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The global exoskeleton system market exhibited robust growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 43.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
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. 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.
The rising adoption rates of exoskeletons across military and industrial sectors are providing a boost to the exoskeleton system 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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global exoskeleton system market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on component, type, mobility, body part, end use sector and region.
The global exoskeleton system market is highly fragmented with the presence of several small and large players. Some of the major players in the market are:
We expect the global exoskeleton system market to exhibit a CAGR of 43.3% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in disrupted supply chains and temporary closure of numerous manufacturing units for exoskeleton systems.
The growing need for exoskeletons in the rehabilitation centers, along with rising prevalence of heart strokes, spinal cord injuries, paralysis, etc., represent some of the factors catalyzing the global exoskeleton market.
Based on the component, the global exoskeleton system market has been segmented into hardware and software, where hardware currently holds the majority of the total market share.
Based on type, the global exoskeleton system market can be bifurcated into powered exoskeleton and passive exoskeleton. Currently, powered type dominates the market share.
Based on the end use sector, the global exoskeleton system market has been divided into healthcare, defense, industrial, and others. Among these, the healthcare sector accounts for the majority of the total market share.
Based on the mobility, the global exoskeleton system market can be categorized into stationary and mobile. Currently, mobile holds the largest market share.
Some of the major players in the global exoskeleton system market include 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.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa, where North America currently dominates the global market.
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