Exoskeleton Market to Surpass USD 15,920 Million by 2031 | Skyquest Technology

Westford USA, May 16, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Exoskeleton Market will attain a value of USD 15,920 million by 2031, with a CAGR of 39.50% during the forecast period (2024-2031). The rapid technological development in the global market is expected to boost the demand for orthopedic implants. Growing adoption of orthopedic acquisition companies is expected to drive the market growth. Moreover, increasing adoption of exoskeletons in manufacturing, logistics, automotive and manufacturing sectors is increasing exoskeleton penetration, thus driving significant market growth. For example, in December 2021, IKEA and BMW launch five generations of Bionic Cray X, AI-enabled. The exoskeleton can lift an additional 70 pounds, reducing the risk of repetitive compression and back injuries.

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Browse in-depth TOC on “Global Exoskeleton Market”

  • Pages – 157
  • Tables – 86
  • Figures – 73

Global Exoskeleton Market Overview:

Report Coverage Details
Market Revenue in 2023 USD 110 million
Estimated Value by 2031 USD 15,920 million
Growth Rate Poised to grow at a CAGR of 39.50%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Exoskeleton Type, Vertical Outlook and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Rise of Exoskeleton Adoption for Worker Safety and Efficiency
Key Market Drivers Technological Developments in Robotics 

Industrial Segment to Dominate Due to Enhancing Worker Safety

Industrial accounted for the largest share and dominates the market. Enhancing worker safety, productivity and ergonomics are the main driving forces for innovative innovations and growing adoption of exoskeletons in the industrial vertical, driving the global market for these devices. The industry is leading this field due to high-risk working conditions and demonstrating the benefits. Exoskeletons can provide in terms of reducing workplace risk and increasing business productivity.

Hardware Segment to Drive Market Due to Rising Innovations and Adoption

Hardware segments in the global exoskeleton market are witnessing many innovations and adoptions, which are driving the market expansion. These components, which are the core of exoskeleton systems, include actuators, sensors, power sources, and structural elements. Due to its visibility and the critical role of exoskeleton functions such as power delivery, flexibility, and control, hardware commands most of the industry.

North America is Dominating Due to Rising Disability from Spinal Wire Injuries

The North America region in the global exoskeleton market is anticipated to steer the market. This will contribute to the enlargement of the exoskeleton marketplace in this region. The US leads the market for self-supporting exoskeletons because of its advanced scientific centers, rising disability from spinal wire injuries, and rising demand. Furthermore, to increase awareness of the treatment choices available for patients with spinal cord injuries, the American Spinal Cord Injury Association (ASIA) was established. 

The exoskeleton market in Asia-Pacific is predicted to expand at the fastest rate between 2024 and 2031. This is because of the rising pace of urbanization and industrialization, which has raised the need for solutions that boost employee productiveness. Furthermore, the global exoskeleton market in China had the most market share, while the exoskeleton marketplace in India had the fastest growth rate inside the Asia-Pacific region.

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Global Exoskeleton Market Insights:


  • Technological Developments in Robotics
  • Growing Exoskeleton Insurance Coverage


  • Regulatory Obstacles in Obtaining Licenses for Exoskeleton Uses in Medicine
  • Expensive Exoskeleton Equipment

Prominent Players in Global Exoskeleton Market

  • Sarcos Technology and Robotics Corporation (US)
  • Ekso Bionics (US)
  • Gogoa Mobility Robots (Spain)
  • Bionik Laboratories Corp. (US)
  • Parker Hannifin Corporation (US)
  • DIH Medical (China)
  • Ekso Bionics Holdings, Inc. (US)
  • Myomo, Inc. (US)
  • Technaid. SL (Spain)
  • Ottobock SE & Co. KGOA (Germany)

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Key Questions Answered in Global Exoskeleton Market Report

  • How big is the Global Exoskeleton Market?
  • What are the leading strategies of key players in the Global Exoskeleton Market?
  • Which region has the biggest share in Global Exoskeleton Market?

This report provides the following insights:

  • Analysis of key drivers (technological developments in robotics, growing exoskeleton insurance coverage), restraints (regulatory obstacles in obtaining licenses for exoskeleton uses in medicine, expensive exoskeleton equipment), opportunities (rise of exoskeleton adoption for worker safety and efficiency), influencing the growth of Global Exoskeleton Market.
  • Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Exoskeleton Market.
  • Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Exoskeleton Market.
  • Market Growth: Detailed information on profitable growing industries.
  • Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
  • Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.


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