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Exoskeleton Market to Garner Sizeable Returns from Mobile Product Over 2019 – 2026

Author : Ronak Bora | Published Date : 2019-05-03 

Based on product, mobile exoskeleton market revenue share is expected to witness highest growth over the forecast timeframe. Technological advancement in products and reduction in cost supported by smaller and powerful motors, inexpensive gyroscope and accelerometer provide the users with the required ease of mobility. Additionally, increasing usage in rehabilitation from stroke, and other physical disabilities will support the segment growth.

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Limitations associated with existing systems that include affordability, weight, size, speed, and efficiency, are projected to hamper the exoskeleton market share over the forecast timeframe. Researchers are working for the development of lightweight, affordable, and easy to use systems, to overcome limitations and provide increased user support. However, this in turn has led to significant increase in the investments, hampering the profitability of the existing industry participants

Based on applications exoskeleton market divided into healthcare, industrial, and military sectors. The introduction of new technologies across the healthcare sector to ensure the safety coupled with the allocation of funds for healthcare will spur the product penetration. Healthcare applications are expected to emerge as the dominant application segment by 2026, owing to the rising demand for rehabilitation spurred by disorders such as Parkinson’s disease, spinal cord injuries, and other gait disorders. Not to mention, exoskeletons offer numerous benefits to healthcare providers, reducing the burden that therapists endure during training and therapy.

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Exoskeletons are rapidly gaining momentum across myriad geographies. The huge presence of exosuit manufacturers and escalated product demand across military & healthcare sectors are anticipated to stimulate APAC exoskeleton market outlook. This regional market, as per estimates, is expected to record the highest CAGR over 2019-2026.

Mounting awareness about the beneficial use of industrial robotics in manufacturing activities and the rise in the production of wearable robots across the defense sector are predicted to be the key factors driving APAC exoskeleton market, with China and South Korea forecast to be the major revenue pockets. Additionally, countries such as Japan, and China have also been undertaking extensive R&D initiatives that would help impel exoskeleton market. For example, in the year 2018, Norinco, a state-owned manufacturer in China, brought forth military exosuits in order to aid the weight carrying capacity of armed forces.

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Major corporations such as ReWalk Robotics, Lockheed Martin, REX Bionics, Panasonic Corporation, and Cyberdyne Incorporation have made remarkable contributions toward augmenting exoskeleton market size in recent years. The recent breakthroughs witnessed across the business landscape indeed validate the claims put forward by market analysts, who state that exoskeleton industry would be worth more than USD 3.5 billion by 2026.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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