According to the latest report by IMARC Group, titled “Exoskeleton System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global exoskeleton system market size reached US$ 215 Million in 2018. Exoskeleton systems are wearable electromechanical devices that are controlled by computer boards to improve the physical performance of the wearer. They combine machine power and human intelligence to power the operator and enhance the intelligence of the machine. Exoskeleton systems augment the ability of the human limbs by supporting muscles, joints or skeletal parts that are weak, ineffective or injured owing to a disease or a neurological condition. They also aid in lifting heavy objects and minimizing stress on the spine and muscles of the user. As a result, these systems are widely utilized in the industrial, military and healthcare sectors.
Global Exoskeleton System Market Trends:
The increasing cases of strokes, spinal cord injuries (SCI) and other diseases, along with the rising number of accidents, is steadily propelling the number of individuals suffering from mobility disorders. These individuals are prone to serious problems with their respiratory, urinary and digestive systems, and developing osteoporosis, blood clots, pressure sores, and other afflictions due to the lack of mobility. As exoskeleton systems help in increasing bone density, decreasing body fat percentage, and improving cardiovascular, bowel and bladder function among such patients, their growing need in rehabilitation centers is strengthening the market growth. Moreover, several research institutes, universities and manufacturers are focusing on research and development (R&D) to manufacture and introduce innovative variants of these systems. Furthermore, commercial exoskeleton technologies are nowadays widely being employed in the military to protect, support, endure and strengthen soldiers from strain or injuries. Looking forward, the market is anticipated to expand at a CAGR of around 40% during 2019-2024.
- Based on the component, the market has been bifurcated into software and hardware (sensors, actuators, power sources, control systems and other components).
- On the basis of the type, the market has been classified into powered and passive exoskeleton systems.
- The market has been analyzed on the basis of the mobility into stationary and mobile.
- Based on the body part, the market has been segregated into lower, upper and full body.
- On the basis of the end use sector, the market has been classified into healthcare, defense, industrial and others.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Bionik Laboratories Corp., SuitX (US Bionics, Inc.), Gogoa Mobility Robots, S.L., Exhauss Exoskeleton, Atoun Inc., Fourier Intelligence Co. Ltd., Honda Motor Co., Ltd., Daiya Industry Co. Ltd., Mitsubishi Heavy Industries Ltd., Rex Bionics Ltd., Myomo Inc., Gobio Robot, Parker Hannifin Corp., Wandercraft SAS and P&S Mechanics Co. Ltd.
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