Exoskeleton Market Study, Forecasting Product Analysis By Component, Mobility, Type, Body Parts, End User - Industry Research 2018 to 2024

The Global Exoskeleton Market is expected to reach USD 8,300.00 Million by 2025 from USD 528.30 Million in 2017, at a CAGR of 41.2% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

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Segmentation: Global Exoskeleton Market

Global Exoskeleton Market By Component (Hardware, Software), Mobility (Stationary, Mobile), Type (Powered, Passive), Body Parts (Upper Extremities, Lower Extremities, Full Body), End User (Healthcare {Rehabilitation, Elderly Care}, Defence/Military, Industrial, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East & Africa – Industry Trends and Forecast to 2025

Drivers: Global Exoskeleton Market

One of the major factor driving the market for exoskeleton market is growing geriatric population, . This factor led to the increase the demand for exoskeleton products. Advent of robotic technologies and increased investment towards exoskeleton technology are the other factors driving the growth of the exoskeleton market.

GROWING GERIATRIC POPULATION:

The world’s population is ageing; almost every country in the world is experiencing growth in the number and proportion of older persons in their population. For instance, according to World Population Prospects, in 2015 it has been estimated that people at the age of 60 years or more than 60 years has increased substantially in recent years in most countries and regions, and that growth is projected to accelerate in the coming decades.

Moreover, According to United Nation economic and social affairs, it has been estimated that between 2015 and 2030, the number of people having 60 years of age or over is expected to grow by 56.0% that is from 901 million in 2015 to 1.4 billion, and by 2050, the global population of older persons is anticipated to more than double its size in 2015, reaching nearly 2.1 billion.
The demand for wearable exoskeleton has been increasing due to the demand for assistive technologies in order to meet the concerns in the increasing ageing society recently, new scenarios have taken place for providing assistance to elderly people aiming to carry out daily living activities and also growing urgency for such assistive technologies to help elderly people.

The aging population generally suffers such troubles as physical limits, action inconvenience, lack of strength and endurance. However, to get rid of these problems and making the elderly people independent, various developments are taking place each day to bring and provide the aged people a life of comfort. For instance, according to MIT Technology review, in June, 2016, Superflex (U.K.), a leading manufacturer of exoskeleton has launched wearable robotic suits for elderly or disabled people to perform basic task.
In 2015, Ekso (U.S.) launched robotic body suit in order to enable older and partially disabled people to walk independently and self-reliantly.

In March 2016, Panasonic (Japan) launched AWN-03 for the disabled and elderly people and workers in order to reduce the stress levied upon lower back by 15kg when lifting heavy items.

Thus, growing elderly population has also provoked to show the concerns towards taking care of them by providing them a comfort and independent life, where exoskeleton suit play a vital role in assisting them and has increased the demand for it up to a great extent which in return is fuelling the exoskeleton market.

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ADVENT OF ROBOTIC TECHNOLOGIES:

Robotic technology is becoming dominant in the recent years. Robotics holds the capability of transforming lives and work practices, raises efficiency and safety levels, and provide enhanced levels of service.

With the increased awareness and easy usage robotics has set to become the driving technology supporting a whole new generation of self-directed devices and intellectual objects.

Many developments and launched have taken place in the recent time. Some of them are:

In February, 2017 Omron (Japan) launched AI-equipped Mobile Robot LD Series, a family of Autonomous Intelligent Vehicles (AIVs) that signifies a significant step taken by the company towards attaining human-machine coherence in manufacturing.

In 2014, Roof Monitor by Robot Creative Management, LLC(U.S) has been introduced in the market, it is technology-based system that has been designed to observe live loads of water and snow on the roofs of low-sloped buildings and to inform businesses about the risk involved.
In 2018, Moley (U.K.) launched world’s first robotic kitchen that is supported by an iTunes’ style library of recipes.

In 2015, Bosch (Germany) launched D3 robotic packaging solutions focused to provide food producers more versatility and performance enhancements.
In 2016, IAM Robotics (Pennsylvania) announced a fully autonomous mobile picking robot for supply chain and warehouse managers.

However, increasing demand for robotics technologies has increased the launches and innovation in the field of exoskeleton, the companies involved in it, have started putting more efforts towards bringing new opportunities and modification in exoskeleton, which is growing the market for exoskeleton.

Major Players: Global Exoskeleton Market

Some of the major players operating in this market are ATOUN Inc., SUIT X, Hocoma, Rex Bionics Ltd, ReWalk Robotics, RB3D, Raytheon Company, PARKER HANNIFIN CORP, ottobock, Fourier Intelligence Co., Ltd, DIH Technologies Corporation, Esco Bionics, B-Temia, Focal Meditech BV, Cyberdyne, Inc., Bionik Laboratories corp., Lockheed Martin Corporation, GOGOA, Honda Motor Co., Ltd. and EXHAUSS among others.

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