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Exoskeleton Market to Attain 50% CAGR to 2024, With 86,000 Unit Shipments

Exoskeleton Market to Attain 50% CAGR to 2024, With 86,000 Unit Shipments Global Market Insights, Inc. quotes, North America exoskeleton market is anticipated to grow at CAGR of over 48% in the projected period as about 75% of the exoskeleton manufacturers are located in this region.

PR Newswire

SELBYVILLE, Del., Nov. 15, 2018

SELBYVILLE, Del., Nov. 15, 2018 /PRNewswire-PRWeb/ -- Mobile exoskeleton market accounted for highest revenue share of over 61% in 2016 and is estimated to continue its dominance during the study period. The segment growth is credited to increased application in military & industrial segment. Mobile exoskeleton provides mobility to the wearer while augmenting strength to lift heavy load. Stationary products are deployed in rehabilitation centers and hospitals. These products provide fast recovery for the patients suffering from spinal cord injuries and other mobility impairment disorders.

Lower body exoskeleton market acquired more than 60% of total revenue in 2016. These products are used to restore movement of disabled persons. Also, the companies such as Lockheed Martin are investing and developing effective lower body products to enable operation in hostile conditions for security forces.

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Upper body segment is projected to exhibit highest CAGR of 53% owing to increasing demand in industrial applications such as welding. Full body segment is poised to exhibit growth owing to use in security & defense applications. Revenue for this segment will cross USD 760 million in 2024.

Healthcare sector dominated the overall exoskeleton market size in 2016 and is expected to continue its dominance during the study period. Increasing spending on healthcare, technological advancements to increase safety and stringent government regulation will attribute to the segment growth.

Military segment in exoskeleton market is expected to witness an exponential growth owing to increasing funding from defense departments to develop exosuits for their arm forces. The segment will witness substantial increase in revenue and will acquire more than 26% of the overall industry by 2024.

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Asia Pacific exoskeleton market is estimated to cross USD 780 million over the forecast timeframe. The growth can be attributed to increasing spending on healthcare and awareness about industrial robotics in manufacturing sector. China and South Korea are investing heavily in development of wearable robots for defense & security purposes.

North America exoskeleton market is anticipated to grow at CAGR of over 48% in the projected period. This growth is attributed to high demand from healthcare and military applications. Moreover, about 75% of the exoskeleton manufacturers are located in this region. The companies work in association with research universities to continue R&D on the product.

Some of manufacturers in the exoskeleton market include Bionik Laboratories Corp., 20 Knots Plus, Activelink Co., Ltd., Hocoma, Ekso Bionics, CYBERDYNE, Inc., MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence, Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corporation and Revision Military. The nature of the industry is consolidated with few companies permitted to commercialize the product. Stringent regulations such as FDA is creating high entry barriers for the robotic technology manufacturers.

Browse key industry insights spread across 270 pages with 297 market data tables & 11 figures & charts from the report, "Exoskeleton Market Size, By Product (Stationary, Mobile), Type (Full Body, Upper Body, Lower Body), By Application (Industrial, Military, Healthcare) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Russia, China, Japan, South Korea, Brazil, Mexico, MEA), Application Development, Competitive Landscape & Forecast, 2017 – 2024" in detail along with the table of contents:

Table of Contents (ToC) of the report:

Chapter 3. Exoskeleton Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2014 - 2024
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix    
3.4. Technology landscape
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. EU
3.5.3. China
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.7. Innovation & sustainability
3.8. Growth potential analysis
3.9. Porter's analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10.     Competitive landscape, 2016
3.10.1.        Market share analysis
3.10.2. Strategic dashboard
3.11.     PESTEL analysis
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Last Updated: 15-Nov-2018