Wearable Robotic exoskeletons is a device developed to enhance the physical performance of an individual or provide locomotion assistance.
According to the MarkNtel Advisors’ research report, "Global Wearable Robotic Exoskeleton Market Analysis, 2021," the market is likely to grow at a CAGR of around 42% during 2021-26 due to the surging demand for robotic assistance and therapeutic applications in patients suffering from neurological & musculoskeletal disorders.
Further, the rapidly growing robotics industry, mounting technological advancements, and surging extensive programs for launching more efficient & durable exoskeleton technologies further boost the Wearable Robotic Exoskeleton market growth.
Impact of COVID-19
The lockdown imposed in the wake of the COVID-19 pandemic has surged the wearable robotic exoskeleton market to a standstill position. Temporary shutdown of production units, decreasing number of skilled trainers, and suspension of training sessions disrupted amidst the spread of coronavirus pandemic. However, as governments worldwide have given relaxations for resuming business activities, the Wearable Robotics Exoskeleton market is likely to grow steadily in the forecast period.
Industrial Segment Accounted for the Largest Market Share
Based on the End-User, the market bifurcates into Defense, Healthcare, Industrial, and Commercial. Among these segments, the Industrial acquired the largest share in the Global Wearable Robotic Exoskeleton market in the previous year. Exoskeletons offer an innovative way to integrate robotics and humans and are designed to assist the manufacturing process in the industry, protect the human body from excessive strain, provide safety, and assist in heavy lifting tasks. Thus, the segment contributes to the overall market growth, reveals MarkNtel Advisors in their research report, "Global Wearable Robotic Exoskeleton Market Analysis, 2021."
Active Exoskeleton Held the Largest Market Share
Based on the operation, the market segments into Active Exoskeleton and Passive Exoskeleton. In the previous year, Active Exoskeleton attained the highest share in the Global Wearable Robotic Exoskeleton Market. It can shift heavy loads, and hence, it is most preferred in industries, thereby augmenting mobility with minimum fatigue. Further, it has its wide applications in the armed forces for moving long distances in uneven terrains or tall buildings. Thus, the demand for Active Exoskeleton is high as compared to Passive Exoskeleton.
North America Dominated the Market
Geographically, North America held the largest share in the Global Wearable Robotic Exoskeleton Market in the previous year as most market players are present in the region. In addition to this, rapid adoption of technologically advanced devices coupled with massive disposable income aids the growth of the wearable robotic exoskeleton market. Further, the surge in research and development activities to develop more technologically advanced and efficient products will fuel market growth in the coming future.
Surging Adoption of Exoskeleton by Healthcare Segment
The demand for exoskeleton is rapidly increasing in the healthcare industry to provide rehabilitation assistance for treatment purposes. Also, due to rising prevalence of inborn physical disabilities and vehicle accidents results in increasing the demand for the wearable robotic exoskeleton. Further, the development of a lightweight exoskeleton helps in assisting the elderly and infant populace.
According to MarkNtel Advisors, the major leading players in the global Wearable Robotic Exoskeleton market are ATOUN Inc., B-Temia Inc., Bionik Laboratories Corporation, Cyberdyne Inc., Daiya Industry Co., Ltd., Ekso Bionics, Focal Meditech BV, Hocoma AG, Hyundai Motor Company, Honda Motor Co., Ltd., Lockheed Martin, Mitsubishi Heavy Industries Ltd., Myomo Inc., P&S Mechanics Co. Ltd., Parker Hannifin Corporation, ReWalk Robotics Ltd., and Rex Bionics PLC.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global Wearable Robotic Exoskeleton Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Wearable Robotic Exoskeleton Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Wearable Robotic Exoskeleton Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Wearable Robotic Exoskeleton Market study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on Global Wearable Robotic Exoskeleton Market
2) Market Size & Analysis
a) By Value
b) By Volume
3) Market Share & Analysis
a) By Type
i) Fixed Exoskeleton
ii) Mobile Exoskeleton
b) By Operation
i) Active Exoskeleton
ii) Passive Exoskeleton
c) By Form
i) Hard Exoskeleton
ii) Soft Exoskeleton
d) By Limb
i) Upper Limb
ii) Lower Limb
iii) Full Body
e) By Sales Channel
ii) Direct Purchase
iii) Resell and Upgrade
f) By Component
g) By End User
h) By Region
i) North America
ii) South America
iv) Middle East & Africa
i) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Matrix
4) Global Wearable Robotic Exoskeleton Market Hotspots & Opportunities
5) Global Wearable Robotic Exoskeleton Market Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Global Competition Outlook
a) Competition Matrix
b) Company Profile