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2019
Smart Exoskeleton Market

Smart Exoskeleton Market

by Component (Sensors, Actuators, Power Source, Control System, and Others), Type (Soft Exoskeleton and Rigid Exoskeleton), Body Part (Upper Body, Lower Body, and Full Body) and Application (Industrial, Healthcare, Military, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025
Update Available On-Demand

Report Code: A04810
Pages: 307
Feb 2019 | 11095 Views
Author(s) : Prasad K
Tables: 130
Charts: 59
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Smart Exoskeleton Market Overview:

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. North America was the highest contributor to the global market, with $52.8 million in 2017, and is estimated to reach $701.8 million by 2025, registering a CAGR of 39.1% during forecast period.

Smart exoskeleton is a powered wearable suit, which is designed to improve user safety while increasing overall human efficiency to do the respective tasks. This exoskeleton makes use of smart algorithms, which automatically adjust to human body motions and further help in achieving optimal performance. Moreover, owing to the capability to intelligently adapt to body motions, smart exoskeleton consumes lesser amount of energy as compared to traditional exoskeletons.

Smart exoskeleton uses various power Source such as batteries to run the actuator systems. In addition, it is equipped with various types of sensors and electric cable connections to control the exoskeleton components. Moreover, it uses algorithms to detect motion anomalies in real-time environments and further aid in preventing injuries.

In addition, it aids people who are physically weak and individuals suffering from health and neurological disorders. It makes use of smart, lightweight, and tailored exoskeleton that can enhance user movements and prevent unexpected injuries. In addition, it enables the elderly to walk with ease and prevent fall-related injuries. Moreover, it can be used to maintain tone of body parts and reactivate blood circulations in people suffering from muscle weaknesses.

Increase in demand for use of smart exoskeletons in rehabilitation of people suffering from physical disabilities and neurological disorders is the major factor driving the growth of the global smart exoskeleton market. However, concerns related to affordability of smart exoskeletons can restrain the market growth. On the contrary, rise in investments to develop innovative, lightweight, and energy-efficient exoskeletons across the globe is expected to create lucrative opportunities for the growth of the market.

The key players analyzed in this report include 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.

The global smart exoskeleton market is segmented based on component, type, body part, application, and region. On the basis of component, the market is categorized into sensors, actuators, power source, control system, and others. Depending on type, it is classified into soft exoskeleton and rigid exoskeleton. By body part, it is divided into upper body, lower body, and full body. The applications covered in the study include industrial, healthcare, military, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Top Impacting Factors

Elderly safety is one of the key concerns in the healthcare industry. Injuries resulting from loss of balance are most common among the elderly. Smart exoskeletons made from lightweight carbon fiber can be worn below the waist and easily adjusted to the wearers body. These smart exoskeletons learn from user walking style and recognize the patterns of their stride. Once the walking pattern is established the algorithm within exoskeleton system can detect deviations in the normal stride pattern. Any deviation would result in the activation of the motors at the thighs which aid in regaining stability at the hip and prevent elderly from falling. These benefits of smart exoskeleton systems are expected to significantly drive market growth.

Increase in demand in gait rehabilitation

Functionally disabilities and physical impairments resulting from stroke significantly affect thousands of individuals across the globe. Stroke survivors require external aid to accelerate functional recover and rehabilitate normal gait. Smart exoskeletons designed for clinical purposes can provide effective exercise and therapy for such patients. They are equipped with motors at the hip and knee joint, and can control movements by sensing subtle changes in the center of gravity. Repetitive body shifting by wearer of the exoskeleton can help in generating sequences of steps, which further aids in restoring natural gait of the legs. Increase in adoption of smart exoskeletons in restoring natural gait is expected to drive the market growth.

Increase in demand for industrial body parts

In manufacturing environments, workers are subjected to production activities that are load intensive. Smart exoskeletons comprise actuators that are able to augment human movement and enhance the power of a person. These exoskeletons can be custom fitted according to body parts and use different types of materials such as aluminum, fiber glass, and carbon fiber depending on the strength requirements. Smart exoskeletons efficiently provide support to multiple joints, owing to their ability to adhere to the body and detect human movements to initiate the appropriate responses of the exoskeleton actuators. They are therefore being adopted for industrial purposes further driving the growth of the smart exoskeleton market.

Surge in initiatives for military body parts

Soldiers usually carry loads while climbing, up-stairs or mountain slopes as a part of their day-to-day activities. Moreover, soldiers continuously face issues with the endurance and strength and are prone to injury to their hips, back, or knees. Military organizations across the world have therefore adopted smart exoskeleton devices that allow them to transfer load efficiently. Moreover, these devices facilitate better performance while reducing soldier exertion. Smart exoskeletons that can be easily attached to the lower body are finding their application in military body parts. In addition, researchers are focusing on developing smart exoskeleton technologies that can be used with upper body. These continuous advancement in terms of type are expected to create lucrative growth opportunities for the smart exoskeleton market in the near future.

Key Benefits for Smart Exoskeleton Market:

  • This study comprises an analytical depiction of the global smart exoskeleton market opportunity along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall smart exoskeleton market forecast is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed smart exoskeleton market analysis.
  • The smart exoskeleton industry is quantitatively analyzed from 2017 to 2025 to benchmark the financial competency.
  • Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Smart Exoskeleton Market Report Highlights

Aspects Details
By Component
  • Sensors
  • Actuators
  • Power Source
  • Control System
  • Others
By Type
  • Soft Exoskeleton
  • Rigid Exoskeleton
By Body Part
  • Upper Body
  • Lower Body
  • Full body
By Application
  • Industrial
  • Healthcare
  • Military
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ATOUN INC., BIONIK, CYBERDYNE, INC., EKSO BIONICS, HONDA MOTOR CO., LTD., REWALK ROBOTIC, REX BIONICS LTD., SARCOS CORP., TECHNAID. S.L., US BIONICS
 

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The smart exoskeleton market possesses high growth potential in the healthcare industry. The current business scenario witnesses an increase in the demand for smart exoskeleton systems, particularly in the developed regions such as the U.S., China, and other European countries. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative offerings.

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.

Among the analyzed geographical regions, North America is expected to account for the highest revenue in the global market throughout the forecast period, followed by Asia-Pacific, Europe, and LAMEA. However, Asia-Pacific is expected to grow at a higher growth rate, predicting a lucrative growth.

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. North America was the highest contributor to the global market, with $52.8 million in 2017, and is estimated to reach $701.8 million by 2025, registering a CAGR of 39.1% during forecast period. This is attributed to the fact that the market participants continue to introduce technologically advanced products to remain competitive in the market. Product launch and collaboration are the prominent strategies adopted by the key players to maintain their foothold in the competitive market.

The key players profiled in the report include ATOUN Inc., BIONIK, CYBERDYNE, INC., Ekso Bionics, Honda Motor Co., Ltd., ReWalk Robotics, Rex Bionics Ltd., Sarcos Corp., Technaid. S.L., and US Bionics, Inc.

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