Smart Exoskeleton Market Driven By Demand Surge to Grow Exceptionally

Posted by Sakshi Mishra on December 4th, 2020

Market Synopsis

The global smart exoskeleton market size was valued at USD 3,345.3 million in 2018 and is expected to reach USD 5,290.1 Million by the end of the forecast period at a CAGR of 8.2%.

Market Highlights

The development of the smart exoskeleton industry has increased due to the growing adoption of exoskeletons by individuals suffering from physical and neurological disabilities. In addition , the growing geriatric population has led to an increase in the number of fall-related injuries and similar occurrences. The construction of these exoskeletons has been durable and stable in the past, allowing the wearer to avoid falls and serious injuries. Growing demand for the protection of workers in industrial applications is expected to drive the growth of the exoskeleton smart market. Increasing the adoption of exoskeletons by elderly people and people with various capacities often fuelle market growth. It is also expected to help the smart exoskeleton market expand during the forecast era. But there are certain factors that could restrict the smart exoskeleton market ‘s growth. These include high costs incurred in the design and manufacture of intelligent exoskeletons, and stringent government controls for the use of such wearable devices.

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Segmentation

The global smart exoskeleton market has been segmented on the basis of type, component, application, vertical, and region.

By type, the global smart exoskeleton market has been segmented into ultra-soft exoskeletons, soft exoskeletons, and rigid exoskeletons.

By component, the global smart exoskeleton market has been bifurcated into hardware and software. Furthermore, the hardware segment has been segmented into sensors, actuators, power source, control systems, and others.

Based on application, the global smart exoskeleton market has been segmented into upper limbs, lower limbs, and full body.

By vertical, the global smart exoskeleton market has been segmented into industrial, healthcare, military, and others.

Regional Outlook

The smart exoskeleton market geographic analysis was conducted for North America, Europe , Asia-Pacific and the rest of the world (including the Middle East , Africa and South America).

North America ‘s demand for smart exoskeletons can be attributed to the increasing geriatric population and demand from the variously capable individuals. The manufacturing facilities have also adopted exoskeletons to help workers lift heavy equipment effortlessly and carry out tasks easily. The region has witnessed a high level of adoption of these exoskeletons for medical and industrial use in the United States and Canada, leading to market growth in North America.

It is projected that the European market is experiencing a steady yet rapid growth due to well-developed infrastructure and rising exoskeleton adoption for manual lifting of machinery and equipment.

However, the Asia-Pacific market is expected to experience the fastest growth over the forecast period. High demand by individuals for self-assisting exoskeletons in China, Japan and South Korea is projected to increase the region’s share of smart exoskeletons. In the industrial sector, the proliferation of automation, industrial IoT and similar technologies has encouraged companies to opt for smart exoskeletons to ease manual work in industries. Also, the ageing population in China and Japan is particularly vulnerable to physical disabilities, and thus the smart exoskeletons are predicted to be implemented more and more early.

Key Players

MRFR has identified a few companies as prominent players in the global smart exoskeleton market. These include Ekso Bionics Holdings, Inc. (US), ReWalk Robotics (US), Ottobock (Germany), Lockheed Martin Corporation (US), Parker Hannifin Corp. (US), CYBERDYNE Inc. (Japan), DIH Technologies Corporation (China), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), US Bionics (US), Gogoa.eu (Spain), ATOUN Inc. (Japan), RB3D (France), BIONIK (Canada), and Honda Motor Co., Ltd (Japan).

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