Smart Exoskeleton Market: Introduction
According to the report, the global smart exoskeleton market was valued at ~US$ 200 Mn in 2020. It is projected to expand at a CAGR of 32.7% from 2021 to 2031. Favorable reimbursement policies and increase in applications of smart exoskeleton in various industries are anticipated to drive the global smart exoskeleton market from 2021 to 2031. North America is expected to account for a significant share of the global smart exoskeleton market during the forecast period. The expansion of the market in the region can be attributed to increase in geriatric population, highly structured healthcare industry, availability of various reimbursement policies from public and private health insurance firms, and technological advancements in exoskeleton.
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The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031. This can be ascribed to the expansion of the healthcare sector in countries such as China, Japan, and India. Moreover, increase in disposable income and purchasing power of consumers, rise in inclination toward the use of high-end technology in medical practice, large population base, and surge in incidence of chronic and lifestyle diseases are anticipated to propel the market in the region during the forecast period.
Surge in Adoption of Technologically Advanced Smart Exoskeleton Products to Propel Market
A number of people with mobility disorders due to various diseases is increasing rapidly across the globe. Thus, adoption of smart exoskeleton products is rising to improve the quality of life of these people, thereby driving the demand for these products. Advantages of smart exoskeleton include increasing efficiency, productivity, decrease in worker injuries, and decline in healthcare and disability costs. Moreover, it can be used instead of industrial robots and eliminates the need of completely automated solutions. These factors boost the adoption of technologically advanced smart exoskeleton products in various industries and subsequently, drive the market.
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Additionally, robotic rehabilitation systems (RRS) help reduce costs, improve treatment quality, and increase productivity of therapists. Modern developments are promising to obtain exoskeleton with a natural and a wide range of motions. Thus, adoption of robot technology in healthcare settings is fueling the demand for smart exoskeleton products. Hence, key players operating in the market are engaged in the development of new innovative technologically advanced products to address the needs of patients. For instance, Ekso Bionics, a prominent player, is engaged in the development of wearable technology to augment human potential. The company has received approval from the U.S. Food and Drug Administration to market its Ekso GT robotic exoskeleton. Ekso GT is the first exoskeleton cleared by the FDA for use with stroke patients. Thus, a surge in the adoption of technologically advanced products is likely to augment the market.
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Single Chamber to Dominate Market
In terms of product, the global smart exoskeleton market has been bifurcated into rigid smart exoskeleton and soft smart exoskeleton. Rigid exoskeleton have been used for a long time. Hence, usage of rigid smart exoskeleton is higher and is preferred due to the material in extreme cases of paralysis.
Lower Extremity to be Highly Attractive
Based on extremity, the global smart exoskeleton market has been classified into lower extremity, upper extremity, and full body extremity. The lower extremity segment is anticipated to dominate the global smart exoskeleton market during the forecast period, due to a large number of lower extremity products in the market that are used in various industries.
Healthcare to be Key End User
In terms of end user, the global smart exoskeleton market has been categorized into industrial, healthcare, military, and others. The healthcare segment is expected to account for a significant share of the global smart exoskeleton market by 2031. The increase in the adoption of smart exoskeleton by patients suffering from mobility disorders and geriatric people is likely to drive the segment during the forecast period.
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Competition Landscape of Smart Exoskeleton Market
The report provides profiles of leading players operating in the global smart exoskeleton market. These include EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne, Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D.
Global Smart Exoskeleton Market: Segmentation
- Smart Exoskeleton Market, by Product
- Rigid Smart Exoskeleton
- Soft Smart Exoskeleton
- Smart Exoskeleton Market, by Extremity
- Lower Extremity
- Upper Extremity
- Full Body Extremity
- Smart Exoskeleton Market, by Application
- Rehabilitation
- Pick & Carry
- Others
- Smart Exoskeleton Market, by End User
- Industrial
- Healthcare
- Military
- Others
- Smart Exoskeleton Market, by Region
- North America
- S.
- Canada
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
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The global Smart Exoskeleton Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Smart Exoskeleton Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/smart-exoskeleton-market/download-sampleMarket DynamicsThe smart exoskeleton has gained robust popularity in recent years.
Technology advancement, high adaptability to the technology, new product launches, and growing awareness are anticipated to increase demand for the smart exoskeleton.
The rising aging population and growing burden of musculoskeletal injuries and neurological disorders are putting a significant burden on people's healthy lifestyles.
Key players are investing in technology to bring their commercial significance.
The global smart exoskeleton market size was USD 3,345.3 million in 2018 and can reach USD 5,290.1 Million by 2024, reveals Market Research Future (MRFR).
The market is on its way to attaining a healthy CAGR of 8.2% during the forecast period (2019-2024).Top Drivers and Primary Challenges The smart exoskeleton market has significantly developed over the years and can register tremendous growth during the forecast period.
Smart exoskeleton can be described as an equipped wearable suit that helps improve client wellbeing, and at the same time, accelerating the general speaking human productivity for separate undertakings.
The smart exoskeleton makes use of brilliant calculations, which change as per the human body movements, which helps accomplish ideal execution.Get Free Sample Copy Report @ https://www.marketresearchfuture.com/sample_request/7979Increment of use of smart exoskeletons for restoration of individuals that suffer from physical inabilities as well as neurological issues could help the worldwide smart exoskeleton market advance in the near future.
Increasing speculations for creating lightweight, vitality productive, and imaginative exoskeletons all over the world are expected to offer worthwhile opportunities for market progression in the years to come.Other important growth-inducing factors in the market include growing insurance coverage for medical exoskeletons coupled with the introduction of soft actuators.
Strong demand for self-assisting exoskeletons, especially in countries like Japan, South Korea, and China can work in favor of the smart exoskeletons market.Top Players ReWalk Robotics (US), Parker Hannifin Corp. (US), Lockheed Martin Corporation (US), Ekso Bionics Holdings, Inc. (US), DIH Technologies Corporation (China), Rex Bionics Ltd. (UK), Hyundai Motor Company (South Korea), RB3D (France), Gogoa.eu (Spain), ATOUN Inc. (Japan), Honda Motor Co., Ltd (Japan), BIONIK (Canada), CYBERDYNE Inc. (Japan), US Bionics (US), Ottobock (Germany), are the top players in the worldwide smart exoskeleton market.Market Segmentation The worldwide Smart Exoskeleton Market segments specified in the MRFR report include type, component, application and vertical.With regard to the type, the global smart exoskeleton market is considered for soft exoskeletons, rigid exoskeletons, and ultra-soft exoskeletons.Component-based segments in the global smart exoskeleton market are software and hardware.
Global Smart Exoskeleton Market Research Report: by Type (Ultra-Soft Exoskeleton, Soft Exoskeleton, Rigid Exoskeleton), Component [Hardware (Sensors, Actuators, Power Source, Control System, Others), Software)], Application (Upper Limbs, Lower Limbs, Full Body), Vertical (Industrial, Healthcare, Military, Others), Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027OverviewGlobal Smart Exoskeleton Market Size is forecasted to register a CAGR of 39.1% during the estimated period.
The best thing about Smart Exoskeleton is that it is a mechanical wearable device that includes electric motors, a hydraulic system, levers, & simulation applications.
The main function of this product is that it imitates the structure of limbs present in human body, joints, and muscles in the best manner.
Smart Exoskeleton Market Industry includes the best type of product that includes advanced technologies and identifies and tracks the wearer's movements in an accurate manner.
You must know that various power source is used by Smart Exoskeleton like the batteries to run the actuator systems.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7979Market Segmentation The Smart Exoskeleton Market Industry is divided into different parts to provide a perfect and accurate picture of the market.
