The exoskeleton market is expected to grow from USD 299.8 Million in 2017 to USD 2,810.5 Million by 2023, at a CAGR of 45.2% between 2017 and 2023.
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According to the new market research report on the "Exoskeleton Market by Component (Hardware and Software), Type (Powered and Passive), Mobility (Stationary and Mobile), Body Part (Lower, Upper, and Full Body), Vertical (Healthcare, Defense, and Industrial), and Geography - Global Forecast to 2023",
The market is mainly driven by the factors such as the growing demand from healthcare sector for robotic rehabilitation, advancements in robotic technologies, and huge investments for the development of exoskeleton technology.
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Exoskeleton market for software to grow at a higher CAGR during the forecast period
The exoskeleton market for software is expected to grow at a higher CAGR during the forecast period.
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As technological advancements will lead to the growing complexity in terms of features such as inter-device connectivity, artificial intelligence (AI), and autonomous operations, the software segment is likely to gain more importance than that of the hardware segment in the overall exoskeleton market as software will assist the complex functionalities to process efficiently and accurately.
Powered exoskeleton held a larger share of the exoskeleton market in 2016
The powered exoskeleton captured a larger share of the overall exoskeleton market in 2016. The high cost of powered exoskeletons leads to a higher market share of the technology compared to passive exoskeletons.
Exoskeleton market for mobile exoskeleton to grow at a higher CAGR during the forecast period
The market for mobile exoskeleton is expected to grow at a higher CAGR between 2017 and 2023. The healthcare vertical is already a major consumer of mobile exoskeletons, and because of its added advantages, these exoskeletons can also find applications in several new verticals, such as defense, sports and fitness, and search and rescue.
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Americas is the major consumer of exoskeletons
The Americas accounted for the largest share of the overall 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 in the exoskeleton market, has the maximum demand for exoskeletons.
The report profiles the most promising players in the market. The competitive landscape of the market is highly dynamic because of the presence of a significant number of big and small players.
The key players in the market are 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), ReWalk 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).
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