Press release
Smart Exoskeleton Market 2020: Business Growth Strategies by Top Industry Players- ATOUN Inc., BIONIK, CYBERDYNE, INC., Ekso Bionics, Honda Motor Co., Ltd., ReWalk Robotics, Rex Bionics Ltd
Smart Exoskeleton Market
The smart exoskeleton market possesses high growth potential in the healthcare industry. The current business scenario witnesses an increase in the demand for smart exoskeleton systems, particularly in the developed regions such as the U.S., China, and other European countries. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative offerings.
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According to a recent report published by Allied Market Research, titled,"Smart Exoskeleton Market by Component, Type, Body Part and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global smart exoskeleton market was valued at $125.6 million in 2017, and is projected to reach $1,896.8 million by 2025, registering a CAGR of 41.3% from 2018 to 2025. This is attributed to the fact that the market participants continue to introduce technologically advanced products to remain competitive in the market. Product launch and collaboration are the prominent strategies adopted by the key players to maintain their foothold in the competitive market.
Increased demand in gait rehabilitation and surge in demand for elderly safety body parts are the factors expected to drive the growth of the smart exoskeleton market during the forecast period. However, affordability issues are anticipated to restrain the market growth. Conversely, increase in initiatives for adoption of smart exoskeletons in military body parts across the globe is expected to create lucrative opportunities for the key players operating in the smart exoskeleton market.
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North America dominated the market, followed by Europe. Increase in health needs across North America and rise in number of demand from paraplegics have significantly contributed toward the growth of the smart exoskeleton market in this region. In 2017, the U.S. dominated the North America market, and the UK is expected to lead the overall market in Europe during the forecast period.
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Asia-Pacific countries are witnessing surge in demand for exoskeletons for medical purposes. Countries such as China, Japan, and Singapore are involved in developing exoskeleton-related technologies. China dominated the market in 2017. Moreover, smart exoskeleton vendors are focusing on expanding their business in India and other countries. A new exoskeleton suit was developed that allows a Singapore Civil Defense Force (SCDF) firefighter to carry a heavy weight of about 50 kg without any hassle.
The Healthcare sub segment secures the highest share in the application segment in 2017. In the healthcare sector, the use of smart exoskeletons is primarily for helping paralytic individuals to move. Moreover, it is relatively a stable way of walking as compared to the use of crutches or walkers. In addition, another application improving the quality of patients is the assistive technology to enable system-assisted walking or restoration of other motor controls lost due to illness or accidental injury. Among component, Actuators holds the highest market share during the forecast period 2018 - 2025.
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The key players operating in the smart exoskeleton industry are ATOUN Inc., BIONIK, CYBERDYNE, INC., Ekso Bionics, Honda Motor Co., Ltd., ReWalk Robotics, Rex Bionics Ltd., Sarcos Corp., Technaid. S.L., and U.S. Bionics, Inc.
Players are adopting various strategies to strengthen their product portfolio and business reach. For instance, In August 2018, ATOUN Inc. launched Powered Wear ATOUN MODEL Y, a wearable robot, which is designed to reduce work-induced burdens from the backs of workers and improve work efficiency.
In December 2017, Ekso Bionics entered into a partnership with HASOMED to launch EksoGT exoskeletons functional electrical stimulation (FES) interface capability. The combination of EksoGT with the RehaStim2 FES technology provides clinicians latest advancements in care, which ultimately improves clinical outcomes and patient quality of life.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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