What's driving the exoskeleton Market Growth? Prominent Players: Cyberdyne Inc., Ekso Bionics, Parker Hannifin, Comau, Lockheed Martin, Lowe's Companies, Inc.

The global exoskeleton market is likely to expand in the coming years, due to applications of exoskeleton across diverse industries. Exoskeleton systems are wearable devices used by labourers and related personal in an industrial workplace. The exoskeleton system is used to enhance tasks which are carried out manually. These operations mostly require industrial robots for their functioning due to the high accuracy that is involved. Exoskeletons are used to amplify thee human operations. Exoskeletons are also called as robotic suits or powered armour, owing to their exceptional accuracy in enhancing manual labour.

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According to a report by Fortune Business Insights, titled “Exoskeleton Systems Market Size, Share and Global Trend By Component (Hardware & Software), By Type (Powered & Passive) Exoskeleton, By Mobility (Stationary & Mobile) By Body Part (Lower, Upper, Full Body), By Industry Vertical (Healthcare, Defence, Industrial) and Geography Forecast till 2026,” the market will witness growth in the coming years, with impetus from recent technological advancements.

Increasing Demand from Medical Industry Provokes Several Regulatory Clearances

The exoskeleton is witnessing a high demand in the medical industry, due to uses such as enhanced mobility, restoring movements for people with disabilities, and other such applications. Encouraged by increasing usage approvals, companies are investing more towards research and development of exoskeletons, across the world. In 2019, Rewalk Robotics received CE (European Conformity) mark for its Exosuit Restore. The device was useful in assisting people with walking disabilities. The long awaited approval has cleared the sale of Exosuit Restore o rehabilitation clinics within Europe.

The product was manufactured in collaboration with the Wyss Institute in Harvard. The Restore Exosuit is an algorithm based and data –driven device that is used to enhance gait training. The company announced that stock prices soared, soon after the launch of this product. The impact of this device on the business go-about of this company gives clear indications that the Exosuit Restore was welcomed positively by the end users. The clearance for Exosuit Restore will boost the global exoskeleton market in the coming years and is likely to favor growth of the market in the coming years.

Clinical Efficacy of Exoskeletons Will Create High Demand

Conventionally, people with physical disabilities at the lower half of their bodies used wheelchairs to support movement and commutation. Although wheelchairs sufficed the needs of commute, there were several challenges associated with their use. Some of the imitations were uneven surfaces, climbing and going down the stairs. It was seen that exoskeletons hugely helped overcome these challenges. The increasing efficacy, ease of use, and reducing cost of exoskeletons have to an increase in demand. The increasing demand will have a positive impact on the global exoskeletons market in the forthcoming years.

In the report, Fortune Business Insights assesses several companies that are involved in development of exoskeletons, from across the world. Fortune Business Insights provides a detailed study on various product launches, mergers and acquisitions (M&A), and market entrants in the global exoskeletons market.
Some of the leading companies that are operating in the global exoskeletons market are
Cyberdyne Inc., Ekso Bionics, Ottobock, Parker Hannifin Corp., Comau, Lockheed Martin, SkelEx, Lowe's Innovation Lab, Daewoo Shipbuilding & Marine Engineering.

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