Why Exoskeleton Market is growing rapidly? Hyundai Motor Company, Lockheed Martin, Ekso Bionics, GOGOA Mobility Robots, Hocoma AG, Honda Motor Co., Ltd., Hyundai Motor Company, Lockheed Martin, Hannifin Revision Military ReWalk Robotics, Inc., Rex Bionics

Rise in geriatric population across the globe will foster the global exoskeleton market share, along with the increase in chronic diseases such as Parkinson's disease and spinal cord injuries. According to reports by the World Health Organization (WHO), the total population above the age of 60 years is estimated to rise from 12% in 2015 to nearly 22% by 2050.

Growing age witnesses lowered physical labor capabilities and reduced muscle strength. Surging adoption of advanced medical devices to support and foster body movements will accelerate product penetration. Increased industrial capacities could lead to more worker injuries, which can create opportunities for the deployment of suitable exosuits.

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Rise in disposable income among the people across the globe along with adequate information regarding medical treatment has propelled the spending on healthcare, especially by the aging population. Citing reports, in the year 2017, U.S. expenditure for nearly 18% of GDP in healthcare serving over 58 million disabled and elderly people.

Moreover, the provision of financial leverage in the form of medical insurances and cashless payments is encouraging people to undergo treatment as and when required. Market players are increasingly carrying out R&D in order to add enhanced features to the exoskeletons such as fall detection, to prevent elderly people from falling.

An increase in number of people suffering from physical disabilities such as arthritis, cerebral palsy, amputation, and spinal cord injuries will supplement the business growth. Additionally, mounting cases of multiple sclerosis strokes and Parkinson's disease will bolster exoskeleton market size.

Wearable suits are being extensively tried in the booming construction and manufacturing sector in order to reduce injuries and fatigue coupled with the need to enhance productivity. Improved purchasing power among people is showcasing demand for residential and commercial spaces along with demand for various other products, boosting the construction and manufacturing sectors.

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In the year 2017, industrial exoskeleton segment held a significant share. Industries such as manufacturing, warehouses, and dry-docks will have a number of laborers working wearing advanced exosuits, that help them in their routine jobs and provides safety. The use of wearable suits in the industry makes the lifted objects feel lighter and in certain cases even weightless, thereby reducing injuries and enhancing compliance.
Reduction in injuries significantly reduces the medical expenses and also enhances operational efficiency. Several leading industries are extensively adopting the use of powered exosuits and tool handling mechanisms that support heavy tools and transmit tool weight.

What are some of the vital factors expected to impact North America exoskeleton industry trends?
Regionally, North America exoskeleton market size will witness commendable proceeds due to favorable views by government and other leading private entities towards R&D in the field. Rising cases of spinal cord injuries in the region mainly due to the presence of a large geriatric population will escalate the industry scale.

The National Spinal Cord Injury Statistical Center (NSCISC) reports that spinal cord injuries account for more than 17,000 cases across the region. Moreover, the prevalence of a strong healthcare sector to fulfill the medical needs of the population along with high disposable income among people will amplify exoskeleton market share.

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