The Wyss-ReWalk partnership inked in Q3 2017 sent out waves of anticipation across exoskeleton market, based on the premise of the fact that both the organizations have been striving toward helping people with physical impairments. Elaborating further, ReWalk recently made it to the headlines for working on an exoskeleton designed to enable stroke affected patients regain their mobility. In consequence, the firm signed a partnership with the Wyss Institute, Harvard, renowned for specializing in the development of innovative technology powered by biological design principles. ReWalk’s current brainchild, dubbed Restore, functions similar to a swing, with a belt joined to a single leg brace targeting the joint that a stroke impacts the most – the ankle, so that patients may get over the inertia and move their leg in the forward direction to regain mobility. The exoskeleton is endowed with sensors monitoring the speed parameter, to hasten or slow down the wearer’s stride. Restore has already garnered rave reviews across exoskeleton industry, despite the fact that this business space is afloat with numerous exoskeletons for paraplegics manufactured by eminent companies. In effect though, it is quite apparent that the popularity of these devices has catapulted exoskeleton market size, which was pegged at USD 110 million in 2016.
U.S. Exoskeleton Market, By Application, 2014-2024, (USD Thousand)
APAC exoskeleton industry outlook: Increased deployment of wearables to spur the regional growth
Asia Pacific has been proclaimed to emerge as the next lucrative growth ground for exoskeleton market, given the robust demand for wearables in the region. The growing geriatric population in the continent, vulnerable to strokes and mobility issues, would demand the deployment of rehabilitation therapy procedures. This would subsequently necessitate the requirement of advanced exoskeletons designed to help patients with gait training and the like, thereby providing a boost to APAC exoskeleton industry share.
Most of the companies headquartered in the Asia Pacific have reportedly been striving toward developing innovative products that would be deployed across the military and healthcare sectors. For instance, the South Korean automotive giant, Hyundai Motor Company, recently made it to the headlines for having developed an exoskeleton called the H-MEX (Hyundai Medical Exoskeleton), especially designed for paraplegics. Having debuted at the CES 2017, H-MEX is the firm’s first exoskeleton and is manufactured to allow patients paralyzed from below the waist to regain balance, in addition to improving the blood circulation among patients.
Pertaining to the appreciable efforts undertaken by companies to come up with a unique product portfolio, APAC exoskeleton market size is likely to be worth more than USD 780 million by 2024. Furthermore, economies such as Japan, China, India, and South Korea have been investing heavily in R&D projects, subject to which Asia Pacific exoskeleton industry share has been projected to exhibit the highest growth rate over 2017-2024.
North America exoskeleton market trends: Innovative product launches to fuel the regional growth
One of the most remarkable factors that contributes toward the thriving North America exoskeleton industry share is the prevalence of prominent companies in the region. In addition, North America is the powerhouse of technological innovations and has already consolidated its presence in the overall business – statistics claim North America to have accounted for more than 45% of the overall exoskeleton market share in 2016.
Given that North America houses several product manufacturers, it comes as no surprise that some of the leading tech innovations define exoskeleton market take root in the continent. For instance, Ekso Bionics, one of the leaders in exoskeleton industry, recently raised USD 34 million for developing and commercializing strong exoskeletons for industrial purposes, supporting R&D initiatives to use the Ekso robotic exoskeleton at home, and accelerating the adoption of Ekso across the globe.
North America exoskeleton market growth is essentially centered in the U.S., given the massive demand for these products across the military and healthcare domains in the country. On these grounds, it has been forecast that North America exoskeleton industry share may grow at CAGR of more than 48% over 2017-2024.
Backed by a barrage of R&D projects targeted toward treating physical impairments, exoskeleton market stands to gain much in the ensuing years. While a considerable number of device deployments have already witnessed success early on, the commercialization scale of this business sphere is still in its nascent stages. In an effort to bring exoskeleton industry to the mainstream arena, renowned firms along the likes of Ekso Bionic, Panasonic, ReWalk, Lockheed Martin, Cyberdyne, and REX Bionic have been attempting to generate a portfolio of extensively innovative products that may rapidly make inroads into the industrial, healthcare, and military sectors. In consequence, this would culminate into robust product sales and popularity, thereby augmenting the profitability landscape of exoskeleton market to quite an appreciable frontier in the many years to come.
Written By : Saipriya Iyer