Sports Exoskeleton Market is segmented By Body Part (Full Body Exoskeletons, Lower Body Exoskeletons, Upper Body Exoskeletons), By Component (Hardware, Software), By Application (Rehabilitation, Training and Support, Others), By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Sports Exoskeleton Market Size
Global Sports Exoskeleton Market reached US$ 881.8 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 10,214.0 million by 2030. The market is growing at a CAGR of 35.8% during the forecast period (2023-2030).
Advancements in technology have played a crucial role in the development of sports exoskeletons. Manufacturers are focusing on creating lightweight and compact designs that offer improved comfort and flexibility to users. Integration of sensors, artificial intelligence and real-time data analysis has further enhanced the capabilities of these exoskeletons, allowing for personalized training programs and performance monitoring.
In 2019, According to suitX, the most advanced shoulder-supporting exoskeleton in the world for use by workers in the automotive, building and shipbuilding industries has officially begun operations. It is entitled shoulderX V3. By lowering stresses at the shoulder complex, shoulderX significantly lowers the risk of shoulder injuries and boosts worker productivity.
The Chinese government has been actively promoting the development of the sports industry, including the integration of advanced technologies like exoskeletons. Initiatives such as "Healthy China 2030" and "National Fitness Program" aim to increase sports participation, enhance athletic performance and improve public health. The integration of sports exoskeletons aligns with these objectives, providing opportunities for market growth. Therefore, China accounted for nearby half of the regional shares and is expected to grow at a highest CAGR during the forecasted period.
Sports Exoskeleton Market Scope
|
Metrics |
Details |
|
CAGR |
35.8% |
|
Size Available for Years |
2021-2030 |
|
Forecast Period |
2023-2030 |
|
Data Availability |
Value (US$) |
|
Segments Covered |
Body Part, Component, Application and Region |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
|
Fastest Growing Region |
Asia-Pacific |
|
Largest Region |
North America |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
For more details on this report - Request for Sample
Sports Exoskeleton Market Dynamics
Increasing Awareness of the Benefits of Sports Exoskeletons
As more research is conducted and more success stories emerge, there is a growing awareness of the potential benefits of sports exoskeletons, which is driving greater adoption and investment in this technology. As people become more aware of the potential benefits of sports exoskeletons, demand for these devices is increasing. Athletes and individuals with mobility impairments are seeking out sports exoskeletons to improve their performance and quality of life, which is driving the growth of the market.
Sports exoskeletons have the potential to enhance athletic performance by augmenting strength, endurance and speed. As athletes and sports enthusiasts become aware of these benefits, they are more likely to adopt exoskeletons to gain a competitive edge.
For example, exoskeletons can provide additional power to cyclists, enabling them to pedal faster and achieve higher speeds. Similarly, runners can utilize exoskeletons to improve their running efficiency and speed.
Growing Demand for Assistive Technologies
Assistive technologies, including sports exoskeletons, are designed to assist individuals with disabilities or physical limitations in improving their mobility, independence and quality of life. Sports exoskeletons enable individuals with physical disabilities or limitations to actively participate in sports and athletic activities. These exoskeletons can provide support and assistance, allowing individuals to engage in sports such as wheelchair racing, para-athletics and adaptive skiing. The growing demand for inclusive sports and the desire to provide equal opportunities for individuals of all abilities drive the adoption of sports exoskeletons.
Limited Awareness and Technological Limitations
One of the main challenges facing the sports exoskeleton market is the limited awareness among potential users, healthcare providers and other stakeholders about the benefits of this technology. Many people are not aware of sports exoskeletons and their potential applications, which can limit demand and slow the growth of the market.
To overcome this challenge, companies operating in the sports exoskeleton market need to invest in marketing and awareness campaigns to educate people about the benefits of these devices. They may also need to collaborate with healthcare providers and institutions to raise awareness and increase adoption.
Sports Exoskeleton Market Segmentation Analysis
The global sports exoskeleton market is segmented based on body part, component, application and region.
Hardware Dominance, Powering the Growth of the Global Sports Exoskeleton Market
The hardware segment dominates the global sports exoskeleton market with majority of the market shares because sports exoskeletons are primarily hardware devices that incorporate a range of mechanical and electronic components to assist users in performing physical activities. These hardware components include motors, sensors, frames, actuators and control units that work together to provide physical support and assistance to users. The hardware components of sports exoskeletons have to be robust and durable to withstand the physical stresses and strains that they are subjected to during use. They also need to be designed to fit different body types and sizes, as well as different activity requirements.
Source: DataM Intelligence Analysis (2023)
Sports Exoskeleton Market Geographical Share
The Large Presence of Key Players in the Region Supplements the Growth of the North America Sports Exoskeleton Market
The presence of key players in the North America sports exoskeleton market is a significant factor contributing to the growth of the market in the region. These key players have a significant impact on the market, as they are responsible for driving innovation, developing new products and expanding the market. North America has several leading players in the sports exoskeleton market, including Ekso Bionics, Lockheed Martin and ReWalk Robotics. These companies have established themselves in the region and have been successful in developing and commercializing innovative sports exoskeleton products. Their presence has helped to drive the growth of the market in the region. Therefore, North America hold the mjaority of the global market shares.
Source: DataM Intelligence Analysis (2023)
Sports Exoskeleton Market Keyplayer
The major global players include Ekso Bionics, Bionik Laboratories, Ottobock SE & Co. KGaA, SuitX, ReWalk Robotics, Lockheed Martin Corporation, Sarcos Robotics, Honda Motor Co., Ltd., MYO Technologies and Exhauss.
COVID Impact
During the initial phases of the pandemic, there was a temporary slowdown in the demand for sports exoskeletons. Sporting events were canceled or postponed and athletes had limited access to training facilities, resulting in reduced demand for performance-enhancing equipment. The focus shifted towards managing the impact of the pandemic and investment priorities temporarily shifted away from sports-related technologies.
Despite the slowdown in sports performance, there was an increased emphasis on rehabilitation and recovery due to the higher risk of injuries associated with altered training routines and reduced physical activity. Sports exoskeletons played a role in aiding rehabilitation efforts for athletes recovering from injuries, helping them regain strength, mobility and coordination.
Russia-Ukraine War Impact
Geopolitical conflicts and wars often result in economic uncertainty in the affected regions and beyond. The uncertainty can lead to a decrease in consumer spending, reduced investments and an overall slowdown in economic activities. As a result, the demand for sports exoskeletons may be negatively impacted as individuals, sports teams and organizations may prioritize other essential expenses over non-essential equipment.
The Russia-Ukraine conflict can cause market volatility, impacting investor sentiment and market conditions. Instability in financial markets and fluctuations in exchange rates can affect manufacturers, suppliers and distributors of sports exoskeletons, making it challenging to plan and forecast business operations. Uncertain market conditions can lead to cautious decision-making, potentially stalling market growth.
Key Developments
- On August 29, 2022, German Bionic, a technical leader in the development of intelligent power suits and the leading German automobile supplier Mubea have formed a comprehensive partnership. By starting production for the top manufacturer of robotic exoskeletons, Mubea is gaining access to a brand-new and incredibly attractive market segment with a market volume estimated to reach $12.5 billion by 2030.
- In April, 2022, According to Ottobock, an advanced exoskeleton called the Ottobock Shoulder has been released. It offers assistance during demanding over-the-shoulder tasks in production, logistics and handiwork. The Paexo shoulder has been improved upon by the new exoskeleton.
- In December 2022, Parker Hannifin Corporation's human motion and control business segment has been acquired by Ekso Bionics.
Why Purchase the Report?
- To visualize the global sports exoskeleton market segmentation based on body part, component, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of sports exoskeleton market level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global sports exoskeleton market report would provide approximately 61 tables, 54 figures and 172 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
