Selbyville, Delaware, Dec. 19, 2018 (GLOBE NEWSWIRE) --
The exoskeleton market is slated to grow from $220 million in 2018 to $3500 million by 2026, according to a latest Global Market Insights, Inc. report. Increasing incident rates of stroke, spinal cord injury (SCI), or other diseases coupled with the growing number of accidents will drive the overall patient number suffering from mobility disorders.
Over 15 million people are paralyzed and unable to walk, that in turn will provide strong growth opportunities for the exoskeletons market size. Research and development projects to reduce the overall costs and enhance its applications in military, industrial and recreational sectors will further support the industry expansion through 2026.
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Exoskeletons are classified under class II by Food and Drug Administration (FDA) that requires close application monitoring by regulatory authorities. Extensive clinical trials and approvals are required to demonstrate their safety in medical and personal mobility. Lengthy ethical approval procedures, complex patients’ requirement, and clinical uptake are required prior to product commercialization. These factors will inadvertently boost the consumer confidence in the products and thereby augment the exoskeleton market size over the forecast timeframe.
Industrial manufacturing and process participants are focusing on deploying assistive systems that can reduce work related injuries, medical expenses, improve work efficiency and lower work fatigue. Industrial exosuits are specifically designed to leverage the utilization of systems in robust applications, will inadvertently fuel the exoskeleton market growth.
Strategic collaboration between industry participants and research institutions to develop innovative solutions will further propel the exoskeletons market size over the forecast period.
Limitations associated with existing systems that include affordability, weight, size, speed, and efficiency, are projected to hamper the exoskeletons market share over the forecast timeframe. Researchers are working for the development of lightweight, affordable, and easy to use systems, to overcome limitations and provide increased user support. However, this in turn has led to significant increase in the investments, hampering the profitability of the existing industry participants.
Browse key industry insights spread across 350 pages with 406 market data tables & 15 figures & charts from the report, “Exoskeleton Market Size, By Product (Stationary, Mobile), By Application (Industrial [Full Body, Upper Body, Lower Body], Military [Full Body, Upper Body, Lower Body], Healthcare [Full Body, Upper Body, Lower Body]), By Technology (Passive, Semi-Passive, Active), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Russia, Japan, China, Australia, Singapore, South Korea, Brazil, Mexico, MEA), Application Development, Competitive Landscape & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/exoskeleton-market
Based on product, mobile exoskeletons market revenue share is expected to witness highest growth over the forecast timeframe. Technological advancement in products and reduction in cost supported by smaller and powerful motors, inexpensive gyroscope and accelerometer provide the users with the required ease of mobility. Additionally, increasing usage in rehabilitation from stroke, and other physical disabilities will support the segment growth.
Healthcare application segment will hold dominant exoskeleton market share through the forecast period. Growing rehabilitation requirement for disorders that include Parkinson’s disease, gait disorders and spinal cord injuries are expected to drive the system deployment in healthcare centers. Chief benefits offered to heath care providers include reduced burden on therapists to support during training and improved therapy results.
Asia Pacific exoskeleton market will witness highest CAGR over the forecast period due to the high number of research and development initiatives by Japan, South Korea, and China in medical and military sectors.
Major industry participants in the exoskeleton market share include Ekso Bionics, CYBERDYNE INC., ReWalk Robotics, and Rex Bionics Ltd. Collaboration with medical and defense research institutes are among the prominent strategies adopted by the industry participants to develop new products and increase their market share.
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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.