity, of the devices.

Credited to this factor, AI-based items are being marketed and quickly accepted in numerous nations. For instance, Ottobock SE & Co. KGaA has made Bebionic Hand to aid individuals to do their everyday work. This AI-armed device can be controlled with the Myo app offered by the company.

Hence, the rising count of spinal cord injuries and strokes, growing healthcare investments, rising elderly populace, thriving job opportunities for disabled individuals, and growing penetration of such items in military and industrial operations are the major factors contributing to the growth of the exoskeleton market.

Market Size Breakdown by Segment

Based on Component

Hardware

• Sensors
• Actuators
• Power sources
• Control systems

Software

Based on Type

• Powered
• Passive

Based on Mobility

• Stationary
• Mobile

Based on Body Part

• Lower Extremities
• Upper Extremities
• Full Body

Based on Technology

• Electric Actuator
• Hydraulic
• Fully Mechanical
• Pneumatic

Based on End User

Healthcare

• Rehabilitation centers
• Elderly care facilities
• Assisted living facilities

Industrial

• Production
• Logistics
• Construction

Military

Geographical Analysis

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K
• Italy
• Spain
• Russia
• Belgium
• Switzerland

Asia-Pacific (APAC)

• Japan
• China
• India
• Australia
• South Korea

Latin America (LATAM)

• Brazil
• Mexico

Middle East and Africa (MEA)

• South Africa
• Saudi Arabia

About P&S Intelligence

P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.