Exoskeleton Market expected to Witness a Sustainable Growth over 2024

The term exoskeleton stands for rigid, strong and inflexible external covering which is meant to protect the body of some of the invertebrates, especially arthropods. The exoskeleton acts as protecting cover the animals with weaker body parts. The same technology has now being extended in human beings.

There are several applications of exoskeleton in humans with congenital defects or the humans with deformed body appendages. Since 1960s, researchers are continuously working on building mechanical exoskeletons for human application. The first exoskeleton was built by General Electric and U.S. armed forces.

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The scientists and the researchers developed this wearable technology that combines information systems and robotics in order to form an external structure for the human body. The major applications are intended for military soldiers those suffering from physical deformities due to war consequences.

However, taking in to consideration market potential, a new applications of exoskeletons are coming to picture with the aim to overcome health related concerns and increasing physical capabilities. The exoskeleton can help people by providing support in walking, standing, carrying heavy objects as well as they can contribute in health care.

Scientists and researcher believe that mechanical exoskeletons can keep the geriatric population active, independent and healthy for a longer period of time. They also claim that using exoskeleton technology will help to reduce the effects of some of the disabilities like paralysis, general fatigue and muscular dystrophy.

Exoskeleton Market poised to witness significant growth owing to its ability to treat various physical disabilities of patients as well as the soldiers injured in wars. Customization in exoskeleton product line will help boost this market over the forecast period. Other prominent factors fueling the growth of Exoskeleton Market include rising incidences of various paralysis, general fatigue and muscular dystrophy. Higher prices of exoskeleton products and safety concerns are expected to hinder the growth over the forecast period.

Global Exoskeleton Market is a rapidly growing market due to increasing number of key players. Rising evidence about safety of these systems and effective marketing campaigns by various manufacturers in the Exoskeleton Market is expected to change the market dynamics over a given period of forecast.

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Geographically, Exoskeleton Market is classified into regions viz. North America, Latin America, Europe, APAC, Middle East and Africa. In terms of geography North America accounts for the largest market share in global Exoskeleton Market followed by Europe and Japan. Favorable policies, regulations and sophisticated healthcare infrastructure with increasing FDA approvals is expected to drive the growing need of exoskeleton products in the near future.

Some of the key players in global Exoskeleton Market includes ReWalk Robotics Ltd., Raytheon Company., Lockheed Martin Corporation, Ekso Bionics, Honda Motor Co., Ltd., MIT Media Lab and Parker Hannifin Corp. The developing technology is attracting several other players due to growing demand.

These players are entering into strategic collaborations, mergers & acquisitions, and product portfolio expansions, which are their key sustainability strategies to maintain their profit margins in the long run. Also many startup companies’ have entered in this lucrative market space to capitalize over the opportunities present in Exoskeleton Market.

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