Smart Exoskeleton Market Expected to Reach $1.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Exoskeleton Market," By Type (Soft, Rigid), By Body Part (Upper Body, Lower Body, Full Body), By Component (Power Source, Sensors, Actuators, Control System, Others), By Application (Industrial, Healthcare, Military, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032 The smart exoskeleton market size was valued at $357.10 million in 2022, and is estimated to reach $1.7 billion by 2032, growing at a CAGR of 17.3% from 2023 to 2032.

Smart exoskeletons are being developed with advanced sensory feedback systems. By integrating sensors and actuators, these exoskeletons can provide users with enhanced proprioception, haptic feedback, and real-time monitoring of joint movements. This enables more intuitive control and safer interactions with the environment.

The primary driving force behind the development of rigid smart exoskeleton industry is the aim to alleviate physical strain and enhance productivity in industries such as manufacturing, construction, and logistics. These exoskeletons integrate advanced sensors and actuators that detect the user's movements and intentions, enabling the exoskeleton to provide precise and proportional assistance. By effectively transferring the load from the wearer's body to the exoskeleton, these devices mitigate the risk of musculoskeletal injuries and reduce fatigue.

Furthermore, rigid smart exoskeletons offer the potential for enhanced efficiency and precision in physically demanding tasks. They have the ability to augment the wearer's strength and endurance, enabling them to lift heavy objects, maintain stable postures for extended periods, and perform repetitive motions with reduced effort. This can result in increased productivity, shorter task completion times, and a lower likelihood of errors or accidents occurring.

These advanced robotic devices can assist individuals recovering from injuries or disabilities, providing support and assistance during their rehabilitation process. By analyzing the wearer's movements and providing targeted assistance, smart exoskeletons can help patients regain strength, improve mobility, and relearn proper movement patterns. This can significantly accelerate the recovery process and improve overall outcomes.

Smart exoskeletons have emerged as a groundbreaking trend in recent years, revolutionizing various industries and applications. These advanced robotic systems, worn externally, enhance human capabilities by providing strength, endurance, and agility support. The latest trends in smart exoskeleton technology focus on compact and lightweight designs, improved energy efficiency, seamless integration with human movement, and advanced sensor technologies for enhanced safety and precision. Additionally, there is a growing emphasis on developing exoskeletons for specific industries like healthcare, manufacturing, and logistics, catering to unique needs and tasks within each sector.

The integration of artificial intelligence (AI) and machine learning (ML) techniques is another trend in the smart exoskeleton market. These technologies enable the exoskeletons to adapt and optimize their performance based on user movements and environmental conditions. AI and ML algorithms can analyze user data to personalize assistance levels, anticipate user intentions, and provide proactive support.

The trend of specialized exoskeletons is gaining momentum. Instead of generic designs, exoskeletons are being tailored to specific industries and applications. For instance, healthcare exoskeletons are being developed to assist with rehabilitation, helping patients regain mobility and strength. In industries like manufacturing and logistics, exoskeletons are designed to augment physical capabilities and reduce the risk of injury for workers who perform repetitive or strenuous tasks. This specialization allows for more targeted solutions that address the unique needs and challenges of different sectors.

Furthermore, smart exoskeletons can be integrated with the Internet of Things (IoT) platforms, enabling real-time data collection, remote monitoring, and cloud-based analytics. This connectivity facilitates remote diagnostics, performance tracking, and software updates, enhancing the functionality and usability of smart exoskeletons.

KEY FINDINGS OF THE STUDY

• The smart exoskeleton market share is expected to continue growing in the coming years, driven by increasing demand for barcode reader products across various industries, technological advancements, and a growing trend towards sustainability.
• The growing trend towards sustainability is driving the adoption of eco-friendly materials in the production of human exoskeleton products.
• Asia Pacific is the largest market for smart exoskeleton market growth, driven by the increasing demand for wire and cable products in industries such as packaging, building materials, and automotive. The region is also home to some of the largest manufacturers of skeleton exoskeleton.
• The smart exoskeleton market trends is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks.

The key players profiled in the report include ReWalk Robotics Ltd., CYBERDYNE, INC., HONDA MOTOR CO., Ltd., Ekso Bionics Holdings, Inc., Bionik Laboratories, blockheads burritos, Lockheed Martin Corporation, Technaid Inc., ATOUN INC., Sarcos Technology, and Robotics Corporation. These players have adopted new product launch & development, acquisition, partnership & collaboration, and business expansion as their key developmental strategies to strengthen their foothold in the smart exoskeleton market analysis.