Smart Exoskeleton Market
Smart Exoskeleton Market (Product: Rigid Smart Exoskeleton and Soft Smart Exoskeleton; Extremity: Lower Extremity, Upper Extremity, and Full Body Extremity; Application: Rehabilitation, Pick & Carry, and Others; and End User: Industrial, Healthcare, Military, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Companies Increase Availability for Wearable Exoskeleton in Essential Industries During COVID-19 Pandemic
Manufacturing of smart exoskeleton is anticipated for a potential slowdown due to the onset of COVID-19. New symptoms, owing to evolving coronavirus strains are extending the recovery period for the global economy. Hence, manufacturers in the smart exoskeleton market are scurrying for alternate revenue generating sources such as increasing the availability of industrial smart exoskeleton, since essential industries including healthcare, pharma, FMCG, and F&B are working at breakneck speeds.
Louisiana State University (LSU) and Rutgers University are collaborating to adopt an integrated and multidisciplinary approach to develop wearable exoskeleton that help industry workers to function longer in harsh and physically strenuous environments. Manufacturers in the smart exoskeleton market are taking cues from such researchers to increase the availability of devices in essential industries during the ongoing pandemic.
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Material Sciences, AI Research Help to Boost Adoption of Smart Exoskeleton
Wearable exoskeleton are being used to support the motor function for people with severe mobility impairments. However, the market adoption of exoskeleton is relatively low due to factors concerning the weight of the equipment and sometimes ineffective prediction of the wearer’s movements, while walking or approaching an obstacle. Hence, companies in the smart exoskeleton market are increasing their research in robotics, material sciences, and artificial intelligence (AI), which help to make mobility assistance and rehabilitation tools more lightweight, compact, and effective for the wearer.
The BioMot project hailing from the Human Locomotion Laboratory in Madrid is advancing in the field of smart exoskeleton by demonstrating that personalized computational models of the human body can effectively be used to control wearable exoskeleton.
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Externally Worn Robotic Support Systems Help Rehabilitate SCI, TBI Patients
Startups in the India smart exoskeleton market are increasing their focus in wearable mobility-aiding devices. GenElek Technologies - an India-based provider of externally word robotic support systems is gaining recognition for offering its devices that support rehabilitation by weakness of limbs due to spinal cord injury (SCI) and traumatic brain injury (TBI), among others. Such innovations signal why the global smart exoskeleton market is predicted to register an explosive CAGR of ~32% during the forecast period.
Manufacturers are boosting their production capabilities in externally worn robotic support systems that assist specially-abled people to walk again.
Next-gen Military Exoskeleton Deploy Export of Data from Soldiers
The smart exoskeleton market is expected to progress to reach US$ 3.5 Bn by the end of 2031. Manufacturers are unlocking business opportunities for devices used in military applications to diversify their income streams. Lockheed Martin - a global security and aerospace company is increasing its marketing capabilities to be known for its research and innovation in military exoskeleton that export data from the wearer or soldier.
In order to establish stable revenue streams, companies in the smart exoskeleton market are designing devices that support repetitive and continuous kneeling or squatting, lifting and climbing with heavy loads. They are innovating in exoskeleton that help to transfer much of the weight a soldier carries to the ground, while allowing warfighters to carry extra gear with less effort climbing stairs or steep terrain.
Lightweight, High Performance Personalized Wearable Exoskeleton Increase Worker Safety
According to the Occupational Safety and Health Administration (OSHA), a significant percentage of worker fatalities occur at construction sites. Companies in the smart exoskeleton market are developing devices that improve worker safety and efficiency. This is being achieved by partnering with researchers to seek planning grants from organizations such as the National Science Foundation as part of their 10 Big Ideas - Future of Work at the Human-Technology Frontier (FW-HTF) program, which involves innovations in exoskeleton.
Lightweight and high performance personalized wearable devices are being made available by manufacturers in the smart exoskeleton market for users in the construction industry.
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Since industrial workers in essential industries such as construction, F&B, and packaging industries are currently working in harsh and strenuous environments, manufacturers should increase the marketing for smart exoskeleton during the coronavirus pandemic. Breakthrough military wearable devices aim to pull biometric, GPS, and imaging data via exoskeleton sensors. However, despite of the lack of worker safety at construction sites and other industries, users are slow to adopt and invest in smart exoskeleton. Hence, companies should increase their marketing and advertising capabilities to share updates on successful research being carried out with the help of machine learning-based human skill modeling and training in construction.
Smart Exoskeleton Market: Overview
- This report analyzes the current and future prospects of the global smart exoskeleton market. Increase in patient population with health conditions such as musculoskeletal injuries and neurological disorders including spinal cord injury due to work-related accidents, motor vehicle accidents, and injuries caused while participating in sporting or recreational activities and technological advancement are key factors projected to fuel the global smart exoskeleton market during the forecast period.
- The report provides an elaborate executive summary, which comprises a snapshot of various segments of the global smart exoskeleton market. The report also provides information and data analysis of the global smart exoskeleton market with regard to segments based on product, extremity, application, end user, and region.
- The overview section of the report provides detailed qualitative analysis of drivers and restraints impacting the global smart exoskeleton market, along with opportunities in the global market
- Additionally, the global smart exoskeleton market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competitive landscape in the global smart exoskeleton market
- The report includes data analysis on the smart exoskeleton market attractiveness by region and segments
- The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global smart exoskeleton market. It elaborates key competitive strategies adopted by major industry players, thereby presenting a thorough understanding of the competitive scenario in the global smart exoskeleton market.
Smart Exoskeleton Market: Key Segments
- In terms of product, the global smart exoskeleton market has been bifurcated into rigid smart exoskeleton and soft smart exoskeleton
- The rigid smart exoskeleton segment held a major share of the global smart exoskeleton market in 2020
- Based on extremity, the global smart exoskeleton market has been classified into lower extremity, upper extremity, and full body extremity
- The lower extremity segment is likely to dominate the global smart exoskeleton market during the forecast period
- In terms of application, the global smart exoskeleton market has been categorized into rehabilitation, pick & carry, and others. The rehabilitation segment is projected to lead the global smart exoskeleton market during the forecast period.
- In terms of end user, the global smart exoskeleton market has been categorized into industrial, healthcare, military, and others. The healthcare segment is projected to lead the global smart exoskeleton market during the forecast period.
- The market size and forecast for each of these segments have been provided from 2017 to 2031. The CAGR of respective segment has also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year.
Smart Exoskeleton Market: Regional Outlook
- In terms of region, the global smart exoskeleton market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)
- The report provides market size and forecast for each region and country/sub-region from 2017 to 2031. Compound annual growth rates (CAGRs) of each of these regions and countries have also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year. The smart exoskeleton market study also covers the competitive scenario in these regions.
Companies Mentioned in Report
- Key players in the global smart exoskeleton market have been profiled based on key aspects such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
- Major companies profiled in the global smart exoskeleton market report are
- ReWalkRobotics, Bionik, Inc.
- Cyberdyne, Inc.
- Rex Bionics Ltd.
- Wearable Robotics srl
- Fourier Intelligence
- AXOSUITS SRL
- FREE Bionics Taiwan Inc.
- Innophys Co., Ltd.
- Medexo Robotics
- Walkbot (P&S Mechanics Co. Ltd)
- Lockheed Martin Corporation
Smart Exoskeleton Market – Scope of the Report
TMR’s report on the smart exoskeleton market studies the past as well as the current growth trends and opportunities to gain valuable insights of these indicators for the market over the forecast period from 2021 to 2031. The report provides the overall revenue of the global smart exoskeleton market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global smart exoskeleton market for the forecast period 2021–2031.
The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the smart exoskeleton market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomena in the global smart exoskeleton market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the smart exoskeleton market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the smart exoskeleton market.
The report also delves into the competitive landscape of the global smart exoskeleton market. Key players operating in the smart exoskeleton market are identified and each one of these is profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the smart exoskeleton market that are profiled in this report.
Key Questions Answered in Smart Exoskeleton Market Report
- How does the development of smart exoskeleton provide scope of growth in the smart exoskeleton market?
- How alliances and partnerships among players are widening the scope of new line of technologies for smart exoskeleton?
- What are the revenue share projections of key segments under various criteria in the smart exoskeleton market during the forecast period?
- Which segment is likely to register leading revenue until the end of the forecast period in 2031?
- How is the evolving healthcare system in developing countries of Asia Pacific making an impact on the overall smart exoskeleton market?
Smart Exoskeleton Market – Research Objectives and Research Approach
The comprehensive report on the global smart exoskeleton market begins with an overview of the market, followed by the scope and objectives of this study. Following this, the report provides detailed explanation of the objectives behind this study and healthcare compliances laid down by accredited agencies in the purview of line of procedure for smart exoskeleton.
For reading comprehensibility, the report is compiled in a chapter-wise layout, with each section further divided into smaller sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the smart exoskeleton market in terms of product, extremity, application, end user, and region. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2031 has been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global smart exoskeleton market.
Smart Exoskeleton Market – Segmentation