According to a report by Grand View
Research, Inc.; the global exoskeleton
market is projected to achieve around USD 3.3 billion by 2025. Growing
cases of spinal cord injuries and paralysis are anticipated to propel the
market growth over the forecast period (2018 to 2025). Exoskeletons can support
patients recovering from various injuries. Technological advancements in
medical devices through R&D is likely to stimulate demand for exoskeletons
in near future.
Rising cases of paralysis and physical
injuries owing to increasing geriatric population is anticipated to propel the
growth of the exoskeleton market. High adoption in rehabilitation therapies for
elderly and disabled patients can positively influence market in the coming
years. Regular technological advancements to support the disabled to walk and
move can spur the market expansion. High prevalence of nervous system trauma is
expected to further fuel the demand for exoskeleton in the next few years.
Increasing use of exoskeletons to treat the patients suffering from spinal cord
injuries is predicted to foster growth of the market during the forecast period.
The worldwide exoskeleton market can
be segregated on the basis of technology type, drive type, applications, and
region. Based on technology type, the market can be bifurcated into mobile and
stationary. In 2015, the mobile exoskeleton segment dominated the market.
However, stationary the exoskeleton segment is likely to witness significant
growth over the forecast period owing to high prevalence of spinal cord
injuries and the use of stationary exoskeleton for rehabilitation.
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of Exoskeleton Market@ www.grandviewresearch.com/industry-analysis/exoskeleton-market
Both stationary and mobile exoskeleton
segments can be further segmented into active and passive systems. High demand
for motor-equipped robots to support human body mechanics coupled with
increasing R&D activities are likely to impel the use of active
exoskeletons. In addition, availability of supportive reimbursement policies
can contribute to market growth in the next few years.
Based on drive type, the market can be
classified into hydraulic actuators, pneumatic actuators, electric servo
actuators, fully mechanical exoskeletons, fuel cell, electric actuators, and
shape memory alloy actuators. In 2015, electric actuators dominated the global market
in terms of revenue share. The fuel cell segment, on the other hand, is
anticipated to exhibit steady growth in the forthcoming years owing to growing
awareness regarding their advantages over electric actuators. In addition,
increasing adoption of stationary fuel cells in multiple applications to offer
uninterruptable power supply can further boost growth of the market.
Based on applications, the exoskeleton
market can be divided into military, healthcare, and industrial. In 2015,
healthcare segment dominated the overall market owing to increasing use of
exoskeletons for elderly care, rehabilitation, and assistive living facilities.
In addition, increasing number of the Food and Drug Administration (FDA)
approvals can amplify market growth overt the forecast period.
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However, the industry segment is
estimated to witness the highest growth in terms of revenue over the forecast
period owing to increasing number of work-related injuries. In addition,
growing awareness regarding the benefits of exoskeleton in industrial setups
can further spur market growth. Moreover, high demand for advanced techniques
to empower people in manufacturing, construction, and distribution sectors can
further amplify demand for exoskeletons.
Regional segmentation includes Europe,
North America, Asia Pacific, Latin America, and Middle East and Africa. In
2015, North America dominated the market owing to increasing number of
geriatric population coupled with rising purchasing power of patients. In
addition, growing adoption of exoskeletons in healthcare, military, consumer
industries can influence growth of the market for exoskeletons during the
forecast period. Furthermore, high prevalence of public and private
institutions offering grants for manufacturing of high-end products can fuel
growth of the market in the coming years.
In Asia Pacific, the market is
anticipated to exhibit highest growth in the coming years owing to high
prevalence of spinal cord injuries (SCIs) and strokes. In addition, growing
number of patients and their disposable income coupled with easy availability
of government funding can spur market growth in the region.
Some of the leading companies in the
global exoskeleton market are ReWalk Robotics Ltd.; Ekso Bionics; Cyberdyne,
Inc.; ActiveLink (Panasonic Corporation); and Rex Bionics Plc. Most companies
are focusing on R&D investments to develop new and innovative exoskeletons
to sustain competition and to gain bigger market share in the forthcoming
years.
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Exoskeleton Market@: www.grandviewresearch.com/press-release/global-exoskeleton-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based Neurorehabilitation Devices Automated Dispensing Machine Market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer Neurorehabilitation Devices
Automated Dispensing Machine Market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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More Information: www.grandviewresearch.com
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