Industry Outlook and Trend Analysis
The Exoskeleton Market was worth USD 98.67 million in the year of 2014 and is expected to reach approximately USD 2859 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 45.36% during the forecast period. The high development is foreseen by virtue of expanding interest for these systems in military, industrial and healthcare applications. A portion of the developing applications incorporate the usage of exoskeletons in heavy assembling parts, for example, transport building and framework projects. The fast development of elderly populace combined with critical increment of the focused on disease conditions is a key factor boosting the rates of usage. As indicated by gauges distributed by United Nations in 2012, worldwide aged populace was almost 809.4 million and is foreseen to come to an expected populace of more than 2.0 billion. Vast populace over 60 years combined with expanding predominance of paralysis and strokes are foreseen to impel the usage rates.
Type Outlook and Trend Analysis
The market is sectioned on the premise of sort of technology: mobile and stationary. The versatile and stationary exoskeletons are additionally sectioned as passive and active systems. In 2015 mobile exoskeletons held a greater part of the market with a share of the overall industry of more than 63 percent. In mobile, active systems accounted for the most extreme offer of 69 percent. Nonetheless, stationary exoskeletons market is anticipated to develop at a lucrative rate, attributable to the expanding predominance of SCIs, which is driving the usage of stationary systems in the rehabilitation facilities. In the stationary class, the portable systems held a prevailing offer of 59.4 percent.
Technology Outlook and Trend Analysis
On the basis of technology drive system, the market is fragmented as electric servo, pneumatic actuator, shape memory alloy actuator, electric actuator, hydraulic, fuel cell, and fully mechanical. Electric actuator held a huge part of the market in 2015, with an offer of more than 32 percent. The existence of substantial number of popularized products with electric actuators is one of the key elements for the high share of the overall industry. Nonetheless, power device market is anticipated to develop with the most elevated CAGR. Key variables adding to its quick development incorporate expanding awareness about the advantages of power devices over electric actuators. In addition, the executions of a few undertakings in North America, which are gone for giving continuous supply of power devices, are anticipated to decidedly fortify the portions development over the figure time frame.
End User Outlook and Trend Analysis
Social insurance represented the larger part income offer of 54.1 percent in 2015, inferable from the popularity from assisted living, rehabilitation, and elderly care benefits over Canada, United States, Germany, Japan and France. However, mechanical section is anticipated to develop as the quickest developing section over the figure time frame. The development in average age of work force combined with developing business related SCIs is anticipated to decidedly fortify the exoskeleton market development over the gauge time frame.
Regional Outlook and Trend Analysis
In 2015, North America represented the most extreme income share of 49.8 percent and is trailed by Europe. The United States is the most critical market and records for larger part offer of the North American market. In the United States offices, for example, National Aeronautics and Space Administration (NASA), the Defense Advanced Research Projects Agency (DARPA), and the National Institute of Health have altogether contributed on the basis of research financing, technology improvement, and commercialization of the devices. Asia Pacific is anticipated to develop as the quickest developing district over the estimate time frame. Japan is one of the main countries with solid mechanical advancement and higher usage of medicinal and service robots for different applications.
The leading companies in the market are Cyberdene, ReWalk, Ekso Bionics and Lockheed Martin. These organizations, owing to high R&D investment and intellectual property rights, have accomplished the advantage of being the first movers in this market. Some of the other leading players are Panasonic ActiveLink, Hocoma, Parker Hannifin Corporation and Rex Bionics.
The Exoskeleton Market is segmented as follows-
Shape Memory Alloy Actuator
By End User:
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?