Exoskeleton Market - Global Industry Analysis, Share, Size, Growth, Trends, and Forecast 2018 - 2028

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Exoskeleton Market - Global Industry Analysis, Share, Size, Growth, Trends, and Forecast 2018 - 2028

Status : May, 2021 | Semiconductor & Electronics

Report Digest

Exoskeleton Market – Introduction

Exoskeleton has been making strides towards improving the safety quotient of humans by influencing their overall efficiency to perform a designated task. They use smart algorithms that are developed to automatically match the bodily movements, thereby aiding in achieving superior performance. With the excellent adaptability of exoskeletons, they absorb relatively less energy as that of customary exoskeletons. Motion anomalies leveraged by the technology continuously fetch data pertaining to the real-time environment and prevent any probable injury.

Prevalence of nervous system trauma and the consecutive effect on human mobility has been primarily driving the popularity of exoskeletons. An upgraded quality of life translating into better spending capability has, in turn, fueled the adoption rate of exoskeletons for the disabled and geriatric population. Increasing number of individuals addicted to drugs and alcohol have given birth to rehabilitation centers, which has generated a demand for stationary exoskeletons for conducting administered training regimes. However, low coverage for exoskeleton technology by insurance companies in numerous countries is likely to challenge the growth of the exoskeleton market.

Exoskeleton Market – Notable Developments

With the growing popularity of these units, manufacturers have been attempting towards ameliorating the functionalities and features of their products with a view to augmenting their marketability. Strategic mergers, acquisitions, and collaborations have been the pivotal plan of actions of the key partakers operating in the exoskeleton market.

  • Parker Hannifin – A leading company in the exoskeleton market received an approval to market its product, Indego, in June 2018. The approval allows the company to commercialize motorized leg braces in parallel to creating awareness apropos of the health benefits of these exoskeletons to the insurance companies, which will serve as a financial cushion for the end-users.
  • BIONIK Laboratories – A crucial player in the exoskeleton market recently announced the development of InMotion ARM robotic system that underpins the newly-acquired lifestyle of stroke survivors in rehabilitation centers. The unit seizes on artificial intelligence to offer customized therapy to patients. Such a feature-rich unit is anticipated to considerably improve the treatment programs in the near future.
  • B-Temia – Another player functioning in the exoskeleton market announced the strategic partnership with Wistron to achieve the successful launch of Keeogo™ in the Asia region. The target audiences for the product are people suffering from motion-restricting and degenerative diseases. The joined forces will collaboratively work towards enhancing the lives of patients suffering from mobility disorders by optimum usage of technology.

Exso Bionics

Exso Bionics was incorporated in 2005 and is based in California. The company has been endeavoring towards developing and manufacturing powered exoskeletons units to invigorate paraplegics and soldiers. These powered units find their applications in variegated industries such as consumers, industrial, military, and medical.

ReWalk Robotics

ReWalk Robotics is headquartered in Israel and was founded in 2001. The innovative medical device has been designing and developing exoskeletons to facilitate movement of the wheelchair-bound patients.

Some of the most prominent competitors operating in the competitive landscape of global exoskeleton market include –

  • Wandercraft
  • Myomo
  • Gobio Robot
  • Rex Bionics
  • Honda Motor
  • Daiya Industry Co.
  • suitX
  • P&S Mechanics
  • GOGOA Mobility Robots
  • Fourier Intelligence
  • Exhauss
  • ReWalk Robotics
  • Ottobock, Meditouch
  • Lockheed Martin
  • Hyundai Motor
  • DIH Technologies
  • Focal Meditech

Exoskeleton Market – Dynamics

Military Applications to Notably Influence the Sales of Exoskeletons

Convergence of technology and healthcare industry has liberated new opportunities, which have been gaining traction in the military sector. As a result, application of exoskeletons and consequently their adoption rate have been rising to assist the motion of injured military and paramilitary troops. With the advent of the stationary exoskeleton, demand for exoskeletons has been surging to aid the mobility of disabled military personnel in an effective manner and to foster the training regime, which is likely to complement the growth of the exoskeleton market.

Affordability of Smart Exoskeletons to Act As a Barrier to the Market Growth

Increasing use of exoskeleton technology and the incessant attempts made to enhance their functionalities have been chiefly driving the growth of exoskeletons market. Along the same lines, hefty investments have been made for the development of lightweight, innovative, and energy-efficient exoskeletons. Surge in the prices of these cutting-edge exoskeleton technologies creates reluctance among the end-users for their adoption, which has been impacting the growth of the exoskeleton market. Add to that the poor coverage of insurance policies and the exoskeleton market could witness confined growth prospects.

Exoskeleton Market – Segmentation

The exoskeleton market has been classified on the basis of:

  • Component
  • Type
  • Mobility
  • Body Part
  • Vertical
  • Region

Exoskeleton Market Segmentation – By Component

Depending on the component, the exoskeleton market can be divided into:

  • Hardware
  • Control System/ Controller
  • Power Source
  • Actuator
  • Sensor
  • Others
  • Software

Exoskeleton Market Segmentation – By Type

Based on the type, the exoskeleton market can be bifurcated into:

  • Passive
  • Powered

Exoskeleton Market Segmentation – By Mobility

Depending on the mobility, exoskeleton market can be classified into:

  • Stationary
  • Mobile

Exoskeleton Market Segmentation – By Body Part

On the basis of body part, exoskeleton market can be segmented into:

  • Full Body
  • Upper Extremities
  • Lower Extremities

Exoskeleton Market Segmentation – By Vertical

Depending on the vertical, exoskeleton market can be fragmented into:

  • Industrial
  • Defense
  • Healthcare
  • Others

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?