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Exoskeleton market scrutinized in new research

Medical Market Research

The exoskeleton market is expected to reach USD 2,810.5 million by 2023 from USD 299.8 million in 2017, at a CAGR of 45.2% between 2017 and 2023. This growth can be attributed to the growing demand from healthcare sector for robotic rehabilitation, advancement in robotic technologies, and huge investment for the development of exoskeleton technology.

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Exoskeleton Companies Profiled In Report: Bionik Laboratories (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (US), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai Motor (South Korea), Lockheed Martin (US), Meditouch (Israel), Ottobock (Germany), Re Walk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics (South Korea), suitX (US), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (US), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (US), and Wandercraft (France).

However, stringent government regulations pertaining to medical applications restrict the growth of the exoskeleton market.

The target audience for the report includes:

  • Raw material and manufacturing equipment suppliers
  • Electronic design automation (EDA) and design tool vendors
  • Original equipment manufacturers (OEMs)
  • Integrated device manufacturers (IDMs)
  • Original design manufacturers (ODMs)
  • ODM and OEM technology solution providers
  • Assembly, testing, and packaging vendors
  • Technology, service, and solution providers
  • Intellectual property (IP) core and licensing providers
  • Suppliers and distributors
  • Government and other regulatory bodies
  • Technology investors
  • Research institutes and organizations
  • Market research and consulting firms

“Hardware component held a larger share of the exoskeleton market in 2016”

The hardware components add major value to the overall exoskeleton cost; hence, the hardware segment accounted for a larger share of 88.8% of the overall exoskeleton market in 2016.Among different hardware components, control systems accounted for the largest market share in 2016

“Powered exoskeletons to grow at a higher CAGR during the forecast period”

The market for powered exoskeletons is expected to grow at a higher CAGR between 2017 and 2023. At present, powered exoskeletons are used mainly in the healthcare vertical to assist people with disabilities, but with the introduction of cost-effective system and because of its additional benefits over the passive ones, powered exoskeletons will find its way in several new verticals, ultimately resulting in the high growth of the segment during the forecast period.

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“Mobile exoskeletons held a larger share of the exoskeleton market in 2016”

Mobile exoskeletons accounted for a larger share of the overall exoskeleton market in 2016. The basic concept to use exoskeletons is to provide mobility to people, which can be achieved only by using mobile exoskeletons; hence, there is more demand for mobile exoskeletons than the stationary ones.

“Market for full body exoskeletons to grow at a higher CAGR during the forecast period”

The market for full body exoskeletons is expected to grow at the highest CAGR between 2017 and 2023. This is mainly because of the growing interest of the government of various countries toward the development of full body exoskeletons owing to the advantages these exoskeletons provide in the defense sector.

The security and defense sectors of several countries are investing heavily for the development of technology to further strengthen their security forces on borders.

“Healthcare vertical held a larger share of the overall exoskeleton market in 2016”

Exoskeletons are being widely deployed at rehabilitation centers for therapies and are used by the people with disability for personal assistance; owing to this, the healthcare vertical accounted for the largest share of the exoskeleton market in 2016.Rehabilitation robotic systems include assistive robots, orthotics, and prosthetics exoskeletons.

“Americas was the largest shareholder in 2016, whereas APAC would be the fastest-growing region in the exoskeleton market during forecast period”

The Americas held the largest share of the exoskeleton market in 2016.The Americas being the early adopter of exoskeletons for all major verticals such as healthcare, industrial, and defense and a home to some well-known players of the exoskeleton market has the maximum demand for exoskeletons. The market in APAC is expected to grow at the highest CAGR between 2017 and 2023.

APAC is likely to adopt exoskeletons for almost all major verticals such as healthcare, industrial, and defense during the forecast period. As the elderly and disabled population in APAC countries, namely China and Japan is on the rise, the region is expected to employ exoskeletons for the rehabilitation and personal assistance applications.

Exoskeleton Market Overview -   

Exoskeleton Market, by Component:

  • Hardware
  • Software

Exoskeleton Market, by Type:

  • Powered
  • Passive

Exoskeleton Market, by Mobility:

  • Stationary
  • Mobile

Exoskeleton Market, by Body Part:

  • Lower Extremities
  • Upper Extremities
  • Full Body

Exoskeleton Market, by Vertical:

  • Healthcare
  • Defense
  • Industrial
  • Others (Construction, Search and Rescue, Space, Agriculture, Education, and Sports and Fitness)

Exoskeleton Market, by Region

  • Americas
  • Europe
  • APAC
  • RoW

This report covers the Exoskeleton market based on offering, printing technology, print width, ink type, application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the Exoskeleton market.

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