Sales of Wearable Exoskeletons Market to Reach a Valuation of US$ 3 Billion in Value by 2031

The global wearable exoskeleton market is expected to embark on a positive expansion trajectory, with long-term prospects appearing extremely lucrative, concludes award winning market research company Fact.MR. The market is slated to expand at a stellar CAGR exceeding 30%, reaching more than US$ 3 billion in value by 2031.

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As per Fact.MR’s analysis, the market experienced credible gains in the past, topping US$ 100 million recently. Extensive application in the healthcare and military domains is cited as the key growth catalyst for market growth. As per WHO’s estimates, annual global incidence of spinal cord injuries (SCI) is 40 to 80 cases per million population, with 90% of them being traumatic cases, thereby stimulating demand for wearable exoskeletons.

For the military domain, countries such as the U.S. are actively deploying exoskeletons to improve specific soldier capabilities. Lockheed Martin’s OnyxTM and Dephy’s ExoBoot are testimonies to such extensive applications. Recently, in 2019, the Indian government announced deployment of exoskeleton technology within its army, an initiative part and parcel of the ambitious Make in India campaign.

Key Takeaways from Market Study

• By product, demand for soft smart exoskeletons is poised to reach new heights, amid greater flexibility needs
• Lower extremity wearable exoskeletons are expected to post substantial gains, amid rising lower-limb neurological disorders

• By application, rehabilitation exoskeletons are anticipated to acquire a lucrative share in the market
• Healthcare to remain the dominant end-user application area for wearable exoskeletons
• Extensive military grade applications to enhance growth prospects of the market in the U.S.
• Market growth in Germany is characterized by extensive robotics deployment
• France to experience high growth amid surging exoskeleton start-up spawning rate

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Key Market Segments Covered

• Product
  • Rigid Smart Exoskeletons
  • Soft Smart Exoskeletons
• Extremity
  • Lower Extremity Exoskeletons
  • Upper Extremity Exoskeletons
  • Full-body Extremity Exoskeletons

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Competitive Landscape 

EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D are some key players profiled in Fact.MR’s report.

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