Wearable Robotic Exoskeleton Market, 2028 - Increasing Demand for Exoskeletons Used for Rehabilitation Therapy with Growing Interest from Insurance Companies

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Jan 15, 2019, 10:00 ET

DUBLIN, Jan. 15, 2019 /PRNewswire/ --

The "Global Wearable Robotic Exoskeleton Market, by Value and Volume: Focus on Mode of Operation, End User, Application, Material Type, and Limb Type - Analysis & Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.

The global wearable robotic exoskeleton market accounted for $127.4 million in the year 2017 and is expected to grow at a significant CAGR during the forecast period 2018-2028.

The global wearable robotic exoskeleton market has been segmented into four end-users: healthcare, industrial, commercial, and defense. The healthcare end user segment acquired the largest share in 2017 owing to relatively high prices of healthcare exoskeleton devices; however, defense end user segment is expected to grow at the highest CAGR during the forecast period 2018-2028.

The need for efficient rehabilitation therapy through machines and robots has led to enormous traction for the wearable robotic exoskeleton market. These advanced technological devices are widely used to restore and augment the normal human movements lost due to neuromuscular disorders. Apart from rehabilitation purpose, the exosuits have comprehensive potential in assistive and body parts support applications due to which these devices have been prominently adopted by elderly people and by manufacturing, construction, and logistics industries.

The wearable robotic technology is still in its growing stage but has an ability to bring wide adoptability for the end-user industries. In the span of three years (2016-2018), the industry has witnessed several product launches and research and development activities. In a nutshell, the ongoing developments underline a change undergoing in the wearable robotics industry with exoskeletons emerging as the next big thing for rehabilitation and assistive applications.

The wearable robotic exoskeleton market witnessed a high growth rate owing to the increasing demand of exoskeletons for rehabilitation, global proliferation of geriatric population, and rapid technological advancements in artificial intelligence and robotics. Recent innovations and government funding and initiatives in robotic exoskeleton components and services have enabled the robotic exoskeleton technology to reach a wider segment of consumers in the industry.

However, stringent government regulations for exoskeletons and higher cost of production contribute as the major challenges for the market. Increasing popularity of exoskeletons in the industrial sector and growing interest of insurance companies toward exoskeletons for rehabilitation are the major factors, which are expected to create lucrative opportunities for the market in the next five years.

In addition, the wearable robotic exoskeleton market is also classified on the basis of application, material type, and limb type. The global wearable robotic exoskeleton market has been segmented into two material types: hard exoskeleton and soft exoskeleton. The hard exoskeleton segment acquired the largest share in 2017 due to majority of companies developing hard exosuits. However, soft exoskeleton is expected to grow at the highest CAGR during the forecast period 2018-2028.

Europe accounted for the highest share of the market in 2017 owing to the maximum number of robotic companies present in the region as well as high government spending in the healthcare segment. However, Asia-Pacific North America is expected to witness the highest growth during the forecast period 2018-2028, mainly driven by the increasing focus of nations such as Japan, China, and South Korea on adopting exosuits to cope with the shrinking workforce due to the increasing ratio of aged population by developing exoskeleton technologies to aid the elderly population for not only medical application but also industrial and defense applications.

Key Topics Covered:

Executive Summary

1 Market Dynamics
1.1 Overview
1.2 Market Drivers
1.2.1 Increasing Demand for Exoskeletons Used for Rehabilitation Therapy
1.2.2 Proliferation of Geriatric Population, Globally
1.2.3 Rapid Technological Advancements in Artificial Intelligence and Robotics
1.3 Market Challenges
1.3.1 Stringent Government Regulations for Exoskeletons
1.3.2 Higher Cost of Production
1.4 Market Opportunities
1.4.1 Increasing Popularity of Exoskeletons in Industrial Sector
1.4.2 Growing Interest of Insurance Companies Toward Exoskeletons for Rehabilitation
1.5 Market Dynamics: Impact Analysis

2 Competitive Insights
2.1 Key Developments and Strategies
2.1.1 Overview
2.1.2 Share of Key Business Strategies
2.1.3 Product Launch
2.1.4 Partnerships, Agreement Joint Ventures, and Collaborations
2.1.5 Mergers and Acquisitions
2.1.6 Others
2.2 Market Share Analysis
2.3 R&D Analysis of Leading Players, 2015-2017

3 Industry Analysis
3.1 Evolution of Exoskeleton and Technological Advancements
3.2 Product Assortment and Pricing Analysis
3.3 Patent Analysis
3.4 Value Chain Analysis

4 Global Wearable Robotic Exoskeleton Market
4.1 Assumptions and Limitations
4.2 Market Overview

5 Global Wearable Robotic Exoskeleton (by Mode of Operation)
5.1 Market Overview
5.2 Active
5.3 Passive

6 Global Wearable Robotic Exoskeleton (by End User)
6.1 Market Overview
6.2 Healthcare
6.3 Industrial
6.4 Defense
6.5 Commercial

7 Global Wearable Robotic Exoskeleton (by Application)
7.1 Market Overview
7.2 Rehabilitation
7.3 Assistive
7.4 Body Parts Support
7.5 Sports

8 Global Wearable Robotic Exoskeleton (by Material Type)
8.1 Market Overview
8.2 Hard Exoskeleton
8.3 Soft Exoskeleton

9 Global Wearable Robotic Exoskeleton Market (by Limb Type)
9.1 Market Overview
9.2 Upper Limb
9.3 Lower Limb
9.4 Full Body

10 Global Wearable Robotic Exoskeleton (by Region)
10.1 Market Overview

11 Company Profiles

ATOUN Inc.
B-Temia Inc.
Bionik Laboratories Corporation
Cyberdyne Inc.
Daiya Industry Co., Ltd.
Ekso Bionics Holdings, Inc.
Focal Meditech BV
Hocoma AG
Honda Motor Co., Ltd.
Lockheed Martin Corporation
Mitsubishi Heavy Industries Ltd.
Myomo Inc.
P&S Mechanics Co. Ltd.
Parker Hannifin Corporation
ReWalk Robotics Ltd.
Rex Bionics PLC
AXOSUITS SRL
Bionic Yantra
Genrobotic Innovations Pvt Ltd.
Laevo B.V.
US Bionics
Wearable Robotics srl
WeaRobot

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