As per Market Research Future (MRFR), the global smart exoskeleton market size is expected to reach USD 5,290.1 million with a CAGR of 8.2% from 2019 to 2024 (forecast period). The report presents the strengths, opportunities, challenges, and potential business risks and provides a holistic overview of the global market climate with the results of COVID-19.
A smart exoskeleton is a wearable mechanical device fitted with electric motors, levers, hydraulic systems, and simulation software used to improve the strength of the limbs. These devices replicate the structure of human limbs, muscles, and joints, allowing users to perform tasks rapidly and efficiently. Smart exoskeletons, together with advanced technologies, identify and track the movements of the wearer and provide the necessary assistance. Earlier, these exoskeletons were used for various military and defense applications, but now their use cases have extended to medical rehabilitation and mobility for individuals with paraplegic disorders.
The smart exoskeleton industry's growth has increased due to the adoption of exoskeletons by individuals with physical disabilities and neurological disorders. In addition, the growing geriatric population has resulted in a rise in the number of fall-related injuries and similar cases. This is expected to promote the growth of the Smart Exoskeleton Market during the forecast period. There are, however, some factors that could limit the development of the smart exoskeleton market. These include high costs incurred for the design and manufacture of smart exoskeletons and stringent government regulations to use these wearable devices.
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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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.
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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Table of Content:
Global Smart Exoskeleton Market Definition and Scope
Global Smart Exoskeleton Market Dynamics
Global Market: Industry Analysis
Global Smart Exoskeleton Market by Method
Global Market by, style
Global Market by, Application
Global Smart Exoskeleton Market, Regional Analysis
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