Smart Exoskeleton Market is Likely to Reach $1.89 Bn, Globally, by 2025 at 41.3% CAGR: Allied Market Research
Increasing demand for gait rehabilitation, industrial and elderly safety drive the market. However, its affordability comes up with high price, which impedes its growth. On the other hand, rising application of exoskeletons for military purpose is fostering its growth chances.
PORTLAND, Oregon, Feb. 27, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Exoskeleton Market - Global Opportunity Analysis and Industry Forecast, 2018–2025." The report offers an in-depth analysis of key market players and their strategies, dynamic market trends, major segments, market size & estimations, and overall business landscape. According to the report, the global smart exoskeleton market garnered $125.6 million in 2017, and is expected to reach $1.89 billion by 2025, registering a CAGR of 41.3% from 2018 to 2025.
Rise in demand for gait rehabilitation, industrial and elderly safety drive the growth in the market. However, its expensive nature impedes the market growth. On the other hand, increase in application of exoskeletons for military purpose create new pathways in the industry.
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Actuators component remains to be a profitable and lucrative segment
Based on component, actuators contributed nearly one-third of the total market share in 2017 and is expected to lead in terms of revenue throughout the forecast period. Moreover, this segment is expected to grow at the fastest CAGR of 42.5% from 2018 to 2025. It is due to the feature that it improves the overall efficiency of the smart exoskeleton by controlling errant motions. The research also delves deep into other components like sensors, power source, control system, and others.
Rigid exoskeleton to remain dominant throughout the forecast period
Based on type, rigid exoskeleton contributed to more than 90% of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This is due to its ability to offer protection against physical damage and abrasion that can prove to be beneficial in the industrial sector. However, soft exoskeleton is expected to grow at the highest CAGR of 56.2% from 2018 to 2025, owing to its characteristics such as compact size, lightweight, and less usage of energy.
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Asia-Pacific to grow at the fastest rate
Asia-Pacific is expected to grow at the fastest CAGR of 45.4% from 2018 to 2025, owing to surge in demand for exoskeletons for a host of medical facilities and the rapid rate of manufacturing in countries such as China, Japan, and Singapore to meet the growing demand. However, North America held the substantial share of the overall market in 2017, accounting for more than two-fifths of the share, owing to rise in health-related requirements from paraplegics.
Key market players
Key market players highlighted in the research include ATOUN Inc., BIONIK, CYBERDYNE, INC., Ekso Bionics, Honda Motor Co. Ltd., ReWalk Robotics, Rex Bionics Ltd., Sarcos Corp., Technaid. S.L., and US Bionics, Inc.
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