The Exoskeleton Market is expected to reach USD 5.73 Billion by 2027, according to a new report by Reports and Data. This can be mainly associated with the increasing number of patients with body movement disorders such as multiple sclerosis, Parkinson’s disease, and strokes are major factors stimulating market demand. This is supposed to increase the need to study and ensure the safety of targeted and specific therapies, circumvent probable shortcomings, and evaluate their outcomes. As a result of high effectiveness, many military and healthcare companies are including exoskeleton devices to offer highly effective results to the large population experiencing from target diseases.
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Exoskeleton is an external skeleton that provides protection and support to an animal’s body, for example, a human. In practice, some of the more essential kinds of exoskeletons are known as “shells.” Exoskeletons are located on the ‘user’s body and act as amplifiers that increase, strengthen, or restore human performance. The opposite would be an automatic prosthetic, such as a robotic leg or arm that substitutes the original body part.
Accelerated growth in healthcare industries, increasing prevalence of chronic diseases, rise in population, rise in R&D investment in life sciences, increasing number of innovative product launches, and technological advancements in healthcare industries are some important factors for the North America region to account for the largest share of around 22.3% of the market in 2019.
Further key findings from the report suggest
- Electric actuator technology is expected to grow at a rate of 43.4% during the forecast period.
- The largest share of electric actuators technology is due to its low cost over pneumatic or hydraulic actuators and their accurate control of acceleration, speed, and position.
- The appearance of a large number of commercialized electric actuators can be another critical factor that is anticipated to boost the market share in the coming years.
- The stationary exoskeleton segment accounts for a market share of over 45.6% in 2019.
- Due to the predominance of a vast number of new entrants, established manufacturers, and suppliers in the market, the industry is extremely competitive.
- Important factors for the growth of the segment are rising predominance of spinal cord injuries (SCIs) and increasing usage of stationary type in rehabilitation.
- The increasing predominance of nervous system trauma is one of the crucial factors that is expected to drive the application of exoskeletons in the healthcare industry.
- Healthcare end-users segment is expected to grow at a rate of 43.4% during the forecast period.
- Patients suffering from SCI (spinal cord injuries) are one of the principal end-users of these products.
- There has been an improvement in the adoption of these devices for disabled and elderly patients in rehabilitation therapies.
- The importance of exoskeletons in the military, helping injured soldiers in movement, and lifting heavy objects is also a key factor for growth.
- Asia Pacific is forecasted to witness the fastest CAGR of 43.6% during the forecast period. Rising healthcare expenditure and increasing concerns due to the various benefits of these tools are the significant growth drivers for the market in this region.
- Economic development, coupled with continually increasing per capita healthcare investment in emerging countries such as India, China, and Singapore, is expected to create high growth opportunities.
- Innovations and technological trends in treatment and increased healthcare facilities are expected to drive growth further.
- Key participants include Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin, REX Bionics, Ekso Bionics, ATOUN Inc., Cyberdyne, Hocoma, Wandercraft, Revision Military, and Honda Motor Co. Ltd.
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For the purpose of this study, Reports and Data has segmented the Global Exoskeleton Market on the basis of Mobility type, End-user, Type, Technology, Anatomy, and Region:
Mobility Type Outlook (Revenue, USD Million; 2017-2027)
- Mobile Exoskeleton
- Stationary Exoskeleton
End-User Outlook (Revenue, USD Million; 2017-2027)
- Military & Defense
Type Outlook (Revenue, USD Million; 2017-2027)
Technology Outlook (Revenue, USD Million; 2017-2027)
- Electric Actuator
- Fuel Cell
- Pneumatic Actuator
- Electric Servo
- Shape Memory Alloy Actuator
Anatomy Outlook (Revenue, USD Million; 2017-2027)
- Lower Body
- Full Body
- Upper Body
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/exoskeleton-market
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