According
to a report by Grand View Research, Inc.; the global exoskeleton market is projected
to achieve around USD 3.3 billion by 2025. Growing cases of spinal cord
injuries and paralysis are anticipated to propel the market growth over the
forecast period (2018 to 2025). Exoskeletons can support patients recovering
from various injuries. Technological advancements in medical devices through
R&D is likely to stimulate demand for exoskeletons in near future.
Rising
cases of paralysis and physical injuries owing to increasing geriatric
population is anticipated to propel the growth of the exoskeleton market. High adoption
in rehabilitation therapies for elderly and disabled patients can positively influence
market in the coming years. Regular technological advancements to support the disabled
to walk and move can spur the market expansion. High prevalence of nervous
system trauma is expected to further fuel the demand for exoskeleton in the
next few years. Increasing use of exoskeletons to treat the patients suffering
from spinal cord injuries is predicted to foster growth of the market during
the forecast period.
Full Research Report On Exoskeleton Market Analysis: https://www.grandviewresearch.com/industry-analysis/exoskeleton-market
The
worldwide exoskeleton market can be segregated on the basis of technology type,
drive type, applications, and region. Based on technology type, the market can be
bifurcated into mobile and stationary. In 2015, the mobile exoskeleton segment
dominated the market. However, stationary the exoskeleton segment is likely to
witness significant growth over the forecast period owing to high prevalence of
spinal cord injuries and the use of stationary exoskeleton for rehabilitation.
Both
stationary and mobile exoskeleton segments can be further segmented into active
and passive systems. High demand for motor-equipped robots to support human
body mechanics coupled with increasing R&D activities are likely to impel the
use of active exoskeletons. In addition, availability of supportive
reimbursement policies can contribute to market growth in the next few years.
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Research At: https://www.grandviewresearch.com/industry/medical-devices
Based
on drive type, the market can be classified into hydraulic actuators, pneumatic
actuators, electric servo actuators, fully mechanical exoskeletons, fuel cell,
electric actuators, and shape memory alloy actuators. In 2015, electric
actuators dominated the global market in terms of revenue share. The fuel cell
segment, on the other hand, is anticipated to exhibit steady growth in the forthcoming
years owing to growing awareness regarding their advantages over electric
actuators. In addition, increasing adoption of stationary fuel cells in
multiple applications to offer uninterruptable power supply can further boost growth
of the market.
Based
on applications, the exoskeleton market can be divided into military,
healthcare, and industrial. In 2015, healthcare segment dominated the overall market
owing to increasing use of exoskeletons for elderly care, rehabilitation, and
assistive living facilities. In addition, increasing number of the Food and Drug
Administration (FDA)[RSJ1] approvals can
amplify market growth overt the forecast period.
However,
the industry segment is estimated to witness the highest growth in terms of revenue
over the forecast period owing to increasing number of work-related injuries.
In addition, growing awareness regarding the benefits of exoskeleton in industrial
setups can further spur market growth. Moreover, high demand for advanced
techniques to empower people in manufacturing, construction, and distribution sectors
can further amplify demand for exoskeletons.
Regional
segmentation includes Europe, North America, Asia Pacific, Latin America, and
Middle East and Africa. In 2015, North America dominated the market owing to
increasing number of geriatric population coupled with rising purchasing power
of patients. In addition, growing adoption of exoskeletons in healthcare, military,
consumer industries can influence growth of the market for exoskeletons during
the forecast period. Furthermore, high prevalence of public and private
institutions offering grants for manufacturing of high-end products can fuel
growth of the market in the coming years.
In
Asia Pacific, the market is anticipated to exhibit highest growth in the coming
years owing to high prevalence of spinal cord injuries (SCIs) and strokes. In
addition, growing number of patients and their disposable income coupled with
easy availability of government funding can spur market growth in the region.
Some
of the leading companies in the global exoskeleton market are ReWalk Robotics
Ltd.; Ekso Bionics; Cyberdyne, Inc.; ActiveLink (Panasonic Corporation); and Rex
Bionics Plc. Most companies are focusing on R&D investments to develop new
and innovative exoskeletons to sustain competition and to gain bigger market
share in the forthcoming years.
Access Full Press Release of this Report: https://www.grandviewresearch.com/press-release/global-exoskeleton-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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