Portland, April 11, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart exoskeleton market is projected to reach $1.89 billion by 2025, from $125.6 million in 2017, growing at a CAGR of 41.3% from 2018 to 2025. The report offers a detailed analysis of changing market dynamics, top winning strategies, value chain, major segments, and competitive scenario.
Surge in demand for gait rehabilitation and requirement for safety in industrial purposes facilitate the growth in the global smart exoskeleton market. However, the expensive cost of smart exoskeletons hinders the market growth. On the other hand, surge in applications in military purposes create new opportunities in the industry.
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Based on component, the actuators segment accounted for nearly one-third of the total share in 2017 and is estimated to lead throughout the forecast period. Moreover, this segment would register the fastest CAGR of 42.5% during the forecast period, 2018–2025. This is due to its features that improves the efficiency of the smart exoskeletons through control of errant motions. The research also analyzes components including sensors, control system, power source, and others.
Based on type, the rigid exoskeleton segment accounted for more than nine-tenth of the total share in 2017 and is estimated to maintain its dominance throughout the forecast period. This is due to the protection offered against physical damage and abrasion. However, the soft exoskeleton segment is estimated to register the highest CAGR of 56.2% from 2018 to 2025, owing to its lightweight nature, compact size, and less usage of energy.
Based on region, Asia-Pacific would register the highest CAGR of 45.4% during the forecast period, 2018–2025, owing to surge in demand for exoskeletons in various medical facilities and increase in manufacturing activities in countries including Japan, China, and Singapore to meet the surge in demand. However, North America contributed the major share in the market in 2017, contributing to more than two-fifths of the share, owing to surge in health-related needs from paraplegics.
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Key market players outlined in the research include Atoun Inc., Bionik, Ekso Bionics, Cyberdyne, Inc., ReWalk Robotics, Honda Motor Co. Ltd., Sarcos Corp., Rex Bionics Ltd., Technaid. S.L., and US Bionics, Inc.
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