“Growing demand from healthcare sector for robotic rehabilitation, advancements in robotic technologies, and huge investments for the development of exoskeleton technology”
The exoskeleton market is expected to reach USD 2,810.5 million by 2023 from USD 299.8 million in 2017, at a CAGR of 45.2% between 2017 and 2023. This growth can be attributed to the growing demand from healthcare sector for robotic rehabilitation, advancement in robotic technologies, and huge investment for the development of exoskeleton technology. However, stringent government regulations pertaining to medical applications restrict the growth of the exoskeleton market.
“Hardware component held a larger share of the exoskeleton market in 2016”
The hardware components add major value to the overall exoskeleton cost; hence, the hardware segment accounted for a larger share of 88.8% of the overall exoskeleton market in 2016. Among different hardware components, control systems accounted for the largest market share in 2016.
“Powered exoskeletons to grow at a higher CAGR during the forecast period”
The market for powered exoskeletons is expected to grow at a higher CAGR between 2017 and 2023. At present, powered exoskeletons are used mainly in the healthcare vertical to assist people with disabilities, but with the introduction of cost-effective system and because of its additional benefits over the passive ones, powered exoskeletons will find its way in several new verticals, ultimately resulting in the high growth of the segment during the forecast period.
“Mobile exoskeletons held a larger share of the exoskeleton market in 2016”
Mobile exoskeletons accounted for a larger share of the overall exoskeleton market in 2016. The basic concept to use exoskeletons is to provide mobility to people, which can be achieved only by using mobile exoskeletons; hence, there is more demand for mobile exoskeletons than the stationary ones.
“Market for full body exoskeletons to grow at a higher CAGR during the forecast period”
The market for full body exoskeletons is expected to grow at the highest CAGR between 2017 and 2023. This is mainly because of the growing interest of the government of various countries toward the development of full body exoskeletons owing to the advantages these exoskeletons provide in the defense sector. The security and defense sectors of several countries are investing heavily for the development of technology to further strengthen their security forces on borders.
“Healthcare vertical held a larger share of the overall exoskeleton market in 2016”
Exoskeletons are being widely deployed at rehabilitation centers for therapies and are used by the people with disability for personal assistance; owing to this, the healthcare vertical accounted for the largest share of the exoskeleton market in 2016. Rehabilitation robotic systems include assistive robots, orthotics, and prosthetics exoskeletons.
“Americas was the largest shareholder in 2016, whereas APAC would be the fastest-growing region in the exoskeleton market during forecast period”
The Americas held the largest share of the exoskeleton market in 2016. The Americas being the early adopter of exoskeletons for all major verticals such as healthcare, industrial, and defense and a home to some well-known players of the exoskeleton market has the maximum demand for exoskeletons. The market in APAC is expected to grow at the highest CAGR between 2017 and 2023. APAC is likely to adopt exoskeletons for almost all major verticals such as healthcare, industrial, and defense during the forecast period. As the elderly and disabled population in APAC countries, namely China and Japan is on the rise, the region is expected to employ exoskeletons for the rehabilitation and personal assistance applications.
The breakup of primaries conducted during the study is depicted below.
By Company Type: Tier 1 — 55%, Tier 2 — 20%, and Tier 3 — 25%
By Designation: C-Level Executives —75% and Directors — 25%
By Region: Americas — 10%, Europe — 20%, APAC — 40%, and RoW — 30%
Some key players in the exoskeleton market include Bionik Laboratories (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (US), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai Motor (South Korea), Lockheed Martin (US), Meditouch (Israel), Ottobock (Germany), ReWalk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics (South Korea), suitX (US), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (US), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (US), and Wandercraft (France).
Factors such as increasing adoption of human augmentation in industrial and military sectors, introduction of soft actuators, and adoption of the technology by insurance companies in their plans are expected to generate opportunities for the players in the exoskeleton market.
• This report includes the market statistics pertaining to the exoskeleton component, type, mobility, body part, vertical, and geography, along with their respective market size.
• Major drivers, restraints, opportunities, and challenges pertaining to the exoskeleton market have been detailed in the report.
• Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders.
• Strategic profiling of the key players in the exoskeleton market has been done, and players’ ranking has been provided and core competencies have been comprehensively analyzed.
Reasons to Buy the Report
The report would help leaders/new entrants in the exoskeleton market in the following ways:
1. This report segments the exoskeleton market comprehensively and provides the closest market size estimation for segments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain insights to improve their position in the business. The competitive landscape section includes the competitor ecosystem, product launches, acquisitions, expansions, and collaborations.