Smart Exoskeleton Market Segmentation, Application, Technology, Analysis and Forecast 2019 to 2024
Market Highlights
The smart exoskeleton market is a wearable device that consists of sensors and actuators to monitor and control the movements of individuals suffering from gait abnormalities and similar physical disorders. In the past, the design of these Same exoskeletons was sturdy and rigid, which enabled the wearer to prevent falls and severe injuries. Increasing demand for worker’s safety in industrial applications is projected to fuel the growth of the smart exoskeleton market. Also, the rising adoption of exoskeletons by elderly and differently abled population is fueling market growth. However, high costs of smart exoskeletons along with stringent government regulations are hampering the market growth.
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Key Players
The key players in the smart exoskeleton market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Lockheed Martin Corporation (US), ReWalk Robotics (US), CYBERDYNE Inc. (Japan), Ottobock (Germany), Ekso Bionics Holdings, Inc. (US), Rex Bionics Ltd. (UK), Parker Hannifin Corp. (US), ATOUN Inc. (Japan), DIH Technologies Corporation (China), RB3D (France), Hyundai Motor Company (South Korea), US Bionics (US), Gogoa.eu (Spain), BIONIK (Canada), and Honda Motor Co., Ltd (Japan). The companies are focused on upgrading in their existing product portfolios as well as launching innovative products by investing in research and development to analyze the changing market trends.
Market Segmentation
The worldwide Smart Exoskeleton Market segments specified in the MRFR report include type, component, application and vertical.
With regard to the type, the global smart exoskeleton market is considered for soft exoskeletons, rigid exoskeletons, and ultra-soft exoskeletons.
Component-based segments in the global smart exoskeleton market are software and hardware. The hardware segment can be further split into sensors, actuators, power source, control systems, and others.
Depending on the application, the global smart exoskeleton market consists of upper limbs, lower limbs, and full body.
Vertical-wise, the global smart exoskeleton market comprises industrial, healthcare, military, and others.
Regional Outlook
MRFR has probed into every aspect of the smart exoskeleton market, wherein the geographical analysis has been done with respect to Europe, Asia Pacific (APAC), North America, and the rest of the world (RoW) which include South America and Middle East & Africa.
Data analysts are of the view that North America can be the leading market for smart exoskeleton market during the forecast period. Europe, APAC, and RoW will follow suit, in that order.
The main factors responsible for the formidable market position in North America include the expanding geriatric population and the rising purchasing power of patients. The United States (U.S.) stands as the most lucrative market for smart exoskeleton in the region, given the surge in the adoption rate of exoskeletons in diverse segments such as rehabilitation centers, healthcare, military as well as industrial processes.
The smart exoskeleton market in Europe is expected to be the second largest, with predictions of it noting exponential growth in the following years. The vigorous market growth is in response to the highly developed infrastructure coupled with increasing adoption of exoskeleton for manual lifting of machinery and equipment. Well-established health care infrastructure, along with easy availability of sophisticated technology products also ensure market success in the region. Presence of high-income countries and extensive research activities also induce market growth in the region.
The exoskeleton market in APAC is believed to note the highest growth rate during the estimation period, banking heavily on the robust demand for self-assisting exoskeletons in Japan, South Korea, and China. Furthermore, expanding geriatric population combined with rising prevalence of strokes & spinal cord injuries (SCIs), surging disposable income, presence of an expansive patient pool, and availability of government funding are also favoring the regional market to a great extent.
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Latest News
May 2019
Alibaba entered a partnership with Bottos for the development of a smart exoskeleton robot that helps reduce the physical pressure on workers, thereby enhancing efficiency. The smart robot makes extensive use of human-machine and artificial intelligence technologies to conduct manual operations, such as sorting, picking, loading, unloading, and storing within the warehousing and logistics industry.
Intended Audience
- Raw Material and Manufacturing Equipment Suppliers
- Integrated Device Manufacturers (IDMs)
- Research Organizations and Consultancies
- Government and Regulating Authorities
- Organizations, Forums and Alliances Related to Smart Exoskeleton
- Electronic Design Automation (EDA) and Design Tool Vendors
- Technology Experts
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