Exoskeleton Market Size, By Product (Stationary, Mobile), Type (Full Body, Upper Body, Lower Body), By Application (Industrial, Military, Healthcare) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Russia, China, Japan, South Korea, Brazil, Mexico, MEA), Application Development, Competitive Landscape & Forecast, 2017 – 2024
Published Date: August 2017 | 270 Pages | Report ID: GMI1946 Report Format: PDF
Exoskeleton Market size was worth over USD 110 million in 2016 and its shipment volume will surpass 86,000 units in 2024.
U.S. Exoskeleton Market, By Application, 2014-2024, (USD Thousand)
Increasing demand for service robotics, technological advancements and use of robots for rehabilitation are driving the demand for exoskeleton market share during the forecast period.
Rising investments and funding for R&D to develop more accessible and affordable mobility solutions is stimulating the industry growth. Stringent government regulations concerning about the user safety and robot reliability are affecting the business revenue. Manufacturers complying with these standards and get the approval from the regulatory authority possess high industry potential during the forecast period. However, high cost of equipment, less awareness about the product and high capital requirements are limiting the exoskeleton market growth from 2017 to 2024.
Specific requirements of exosuits including the precise body weight and height is impacting the adoption of the product among children, elderly people, and obese individuals. Advancements in material for developing low cost devices for each body type is expected to offer a stable growth platform in the coming years.
Exoskeleton Market, By Product
Mobile exoskeleton market size was valued over USD 70 million in 2016 and is anticipated to exhibit highest CAGR of 51% during the forecast period. The growth is attributed to the advantage provided which enables wearer to use the exoskeleton in home as well as outside. The product once charged can be used up to 8 hrs which allows user to use the product for longer time. Mobile exoskeletons are made up of light metal or fabric, motors, controllers and battery packs which are fitted in a compact space.
Stationary exoskeleton market size is estimated to cross USD 1.3 billion by 2024 owing to the growing prevalence of spinal cord injuries, which is enhancing the application of stationary systems mainly in rehabilitation centres.
Exoskeleton Market, By Type
Lower body exoskeleton segment dominated the overall exoskeleton market, acquiring more than 63% of total market in 2016. It is expected to continue its dominance during the forecast period owing to increasing demand from rehabilitation centres and hospitals across the globe.
Full body exoskeletons are projected to exhibit growth of over 51% owing to increased demand in defence & military applications and healthcare. Increasing investments from governments to develop exoskeletons for military applications will stimulate the growth for this segment. The U.S., Russia and China are among the major countries investing in military exoskeletons.
Exoskeleton Market, By Application
Exoskeletons for healthcare applications are expected to acquire about 50% share by 2024. This is attributed to high R&D inputs for this segment. Also, increasing demand from private & government hospitals for rehabilitation therapy procedures such as gait training to help paralytic patients walk again after spinal cord injury, traumatic brain injury and stoke will stimulate the growth in healthcare applications.
Military segment in exoskeleton market is estimated to cross USD 900 million in 2024 and exhibit increased demand owing to companies such as Lockheed Martin entering in to developing defence & military specific exoskeletons. Also increasing investments by the defence department to increase the national security and equip its work force with advanced technology is expected to fuel the demand.
Exoskeleton Market, By Region
North America exoskeleton market share accounted for more than 45% of the total market share in 2016. The growth can be attributed to the presence of major exoskeleton manufacturing firms across the region. More than 35% of the exoskeleton companies are concentrated in North America. Also, investments from U.S. military in developing exosuits for defence purpose will support the business growth during the study period.
APAC exoskeleton market is anticipated to exhibit highest growth rate owing to increasing demand for industrial robotics. The manufacturers are investing heavily to develop exoskeletons for industrial purpose. Moreover, in countries such as Japan where the average age of population is increasing, these products will assist the aging population to continue working in manufacturing or ship building facilities. Emerging start-ups in robotic technology and ongoing R&D in various countries will contribute to the industry growth. For instance, in 2016, Centre for Robotics at University of Electronic Science & Technology of China announced the production of robotic exoskeleton for walking assistance.
Competitive Market Share
Exoskeleton market share is consolidated with the presence of few players including, ReWalk, Ekso Bionic, REX Bionic, Lockheed martin, Cyberdyne and Panasonic. These key industry participants focus on collaborations, partnerships, patents, introduction of new products, development of new technologies, and government approvals. Trends, such as investments in R&D to innovate new products, are being followed by the key players. For instance, in 2014, ReWalk got the FDA approval and in March 2015, the company announced an agreement with Saimed Innovation to distribute its exoskeleton systems in North India. With this agreement, the company enhances its global presence.
Companies are constantly working on developing combat exoskeleton prototypes to offer powered exoskeletons with advanced technology. For instance, the Tactical Assault Light Operator Suit (TALOS) which is expected to lunch in 2018 will have a liquid body armor that solidifies in milliseconds and will shield the soldiers from the effect of bombs and bullets. Thus, the increased requirement for exoskeletons to provide soldiers with mechanical assistance avoiding any injury will drive the exoskeleton market growth.
Exoskeletons are wearable devices that are used to augment the physical capability of the wearer. These devices can be placed on the operator’s body or operated at stationary position and act as amplifiers which augment and reinstate human performance. Exoskeletons are powered with actuators & sensors or can be completely passive. These wearable machines enable limb movement with increased strength and improve the performance of humans in different tasks. These devices are used in rehabilitation and mobility aids to patients with neurological and physical disorders.
The designing of the exoskeleton depends upon the company’s technical expertise, funds available, and the regulating authorities such as the U.S. FDA. The testing of the product is important owing to the harmful effects that might occur due to the malfunctioning of the product.
The distribution of exoskeletons for healthcare is strictly monitored by the regulatory authorities’ specific to the governments of various countries. The manufacturers must get the approval from these bodies to commercialize their products. However, some companies also market their products through online stores. For instance, in May 2016, Strongarm Technologies started marketing its ergonomic exoskeletons such as V22 and FLx on 3M’s website. The company is the initiator to put exoskeletons on the e-tailing website.
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