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Exoskeleton Market Outlook: Healthcare Application will Hold Dominant Industry Share

Author : Ronak Bora | Published Date : 2019-04-05 

Healthcare application segment will hold dominant exoskeleton Market share through the forecast period. Growing rehabilitation requirement for disorders that include Parkinson’s disease, gait disorders and spinal cord injuries are expected to drive the system deployment in healthcare centers. Chief benefits offered to heath care providers include reduced burden on therapists to support during training and improved therapy results.

Increasing incident rates of stroke, spinal cord injury (SCI), or other diseases coupled with the growing number of accidents will drive the overall patient number suffering from mobility disorders. Over 15 million people are paralyzed and unable to walk, that in turn will provide strong growth opportunities for the exoskeleton Market. Research and development projects to reduce the overall costs and enhance its applications in military, industrial and recreational sectors will further support the industry expansion through 2026.

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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.

Active exoskeleton Market will witness highest growth owing to considerable requirement from industrial field coupled with technological advancement including fusion of man, machine, and information. For instance, Cyberdyne, Inc. developed Hybrid Assistive Limb (HAL) product for the usage of operations in nuclear power plants. Additionally, advantages associated with powered systems such as increased power output, strengthened support, and effective performance in enabling the human mobility will further support the segment growth.

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Asia Pacific exoskeleton Market will witness highest CAGR over the forecast period due to the high number of research and development initiatives by Japan, South Korea, and China in medical and military sectors. For instance, in 2018, Norinco, a state-owned manufacturer in China, introduced military exosuits to boost weight carrying capacity of armed forces. Additionally, China Shipbuilding Industry have deployed exoskeletons for shipyard workers, and military engineers have developed L-70 for their armed forces applications.

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

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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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