Market Research Report
Global Wearable Robotic Exoskeleton Market, by Value and Volume: Focus on Mode of Operation, End User, Application, Material Type, and Limb Type - Analysis & Forecast, 2018-2028
|Published by||BIS Research Inc.||Product code||767012|
|Published||Content info||224 Pages
Delivery time: 1-2 business days
|Global Wearable Robotic Exoskeleton Market, by Value and Volume: Focus on Mode of Operation, End User, Application, Material Type, and Limb Type - Analysis & Forecast, 2018-2028|
|Published: December 31, 2018||Content info: 224 Pages||
Global Wearable Robotic Exoskeleton Market to Grow at a CAGR of 43.48% from 2018-2028
The wearable robotic exoskeleton market is expected to witness a high growth rate owing to the increasing demand for exoskeletons used for rehabilitation therapy, proliferation of geriatric population, and rapid technological advancements in artificial intelligence and robotics. The growing demand for exoskeletons for varied applications, such as rehabilitation, assistance, body part support, and sports is a major factor for the growth of the wearable robotic exoskeleton market. Furthermore, the wearable robotic exoskeleton market has been a significant area of focus in the robotics industry so as to deliver consistent & repeatable movement therapy; improve endurance & safety in industrial settings; bring new capabilities to fighting forces; increase productivity at work place; reduce the risk of injury; and facilitate recreational activities such as skiing, golfing, and hiking, among others.
According to BIS Research analysis, the global wearable robotic exoskeleton market generated $127.4 million in 2017 and is estimated to grow at a CAGR of 43.48% during 2018-2028. Asia-Pacific is expected to have the highest growth rate during the forecast period 2018-2028.
Following points provide a detailed description of the topics covered in the report:
The need for efficient rehabilitation therapy through machines and robots has led to enormous traction for the wearable robotic exoskeleton market. These advanced technological devices are widely used to restore and augment the normal human movements lost due to neuromuscular disorders. Apart from rehabilitation purpose, the exosuits have comprehensive potential in assistive and body parts support applications due to which these devices have been prominently adopted by elderly people and by manufacturing, construction, and logistics industries. The wearable robotic technology is still in its growing stage but has an ability to bring wide adoptability for the end-user industries. In the span of three years (2016-2018), the industry has witnessed several product launches and research and development activities. In a nutshell, the ongoing developments underline a change undergoing in the wearable robotics industry with exoskeletons emerging as the next big thing for rehabilitation and assistive applications.
The wearable robotic exoskeleton market witnessed a high growth rate owing to the increasing demand of exoskeletons for rehabilitation, global proliferation of geriatric population, and rapid technological advancements in artificial intelligence and robotics. Recent innovations and government funding and initiatives in robotic exoskeleton components and services have enabled the robotic exoskeleton technology to reach a wider segment of consumers in the industry.
However, stringent government regulations for exoskeletons and higher cost of production contribute as the major challenges for the market. Increasing popularity of exoskeletons in the industrial sector and growing interest of insurance companies toward exoskeletons for rehabilitation are the major factors, which are expected to create lucrative opportunities for the market in the next five years.
Some of the key players in the global wearable robotic exoskeleton market include ATOUN Inc, B-Temia Inc., Bionik Laboratories Corp., Cyberdyne Inc., Daiya Industry Co., Ltd., Ekso Bionics Holdings, Inc., Focal Meditech BV, Honda Motor Co., Ltd., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Myomo Inc., P&S Mechanics Co. Ltd., Parker Hannifin Corporation, ReWalk Robotics Ltd., and Rex Bionics Ltd. At the same time, a number of startup companies have ventured into the market to provide launching solution to varied end users including healthcare, industrial, commercial, and defense. Europe and Asia-Pacific are prominent regions where new startup companies have shown interest.
In terms of value, the global wearable robotic exoskeleton market accounted for $127.4 million in the year 2017 and is expected to grow at a significant CAGR during the forecast period 2018-2028. The global wearable robotic exoskeleton market has been segmented into four end-users: healthcare, industrial, commercial, and defense. The healthcare end user segment acquired the largest share in 2017 owing to relatively high prices of healthcare exoskeleton devices; however, defense end user segment is expected to grow at the highest CAGR during the forecast period 2018-2028.
In addition, the wearable robotic exoskeleton market is also classified on the basis of application, material type, and limb type. The global wearable robotic exoskeleton market has been segmented into two material types: hard exoskeleton and soft exoskeleton. The hard exoskeleton segment acquired the largest share in 2017 due to majority of companies developing hard exosuits. However, soft exoskeleton is expected to grow at the highest CAGR during the forecast period 2018-2028.
Europe accounted for the highest share of the market in 2017 owing to the maximum number of robotic companies present in the region as well as high government spending in the healthcare segment. However, Asia-Pacific North America is expected to witness the highest growth during the forecast period 2018-2028, mainly driven by the increasing focus of nations such as Japan, China, and South Korea on adopting exosuits to cope with the shrinking workforce due to the increasing ratio of aged population by developing exoskeleton technologies to aid the elderly population for not only medical application but also industrial and defense applications.