Smart Exoskeleton Market Highlights
The global smart exoskeleton market size was USD 3,345.3 million in 2018 and can reach USD 5,290.1 Million by 2024, reveals Market Research Future (MRFR). The market is on its way to attaining a healthy CAGR of 8.2% during the forecast period (2019-2024).
Top Drivers and Primary Challenges
The smart exoskeleton market has significantly developed over the years and can register tremendous growth during the forecast period. Smart exoskeleton can be described as an equipped wearable suit that helps improve client wellbeing, and at the same time, accelerating the general speaking human productivity for separate undertakings. The smart exoskeleton makes use of brilliant calculations, which change as per the human body movements, which helps accomplish ideal execution.
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Increment of use of smart exoskeletons for restoration of individuals that suffer from physical inabilities as well as neurological issues could help the worldwide smart exoskeleton market advance in the near future. Increasing speculations for creating lightweight, vitality productive, and imaginative exoskeletons all over the world are expected to offer worthwhile opportunities for market progression in the years to come.
Other important growth-inducing factors in the market include growing insurance coverage for medical exoskeletons coupled with the introduction of soft actuators. Strong demand for self-assisting exoskeletons, especially in countries like Japan, South Korea, and China can work in favor of the smart exoskeletons market.
ReWalk Robotics (US), Parker Hannifin Corp. (US), Lockheed Martin Corporation (US), Ekso Bionics Holdings, Inc. (US), DIH Technologies Corporation (China), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), RB3D (France), Gogoa.eu (Spain), ATOUN Inc. (Japan), Honda Motor Co., Ltd (Japan), BIONIK (Canada), CYBERDYNE Inc. (Japan), US Bionics (US), Ottobock (Germany), are the top players in the worldwide smart exoskeleton market.
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.
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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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.
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
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