Smart Exoskeleton Market: Introduction
According to the report, the global smart exoskeleton market was valued at ~US$ 200 Mn in 2020. It is projected to expand at a CAGR of ~32% from 2021 to 2031. Favorable reimbursement policies and increase in applications of smart exoskeleton in various industries are anticipated to drive the global smart exoskeleton market from 2021 to 2031.
North America is expected to account for a significant share of the global smart exoskeleton market during the forecast period. The expansion of the market in the region can be attributed to increase in geriatric population, highly structured healthcare industry, availability of various reimbursement policies from public and private health insurance firms, and technological advancements in exoskeleton.
The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031. This can be ascribed to the expansion of the healthcare sector in countries such as China, Japan, and India. Moreover, increase in disposable income and purchasing power of consumers, rise in inclination toward the use of high-end technology in medical practice, large population base, and surge in incidence of chronic and lifestyle diseases are anticipated to propel the market in the region during the forecast period.
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Surge in Adoption of Technologically Advanced Smart Exoskeleton Products to Propel Market
A number of people with mobility disorders due to various diseases is increasing rapidly across the globe. Thus, adoption of smart exoskeleton products is rising to improve the quality of life of these people, thereby driving the demand for these products. Advantages of smart exoskeleton include increasing efficiency, productivity, decrease in worker injuries, and decline in healthcare and disability costs. Moreover, it can be used instead of industrial robots and eliminates the need of completely automated solutions. These factors boost the adoption of technologically advanced smart exoskeleton products in various industries and subsequently, drive the market.
Additionally, robotic rehabilitation systems (RRS) help reduce costs, improve treatment quality, and increase productivity of therapists. Modern developments are promising to obtain exoskeleton with a natural and a wide range of motions. Thus, adoption of robot technology in healthcare settings is fueling the demand for smart exoskeleton products. Hence, key players operating in the market are engaged in the development of new innovative technologically advanced products to address the needs of patients.
For instance, Ekso Bionics, a prominent player, is engaged in the development of wearable technology to augment human potential. The company has received approval from the U.S. Food and Drug Administration to market its Ekso GT robotic exoskeleton. Ekso GT is the first exoskeleton cleared by the FDA for use with stroke patients. Thus, a surge in the adoption of technologically advanced products is likely to augment the market.
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Single Chamber to Dominate Market
In terms of product, the global smart exoskeleton market has been bifurcated into rigid smart exoskeleton and soft smart exoskeleton. Rigid exoskeleton have been used for a long time. Hence, usage of rigid smart exoskeleton is higher and is preferred due to the material in extreme cases of paralysis.
Lower Extremity to be Highly Attractive
Based on extremity, the global smart exoskeleton market has been classified into lower extremity, upper extremity, and full body extremity. The lower extremity segment is anticipated to dominate the global smart exoskeleton market during the forecast period, due to a large number of lower extremity products in the market that are used in various industries.
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Healthcare to be Key End User
In terms of end user, the global smart exoskeleton market has been categorized into industrial, healthcare, military, and others. The healthcare segment is expected to account for a significant share of the global smart exoskeleton market by 2031. The increase in the adoption of smart exoskeleton by patients suffering from mobility disorders and geriatric people is likely to drive the segment during the forecast period.
Competition Landscape of Smart Exoskeleton Market
The report provides profiles of leading players operating in the global smart exoskeleton market. These include EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne, Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D.
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