Increasing demand for robotic technologies across various sectors is driving the global smart exoskeleton market until 2026.
According to TechSci Research report, “Global Smart Exoskeleton Market By Component (Actuators, Power Source, Control System, Sensors, Others), By Type (Rigid v/s Soft), By Product Type (Active v/s Passive), By Body Part (Upper body, Lower body, Full body), By Application (Healthcare, Industrial, Military, Others), By Region, Competition, Forecast & Opportunities, 2026”, the global smart exoskeleton market stood at USD147.12 million in 2020 and is anticipated to grow at an impressive rate of around 9.94% during the forecast period owing to the increasing geriatric population suffering from problems such as paralysis, muscular dystrophy, among others. Additionally, growing demand in gait rehabilitation is further expected to support the market growth over the next few years. Furthermore, increasing demand for industrial body parts especially in production sites for load intensive activities is expected to spur the market growth. The actuators present in smart exoskeleton are able to augment human movement and enhance the power of a person. However, high cost of smart exoskeletons leads to affordability constraints, thereby hampering the growth of the global smart exoskeleton market. Besides, lack of awareness and adoption, especially in the developing countries, further restricts the market growth. Also, availability of cheaper alternatives especially in healthcare applications further slows down the market growth.
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The global smart exoskeleton market is segmented based on component, type, product type, body part, application, region and company. Based on product type, the market can be split into active and passive. The active exoskeleton segment dominated the market with an overall share of 64.52% in 2020 and is expected to continue its dominance over the next few years. This can be ascribed to the fact that these are powered exoskeletons and are programmable and suitable for various applications in healthcare, military and industrial applications. However, passive exoskeletons on the other hand are very task specific and cannot be used efficiently during a whole day, limiting their concrete use. Based on body part, the market can be categorized into upper body, lower body and full body. The upper body segment is expected to dominate the market owing to the widespread use of upper body exoskeletons in industrial, military and healthcare purposes. Also, they are quite cost effective. Based on end user, the market can be fragmented into healthcare, industrial, military and others. The healthcare segment is expected to dominate the market during the forecast period owing to the growing prevalence of injuries, accidents, and stroke prevalence, among others.
Major players operating in the global smart exoskeleton market include ATOUN Inc. (Panasonic), Cyberdyne, Inc., Ekso Bionics Holdings Inc., Myomo, Inc., ReWalk Robotics, Inc., Rex Bionics Ltd., Bionik Laboratories Corp., Lockheed Martin Corporation, Raytheon Company, Parker Hannifin Corp etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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“North America is expected to dominate the market during the forecast period owing to the growing prevalence of spinal and workplace injuries in the region requiring the use of smart exoskeletons. Additionally, increasing healthcare expenditure and awareness pertaining to rehabilitation among the population is further expected to fuel the market growth. Also, the presence of major market players such as Ekso Bionics Holdings Inc., Myomo, Inc., Raytheon Company, Parker-Hannifin Corporation, among others in the region is further expected to support the market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Smart Exoskeleton Market By Component (Actuators, Power Source, Control System, Sensors, Others), By Type (Rigid v/s Soft), By Product Type (Active v/s Passive), By Body Part (Upper body, Lower body, Full body), By Application (Healthcare, Industrial, Military, Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global smart exoskeleton market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global smart exoskeleton market.
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