Exoskeleton Market set for 45.2% CAGR Explosive Growth to 2023 led by Powered Exoskeletons | ReportsnReports
PUNE, India, December 1, 2017 /PRNewswire/ --
Exoskeleton Market is forecast to reach $2,810.5 million by 2023 from $299.8 million in 2017 at a CAGR of 45.2% during (2017-2023) driven by growing demand from healthcare sector for robotic rehabilitation, advancements in robotic technologies and huge investments for the development of exoskeleton technology; Americas was the largest shareholder in 2016 whereas APAC would be the fastest-growing region.
Browse 65 Market Data Tables and 37 Figures spread through 148 Pages and in-depth TOC on "Exoskeleton Market by Component (Hardware and Software), Type (Powered and Passive), Mobility (Stationary and Mobile), Body Part (Lower, Upper, and Full Body), Vertical (Healthcare, Defense, and Industrial), and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/1245411-exoskeleton-market-by-component-hardware-and-software-type-powered-and-passive-mobility-stationary-and-mobile-body-part-lower-upper-and-full-body-vertical-healthcare-defense-and-industrial-and-geo-st-to-2023.html.
The key players in the exoskeleton market include Bionik Laboratories (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (US), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai Motor (South Korea), Lockheed Martin (US), Meditouch (Israel), Ottobock (Germany), Re Walk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics (South Korea), suitX (US), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (US), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (US), and Wandercraft (France).
The Americas held the largest share of the exoskeleton market in 2016. The Americas being the early adopter of exoskeletons for all major verticals such as healthcare, industrial, and defense and a home to some well-known players of the exoskeleton market has the maximum demand for exoskeletons. The market in APAC is expected to grow at the highest CAGR between 2017 and 2023. APAC is likely to adopt exoskeletons for almost all major verticals such as healthcare, industrial, and defense during the forecast period. As the elderly and disabled population in APAC countries, namely China and Japan is on the rise, the region is expected to employ exoskeletons for the rehabilitation and personal assistance applications.
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The exoskeleton market for powered exoskeletons is expected to grow at a higher CAGR between 2017 and 2023. At present, powered exoskeletons are used mainly in the healthcare vertical to assist people with disabilities, but with the introduction of cost-effective system and because of its additional benefits over the passive ones, powered exoskeletons will find its way in several new verticals, ultimately resulting in the high growth of the segment during the forecast period.
The Exoskeleton Market for full body exoskeletons is expected to grow at the highest CAGR between 2017 and 2023. This is mainly because of the growing interest of the government of various countries toward the development of full body exoskeletons owing to the advantages these exoskeletons provide in the defense sector. The security and defense sectors of several countries are investing heavily for the development of technology to further strengthen their security forces on borders.
Healthcare vertical held a larger share of the overall exoskeleton market in 2016. Exoskeletons are being widely deployed at rehabilitation centers for therapies and are used by the people with disability for personal assistance; owing to this, the healthcare vertical accounted for the largest share of the exoskeleton market in 2016. Rehabilitation robotic systems include assistive robots, orthotics, and prosthetics exoskeletons.
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Mobile exoskeletons held a larger share of the exoskeleton market in 2016. Mobile exoskeletons accounted for a larger share of the overall exoskeleton market in 2016. The basic concept to use exoskeletons is to provide mobility to people, who can be achieved only by using mobile exoskeletons; hence, there is more demand for mobile exoskeletons than the stationary ones.
Factors such as increasing adoption of human augmentation in industrial and military sectors, introduction of soft actuators, and adoption of the technology by insurance companies in their plans are expected to generate opportunities for the players in the exoskeleton market. The breakup of primaries conducted during the study is depicted below.
- By Company Type: Tier1 - 55%, Tier 2 - 20%, and Tier 3 - 25%
- By Designation: C-Level Executives - 75% and Directors - 25%
- By Region: Americas - 10%, Europe - 20%, APAC - 40%, and RoW - 30%
Another research titled Medical Robots Market Global Forecasts to 2021 says, the medical robots market is projected to reach $12.80 billion by 2021 from $4.90 billion in 2016, growing at a CAGR of 21.1% in the next five years (2016 to 2021). Companies such as Intuitive Surgical Inc. (U.S.), Stryker Corporation (U.S.), Mazor Robotics Ltd. (Israel), Hocoma AG (Switzerland), Hansen Medical Inc. (U.S.), Accuray Incorporated (U.S.), Omnicell Inc. (U.S.), Ekso Bionics Holdings Inc. (U.S.), ARxIUM (U.S.), Kirby Lester LLC (U.S.) have been profiled in this 146 pages research report available athttp://www.reportsnreports.com/purchase.aspx?name=276641.
Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/.
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