Exoskeleton Market Growth Outlook With Industry Review and Forecasts by 2024

Exoskeleton Market trends are analyzed from recent past with an eye on coming years in this report that also offers projections for Exoskeleton industry targeted at helping in business decisions. Exoskeleton Market size is expected to expand during the forecast period owing to the growing adoption of exoskeletons in the healthcare and industrial sectors. A rise in elderly population and the number of patients with orthopedic disorders are expected to offer a considerable industry growth. These devices act as amplifiers, which reinforce, augment, and restore human performance. These are powered with actuators and sensors or they can be completely passive.

These devices offer several features such as performance assistance, light and compact design, custom application software, and adjustable frame. These features provide enhanced rehabilitation for patients, improved strength, working efficiency, and security for users, which will fuel the exoskeleton market share over the forecast timeline. The ability of such devices to support people in carrying heavy loads and increasing their productivity is anticipated to result in substantial adoption rates.

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Numerous exoframes are developed for the safety of soldiers and improving their power. For instance, full body exosuits, which cover arms and legs decrease the vibrations on soldiers while standing on boats or vehicles. The increased requirement for such devices in the military to provide armed forces with mechanical support and prevent any injury will boost the exoskeleton market size from 2017 to 2024. Moreover, technological advancements and innovations, such as the development of thought and control exoframes and Lithium sulfur battery (Li-S) for these devices, are likely to offer substantial growth prospects to the industry players.

Development in service robotics and government initiatives in the R&D of these wearable machines are contributing to the industry growth. For instance, South Korea Ministry of Trade, Industry, and Energy planned 20 pilot projects for 2017 and 2018, which are related to the application of advanced manufacturing robots. The aim of the organization is to familiarize service robotics in the public sector and prioritize social security, and medical rehabilitation. In addition, the presence of government regulations against improper product marketing and approval from the respective agencies in the U.S. is projected to favor the exoskeleton market growth.

High price of the equipment is a major disadvantage responsible for the discouragement of customers. The companies, such as Ekso and Argo, face problems in marketing their products owing to the unaffordable prices. It is also very difficult for the industry players to convince insurance firms to cover the costs of such devices. This is expected to be a huge drawback for the exoskeleton market growth over the forecast timeline. However, the development of low-cost consumer wearable devices for each body type is expected to attract a viable customer base and offer a stable growth platform in the coming years. Short battery life can also be a hurdle in the adoption of these devices; powerful batteries are needed to fuel these devices’ motorized joints.

Based on the type, the exoskeleton market is segmented into full body, upper body and lower body. Full body exosuits cover arms and legs and provide strength, endurance, and walking assistance to the users. Upper body covers arms and torso providing strength to fingers, wrist, shoulders, and elbow joints. The demand for full body exoframes is increasing owing to the rising need for walking rehabilitation.

On the basis of application, the exoskeleton market is segmented into industrial, military, healthcare, commercial, and other. The healthcare exoframes are rapidly adopted in hospitals and rehabilitation centers owing to the increasing applications of these devices in mobility and rehabilitation aids to patients with physical and neurological disorders. Moreover, the growing penetration of wearable machines in the military segment provides soldiers with mobility augmentation and safety from the external environment, enhancing the military exoskeleton market growth.

Some of the key players in the exoskeleton market include 20 Knots Plus, Bionik Laboratories Corp., Activelink Co., Ltd., CYBERDYNE, Inc., Hocoma, Ekso Bionics, Gogoa, Hyundai Motor UK Ltd., AlterG, B-TEMIA, AxoSuit, ExoAtlet, Exhauss, MedEXO Robotics, Fourier Intelligence, Mitsubishi Heavy Industries, Noonee, Lockheed Martin Corporation, Parker Hannifin Corporation, ReWalk Robotics, and Revision Military. Major players are adopting several strategies to survive and compete in the market. These players are launching new products, entering mergers and acquisitions, and investing a huge amount of money in R&D activities. In April 2016, Bionik Laboratories acquired Interactive Motion Technologies, Inc. (IMT) to diversify its business. In July 2015, Hocoma introduced Armeo Power, an exoskeleton for the arm and hand rehabilitation for after stroke therapy.

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