Exoskeleton Market Boosting Due To Growing Technological Advancements Till 2025: Grand View Research, Inc.
The
global exoskeleton market is expected to reach USD 3.3
billion by 2025, according to a new report published by Grand View Research.
Key factors driving the market expansion include the increasing number of U.S.
FDA products, growing demand for exoskeletons in rehabilitation, assisted
walking, military applications, and industrial applications.
The
market is evolving rapidly due to the increasing adoption of exoskeleton
technology in the developed regions. The growing geriatric population coupled
with increasing number of people suffering with paraplegia, tetraplegia, and
other spinal cord injuries are major factors boosting the usage rates of
exoskeletons.
The
exoskeleton market has gained high momentum after the launch of products such
as ReWalk bionic suit, Ekso GT exoskeleton. Moreover, with the U.S. FDA
approving the Parker Indego, commercialization of exoskeleton devices is
expected to increase significantly over the next few years.
In
the U.S., the Defense Advanced Research Projects Agency (DARPA), National
Aeronautics and Space Administration (NASA), and National Institute of Health
(NIH) have significantly contributed toward technology development, research
funding, and commercialization of these devices.
- For
instance, in 2014, Ekso Bionics received a P20 Exploratory Grant from the
NIH to continue the development of an exoskeleton prototype for children.
- In
October, 2015, Parker Hannifin Corporation announced that it had agreed to
supply Indego exoskeleton for a 4-year multicenter study for the
Department of Defense, which was funded by the U.S. Department of Defense
and the Congressionally Directed Medical Research Programs.
In
the EU, the Robo-Mate project, which comprises of 12 partners from 7 European
nations, has received a total funding of Euro 4.5 million by the 7th Framework
Program for Research and Technological Development of the European Union.
Furthermore, classification of Cyberdyne HAL exoskeleton as medical device in
the EU and Japan has reinforced the growth prospects and improved the
reimbursement scenario.
Browse full
research report on Exoskeleton Market: www.grandviewresearch.com/industry-analysis/exoskeleton-market
Further
key findings from the report suggest:
- The data published by the International
Federation of Robotics suggests that in 2014, nearly 272 exoskeletons were
sold commercially, and this number is anticipated to grow rapidly over the
next few years.
- In 2015, the healthcare segment accounted for
the maximum revenue share of 54.1%. The use of exoskeletons for
rehabilitation and assisted living services is a key factor driving the
segments growth. However, the industrial segment is expected to emerge as the
fastest growing with a high CAGR of 58.8%. Increasing age of workforce
coupled with growing healthcare disorders are expected to boost the use of
automation and drive the sales of exoskeletons over the forecast period.
- In 2015, North America was a clear leader with
a revenue share of 49.8%. The research on exoskeletons was primarily
initiated with the USD 50 million funding received from DARPA, and
subsequent grants from NIH and NASA have contributed to the development of
a strong ecosystem for the proliferation of exoskeleton technology.
Moreover, the U.S. Department of Veteran Affairs had issued a national
coverage policy for ReWalk robotic exoskeleton systems for eligible
veterans with spinal cord injury. This policy is expected to significantly
benefit the veterans and propel the usage rates over the forecast period
- Asia Pacific is expected to emerge as the
fastest growing region with a CAGR of 57.4% during the forecast period.
The growing geriatric population in Japan and China, increase in the spinal
cord injuries, and growing industrialization in this region are expected
promote the utilization of exoskeletons for healthcare and industrial
applications.
- The exoskeleton market is presently dominated
by few key participants such as ReWalk, Ekso Bionics, Cyberdyne, and
Lockheed Martin. Some of the new players include Rex Bionics, Hocoma,
Panasonic- ActiveLink and Parker Hannifin Corporation. Introduction of low
cost exoskeletons is expected to increase the competition and is also
expected to benefit several patients over the forecast period
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the exoskeleton market by type,
technology, end use, and region:
Exoskeleton
Market Technology (Type) Outlook (Market revenue in USD Million, 2013 - 2025)
- Mobile Exoskeleton
- Stationary
Exoskeleton
Exoskeleton
Mobile Technology Market Outlook (Market Revenue in USD Million, 2013 - 2025)
- Active
- Passive
Exoskeleton
Stationary Technology Outlook (Market Revenue in USD Million, 2013 - 2025)
- Active
- Passive
Exoskeleton
Market Technology (Drive System) Outlook (Market Revenue in USD Million, 2013 -
2025)
- Pneumatic
Actuator
- Hydraulic
- Electric
Servo
- Electric
Actuator
- Fully
Mechanical
- Shape
Memory Alloy Actuator
Exoskeleton
Market End-User Outlook (Market Revenue in USD Million, 2013 - 2025)
- Healthcare
- Military
- Industrial
Exoskeleton
Market Regional Outlook (Market Revenue in USD Million, 2013 - 2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Switzerland
- Asia
Pacific
- Japan
- China
- Latin
America
- Brazil
- Mexico
- Middle
East and Africa
- South
Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-exoskeleton-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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