Exoskeletons are wearable devices used to
increase physical competency of the wearer. These wearable devices assists limb
movements with the better strength help the wearer for performing different
tasks. The exoskeleton devices are powered with electric motors, pneumatics,
actuators, sensors, hydraulics, levers and a combination of technologies. They
are also used for improving the quality of life by removing the mobility
disorders in the medical field which are on the rise.
According to study, “Global
Exoskeleton Market 2019 by Manufacturers, Regions, Type and Application,
Forecast to 2024” the other major companies which are currently working
in the global exoskeleton market are Cyberdyne, ReWalk Robotics, Hocoma,
LockHeed Martin, Ekso Bionics, Bionik Laboratories, Meditouch, Myomo,
Interactive Motion Technologies, DIH Technologies, Parker Hannifin,
Wandercraft, B-TEMIA Inc., Focal Meditech, Rewalk Robotics, Mitsubishi Heavy
Industries, Daiya Industry Co., Rex Bionics Ltd., Panasonic, Ottobock, Alter G,
Myomo, US Bionics. These manufacturers are entering into strategic
collaborations, product portfolio expansions and mergers & acquisitions,
which are their primary sustainability strategies to maintain their proceeds
margins in the long run. In addition, many of the startup companies have
entered in profitable market space to exploit opportunities present in the
market.
Based on product type, global exoskeleton
market is segmented into rigid exoskeleton and soft exoskeleton. Based on body
part, market is segmented into lower body exoskeleton, upper body exoskeleton
and complete body exoskeleton. Based on the component type, the market is
characterized into sensors, power source and actuator etc. Sensors include
accelerometer, microphone, tilt sensor, gyroscope, position sensor and others.
Actuator includes electrical, hydraulic, pneumatic, piezoelectric and others.
Based on the indication type, market is segmented into paraplegia, paralysis
and weaker appendages. Based on technology movement, the market is segmented
into stationary technology movement and mobile technology movement. Stationary
exoskeleton gives power assistance over the week limbs and aids the body parts
to get stronger. Mobile exoskeleton supports powered knee or hip motion to
enable individuals with spinal cord injuries to stand & walk. Based on
technology, market is segmented into active, semi-passive and passive. Based on
drive, market is segmented into electric actuator, fuel cell, hydraulic
actuator, fully mechanical, electric servo and others. Based on the end-user,
market is classified into defense or military, healthcare and industrial.
The global exoskeleton market is driven by
growing demand from healthcare sector for robotic rehabilitation, followed by
huge investment for the development of the exoskeleton technology, growing
research & development (R&D) activities, increasing prevalence of
spinal cord injuries (SCIs), increase in demand for motor-equipped robots and
advancement in robotic technologies. Apart from benefits, risks involved with
using exoskeletons due to vague safety guidelines is a major restraint factor
associated with market. Some of the other factors hindering factors associated
with the market include strict government regulations and high costs associated
with devices.
North American region dominates global
exoskeleton market owing to rise in purchasing power of patients and increase
in geriatric population. The European region held the second largest market
share due to high penetration of aged population. The global market for
exoskeleton is estimated to grow at a CAGR of about 53.6% over the forecasted
period, and is expected to reach US $950 million USD by 2024, from US $110
million in 2019.
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