Exoskeleton Market size is set to growth with a 45% CAGR growth through 2025
SOUTHLAKE, TX, UNITED STATES, September 18, 2019 /EINPresswire.com/ — OG Analysis research on “Global Exoskeleton Market during the forecast period 2019 to 2025” details market scope across wide range of end-user industries from healthcare to construction to the military. Lighter, smarter, and more useful exoskeletons are trending across ongoing construction and industrial workloads, medical field and defence expeditions.
Exoskeleton Market growth is largely driven by ongoing demand for improved patient outcome in the healthcare sector, ease burden of industrial workers, followed by precision and robust performance in the military sector.
Key OEMs are delivering long term solution by implementing exoskeleton technology to reduce physical burden on construction and demolition workers. For instance, Ekso Bionics partnered with Ford in 2018 to provide EksoVest equipment to assembly line workers to help elevate and support their arms.
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B-Temia, a key player of market, owns a patented technology called dermoskeleton that restores, maintains or enhances the mobility of users, both in healthcare and military field.
Wearable robot exoskeleton is among the emerging exoskeleton market trend with surging innovation and development of medical exoskeleton products by key OEMs.
Despite wide presence of product portfolio with customizable features and innovative pipeline products across the Exoskeleton Market, high costs incurred in purchasing the end-user products restrains the market growth, in particular for active exoskeleton product types.
Key companies are marking rapid growth through promoting rehabilitation with robotics & Artificial Intelligence
Key exoskeleton market OEMs are striding to innovate and broaden product portfolio by streamlining robotics for rehabilitative purposes or treatment of stroke-related conditions. In a view of above, major contribution is observed from BIONIK Laboratories Corp., Ekso Bionics, and Corindus Vascular Robotics.
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Accordingly, in July 2019, Ekso Bionics Holdings, Inc. announced the expansion of its medical exoskeleton portfolio with an upper extremity rehabilitation device called EksoUE. The wearable upper body exoskeleton provides a broad range of motion, upper extremity impairment and increased endurance for rehabilitation sessions.
Other recent announcements include, in 2018, BIONIK and Kindred Hospital Rehabilitation Services announced a multi-year agreement that would deploy BIONIK InMotion robots to existing inpatient rehabilitation hospitals and similar facilities across the U.S.
Prominent players contributing towards the exoskeleton market growth include, B-Temia, Cyberdyne, Focal Meditech, DIH Technologies, Lockheed Martin, Ottobock, Rewalk Robotics, Meditouch, Atoun, Daiya Industry Co., Honda Motor, Mitsubishi Heavy Industries, Parker Hannifin, and Rex Bionics.
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Exoskeleton market offers long term solutions to Military End users
Major vendors are penetrating market growth by carrying out intensive military contract works and R&D to enhance the abilities of soldiers. For instance, Russia’s Rostec showcased its third-generation passive exoskeleton in 2018, which increases the physical abilities of soldiers and protects joints and the spine.
Technology- driven countries lead the market growth through 2025
Americas maintain strong exoskeleton market growth with rising GDP, infrastructural developments and wide adoption of exoskeleton technology by key end users.
To reduce increasing injury related expenses in the U.S., which is about $21 billion per year on workplace-related injuries and high bills of construction workers, OEMs of exoskeleton technology are competing to deliver better workmanship with less fatigue and fewer workplace injuries.
Strategic approaches, outsourcing of R&D activities and commercialization of exoskeleton products pave growth across Asia pacific
Asia Pacific Exoskeleton market is currently in growth phase of life cycle with manufacturers working through strategic joint ventures, clinical studies and marketing of novel exoskeleton products among major markets. The socio- health factors such as growth in ageing population, increased awareness to quality of life across the urban areas of Asia Pacific region promotes medium to long term market growth.
During 2018, a joint venture agreement took place between the key exoskeleton market players, Wistron Corporation and B-Temia Inc to market the novel product Keeogo, which is a lower limb exoskeleton. The mercantile of Keeogo is made available across countries of Asia Pacific including China, Japan and Australia where aging population is recording high poll.
Furthermore, the R&D studies of exoskeletons across Asian countries are expected to offer strong market opportunities. In May 2019, Ekso Bionics Holdings, Inc. announced groundbreaking clinical study for three EksoGT exoskeletons in Singapore by NUHS. EksoGT is the FDA/ CE cleared exoskeleton to work with patients impacted by all neurological conditions and lower limb weakness.
• Industrial Exoskeleton Market
• Wearable Robots Exoskeletons Market (https://www.oganalysis.com/industry-reports/217758/wearable-robots-exoskeletons-market)
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Source: EIN Presswire