Soft Exoskeleton Market Size to exceed $3.9mn by 2025
Published Date: December 12, 2018 Authors: Ankita Bhutani
Soft Exoskeleton Market size is estimated to exceed USD 3.9 million by 2025; according to a new research report by Global Market Insights, Inc.
Increasing disabilities among people along with the growing number of accidents leading to immobility will drive the soft exoskeleton market share. Technological advancements including the introduction of lightweight materials for suit construction along with lean manufacturing processes for lowering weight and suit costs will further support the industry expansion through 2025.
Upper and lower body soft exoskeletons market share was valued at over USD 700 thousand in 2018 and is expected to hold dominance through the forecast period. Increasing cases of spinal cord injuries and neurological disorders across the globe are among the prominent factors that will drive the segment growth. For instance, according to the National Spinal Cord Injury Statistical Center (NSCISC), spinal cord damages account for more than 17,000 cases every year in the U.S. Upper & lower body exosuits will find significant applications for the rehabilitation of these patients.
High number of injuries associated with manufacturing and construction industries will support proliferation of soft exoskeletons market share from 2019 to 2025. According to Harvard University, over half a million workers are injured in industrial-related jobs resulting in direct costs of over USD 13.8 billion. Moreover, the integration with existing personal protective equipment for mitigating major injury risks and improving productivity are expanding the segment share over the projected timeframe.
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Industry participants along with multiple educational research institutions are actively investing in research activities to introduce innovative solutions for customers. For instance, in May 2016, ReWalk Robotics, announce collaboration with Wyss Institute of Harvard University. This collaboration enabled company for development of concepts and designs of lightweight system for lower limb disabilities. Such collaborations will further propel the soft exoskeleton market growth over the forecast period.
Technological complications associated with soft exoskeleton products such as torque and force generated by pneumatic actuators can enter the user’s body and mounting of motor and sensor over exoskeleton may hamper the soft exoskeleton market share over the forecast timeframe. However, researchers are working on lightweight and efficient actuation systems and flexible transmissions that transmit power to the joints.
Browse key industry insights spread across 200 pages with 234 market data tables & 12 figures & charts from the report, “Soft Exoskeleton Market Size, By Product (Full Body, Upper & Lower Body), By Application (Industrial, Military, Healthcare) Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Designing and distribution aspects related to the exosuits depend on the availability of company’s funds, technical expertise and are closely monitored by regulatory authorities. Moreover, extensive testing of these products is conducted prior to commercialization owing to product malfunctioning resulting in major damages. Compliance to multiple standards are necessary for marketing these products, particularly in the healthcare sector. This will inadvertently boost the consumer confidence in the products thereby augment the soft exoskeleton market size over the forecast timeframe.
Based on product, full body soft exoskeleton market share is expected to witness highest growth over the forecast timeframe. Benefits offered by these systems include the ability to wear underneath clothing, full body protection and support along with availability of wide range of alternatives. Lower cost of these suits compared to the rigid exosuits along with light weight and availability across several sizes will support the industry proliferation through 2025.
Healthcare application segment will hold dominant soft exoskeleton market share through the forecast period. Rehabilitation of patients coupled with the augmentation of medical devices are responsible for the lucrative segment growth. The system enables effective performance in exercise repetitions of patients in equal amount of time. Its application in aiding mobility strengthening individual joints, spinal cord injuries, paralysis, strokes and geriatric rehabilitation, muscle activations, gloves and others will present strong growth opportunities.
Military soft exoskeleton market size will witness highest growth owing to considerable requirements of supporting equipment for the armed forces. Decreasing metabolic cost of movement and mobility assistance to the leg muscles are among their key advantages. Running assistance leverages the user’s endurance that provide significant gain in efficiency, thereby positively influence the product adoption through the forecast time period.
Asia Pacific soft exoskeletons market share will witness a significant growth owing to continuous investments by industry participants to expand their reach and offer a wide range of products for their customers. For instance, in March 2018, Rewalk Robotics and Timwell Corporation Limited announced an investment of around USD 20 million for expanding its presence across the Chinese marketplace. The investment will further enable the company to launch its Restore soft suit exoskeleton portfolio in the country, contributing significantly toward the industry expansion over the forecast timeframe.
Major industry participants in the soft exoskeleton market place include ReWalk Robotics, Ekso Bionics, Daiya Industry, Roam Robotics, SRI International, and Bioservo Technologies AB. Partnerships and joint ventures are among the prominent strategies adopted by the industry participants to develop new products and increase their market share. For instance, in 2016, ReWalk Robotics announced a strategic partnership with Wyss Institute to develop low cost and lightweight soft exoskeletons targeting paralyzed patients, thereby diversifying its portfolio and increasing its market share.
Soft exoskeleton market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD thousand from 2014 to 2025, for the following segments:
- Full Body
- Upper & Lower Body
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa