According to Coherent Market Insights, the global exoskeleton market is projected to exhibit an impressive CAGR of 44.16% over the forecast period (2018 – 2026).
To know the latest trends and insights prevalent in this market, click the link below:
Key Trends and Analysis of the Exoskeleton Market:
Increasing demand for exoskeletons for rehabilitation application in disabled and old-age patients is expected to boost growth of the exoskeleton market during the forecast period. Moreover, increasing geriatric population across the world, increasing advancements in robotic technologies, rising demand for exoskeletons for military applications owing to use of automated technologies are some of the major factors contributing to growth of the global exoskeleton market. For instance, according to Coherent Market Insights’ analysis, 960 million population of people aged 60 or above was recorded in 2017, with an annual growing rate of 3% worldwide. However, high cost of exoskeleton systems and stringent government regulations pertaining to medical applications are some of the factors restraining growth of the exoskeleton market.
The global exoskeleton market is segmented on the basis of offering, product type, mobility, body parts, and verticals. Among offering, hardware segment held the dominant position in the market in 2018, owing to high cost of components used in manufacturing the exoskeleton system. .
Exoskeleton suits offer assistance in lifting and reducing stress on human body. Industrial applications are increasing with the adoption of tool handling exoskeletons, body-powered suits, and powered gloves for reducing fatigue among workers. Therefore, increasing demand for exoskeletons in industrial and construction applications to improve work efficiency while reducing injuries and fatigue is further expected to contribute to growth of the exoskeleton market during the forecast period.
Among product type, powered skeleton segment held the dominant position in the market in 2017, and is expected to retain its position throughout the forecast period. This is owing to increasing demand for powered exoskeletons in the healthcare sector to assist people with rehabilitation facilities suffering from disabilities. Moreover, powered exoskeletons are more energy-efficient than passive exoskeletons. This also leads to higher cost of powered exoskeletons compared to passive exoskeletons due to compiled advanced technologies such as electric motors, levers, pneumatics, and hydraulics arrangements.
North America is estimated to be the largest market for exoskeleton in 2018, and is expected to maintain its dominance during the forecast period. The U.S. held the largest share in North America exoskeleton market in 2017, owing to increasing adoption of exoskeletons across various applications such as military & industrial applications and increasing R&D investment by major vendors in order to develop and upgrade existing products. For instance, in 2014, Ekso Bionics Holdings Inc. received a P20 Exploratory Grant from the National Institutes of Health to develop an exoskeleton prototype for children.
Asia Pacific is expected to be the fastest growing market for exoskeleton during the forecast period. This is owing to increasing geriatric population that may be prone to rising health issues, strokes, and body movement disorders. For instance, according to China National Committee on Aging (CNCA), in 2017, China’s geriatric population reached over 241 million, which represents over 70% of the total population. The geriatric population is projected to reach around 487 million by 2050.
Major vendors in the industry are focused on developing innovative products in order to enhance their market share. For instance, in January 2019, Ekso Bionics Holdings Inc. — a key developer of exoskeleton technologies for medical and industrial applications — signed a joint venture agreement worth US$ 100 Mn with Zhejiang Youchuang Venture Capital Investment Co., Ltd (ZYVC) for developing and offering products in China and other countries in Asia Pacific.
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Key Market Takeaways:
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