According to a recent report published by Allied Market Research, titled,"Smart Exoskeleton Market by Component, Type, Body Part and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025," the global smart exoskeleton market was valued at $125.6 million in 2017, and is projected to reach $1,896.8 million by 2025, registering a CAGR of 41.3% from 2018 to 2025.
A smart exoskeleton is a powered system comprising sensors and actuators that use feedback from the wearer to provide enhanced assistance to specific body parts or the entire body while lowering energy expenditure. Smart exoskeletons are extensively deployed for clinical purposes to provide effective exercise and therapy for patients. Smart exoskeletons find their major application in industries where workers are required to perform physically demanding tasks. In addition, these systems are being developed to aid in military body parts by improving physical capabilities of soldiers.
North America dominated the market, followed by Europe. Increase in health needs across North America and rise in number of demand from paraplegics have significantly contributed toward the growth of the smart exoskeleton market in this region. In 2017, the U.S. dominated the North America market, and the UK is expected to lead the overall market in Europe during the forecast period.
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Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Asia-Pacific countries are witnessing surge in demand for exoskeletons for medical purposes. Countries such as China, Japan, and Singapore are involved in developing exoskeleton-related technologies. China dominated the market in 2017. Moreover, smart exoskeleton vendors are focusing on expanding their business in India and other countries. A new exoskeleton suit was developed that allows a Singapore Civil Defense Force (SCDF) firefighter to carry a heavy weight of about 50 kg without any hassle.
The Healthcare sub segment secures the highest share in the application segment in 2017. In the healthcare sector, the use of smart exoskeletons is primarily for helping paralytic individuals to move. Moreover, it is relatively a stable way of walking as compared to the use of crutches or walkers. In addition, another application improving the quality of patients is the assistive technology to enable system-assisted walking or restoration of other motor controls lost due to illness or accidental injury. Among component, Actuators holds the highest market share during the forecast period 2018 - 2025.
Increased demand in gait rehabilitation and surge in demand for elderly safety body parts are the factors expected to drive the growth of the smart exoskeleton market during the forecast period. However, affordability issues are anticipated to restrain the market growth. Conversely, increase in initiatives for adoption of smart exoskeletons in military body parts across the globe is expected to create lucrative opportunities for the key players operating in the smart exoskeleton market.
Key Findings of the Smart Exoskeleton Market:
- Based on component, the actuators segment led the global smart exoskeleton market in 2017.
- North America is expected to account for the highest revenue in the global market throughout the forecast period.
- By application, the healthcare segment dominated the market in 2017.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players operating in the smart exoskeleton industry are ATOUN Inc., BIONIK, CYBERDYNE, INC., Ekso Bionics, Honda Motor Co., Ltd., ReWalk Robotics, Rex Bionics Ltd., Sarcos Corp., Technaid. S.L., and U.S. Bionics, Inc.
Players are adopting various strategies to strengthen their product portfolio and business reach. For instance, In August 2018, ATOUN Inc. launched Powered Wear ATOUN MODEL Y, a wearable robot, which is designed to reduce work-induced burdens from the backs of workers and improve work efficiency. In December 2017, Ekso Bionics entered into a partnership with HASOMED to launch EksoGT exoskeletons functional electrical stimulation (FES) interface capability. The combination of EksoGT with the RehaStim2 FES technology provides clinicians latest advancements in care, which ultimately improves clinical outcomes and patient quality of life.