The global exoskeleton system market was worth US$ 215 Million in 2018. An exoskeleton system is a wearable man-machine mechanism that utilizes human intelligence and machine power to provide mechanical strength to the user. It consists of a powered wearable suit that is designed to improve user safety and enhance the overall efficiency to perform specific tasks. It uses smart algorithms that adjust and adapt according to the human body motions and is equipped with various sensors and electrical connections to control the components. Exo-suits assist in lifting heavy materials and reduce stress on the user’s back muscles and spine. Also, they enable the elderly to walk with ease and prevent fall-related injuries. Currently, these systems find extensive applicability across various sectors including healthcare, military and industrial.
The growing need for exoskeletons in the rehabilitation centers along with the increasing industrial activities across the globe are the key factors driving the market growth. Furthermore, the development of motor-equipped robots to assist human body mechanics is another factor contributing to the market growth. The growing prevalence of heart strokes, spinal cord injuries and paralysis among patients has also driven the demand for exoskeletons in the healthcare sector. Additionally, the rising adoption rates of exoskeletons across military and industrial sectors are providing a boost to the market growth. In these sectors, the systems are custom-fitted according to body parts and are made using fiberglass, carbon fiber and aluminum depending on the strength required. Moreover, they efficiently provide support to multiple joints and detect human movements to initiate the appropriate responses of the exoskeleton actuators, thus boosting the product demand further in the military and industrial sectors. Looking forward, IMARC Group expects the market to exhibit a CAGR of around 40% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Bionik Laboratories, Suitx, Gogoa Mobility Solutions, Exhauss, Atoun, Fourier Intelligence, Honda Motor, Daiya Industry Company, Mitsubishi Heavy Industries, Rex Bionics, Myomo, Gobio Robot, Parker Hannifin, Wandercraft, P&S Mechanics, etc.
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