Emerging Trends: Exoskeleton Market Analysis to 2024 | The Major Players Operating in the Market Ekso Bionics, Hyundai Motor Company, Lockheed Martin, Parker Hannifin, SRI International
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Industrial manufacturing and process participants are focusing on deploying assistive systems that can reduce work related injuries, medical expenses, improve work efficiency and lower work fatigue. Industrial exosuits are specifically designed to leverage the utilization of systems in robust applications, will inadvertently fuel the exoskeletons market growth. For instance, in August 2018, Esko Bionics and Ford developed EksoVest that was deployed in Ford assembly line. It supports a worker’s arms for tasks that involve working from chest height to overhead.
Based on product, mobile exoskeletons market revenue share is expected to witness highest growth over the forecast timeframe. Technological advancement in products and reduction in cost supported by smaller and powerful motors, inexpensive gyroscope and accelerometer provide the users with the required ease of mobility. Additionally, increasing usage in rehabilitation from stroke, and other physical disabilities will support the segment growth.
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Healthcare application segment will hold dominant exoskeletons market share through the forecast period. Growing rehabilitation requirement for disorders that include Parkinson’s disease, gait disorders and spinal cord injuries are expected to drive the system deployment in healthcare centers. Chief benefits offered to heath care providers include reduced burden on therapists to support during training and improved therapy results.
North America exoskeleton market trends: Innovative product launches to fuel the regional growth
One of the most remarkable factors that contributes toward the thriving North America exoskeleton industry share is the prevalence of prominent companies in the region. In addition, North America is the powerhouse of technological innovations and has already consolidated its presence in the overall business – statistics claim North America to have accounted for more than 45% of the overall exoskeleton market share in 2016.
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.
North America exoskeleton market growth is essentially centered in the U.S., given the massive demand for these products across the military and healthcare domains in the country. On these grounds, it has been forecast that North America exoskeleton industry share may grow at CAGR of more than 48% over 2017-2024.
Major industry participants in the exoskeletons market share include Ekso Bionics, CYBERDYNE INC., ReWalk Robotics, Hyundai Motor Company, Lockheed Martin, Parker Hannifin, SRI International and Rex Bionics Ltd.
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In March 2018, Ekso Bionics entered into educational partnership with National Stroke Association. This strategy enabled the company to improve awareness and access to advance stroke rehabilitation exoskeleton technology.
Cyberdyne, Inc. developed Hybrid Assistive Limb (HAL) product for the usage of operations in nuclear power plants. Additionally, advantages associated with powered systems such as increased power output, strengthened support, and effective performance in enabling the human mobility will further support the segment growth.
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