Smart Exoskeleton Market Size, Competitive Landscape, Regional Outlook and Driving Factors Analysis 2027
Market Synopsis
The global smart exoskeleton market size was valued at USD 3,345.3 million in 2018 and is expected to reach USD 5,290.1 Million by the end of the forecast period at a CAGR of 8.2%.
Market Highlights
The development of the smart exoskeleton industry has increased due to the growing adoption of exoskeletons by individuals suffering from physical and neurological disabilities. In addition , the growing geriatric population has led to an increase in the number of fall-related injuries and similar occurrences. The construction of these exoskeletons has been durable and stable in the past, allowing the wearer to avoid falls and serious injuries. Growing demand for the protection of workers in industrial applications is expected to drive the growth of the Smart Exoskeleton Market. Increasing the adoption of exoskeletons by elderly people and people with various capacities often fuelle market growth. It is also expected to help the smart exoskeleton market expand during the forecast era. But there are certain factors that could restrict the smart exoskeleton market 's growth. These include high costs incurred in the design and manufacture of intelligent exoskeletons, and stringent government controls for the use of such wearable devices.
Market Segmentation
The global market for smart exoskeleton has been segmented based on type, component, application, and vertical.
Based on type, the global smart exoskeleton market has been bifurcated into ultra-soft exoskeletons, soft exoskeletons, and rigid exoskeletons.
Based on component, the global smart exoskeleton market has been bifurcated into hardware and software. Furthermore, the hardware segment has been bifurcated into sensors, actuators, power sources, control systems, and others.
By application, the global smart exoskeleton market has been bifurcated into upper limbs, lower limbs, and full body.
Based on vertical, the global smart exoskeleton market has been bifurcated into industrial, healthcare, military, and others.
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Regional Analysis
Region-wise, the global smart exoskeleton market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The North American market is predicted to dominate the global smart exoskeleton market, followed by Europe, Asia Pacific, and the rest of the world. The market for smart exoskeletons in North America can be driven by the growing geriatric population and demand from differently abled individuals. Manufacturing facilities have also adopted exoskeletons to help workers lift heavy equipment effortlessly and carry out tasks with ease. It is projected that the European market is experiencing stable yet exponential growth due to well-developed infrastructure and the growing adoption of exoskeleton for manual lifting of equipment and machinery. However, the Asia Pacific market is expected to have the fastest growth during the forecast period 2019-2024. High demand for self-assisting exoskeletons in Japan, China, and South Korea by individuals is expected to increase the share of smart exoskeletons in the region.
Key Players
MRFR has classified a few companies as leading players in the global smart exoskeleton market. These include Ekso Bionics Holdings, Inc. (US), Parker Hannifin Corp. (US), ReWalk Robotics (US), Ottobock (Germany), Lockheed Martin Corporation (US), CYBERDYNE Inc. (Japan), DIH Technologies Corporation (China), US Bionics (US), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), Gogoa.eu (Spain), ATOUN Inc. (Japan), RB3D (France), BIONIK (Canada), and Honda Motor Co., Ltd (Japan).
Apart from the players mentioned above, Sarcos Corp. (US), Technaid SL (Spain), Focal Meditech (Netherlands), Hocoma (Switzerland), Wearable Robotics SRL (Italy), and B-TEMIA Inc. (Canada) also have a major presence in the global smart exoskeleton market.
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