Exoskeletons Market Growing Popularity and Emerging Trends | Ekso Bionics, Hyundai Motor Company, Lockheed Martin, Parker Hannifin, ReWalk Robotics, Inc., Rex Bionics, SRI International, Hocoma AG

Exoskeletons Market size is estimated to exceed USD 3.5 billion by 2026. Increasing incident rates of stroke, spinal cord injury (SCI), or other diseases coupled with the growing number of accidents will drive the overall patient number suffering from mobility disorders. Over 15 million people are paralyzed and unable to walk, that in turn will provide strong growth opportunities for the exoskeletons market size

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Exoskeletons are classified under class II by Food and Drug Administration (FDA) that requires close application monitoring by regulatory authorities. Extensive clinical trials and approvals are required to demonstrate their safety in medical and personal mobility. Lengthy ethical approval procedures, complex patients’ requirement, and clinical uptake are required prior to product commercialization. These factors will inadvertently boost the consumer confidence in the products and thereby augment the exoskeletons market size over the forecast timeframe.

The key players covered in this study: -

• 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

Strategic collaboration between industry participants and research institutions to develop innovative solutions will further propel the exoskeletons market size over the forecast period. For instance, in September 2018 Lockheed Martin Corporation invest in 12-month partnership with Institute for Intelligent Systems Research (IISRI) of Deakin University to expand the functionality of FORTIS. It is featured with lightweight and designed to reduce worker’s fatigue and improve safety.

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.

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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.

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.

Asia Pacific exoskeletons market will witness highest CAGR over the forecast period due to the high number of research and development initiatives by Japan, South Korea, and China in medical and military sectors. For instance, in 2018, Norinco, a state-owned manufacturer in China, introduced military exosuits to boost weight carrying capacity of armed forces. Additionally, China Shipbuilding Industry have deployed exoskeletons for shipyard workers, and military engineers have developed L-70 for their armed forces applications.

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Major industry participants in the exoskeletons market share include Ekso Bionics, CYBERDYNE INC., ReWalk Robotics, and Rex Bionics Ltd. Collaboration with medical and defense research institutes are among the prominent strategies adopted by the industry participants to develop new products and increase their market share.

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This release was published on openPR.