Rise in elderly population and rapidly growing number of patients with orthopedic disorders are expected to offer considerable growth prospects over the forecast time period. Exoskeletons offers several features such as performance assistance, light and compact design, custom application software and adjustable frame. These features provide enhanced rehabilitation for patients, improved strength, working efficiency and security for the users which is supporting the exoskeleton market growth. Ability of such devices to support people in carrying heavy loads and increasing their productivity are anticipated to result in substantial adoption rates.
Development in service robotics and government initiatives in research and development of wearable machines are likely to offer substantial growth prospects to the industry players over the forecast time frame. In addition, the presence of government regulations against improper product marketing and approval from the respective agencies in North America, Europe, and Asia Pacific are projected to favor the market growth.
High price of exoskeletons is the major disadvantage responsible for the discouragement of customers. The companies, such as Ekso and Argo are facing the problem in marketing their products owing to the unaffordable price. It is also very difficult for the industry players to convince insurance firms to cover the costs of such devices.
Mobile exoskeleton market accounted for more than 60% revenue share in 2016 and will gain market over the forecast period. They are made of lighter, motors, controllers and battery packs which are fitted in a compact space. Stationary exoskeleton segment is expected to grow over the projected period owing to the growing prevalence of spinal cord injury, which is enhancing the application of stationary systems in rehabilitation centers.
Upper body exoskeleton market is poised to exhibit CAGR over 50% owing to its application in industrial segment. Full body is estimated to acquire more than 22% market in 2024. Full body exoskeletons cover arms and legs, provide strength, endurance and walking assistance to the users.
Exoskeletons for healthcare applications acquired highest market share in 2016 and will continue to be the most prominent segment during the forecast period. The healthcare exoskeletons are rapidly adopted by the hospitals and rehabilitation centers owing to the increasing application of these devices in mobility and rehabilitation aids to patients with physical and neurological disorders. Moreover, growing penetration of wearable machines in the military segment to provide soldiers with mobility augmentation and safety from external environment is enhancing the military exoskeleton market growth. military segment is projected to acquire more than 25% of total market in 2024.
Asia pacific market is projected to be valued more than 780 million in 2024. Steady growth in industrial segment will support exoskeleton market growth in Asia Pacific. North America market is estimated to grow by CAGR more than 45% owing to increasing demand from healthcare and military segment. increasing investment in defense & security will stimulate the demand for military exoskeletons in U.S.
Some of the manufacturers in the market include 20 Knots Plus, Bionik Laboratories Corp., Activelink Co., Ltd., CYBERDYNE, Inc., Hocoma, Ekso Bionics, Gogoa, Hyundai Motor UK Ltd., AlterG, B-TEMIA, AxoSuit, ExoAtlet, Exhauss, MedEXO Robotics, Fourier Intelligence, Mitsubishi Heavy Industries, Noonee, Lockheed Martin Corporation, Parker Hannifin Corporation, ReWalk Robotics and Revision Military. These players are launching new products, entering mergers and acquisitions and investing huge amount of money in R&D activities. In April 2016, Bionik Laboratories acquired Interactive Motion Technologies, Inc. (IMT).