Press release
Exoskeleton Market is Moving Fast | Major Players Operating in the Market are Ekso Bionics, Hyundai Motor Company, Lockheed Martin, Parker Hannifin, SRI International, ReWalk Robotics, Inc., Rex Bionics, Hocoma AG
Exoskeleton Market
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Growth Opportunities: -
• Passive exoskeletons in military and industrial applications
• Semi-passive exoskeleton in industrial and healthcare applications
• Active exoskeleton in healthcare applications
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.
Major industry participants in the exoskeletons market share include 20 KNOTS PLUS LTD, ActiveLink, BIONIK Laboratories Corp., Cyberdyne Inc., Ekso Bionics, GOGOA Mobility Robots, Hocoma AG, Honda Motor Co., Ltd., Hyundai Motor Company, Lockheed Martin, noonee, Parker Hannifin, Revision Military, ReWalk Robotics, Inc., Rex Bionics, Sarcos Robotics, SRI International, Technaid S.L., US Bionics, Wandercraft
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.
U.S. exoskeleton market is expected to hold dominant industry share through the forecast period. It can be attributed to the high adoption rates in conjunction with the significant presence of major industry players including ReWalk, Ekso Bionics, and Lockheed Martin. Rising military spending on the development of innovative equipment to strengthen the armed forces capability will drive the product demand. In June 2018, the U.S. Army Natick Soldier Research, Development, and Engineering Center developed ONYX to lighten the combat load. Additionally, rising demand from clinics and rehabilitation centers will ensure their dominance over the forecast period.
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Europe held the second largest industry share in 2018, predominantly due to high penetration of the elderly population in the region. In 2017, people aged 65 and older accounted for over 19% of the overall population with an increase of around 2.4% in the past ten years. Ageing population is prone to suffer from multiple impairments and face difficulties in performing with natural gait. Exosuits provide support to muscles and assist in gait functions, proliferating the manufacturing sector and positively influencing the industry growth.
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