Exoskeleton Market - Global Industry Analysis, Share, Size, Growth, Trends, and Forecast 2018 - 2028
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 – Competitive Landscape
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.
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 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 other significant participants partaking in the exoskeleton market includes Wandercraft, Myomo, Gobio Robot, Rex Bionics, PARKER HANNIFIN, MITSUBHISHI HEAVY INDUSTRIES, Honda Motor, Daiya Industry Co., ATOUN, suitX, P&S Mechanics, GOGOA Mobility Robots, Fourier Intelligence, Exhauss, ReWalk Robotics, Ottobock, Meditouch, Lockheed Martin, Hyundai Motor, DIH Technologies, Focal Meditech, and CYBERDYNE.
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:
Exoskeleton Market Segmentation – By Component
Depending on the component, the exoskeleton market can be divided into:
Exoskeleton Market Segmentation – By Type
Based on the type, the exoskeleton market can be bifurcated into:
Exoskeleton Market Segmentation – By Mobility
Depending on the mobility, exoskeleton market can be classified into:
Exoskeleton Market Segmentation – By Body Part
On the basis of body part, exoskeleton market can be segmented into:
Exoskeleton Market Segmentation – By Vertical
Depending on the vertical, exoskeleton market can be fragmented into:
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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