Soft Exoskeleton Market Exploring Future Growth and Trends by 2025 | Hocoma AG, ReWalk Robotics, Inc., Revision Military, SRI International, Defense Advanced Research Projects Agency (DARPA), Ekso Bionics, Panasonic, Otherlab

Soft Exoskeleton Market is estimated to exceed USD 3.9 million by 2025. Increasing disabilities among people along with the growing number of accidents leading to immobility will drive the soft exoskeleton market share. Technological advancements including the introduction of lightweight materials for suit construction along with lean manufacturing processes for lowering weight and suit costs will further support the industry expansion through 2025.

The key players covered in this study are ActiveLink, Bioservo Technologies, Daiya Industry Co., Ltd., Gogoa Mobility Robots, Harvard Biodesign Lab, Hocoma AG, ReWalk Robotics, Inc., Revision Military, SRI International, Defense Advanced Research Projects Agency (DARPA), Defence Science and Technology Organization, Ekso Bionics, Panasonic, Otherlab.

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High number of injuries associated with manufacturing and construction industries will support proliferation of soft exoskeletons market share from 2019 to 2025. According to Harvard University, over half a million workers are injured in industrial-related jobs resulting in direct costs of over USD 13.8 billion. Moreover, the integration with existing personal protective equipment for mitigating major injury risks and improving productivity are expanding the segment share over the projected timeframe.

Upper and lower body soft exoskeletons market share was valued at over USD 700 thousand in 2018 and is expected to hold dominance through the forecast period. Increasing cases of spinal cord injuries and neurological disorders across the globe are among the prominent factors that will drive the segment growth. For instance, according to the National Spinal Cord Injury Statistical Center (NSCISC), spinal cord damages account for more than 17,000 cases every year in the U.S. Upper & lower body exosuits will find significant applications for the rehabilitation of these patients.

Technological complications associated with soft exoskeleton products such as torque and force generated by pneumatic actuators can enter the user’s body and mounting of motor and sensor over exoskeleton may hamper the soft exoskeleton market share over the forecast timeframe. However, researchers are working on lightweight and efficient actuation systems and flexible transmissions that transmit power to the joints.

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Based on product, full body soft exoskeleton market share is expected to witness highest growth over the forecast timeframe. Benefits offered by these systems include the ability to wear underneath clothing, full body protection and support along with availability of wide range of alternatives. Lower cost of these suits compared to the rigid exosuits along with light weight and availability across several sizes will support the industry proliferation through 2025.

Healthcare application segment will hold dominant soft exoskeleton market share through the forecast period. Rehabilitation of patients coupled with the augmentation of medical devices are responsible for the lucrative segment growth. The system enables effective performance in exercise repetitions of patients in equal amount of time. Its application in aiding mobility strengthening individual joints, spinal cord injuries, paralysis, strokes and geriatric rehabilitation, muscle activations, gloves and others will present strong growth opportunities.

Asia Pacific soft exoskeletons market share will witness a significant growth owing to continuous investments by industry participants to expand their reach and offer a wide range of products for their customers. For instance, in March 2018, Rewalk Robotics and Timwell Corporation Limited announced an investment of around USD 20 million for expanding its presence across the Chinese marketplace. The investment will further enable the company to launch its Restore soft suit exoskeleton portfolio in the country, contributing significantly toward the industry expansion over the forecast timeframe.

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Major industry participants in the soft exoskeleton market place include ReWalk Robotics, Ekso Bionics, Daiya Industry, Roam Robotics, SRI International, and Bioservo Technologies AB. Partnerships and joint ventures are among the prominent strategies adopted by the industry participants to develop new products and increase their market share.

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