Ocean View, Delaware, Aug. 30, 2017 (GLOBE NEWSWIRE) --
Exoskeleton Market is forecast to reach USD 3.4 billion by 2024; according to a new research report by Global Market Insights, Inc. In 2016, the exoskeleton shipment crossed 2000 units. Increasing use of exoskeleton in rehabilitation for patients will fuel the exoskeleton market growth. These devices reinforce, augment and restore human performance. Increase in the number of orthopedic disorders and rapidly growing elderly population will provide stable growth prospects over the forecast timeline.
The product offer features such as performance assistance, adjustable frame and custom application software. These characteristics provide increased strength, security, and working efficiency for the workers in shipbuilding and heavy machinery industries. Investments in developing products for enhancing physical strength of industrial workers will augment the exoskeleton market size from 2016 to 2024.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1946
Robotic development companies are using low cost, high strength material to enhance safety of operation in healthcare, industrial and military applications. Increasing funding from defense department of various countries to strengthen arm forces capability will stimulate the industry demand. For instance, in 2016, South Korea defense firms developed exoskeleton systems for Republic of Korea Army (RoKA). These systems are designed to increase soldier’s strength and endurance.
However, stringent government regulations concerning about the user safety and robot reliability are affecting the business. Manufacturers complying with these standards and get the approval from the regulatory authority possess high market potential during the forecast period. High price of these equipment is limiting the product adoption. The companies, such as Argo and Ekso are facing the problem in marketing products owing to the high price. Industry players also face difficulty in convincing insurance firms to cover the costs of these devices.
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.
Browse key industry insights spread across 270 pages with 297 market data tables & 11 figures & charts from this 2017 report Exoskeleton Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/exoskeleton-market
Lower body exoskeleton 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. 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 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.
Asia Pacific 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 is anticipated to grow at CAGR of over 48%. This growth is attributed to high demand from healthcare and military applications. Moreover, about 75% of the exo 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.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1946
Browse Related Reports:
- Mobile Robotics Software Market Size By Product (Aerial (UAV), Ground, Marine), By Application (Professional [Logistics, Healthcare, Inspection & Maintenance, Defense, Agriculture], Personal [Household, Entertainment]) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, KSA, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
https://www.gminsights.com/industry-analysis/mobile-robotics-software-market
- Robotic Process Automation (RPA) Market Size By Tools (Model-Based Application Tools, Process-Based Application Tools), By Operation (Rules-Based, Knowledge-Based), By Service (Training, Professional), By Solution (Automated, Decision & Management Support, Interaction), By Organization Size (Large Enterprises, SMBs), By Application (BFSI, Healthcare, Retail, IT & Telecom, Manufacturing, Transportation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, Singapore, Malaysia, Brazil, Mexico, UAE, Saudi Arabia, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
https://www.gminsights.com/industry-analysis/robotic-process-automation-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://www.gminsights.com/blogs
Connect with us: Facebook | Google+ | LinkedIn | Twitter