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 – 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.
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 most prominent competitors operating in the competitive landscape of global exoskeleton market include –
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 a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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