Smart Exoskeleton Market: Overview

Smart exoskeleton is a wearable device which acts as an amplifier that augments and restores human performance. Advanced algorithm are used in smart exoskeleton which automatically adjust the exoskeleton according to body movements. It is used to provide more endurance while walking, improve athletic performance, and help a stroke patient walk again. New technological advancements enable smart exoskeletons to measure the amount of energy by monitoring breathing. The device automatically adjusts dynamics which help to minimize human energy expenditure. Smart exoskeletons are worn outside the body and usually consist of rigid parts or hardware such as sensor and actuator, and robotic software. 

Usage of smart exoskeleton aids in preventing injuries in elderly people and people who are suffering from musculoskeletal injuries and neurological disorders. Hence, demand for effective rehabilitation approaches is expected to propel the global smart exoskeleton market. According to the U.S. Census Bureau, the global geriatric population is projected to increase from 900.9 million in 2015 to 1,402.4 million by 2030, and 2,092.0 million by 2050.

Smart Exoskeleton Market: Key Trends

Advantages of smart exoskeleton over traditional exoskeleton such as adoption to body motion in real time environment and lesser consumption of energy are anticipated to fuel the growth of the global smart exoskeleton market during the forecast period. Increase in the number of people with physical disabilities and rise in reimbursement coverage for medical exoskeletons are also propelling the global market. High cost and readjustment needed for its efficiency according to each user are expected to restrain the global smart exoskeleton market during the forecast period. Researchers at the Carnegie Mellon University (CMU) have developed a new automated feedback system for personalizing exoskeletons to achieve optimal performance. Hence, human-in-the-loop optimization is likely to be a breakthrough technique in the global smart exoskeleton market during the forecast period. 

Smart Exoskeleton Market: Segmentation

The global smart exoskeleton market can be segmented based on component, material type, product, extremity, and region. In terms of component, the market can be classified into sensors, actuators, power source, control systems, and others. Actuator is the most common type of component used in an exoskeleton. Hence, the actuators segment dominated the global smart exoskeleton market in 2018. Based on material type, the global smart exoskeleton market can be bifurcated into soft exoskeleton and rigid exoskeleton. The soft exoskeleton segment is projected to dominate the global smart exoskeleton market during the forecast period because soft exoskeleton is made of carbon fiber, which is lightweight and enhances user movement. In terms of product, the market can be categorized into powered smart exoskeleton and passive smart exoskeleton. Based on extremity, the global smart exoskeleton market can be divided into lower extremity smart exoskeleton, upper extremity smart exoskeleton, and others. The upper extremity smart exoskeleton segment is anticipated to lead the global market during the forecast period, as this type of exoskeleton is primarily used in the rehabilitation of upper limb amputees and stroke & cerebral palsy patients. 

Smart Exoskeleton Market: Regional Analysis

In terms of region, the global smart exoskeleton market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global market due to well-developed health care infrastructure and early availability of advanced technology products. Europe is likely to be a key market for smart exoskeleton. High growth of the market in the region is attributed to presence of high-income countries, acceptance of technologically advanced exoskeleton devices, and extensive research activities. The market in Asia Pacific is projected to grow at a rapid pace due to high prevalence of upper and lower limb injuries, large number of accident cases reported every year, and improving health care infrastructure. 

Smart Exoskeleton Market: Competitive Landscape

Key players operating in the global smart exoskeleton market include Ekso Bionics, ReWalk Robotics, Bionik, Inc., Cyberdyne, Inc., Rex Bionics Ltd., DIH Technologies Corporation (Hocoma), Wearable Robotics srl, Gogoa.eu, and ATOUN, Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
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  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

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