According to a report by Grand View Research, Inc.; the global exoskeleton market is projected to achieve around USD 3.3 billion by 2025. Growing cases of spinal cord injuries and paralysis are anticipated to propel the market growth over the forecast period (2018 to 2025). Exoskeletons can support patients recovering from various injuries. Technological advancements in medical devices through R&D is likely to stimulate demand for exoskeletons in near future.
Rising cases of paralysis and physical injuries owing to increasing geriatric population is anticipated to propel the growth of the exoskeleton market. High adoption in rehabilitation therapies for elderly and disabled patients can positively influence market in the coming years. Regular technological advancements to support the disabled to walk and move can spur the market expansion. High prevalence of nervous system trauma is expected to further fuel the demand for exoskeleton in the next few years. Increasing use of exoskeletons to treat the patients suffering from spinal cord injuries is predicted to foster growth of the market during the forecast period.
The worldwide exoskeleton market can be segregated on the basis of technology type, drive type, applications, and region. Based on technology type, the market can be bifurcated into mobile and stationary. In 2015, the mobile exoskeleton segment dominated the market. However, stationary the exoskeleton segment is likely to witness significant growth over the forecast period owing to high prevalence of spinal cord injuries and the use of stationary exoskeleton for rehabilitation.
Full Research Report On Exoskeleton Market Analysis: https://www.grandviewresearch.com/industry-analysis/exoskeleton-market
Both stationary and mobile exoskeleton segments can be further segmented into active and passive systems. High demand for motor-equipped robots to support human body mechanics coupled with increasing R&D activities are likely to impel the use of active exoskeletons. In addition, availability of supportive reimbursement policies can contribute to market growth in the next few years.
Based on drive type, the market can be classified into hydraulic actuators, pneumatic actuators, electric servo actuators, fully mechanical exoskeletons, fuel cell, electric actuators, and shape memory alloy actuators. In 2015, electric actuators dominated the global market in terms of revenue share. The fuel cell segment, on the other hand, is anticipated to exhibit steady growth in the forthcoming years owing to growing awareness regarding their advantages over electric actuators. In addition, increasing adoption of stationary fuel cells in multiple applications to offer uninterruptable power supply can further boost growth of the market.
Based on applications, the exoskeleton market can be divided into military, healthcare, and industrial. In 2015, healthcare segment dominated the overall market owing to increasing use of exoskeletons for elderly care, rehabilitation, and assistive living facilities. In addition, increasing number of the Food and Drug Administration (FDA) approvals can amplify market growth overt the forecast period.
View More Reports Of This Category By Grand View Research At: https://www.grandviewresearch.com/industry/medical-devices
However, the industry segment is estimated to witness the highest growth in terms of revenue over the forecast period owing to increasing number of work-related injuries. In addition, growing awareness regarding the benefits of exoskeleton in industrial setups can further spur market growth. Moreover, high demand for advanced techniques to empower people in manufacturing, construction, and distribution sectors can further amplify demand for exoskeletons.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2015, North America dominated the market owing to increasing number of geriatric population coupled with rising purchasing power of patients. In addition, growing adoption of exoskeletons in healthcare, military, consumer industries can influence growth of the market for exoskeletons during the forecast period. Furthermore, high prevalence of public and private institutions offering grants for manufacturing of high-end products can fuel growth of the market in the coming years.
In Asia Pacific, the market is anticipated to exhibit highest growth in the coming years owing to high prevalence of spinal cord injuries (SCIs) and strokes. In addition, growing number of patients and their disposable income coupled with easy availability of government funding can spur market growth in the region.
Some of the leading companies in the global exoskeleton market are ReWalk Robotics Ltd.; Ekso Bionics; Cyberdyne, Inc.; ActiveLink (Panasonic Corporation); and Rex Bionics Plc. Most companies are focusing on R&D investments to develop new and innovative exoskeletons to sustain competition and to gain bigger market share in the forthcoming years.
Access Full Press Release Of This Report By Grand View Research: https://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.
For more information: www.grandviewresearch.com
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
Country: United States