The global wearable exoskeleton market is expected to embark on a positive expansion trajectory, with long-term prospects appearing extremely lucrative, concludes award winning market research company Fact.MR. The market is slated to expand at a stellar CAGR exceeding 30%, reaching more than US$ 3 billion in value by 2031.
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As per Fact.MR’s analysis, the market experienced credible gains in the past, topping US$ 100 million recently. Extensive application in the healthcare and military domains is cited as the key growth catalyst for market growth.
As per WHO’s estimates, annual global incidence of spinal cord injuries (SCI) is 40 to 80 cases per million population, with 90% of them being traumatic cases, thereby stimulating demand for wearable exoskeletons.
For the military domain, countries such as the U.S. are actively deploying exoskeletons to improve specific soldier capabilities. Lockheed Martin’s OnyxTM and Dephy’s ExoBoot are testimonies to such extensive applications.
Recently, in 2019, the Indian government announced deployment of exoskeleton technology within its army, an initiative part and parcel of the ambitious Make in India campaign.
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Key Takeaways from Market Study
- By product, demand for soft smart exoskeletons is poised to reach new heights, amid greater flexibility needs
- Lower extremity wearable exoskeletons are expected to post substantial gains, amid rising lower-limb neurological disorders
- By application, rehabilitation exoskeletons are anticipated to acquire a lucrative share in the market
- Healthcare to remain the dominant end-user application area for wearable exoskeletons
- Extensive military grade applications to enhance growth prospects of the market in the U.S.
- Market growth in Germany is characterized by extensive robotics deployment
- France to experience high growth amid surging exoskeleton start-up spawning rate
“Rising physical fatigue levels due to muscle wear and tear is prompting all labor-intensive industries to invest in advanced wearable exoskeletons to provide enhanced comfort to employees, heightening market growth prospects,” says a Fact.MR analyst.
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EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D are some key players profiled in Fact.MR’s report.
The market is characterized by significant developments, ranging from product launches to strategic collaborations with existing players as well numerous governmental agencies. In 2018, Lockheed Martin Corporation received a US$ 6.9 million grant from the US Army Natick Soldier Research, Development and Engineering Center (NSRDEC) to further develop its ONYXTM exoskeleton for future soldier demonstrations.
Also, RB3D offers Exoback and Exopush wearable exoskeletons. The former is designed to provide total freedom of movement, facilitating 100% arms flexing, with no hindrance to working, especially for construction workers. The Exopush is an active exoskeleton for assisting the movements of the user performing finishing tasks such as leveling or raking.
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