The Exoskeleton Market was valued at US$ 87.9 million in 2016 and is projected to reach US$ 2,288.3 million by 2025, exhibiting a CAGR of 44.16% during the forecast period, according to Exoskeleton market report, by Offering (Hardware, and Software), by Product Type (Powered and Passive), by Mobility (Stationary and Mobile), by Body Parts (Lower Extremities, Upper Extremities, and Full Body), by Vertical (Healthcare, Military, Industrial and Others), and by region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Exoskeletons for industrial application offers various advantages in their workplace, which includes reduction in work related injuries. Also, lightweight of exoskeleton enables lowering worker fatigue, which is responsible for increasing attentiveness of workers, productivity, and work quality. Robotic exoskeletons find widespread application across various industries, which includes healthcare, construction, military, logistics, warehouse and industrial automation. They have ability to rehabilitate patients suffering from physical or neurological syndromes. Furthermore, it enhances physical strength of the patient, along with efficiency, performance and capability. Owing to these reasons, exoskeletons are encouraging research institutes and technology developers to rapidly innovate these solutions and technique. Exoskeletons can also be integrated with artificial intelligence, predictive analytics, and virtual reality to deliver an actually futuristic solution.
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Key Trends and Analysis of the Global Exoskeletons Market:
- On the basis of body parts, full body exoskeletons are expected to grow at a highest CAGR during the forecast period. The market for full body exoskeletons are expected to be valued over US$ 507.3 million by 2025. This growth is attributed to increased demand of full body exoskeletons from military and healthcare application. Increasing government investments for the development of exoskeletons for military and healthcare application, in also influencing the market growth. For instance, Innovate UK, which is a government agency of U.K., has funded US$ 31 million on wearable robotics. This factor is expected to boost global exoskeletons market growth during the forecast period.
- On the basis of verticals, healthcare segment accounted for largest share in the global exoskeleton market in 2016 and is expected to retain its dominance during the forecast period. Exoskeleton market in healthcare segment is expected to be valued about US$ 1.26 billion by 2025. This growth is attributed to advantages features offered by exoskeletons that are in highly demand in medical rehabilitation. Exoskeletons are responsible for supporting those patients who are having physical disorder, by helping them to walk, stand, and carry heavy objects. This is the major factor that is responsible for this segmental growth.
- On the basis of geography, North America is estimated to account for the largest market share in global exoskeleton market in 2016 and it is expected to retain its dominance during the forecast period. The market for North America is expected to grow at a CAGR of 20.59% by 2025. Growth of the region is attributed to increasing adoption of exoskeletons in healthcare sector. For instance, according to the Disability Statistics Center, in 2000, around 1.7 million Americans used wheelchairs or power scooters for mobility. These factors are fueling growth of exoskeleton market.
- Major players operating in the global exoskeleton market are Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd., Rex Bionics Plc., Lockheed Martin Corporation, Suit X (U.S. Bionics, Inc.), RB3D, Hocoma, DIH Technologies, Focal Meditech, and Ottobock.