Growing Sensor Technology Coupled with the Elderly Population with the Need of Research & Development Investments

Exoskeleton referrs to wearable devices or apparatus intended to work along (in tandem) with the user. These are placed on the human body & help in increasing or restoration of human performance. These can also be equipped with actuators and sensors.
According to study, “Global Healthcare Exoskeletons Market 2016-2023: Structure Analysis, Trend Outlook and Business Strategy” some of the major companies that are currently working in the global healthcare exoskeletons market are AlterG, Inc., Cyberdyne, Inc., Bionik Laboratories Corp., Motorika Medical, Kinetik Innovation, Innophys, 20KTS, Daiya, Free Bionics, B-Temia Inc., P & S Mechanics, Eksoatlet, Axosuits, Meditouch, Honda Motor Co., Ltd., Japet, Ekso Bionics, Gogoa, Panasonic Corporation (Activelink), MedEXO Robotics, Marsi Bionics, Focal Meditech, RotBot Systems, DSME, Kinetek, Laevo, Bioservo, GoXtudio, Interactive Motion Technologies, Rex Bionics, Bionic Power, Hocoma, Parker Hannifin Corporation, Myomo Inc., Exhauss, Rex Bionics Plc., Comau, ReWalk Robotics Ltd., U.S. Bionics, Inc. (suitX).
On the basis of type global healthcare exoskeleton market is segmented into passive exoskeleton and powered exoskeleton. Based on extremities, market can be segmented into upper extremity and lower extremity. Based on technology wearable exoskeleton, market is segmented into NASA’s X1 robotic exoskeleton, human prosthetic enhancement, Titan Arm, HAL 5 hybrid assisted limb and MindWalker. The wearable robots use depend on speed & the strength in the person which monitors them. Additionally, soft exosuits form wearable robots used in strengthening soft areas for instance ankles & hips.
The global healthcare exoskeleton is primarily driven by growing sensor technology, the growing elderly population worldwide, growing research & development (R&D) investments made in the robotics industry, increasing the prevalence of musculoskeletal disorders, technological advancements and the growing adoption of wearable devices. The growing trend of human augmentation is a big opportunity for the market. In addition, full body exoskeletons lack movability in their shoulder & back parts, resulting in limited applicability like nursing care.
In 2017, the global healthcare exoskeleton market was valued at around US $118 million. It is estimated that the market will be grown rapid due to an increasing number of physically disabled people. North America surfaced as the prime market for this exoskeleton market with more than 40% share of the entire global market. The U.S. was foremost the region with the maximum growth rate, owing to the presence of advanced healthcare facilities & the boost in the number of people with physical disabilities. Additionally, the increase in the demand for healthcare exoskeleton in rehabilitation centers and the presence of key market players are other factors accelerating the enlargement of the market in this region. In addition, Europe is likely to be the second biggest market throughout the forecast time due to presence of advanced rehabilitation centers and favorable reimbursement policies. Moreover, The Asia Pacific region is anticipated to witness the growth in the near future with emerging economies, such as India and China, are expected to dominate the region. The growth in this region is down to the increasing number of geriatric & disabled population.
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Global Healthcare Exoskeletons Market
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