Powered Exoskeleton Market Size, Share and Forecast 2019-2026

(EstateNewsWire.com, September 09, 2019 ) Market Overview:

• Powered exoskeletons also known as powered armor or exosuit is a wearable mobile machine or hi-tech robotic device. A powered exoskeleton is powered by a system of electric motors, levers, hydraulics, or a combination of technologies that allow limb movement with increased strength and endurance. According to the National Spinal Cord Injury Statistical Centre, in 2018, approximately 350,000 people were living with spinal cord injuries in the U.S, and nearly 15,500 new cases are estimated each year in the country. In recent years, there is an increase in the adoption of these devices for elderly patients and people suffering from neurological disorders and spinal cord injuries.

• The main applications of exoskeletons are in the military to assist soldiers in motion and lifting heavy objects and as a training aid in medical industries. There is a rapid advancement in mechanical, biomedical and electronic technology leading to rapid development in exoskeletons.

Market Dynamics:

• The market is driven by factors such as technological advancements, increasing prevalence of strokes, rise in a number of spinal cord injury & paralysis cases, and growing geriatric population.

• Increasing incidents of stroke, spinal cord injury coupled with the growing number of accidents will drive the overall patient number suffering from mobility disorders. According to the American Journal of Public Health, over 15 million people are paralyzed and unable to walk in the US. As per the World Health Organization (WHO) in 2018, around 50 million people all over the world experienced severe injuries, due to road accidents or violent activities. Many of the survivors are left with permanent disabilities that require exoskeletons.

• Huge investments for development, stringent government regulations concerning about the user safety and robot reliability, unavailability of consistent power supply and high cost of equipment are going to restrain the market in the forecast period.

• Selling powered exoskeletons in massive quantities is not an easy task. For this there is need of invention, patents (to protect the invention), engineering optimization, third party safety validation, distributors and interested buyers, FDA regulations and 3rd party testing that looks at the human-machine interactions.

Market Segmentation:

• The global powered exoskeleton market is segmented by component as hardware and software and by vertical as healthcare, defense, industrial and others.

• The software segment is expected to grow at the highest CAGR of 46% because of the introduction of artificial intelligence (AI). AI exoskeletons provide access to a collective intelligence that accelerates learning and helps make better decisions. AI administrative assistant uses machine learning technology to automate the entire meeting-scheduling process, from picking an ideal time and place to exchanging emails. High-quality products such as the LEGO® and Mindstorms® are some of the hi-tech robotics.

• Powered exoskeletons have the ability to support soldiers on the field for lifting heavy weapons and to move faster and cover a larger area on the battlefield. In the result of that, the defense sector of several countries is looking forward to deploy exoskeletons to strengthen its security. Defense sector had a market value of $ 63.64 million in the year 2018. Powered exoskeletons offer applications such as rising productivity whilst unloading supplies and enabling a soldier to carry heavy objects (40–300 kg) while running or climbing stairs. These applications are boosting the growth of the market.

Geographical Analysis:

Geographically, the global powered exoskeleton market is divided into

• North America,

• Europe,

• South America,

• Asia-Pacific

• The Middle East

• and Africa.

Competitive Trends:

• Some of the major key players are Cyberdyne, BionikLaboratories, Mitsubishi Heavy Industries, Honda Motors, Hyundai Motors, RewalkRobotics, MediTouch, EksoBionics Holdings, Inc., Panasonic Corporation and Lockheed Martin Corporation.

• n March 2018, Ekso Bionics entered into an educational partnership with the National Stroke Association. This strategy enabled the company to improve awareness and access to advance stroke rehabilitation exoskeleton technolog

• In February 2018, Norinco, a state-owned manufacturer in China, introduced military exosuits to boost the weight carrying capacity of armed forces.

• In February 2018, China Shipbuilding Industry’s military engineers developed L-70 for their armed forces applications.

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