In terms of value, the global wearable robotic exoskeleton market accounted for $127.4 million in the year 2017 and is projected to reach $5,438.1 million by 2028, growing at a CAGR of 43.48%. The number of robotic exoskeletons shipped in the year 2017 was approximately 3,721 units which is projected to reach 1,88,299 units (~188 thousand units) by 2028. Active (powered) robotic exoskeletons contributed the largest share to the wearable robotic exoskeleton market with 86.78% share of the overall market in 2017. Major companies such as Cyberdyne Inc., Ekso Bionics Holdings, Inc., Parker Hannifin Corporation, Rex Bionics PLC, and ReWalk Robotics Ltd., among others are efficiently developing active robotic exoskeletons, widely being utilized in the healthcare industry, followed by industrial, commercial, and defense sectors. Moreover, active robotic exoskeletons have high prices as compared to their passive counterparts as the development of active exoskeleton involves high cost of sensors, electric motors, and batteries.
The healthcare end user is one of the major contributors to the active exoskeleton market in 2017, which accounted for about 93.85% of the total share due to higher adoption of active exoskeletons for rehabilitation purpose. Driven by the higher adoption of powered exoskeleton suit for reducing the stress and increasing the safety of the workers and military people working in hazardous regions, industrial and defense industries are expected to witness a high growth rate in the market, i.e., 54.42% and 55.66%, respectively during the period 2018-2028.
The healthcare segment accounted for the highest share (88.56%) of the market in 2017owing to the high cost of exoskeleton suits used in medical fields. The healthcare industry is expected to reach $4.42 billion by 2028, with a CAGR of 42.35% during the period 2018-2028. However, the industrial segment is anticipated to emerge as a dominant end user in terms of volume by 2028 with the highest number of exosuits. It is expected to foster a high growth rate of 50.50% during the forecast period 2018-2028 owing to an increase in awareness about the exoskeleton technology for providing safety to workers and reducing their stress.
Robotic exoskeletons for defense are mainly into testing and trial phases by the companies as a part of research and development initiatives and the commercial sale was not noticeable. There are also some initiatives taken up by government organizations to increase the usability of exoskeleton in the defense industry. The wearable robotic exoskeleton market is one of the highly competitive markets, with the leading players competing against each other to gain a greater share in this business. The competitive landscape of the wearable robotic exoskeleton market shows companies adopting both organic and inorganic strategies such as business expansions, partnerships/agreements/collaborations, product launches, and acquisitions, among others to gain major share of industry.
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Some of the key players in the global wearable robotic exoskeleton market include ATOUN Inc, B-Temia Inc., Bionik Laboratories Corp., Cyberdyne Inc., Daiya Industry Co., Ltd., Ekso Bionics Holdings, Inc., Focal Meditech BV, Honda Motor Co., Ltd., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Myomo Inc., P&S Mechanics Co. Ltd., Parker Hannifin Corporation, ReWalk Robotics Ltd., and Rex Bionics Ltd. At the same time, a number of startup companies have ventured into the market to provide launching solution to varied end users including academic, commercial, government, defense, and non-profit organizations. Europe and Asia-Pacific are prominent regions where new startup companies have shown interest.
A majority of the companies have adopted inorganic growth strategy of partnership, agreement, and collaboration. Among all business strategies, partnership, agreement, and collaboration constitute a major share of 41.67%, while product launch and development have 27.78% share of strategies adopted by the market players. Also, the leading companies present in the traditional exoskeleton market are focusing on expanding their business through product enhancement to gain competitive advantage over other companies. For instance, companies are developing soft exosuits which are made of entirely soft material. These suits are light in weight and can be easily worn.
The technological development in various peripheral components like electronics, optronics, and the development of new materials having extremely low weight and high tensile strength is supporting the development and acceptance of exoskeletons on a commercial level.
Investments by major government bodies toward research, development, and integration of exoskeletons in their military capabilities are generating business opportunities for globe defense players like Thales Group and Lockheed Martin, whereas rising interest of various insurance companies across the globe to provide exoskeletons for physically challenged individuals is generating market opportunities for the companies like ReWalk and German Bionics who cater to the commercial market.Read Report Overview: https://bisresearch.com/industry-report/wearable-robotic-exoskeleton-market.htmlRising geriatric population across the globe that faces difficulties in performing day to day activities and shortage of labor forces in the industrial segment have allowed various auto manufacturers to explore the opportunities of integrating robotic wearable exoskeletons with their existing work force to increase their operation efficiency, reduce fatigue, and elevate work safety environment.
Few of the major auto manufacturing companies in Asia-Pacific like Honda Motor Co., Hyundai Motors, and MHI have started investing in design and development of exoskeletons and planned to launch their products between 2022 and 2025, thereby boosting the opportunities of industrial exoskeletons over the forecast period.One of the biggest challenges faced by wearable robotic exoskeletons is the high initial investment and production cost.
The average cost of an exoskeleton per unit will be around $70,000, which is significantly high as compared to other commercial robots.
The reason for such a high production cost is because the technology is still in the research and development phase and industry players cannot leverage the benefits of economies of scale during production as there are custom requirements for every individual.
Various industry players are exploring the options of additive manufacturing like 3D printing or laser sintering to reduce the manufacturing cost, whereas are some industry participants are working on design modifications to ensure universal designs across various models of exoskeletons.For Sample Report, Click here: https://bisresearch.com/requestsample?id=1096=downloadRobotics technologies are expected to be dominant in the coming years and expected to influence every aspect of workplace, home, industries, hospitals, and defense forces, among others.
In the world of technology, smartphones, tablets, wearable watches are the big things in the consumer technology industry.
If we add more to the buzz of wearable technology is the anticipation that the wearable market is predicted to grow up to $18.9 billion in revenues by 2020.
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