The global exoskeleton market size was valued at USD 25.4 million in 2015 and is projected to grow at a CAGR 58.4% during the forecast period. Technological advancements, increasing prevalence of strokes, rise in number of spinal cord injury & paralysis cases, and growing geriatric population are some of the key factors supporting the market growth.
In the recent years, there has been an increase in the adoption of these devices in rehabilitation therapies for disabled and elderly patients. The significance of exoskeletons in military, assisting injured soldiers in motion and lifting heavy objects is also a key factor for growth. Moreover, growing interest of large players in the development of smart technologies to help the disabled to walk and move is anticipated to drive the growth of mobile exoskeletons.
Increasing prevalence of nervous system trauma is one of the crucial factors that is likely to drive the usage of exoskeletons in the healthcare industry. Patients with spinal cord injuries (SCI) are one of the major end users of these products. In the recent years, there has been a significant increase in the number of SCI cases.
According to National Spinal Cord Injury Statistical Center, in 2014, approximately 276,000 people were living with SCI in the U.S and nearly 12,500 new SCI cases were estimated each year in the country. This increase in number of SCIs is likely to increase the demand for exoskeletons. Furthermore, rising awareness levels among patients on available treatment options is expected to positively reinforce market growth.
The exoskeleton market on the basis of technology type, is segmented into, stationary and mobile. In 2015, the mobile exoskeletons segment held the majority share of market. However, stationary exoskeletons segment is expected to witness lucrative growth during the forecast period. Key factors contributing to the growth of this segment include increasing prevalence of spinal cord injuries (SCIs) and growing usage of stationary type in rehabilitation. Both the mobile and stationery exoskeletons are further segmented into active and passive systems on the basis of energy used.
Growing R&D activities and increasing demand for motor-equipped robots to assist human body mechanics are the crucial factors that are anticipated to boost the usage rate of the active exoskeleton technology in the disabled population. Moreover, presence of favorable reimbursement policies in the developed nations for the usage of exoskeleton by challenged population is likely to contribute to growth in the demand for active segment in the coming years.
The use of stationery exoskeleton in rehabilitation improves mobility in the disabled. Rehabilitation exoskeletons are used for a set of supervised training regimes only. Growing use of stationary type in military and industrial services is expected to boost their demand in the coming years. Increasing usage of powered exoskeletons in rehabilitation is another key contributing factors that is likely to boost the stationary products during the forecast period.
The technology (by drive type) segment is segmented into pneumatic actuators, hydraulic actuators, electric servo actuators, electric actuators, fully mechanical exoskeletons, shape memory alloy actuators, and fuel cell. In 2015, electric actuator held the majority of market. However, the fuel cell segment is expected to witness high growth during the forecast period.
The largest share of electric actuators segment can be contributed to cost-effectiveness over hydraulic or pneumatic actuators and their precise control of speed, acceleration, and position. Presence of large number of commercialized electric actuators can be another key factor that is expected to boost the market share of electric actuators in the coming years.
The key factors attributing to the highest growth of fuel cell are increasing awareness on the advantage of fuel cells over electric actuators, increasing shipments of fuel cells, growing adoption of stationary fuel cell in various applications, and favorable projects for uninterruptible power supplies of fuel cells in the North America.
The key end use applications analyzed in the exoskeleton market are healthcare, military, and industrial use. The healthcare segment held the largest share of the market in 2015. This segment is further categorized into rehabilitation, elderly care, and assistive living facilities. Growing usage of these products in rehabilitation centers, increasing prevalence of SCI, and subsequent increase in the treatment rate are among the few factors that are anticipated to boost the market growth. Furthermore, growing number of FDA approvals for medical exoskeletons and rising awareness on technologically advanced technologies are the other factors that are likely to rise the demand for exoskeletons in healthcare in the coming years.
However, industry segment is expected to witness highest growth rate during the forecast period. Key factors contributing to growth of this segment include growing incidences of work-related injuries and increasing awareness on the benefits of using exoskeleton technology in the industrial setup.
Growing demand for advanced technologies to empower people in various sectors, such as construction sites, manufacturing environment, and distribution centers, is another factor driving the incorporation of exoskeleton technology in industrial applications. Technological advancements, increasing adoption of exoskeleton technologies in various industrial applications, and growing R&D in the development of exoskeletons for industrial use are expected to propel the market growth over the forecast period.
North America dominated the market in 2015 with a largest market share, by region. The key contributors for the large share can be increase in geriatric population and the growing purchasing power of patients. In addition, increasing adoption of exoskeletons in military, healthcare, industrial, and consumer industries are expected to drive the growth of exoskeleton market in North America during the forecast period.
In 2015, the U.S. held the largest share of market owing to growing adoption of exoskeletons in various segments such as, healthcare, rehabilitation centers, military and industrial processes. Furthermore, the market growth can also be attributed to the heavy investments on R&D by large industry players, such as Ekso Bionics and ReWalk Robotics Ltd., for the development of new products and prototypes in the country. In addition, the region has presence of large number of public & private institutions offering grants & funds for the development of advanced products. For instance, in October 2014, Ekso Bionics has received a P20 Exploratory Grant from the National Institutes of Health to develop an exoskeleton prototype for children.
However, Asia Pacific market is anticipated to witness the highest growth over the forecast period. Growing geriatric population and increasing prevalence of stroke & SCIs, presence of a large pool of patients, increasing disposable income, and availability of government funding are few factors that are expected to drive the market during the forecast period.
Some of the significant market players include Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd., Rex Bionics Plc, Lockheed Martin Corporation, Suit X (U.S. Bionics Inc.), RB3D, and Hocoma.
Investments by key players for the development of new and innovative products is expected to boost the market growth in the coming years. For instance, ReWalk Robotics developed an exoskeleton- ReWalk, designed to support the legs and upper body of a disabled person. Similarly, Ekso Bionics developed Ekso GT for use in rehabilitation therapy for patients suffering from stroke and spinal cord injuries. Furthermore, Phoenix by SuitX, is another exoskeleton designed for pediatric patients, suffering from cerebral palsy and spinal injuries, to gain mobility.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the global exoskeleton market report on the basis of type, technology, end use, and region:
Technology (Type) Outlook (revenue in USD Million, 2013 - 2025)
Mobile Technology Outlook (Revenue in USD Million, 2013 - 2025)
Stationary Technology Outlook (Revenue in USD Million, 2013 - 2025)
Technology (Drive System) Outlook (Revenue in USD Million, 2013 - 2025)
Shape Memory Alloy Actuator
End-User Outlook (Revenue in USD Million, 2013 - 2025)
Regional Outlook (Revenue in USD Million, 2013 - 2025)
Middle East and Africa
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