BLOOMINGTON, Minnesota, September 20, 2017 /PRNewswire/ --
According to a market intelligence report by BIS Aerospace & Defense domain titled "Global Wearable Robotic Exoskeleton Market, Analysis & Forecast, 2017 - 2026", the global wearable robotic exoskeleton market is expected to reach $4.65 billion by 2026, growing at a CAGR of 47.4% during the forecast period. The wearable robotic exoskeleton market witnessed a high growth rate as machine intelligence has surpassed human intelligence in the defense industry and there is a rise in the demand for exoskeletons for rehabilitation application, which is expected to further increase with the rapid growth of the geriatric population. Recent innovations in exoskeleton components and services have enabled the exoskeleton technology to reach a wider segment of consumers in the industry. However, stringent governmental regulations for exoskeletons in the healthcare industry and the high selling price of powered exoskeletons are the major challenges for the market.
The companies in the market are developing various forms of emerging technologies such as 3D printed electronic components and structure, durable batteries, and soft actuators, among others, to provide cost-effective and affordable exoskeletons. This, as a result, is expected to increase the competition in the near future as well as facilitate the utilization of exoskeleton for varied applications. Advancements in soft actuators for exoskeletons, increasing interest of insurance companies towards exoskeletons for rehabilitation, and increasing utilization of exoskeletons in the industrial sector are the major factors which are expected to create lucrative opportunities for the market players in the next five years.
Currently, there are more than 70 exoskeleton products in the market, which are either commercially available or are in the designing and testing phase, being deployed for diverse applications. Most of the exoskeletons are powered, aiming to provide rehabilitation and assistance. The cost of powered exoskeletons present in the market is extremely high as compared to the passive ones. The selling price of a powered exoskeleton ranges from $50,000 to $120,000, which does not include the service and maintenance costs. Thus, there is an unmet demand for significant cost reduction, in order to facilitate personal usage of exoskeletons for rehabilitation application. Globally, various governments and the major companies in robotics industry are investing in exoskeletons in order to make it accessible to a broader range of users.
According to Ayushi Bajpai, an analyst at BIS Research, "Exoskeleton market has been a significant area of focus in the robotics industry, especially for industrial end user, in order to improve endurance and safety in industrial settings, increase productivity at workplace, reduce the risk of injury, and reduce fatigue. Industrial end-user is foreseen to witness the high growth rate of 52% in the market, with 1,07,003 industrial exoskeletons, globally, by 2026."
Exoskeletons have gained widespread importance in the last few years owing to their increased advantages in varied industries including healthcare, defense, industrial, and commercial. The need for exoskeleton has gradually emerged across the globe, due to rise in the demand for exoskeletons for rehabilitation application. Globally, Asia-Pacific is one of the most prominent regions of this market, which is constantly advancing their technologies to develop exoskeletons. Europe dominated the market in 2016, mainly due to the increased number of exoskeleton start-ups and the significant investment by the government in developing active exoskeletons for the healthcare industry. In addition to this, the emerging start-ups in the region are also very keen to develop passive exoskeletons for applications such as back support, skiing, arm support, leg support, upper body fixed rehabilitation, and military.
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by type, including passive and active; industry, namely: healthcare, commercial, industrial, and defense; and applications, including rehabilitation, assistive, body parts support, and sports. The report also includes a comprehensive section on the geographical analysis of the market which includes North America, Europe, Asia-Pacific, and Rest of the World.
This report is a meticulous compilation of research on more than 100 players in the robotics industry and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The report also profiles around 16 companies, which are leading exoskeleton producers, including ATOUN Co., Ltd., B-Temia Inc., Bionik Laboratories Corp., Cyberdyne Inc., Ekso Bionics Holdings, Inc., Hocoma AG, Myomo Inc., Parker Hannifin Corporation, ReWalk Robotics Ltd., and Rex Bionics PLC, among others. The report also focuses on the emerging start-ups in the exoskeleton market and provides strategic developments by them.
Key questions answered in the report:
What is the size, in terms of revenue and volume, of the wearable robotic exoskeleton market in 2016, and growth rate during the forecast period, 2017-2026?
What is the market size of different types of exoskeletons (active and passive), based on the industry (healthcare, industrial, commercial, and defense) in which they are being utilized?
What was the market value of different applications of exoskeletons in 2016, on the basis of varied industries?
What is the market size of exoskeletons on the basis of different geographical regions and respective leading nations?
What is the market size of different types of exoskeletons being consumed in different regions?
What are the key trends and opportunities in the exoskeleton market, across different regions and respective countries?
What are the major driving forces that are expected to increase the demand of exoskeletons during the forecast period?
What are the major challenges inhibiting the growth of the global wearable robotic exoskeleton market?
What kinds of new strategies are being adopted by the existing market players to make a mark in the industry?
What is the competitive strength of the key players in the wearable robotic exoskeleton market on the basis of market share analysis and competitive benchmarking model?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
Contact: Bhavya Banga Email: [email protected] BIS Research™ 9100 West Bloomington Freeway, Suite 159, Bloomington, MN 55431