Press release
Increasing Demand from Healthcare Sector Drives the Growth of the Exoskeleton Market
Due to technological advancements in robotic technologies and the growing geriatric population, developers are creating novel exoskeletons for different end-use applications. Exoskeletons are wearable devices that work in a tandem with the user. They are positioned on the user's body which acts as an amplifier to boost, strengthen, and rebuild an individual's performance. Moreover, the increasing necessity from the healthcare sector for robotic rehabilitation and large funds for the advancement of exoskeleton technology is expected to drive the growth of the market.
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Powered Exoskeleton Segment is Projected to Register Exponential Growth during the Forecasted Period in the Exoskeleton Market
Based on Power type, the exoskeleton market is segmented into powered and passive. Among these, powered exoskeletons are expected to be the fastest growing segment in the market. Fuel cell and internal combustion engine used in powered exoskeleton can carry heavy objects, supports, and protects the individual's body. It provides triggering body motion in patients suffering from neurological disorders, rehabilitation from stroke, and other physical disabilities. In addition, military agencies in collaboration with research institutes and manufacturers are developing simple and lightweight powered exoskeletons that restructure object mass and act as vibration and shock absorbers.
The Healthcare Segment is Expected to Witness the Highest CAGR during the Forecast Period
Based on End-Use, the exoskeleton market is segmented into industrial, military, healthcare, and others. Among these, the healthcare segment is expected to be the fastest growing technology in the market due to rapidly increasing awareness about the benefits of the exoskeleton and FDA approvals in the healthcare sector. In addition, increasing adoption of exoskeleton products by patients suffering from mobility disorders, spinal cord injuries, Parkinson's disease, and gait disorders are also supporting the growth of exoskeleton market during the forecast period.
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Asia-Pacific: The Fastest Growing Regional Market
Geographically, North America, comprising the U.S. and Canada, accounted for the largest share of the global market. However, Asia-Pacific is expected to witness the rapid growth during the forecast period. Increasing demand for self-assist exoskeletons, high occurrence of strokes, increasing investments in Research & Developments, and growing spinal cord injuries and other disorders are the significant factors that support the growth of the global exoskeleton market. In addition, increasing technological advancements in robotics, encouraging policies, and increasing healthcare infrastructure are projected to drive the growth of the exoskeleton market.
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Key Players
The key players operating in the global exoskeleton market are Lockheed Martin Corporation (US), Cyberdyne Inc. (Japan), Ottobock(GERMANY), Parker Hannifin Corp (US), Honda Motor Co. Ltd(JAPAN), Wearable Robotics SRL (Italy), ReWalk Robotics Ltd (Israel), Mitsubishi Heavy Industries(JAPAN) , DIH Technologies Corporation (China), Deloitte Touche Tohmatsu Ltd(US), Bionik Laboratories Corp (Canada), ActiveLink (Manila), Gogoa Mobility Robots SL (Spain), Ekso Bionics (US), Rex Bionics Ltd. (UK), Atoun Inc. (Japan), and Hyundai Motors (South Korea).
Key questions answered in the report:
What factors contribute to the fastest growth of all exoskeleton types in healthcare end use industry?
Which region is expected to experience the fastest growth in the usage of exoskeleton products in industry?
How does the penetration of exoskeleton differ among the end users such as military and healthcare?
What strategies should new companies looking to enter in this market use to compete effectively?
What are the major drivers, restraints, challenges, and opportunities in the exoskeleton market?
Who are the major players in various countries and what share of the market do they hold?
What are the geographical trends and high growth regions/ countries?
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