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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

12-14-2018 11:15 AM CET | Health & Medicine

Press release from: Global Market Insights, Inc.

/ PR Agency: Global Market Insights, Inc.
Exoskeleton Market

Exoskeleton Market

Exoskeletons Market find wide applications across healthcare, industrial, and military sectors. The introduction of new technologies across the healthcare sector to ensure the safety coupled with the allocation of funds for healthcare will spur the product penetration. Healthcare applications are expected to account for nearly half of the exoskeleton market share by 2024, having contributed a substantial share in 2016. Furthermore, notable initiatives taken by various defense departments for manufacturing advanced exosuits for their army personnel are expected to spur exoskeleton market trends across the military sector, which is forecast to contribute over USD 900 million by 2024.

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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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Browse key industry insights spread across 250 pages with 287 market data tables & 32 figures & charts from the report, “Service Robotics Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.
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