Exoskeletons are wearable devices used to increase physical competency of the wearer. These wearable devices assists limb movements with the better strength help the wearer for performing different tasks. The exoskeleton devices are powered with electric motors, pneumatics, actuators, sensors, hydraulics, levers and a combination of technologies. They are also used for improving the quality of life by removing the mobility disorders in the medical field which are on the rise.
According to study, “Global Exoskeleton Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the other major companies which are currently working in the global exoskeleton market are Cyberdyne, ReWalk Robotics, Hocoma, LockHeed Martin, Ekso Bionics, Bionik Laboratories, Meditouch, Myomo, Interactive Motion Technologies, DIH Technologies, Parker Hannifin, Wandercraft, B-TEMIA Inc., Focal Meditech, Rewalk Robotics, Mitsubishi Heavy Industries, Daiya Industry Co., Rex Bionics Ltd., Panasonic, Ottobock, Alter G, Myomo, US Bionics. These manufacturers are entering into strategic collaborations, product portfolio expansions and mergers & acquisitions, which are their primary sustainability strategies to maintain their proceeds margins in the long run. In addition, many of the startup companies have entered in profitable market space to exploit opportunities present in the market.
Based on product type, global exoskeleton market is segmented into rigid exoskeleton and soft exoskeleton. Based on body part, market is segmented into lower body exoskeleton, upper body exoskeleton and complete body exoskeleton. Based on the component type, the market is characterized into sensors, power source and actuator etc. Sensors include accelerometer, microphone, tilt sensor, gyroscope, position sensor and others. Actuator includes electrical, hydraulic, pneumatic, piezoelectric and others. Based on the indication type, market is segmented into paraplegia, paralysis and weaker appendages. Based on technology movement, the market is segmented into stationary technology movement and mobile technology movement. Stationary exoskeleton gives power assistance over the week limbs and aids the body parts to get stronger. Mobile exoskeleton supports powered knee or hip motion to enable individuals with spinal cord injuries to stand & walk. Based on technology, market is segmented into active, semi-passive and passive. Based on drive, market is segmented into electric actuator, fuel cell, hydraulic actuator, fully mechanical, electric servo and others. Based on the end-user, market is classified into defense or military, healthcare and industrial.
The global exoskeleton market is driven by growing demand from healthcare sector for robotic rehabilitation, followed by huge investment for the development of the exoskeleton technology, growing research & development (R&D) activities, increasing prevalence of spinal cord injuries (SCIs), increase in demand for motor-equipped robots and advancement in robotic technologies. Apart from benefits, risks involved with using exoskeletons due to vague safety guidelines is a major restraint factor associated with market. Some of the other factors hindering factors associated with the market include strict government regulations and high costs associated with devices.
North American region dominates global exoskeleton market owing to rise in purchasing power of patients and increase in geriatric population. The European region held the second largest market share due to high penetration of aged population. The global market for exoskeleton is estimated to grow at a CAGR of about 53.6% over the forecasted period, and is expected to reach US $950 million USD by 2024, from US $110 million in 2019.
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Ankur Gupta, Head Marketing & Communications