The technological development in various peripheral components like electronics, optronics, and the development of new materials having extremely low weight and high tensile strength is supporting the development and acceptance of exoskeletons on a commercial level. Investments by major government bodies toward research, development, and integration of exoskeletons in their military capabilities are generating business opportunities for globe defense players like Thales Group and Lockheed Martin, whereas rising interest of various insurance companies across the globe to provide exoskeletons for physically challenged individuals is generating market opportunities for the companies like ReWalk and German Bionics who cater to the commercial market.
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Rising geriatric population across the globe that faces difficulties in performing day to day activities and shortage of labor forces in the industrial segment have allowed various auto manufacturers to explore the opportunities of integrating robotic wearable exoskeletons with their existing work force to increase their operation efficiency, reduce fatigue, and elevate work safety environment. Few of the major auto manufacturing companies in Asia-Pacific like Honda Motor Co., Hyundai Motors, and MHI have started investing in design and development of exoskeletons and planned to launch their products between 2022 and 2025, thereby boosting the opportunities of industrial exoskeletons over the forecast period.
One of the biggest challenges faced by wearable robotic exoskeletons is the high initial investment and production cost. The average cost of an exoskeleton per unit will be around $70,000, which is significantly high as compared to other commercial robots. The reason for such a high production cost is because the technology is still in the research and development phase and industry players cannot leverage the benefits of economies of scale during production as there are custom requirements for every individual. Various industry players are exploring the options of additive manufacturing like 3D printing or laser sintering to reduce the manufacturing cost, whereas are some industry participants are working on design modifications to ensure universal designs across various models of exoskeletons.
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Robotics technologies are expected to be dominant in the coming years and expected to influence every aspect of workplace, home, industries, hospitals, and defense forces, among others. Significant developments are evident in the emerging robotics fields, including autonomous vehicles, Artificial intelligence (AI), robotic exoskeletons, drones, humanoid robots, and virtual reality (VR), among others. Robotics technologies have significant potential to greatly aid the betterment of social, political, and economic aspects of a nation while raising the overall efficiency of work practices with adequate safety levels.
In terms of value, the global wearable robotic exoskeleton market accounted for $127.4 million in the year 2017 and is projected to reach $5,438.1 million by 2028, growing at a CAGR of 43.48%.
Active (powered) robotic exoskeletons contributed the largest share to the wearable robotic exoskeleton market with 86.78% share of the overall market in 2017.
Major companies such as Cyberdyne Inc., Ekso Bionics Holdings, Inc., Parker Hannifin Corporation, Rex Bionics PLC, and ReWalk Robotics Ltd., among others are efficiently developing active robotic exoskeletons, widely being utilized in the healthcare industry, followed by industrial, commercial, and defense sectors.
Moreover, active robotic exoskeletons have high prices as compared to their passive counterparts as the development of active exoskeleton involves high cost of sensors, electric motors, and batteries.The healthcare end user is one of the major contributors to the active exoskeleton market in 2017, which accounted for about 93.85% of the total share due to higher adoption of active exoskeletons for rehabilitation purpose.
Driven by the higher adoption of powered exoskeleton suit for reducing the stress and increasing the safety of the workers and military people working in hazardous regions, industrial and defense industries are expected to witness a high growth rate in the market, i.e., 54.42% and 55.66%, respectively during the period 2018-2028.
However, the industrial segment is anticipated to emerge as a dominant end user in terms of volume by 2028 with the highest number of exosuits.
