Smart Exoskeleton Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2030)

Based on the Component :

Based on the component, the market is segregated into hardware, software, and services. The hardware segment accounted for the largest smart exoskeleton market share of 48.63% in the year 2022. The hardware components of these exoskeletons include sensors, actuators, microcontrollers, mechanical structures, and others. These components play a crucial role in enabling the devices to function effectively. The actuators provide the necessary power to assist the wearer's movements or perform specific tasks. Similarly, as per the analysis, the sensors provide critical data to the exoskeleton's control system to enable adjustment support and assistance in real-time. Thus, attributing to the aforementioned factors, hardware accounted for largest market share and trends in 2022.

The software segment is anticipated to register the fastest CAGR during the forecast period. They rely on sophisticated control algorithms to synchronize collected data. The software component plays a vital role in real-time monitoring, personalized adjustments, and data analysis to optimize the exoskeleton's performance for individual users. For instance, in December 2021, GERMAN BIONIC SYSTEMS GMBH launched the 5th generation Cray X AI-powered smart exoskeleton for applications including walking assistance, lifting support, and others. Additionally, the rising requirement for upgraded software to aid in tracking progress and identifying potential improvements in exoskeleton's design and functionality is expected to positively impact the segment development and trends during the forecast period.

Based on the Type :

Based on the type, the market is classified as rigid, soft, and ultra soft. The rigid exoskeleton segment accounted for the largest revenue share in the year 2022. The rigid exoskeletons are constructed with rigid materials including metal or carbon fiber. Rising requirement for rigid exoskeletons for application including heavy lifting, load-bearing tasks, and others from a wide range of industries such as construction, manufacturing, and others are driving the market. Moreover, increasing requirement for rigid exoskeletons from the military & defense sector is another factor boosting the segment expansion and trends.

The soft exoskeleton segment is anticipated to witness the fastest CAGR during the forecast period. The soft exoskeletons utilize flexible materials such as textiles and elastic elements. Also, based on the analysis, soft exoskeletons are considered to be lightweight and more comfortable to wear than rigid exoskeletons. Surge in adoption of soft exoskeletons to provide assistance to specific body movements including joint motion enhancement or supporting specific muscle groups. Furthermore, factors including comfort & wearability, flexibility & natural movements, rehabilitation & physical therapy, and user-friendly interface among others are anticipated to drive the demand and trend for soft exoskeletons during the forecast period.

Based on the Extremity :

Based on extremity, the market is classified into lower extremity, upper extremity, and full body extremity. The upper extremity segment accounted for the largest revenue share in the year 2022. The upper extremity exoskeletons are designed to support and enhance the functions of arms, shoulders, and hands. Exoskeletons are widely used for applications that involve lifting, reaching, and performing repetitive upper body movements. Additionally, the upper body extremity exoskeletons play a vital role in reducing muscle fatigue and the risk of musculoskeletal injuries in industrial settings. Moreover, the growing adoption of upper extremity exoskeletons from logistics sector is considered to be one of the major factors driving the market. Thus, the growing logistics sector is driving the demand for upper-extremity exoskeletons. For instance, Logistics Plus Inc. the air freight industry transports approximately 51.2 million tons of cargo annually. Thus, the aforementioned factors are propelling the segment trends.

The full body extremity segment is anticipated to witness the fastest CAGR during the forecast period. The full body exoskeletons A full-body extremity exoskeleton is a wearable robotic device that is designed to assist and augment human movements across the entire body including arms, legs, and others. A surge in demand for full body extremity suits from military and industrial sectors is expected to drive the segment expansion and trends during the forecast period.

Based on the End-User :

Based on the end user, the market is categorized as industrial, healthcare, military, and others. The industrial segment accounted for the largest revenue share in the year 2022. They play a vital role in reducing physical strain and injuries for workers performing repetitive tasks, heavy lifting, and enable worker safety in industrial environments. Rise in demand of smart exosuits to enhance worker efficiency and productivity is considered to be major factor driving the market. Additionally, the ability of the exoskeletons to reduce risk associated with health of the workers is another key factor fueling the market trends.

The military segment is anticipated to witness the fastest CAGR growth during the forecast period. Smart exosuits are used in the military and defense sector for several applications including soldier enhancement, injury prevention, and remote operations among others. Exoskeletons are crucial in enabling soldiers to carry heavy loads over long distances on foot. Moreover, growing investments in the military sector is expected to fuel market growth during the forecast period. For instance, according to the Stockholm International Peace Research Institute, the global expenditure on military sector increased by 3.7% in 2022 accounting for USD 2,240 billion. Thus, the aforementioned factors are propelling the market trends in the upcoming years.

Based on the Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Europe accounted for the largest revenue share of 36.78% in the year 2022 valued at USD 1,852.94 million. Presence of significant number of players including ReWalk Robotics, GERMAN BIONIC SYSTEMS GMBH, COMAU (Stellantis N.V.), and Gogoa.eu among others is one of the major factors driving the market growth in the region. Additionally, the rapidly ageing population is another key factor driving the adoption of these exoskeletons to provide assistance to seniors with mobility issues in the region. For instance, according to the Eurostat, the European region accounted for 21.1% of population above the age of 65 years.

The Asia-Pacific region is anticipated to witness the fastest CAGR of 14.1% during the forecast period. Further, the region accounted for USD 1,160.23 million in 2022, and reached USD 3,304.29 million by 2030. In addition, China accounted for the maximum revenue share of 33.40% in the same year. Based on the smart exoskeleton market analysis, surge in trend towards industrial automation in Asia Pacific region is expected to be one of the major factors to enhance worker efficiency and improve productivity. Additionally, rising improvements in healthcare and increasing awareness of rehabilitation technologies is anticipated to positively impact the growth of smart exoskeleton market in Asia Pacific region during the forecast period.