Exoskeleton Market – Introduction
Exoskeleton has been making strides towards improving the safety quotient of humans by influencing their overall efficiency to perform a designated task. They use smart algorithms that are developed to automatically match the bodily movements, thereby aiding in achieving superior performance. With the excellent adaptability of exoskeletons, they absorb relatively less energy as that of customary exoskeletons. Motion anomalies leveraged by the technology continuously fetch data pertaining to the real-time environment and prevent any probable injury.
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Prevalence of nervous system trauma and the consecutive effect on human mobility has been primarily driving the popularity of exoskeletons. An upgraded quality of life translating into better spending capability has, in turn, fueled the adoption rate of exoskeletons for the disabled and geriatric population. Increasing number of individuals addicted to drugs and alcohol have given birth to rehabilitation centers, which has generated a demand for stationary exoskeletons for conducting administered training regimes. However, low coverage for exoskeleton technology by insurance companies in numerous countries is likely to challenge the growth of the exoskeleton market.
Exoskeleton Market – Notable Developments
With the growing popularity of these units, manufacturers have been attempting towards ameliorating the functionalities and features of their products with a view to augmenting their marketability. Strategic mergers, acquisitions, and collaborations have been the pivotal plan of actions of the key partakers operating in the exoskeleton market.
- Parker Hannifin – A leading company in the exoskeleton market received an approval to market its product, Indego, in June 2018. The approval allows the company to commercialize motorized leg braces in parallel to creating awareness apropos of the health benefits of these exoskeletons to the insurance companies, which will serve as a financial cushion for the end-users.
- BIONIK Laboratories – A crucial player in the exoskeleton market recently announced the development of InMotion ARM robotic system that underpins the newly-acquired lifestyle of stroke survivors in rehabilitation centers. The unit seizes on artificial intelligence to offer customized therapy to patients. Such a feature-rich unit is anticipated to considerably improve the treatment programs in the near future.
- B-Temia – Another player functioning in the exoskeleton market announced the strategic partnership with Wistron to achieve the successful launch of Keeogo™ in the Asia region. The target audiences for the product are people suffering from motion-restricting and degenerative diseases. The joined forces will collaboratively work towards enhancing the lives of patients suffering from mobility disorders by optimum usage of technology.
Exso Bionics was incorporated in 2005 and is based in California. The company has been endeavoring towards developing and manufacturing powered exoskeletons units to invigorate paraplegics and soldiers. These powered units find their applications in variegated industries such as consumers, industrial, military, and medical.
ReWalk Robotics is headquartered in Israel and was founded in 2001. The innovative medical device has been designing and developing exoskeletons to facilitate movement of the wheelchair-bound patients.
Some of the most prominent competitors operating in the competitive landscape of global exoskeleton market include –
- Gobio Robot
- Rex Bionics
- PARKER HANNIFIN
- MITSUBHISHI HEAVY INDUSTRIES
- Honda Motor
- Daiya Industry Co.
- P&S Mechanics
- GOGOA Mobility Robots
- Fourier Intelligence
- ReWalk Robotics
- Ottobock, Meditouch
- Lockheed Martin
- Hyundai Motor
- DIH Technologies
- Focal Meditech
Exoskeleton Market – Dynamics
Military Applications to Notably Influence the Sales of Exoskeletons
Convergence of technology and healthcare industry has liberated new opportunities, which have been gaining traction in the military sector. As a result, application of exoskeletons and consequently their adoption rate have been rising to assist the motion of injured military and paramilitary troops. With the advent of the stationary exoskeleton, demand for exoskeletons has been surging to aid the mobility of disabled military personnel in an effective manner and to foster the training regime, which is likely to complement the growth of the exoskeleton market.
Affordability of Smart Exoskeletons to Act As a Barrier to the Market Growth
Increasing use of exoskeleton technology and the incessant attempts made to enhance their functionalities have been chiefly driving the growth of exoskeletons market. Along the same lines, hefty investments have been made for the development of lightweight, innovative, and energy-efficient exoskeletons. Surge in the prices of these cutting-edge exoskeleton technologies creates reluctance among the end-users for their adoption, which has been impacting the growth of the exoskeleton market. Add to that the poor coverage of insurance policies and the exoskeleton market could witness confined growth prospects.
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Exoskeleton Market – Segmentation
The exoskeleton market has been classified on the basis of:
- Body Part
Exoskeleton Market Segmentation – By Component
Depending on the component, the exoskeleton market can be divided into:
- Control System/ Controller
- Power Source
Exoskeleton Market Segmentation – By Type
Based on the type, the exoskeleton market can be bifurcated into:
Exoskeleton Market Segmentation – By Mobility
Depending on the mobility, exoskeleton market can be classified into:
Exoskeleton Market Segmentation – By Body Part
On the basis of body part, exoskeleton market can be segmented into:
- Full Body
- Upper Extremities
- Lower Extremities
Exoskeleton Market Segmentation – By Vertical
Depending on the vertical, exoskeleton market can be fragmented into:
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