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Exoskeleton Market to reach USD 3.4 billion by 2024 By Key Vendors: Bionik Laboratories Corp., 20 Knots Plus, Activelink Co., Ltd., Hocoma, Ekso Bionics, CYBERDYNE, MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence, Lockheed Marti
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In 2016, the exoskeleton shipment crossed 2000 units. Increasing use of exoskeleton in rehabilitation for patients will fuel the exoskeleton market growth. These devices reinforce, augment and restore human performance. Increase in the number of orthopedic disorders and rapidly growing elderly population will provide stable growth prospects over the forecast timeline.
The product offer features such as performance assistance, adjustable frame and custom application software. These characteristics provide increased strength, security, and working efficiency for the workers in shipbuilding and heavy machinery industries. Investments in developing products for enhancing physical strength of industrial workers will augment the exoskeleton market size from 2016 to 2024.
Robotic development companies are using low cost, high strength material to enhance safety of operation in healthcare, industrial and military applications. Increasing funding from defense department of various countries to strengthen arm forces capability will stimulate the industry demand. For instance, in 2016, South Korea defense firms developed exoskeleton systems for Republic of Korea Army (RoKA). These systems are designed to increase soldier’s strength and endurance.
Given that North America houses several product manufacturers, it comes as no surprise that some of the leading tech innovations define exoskeleton market take root in the continent. For instance, Ekso Bionics, one of the leaders in exoskeleton industry, recently raised USD 34 million for developing and commercializing strong exoskeletons for industrial purposes, supporting R&D initiatives to use the Ekso robotic exoskeleton at home, and accelerating the adoption of Ekso across the globe.
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Asia Pacific has been proclaimed to emerge as the next lucrative growth ground for exoskeleton market, given the robust demand for wearables in the region. The growing geriatric population in the continent, vulnerable to strokes and mobility issues, would demand the deployment of rehabilitation therapy procedures. This would subsequently necessitate the requirement of advanced exoskeletons designed to help patients with gait training and the like, thereby providing a boost to APAC exoskeleton industry share.
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Some of manufacturers in the exoskeleton market include Bionik Laboratories Corp., 20 Knots Plus, Activelink Co., Ltd., Hocoma, Ekso Bionics, CYBERDYNE, Inc., MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence, Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corporation and Revision Military. The nature of the industry is consolidated with few companies permitted to commercialize the product. Stringent regulations such as FDA is creating high entry barriers for the robotic technology manufacturers.
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