Exoskeleton Market growth Trend On Top Key Players Bionik Laboratories Corp., 20 Knots Plus, Activelink Co., Ltd., Hocoma, Ekso Bionics, CYBERDYNE, Inc., MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence
Exosuits assist in lifting and decreasing the pressure on user’s body parts, such as spine and back muscles. Production facilities are espousing instrument handling exoskeletons, body-powered suits, and powered gloves to reduce fatigue while working for longer durations. Multiplying demand for wearable exosuits especially in construction and manufacturing sectors to enhance productivity and lessen work related injuries would impel exoskeleton market size in the coming years. In a recent turn of events, Noonee, a Swiss start-up firm, has reportedly developed an exoskeleton solution, known as the chairless chair, for workers who need to stand for long hours during their work. Reportedly, this innovative product is a result of Noonee’s ambition to construct a supporting system that is extremely light & simple, does not get power drained during continuous operation, and addresses a wide range of everyday work problems.
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The global exoskeleton market is anticipated to witness commendable gains in the coming years owing to the burgeoning number of patients with mobility disorders such as multiple sclerosis, tremor, and Parkinson’s disease. Movement disorders are essentially neurological conditions that relate to problems with individuals ability to move and can be caused due to genetics, infection, stroke, medication side effects, and nerve or brain damage. These disorders lead to restricted voluntary body movements and immensely disrupt routine activities. According to the Parkinson Association of the Carolinas, about 1 Mn Americans live with Parkinson’s disease, which is higher than the combined sum of individuals diagnosed with muscular dystrophy, multiple sclerosis, and Lou Gehrig’s disease. The increasing pervasiveness of movement disorders would drive the exoskeleton market growth over the future.
This report focuses on the top Manufacturers and players in global market are given bellow - 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.
stringent government regulations concerning about the user safety and robot reliability are affecting the business. Manufacturers complying with these standards and get the approval from the regulatory authority possess high market potential during the forecast period. High price of these equipment is limiting the product adoption. The companies, such as Argo and Ekso are facing the problem in marketing products owing to the high price. Industry players also face difficulty in convincing insurance firms to cover the costs of these devices.
Mobile exoskeleton market accounted for highest revenue share of over 61% in 2016 and is estimated to continue its dominance during the study period. The segment growth is credited to increased application in military & industrial segment. Mobile exoskeleton provides mobility to the wearer while augmenting strength to lift heavy load. Stationary products are deployed in rehabilitation centers and hospitals. These products provide fast recovery for the patients suffering from spinal cord injuries and other mobility impairment disorders.
Lower body exoskeleton acquired more than 60% of total revenue in 2016. These products are used to restore movement of disabled persons. Also, the companies such as Lockheed Martin are investing and developing effective lower body products to enable operation in hostile conditions for security forces. Upper body segment is projected to exhibit highest CAGR of 53% owing to increasing demand in industrial applications such as welding. Full body segment is poised to exhibit growth owing to use in security & defense applications. Revenue for this segment will cross USD 760 million in 2024.
Exoskeleton Market Size, By Product
Stationary, Mobile Type
Full Body, Upper Body, Lower Body
Industrial, Military, Healthcare
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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.
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