Sellbyville, DE -- (SBWire) -- 05/24/2019 --Asia Pacific exoskeleton market will witness highest CAGR over the forecast period due to the high number of research and development initiatives by Japan, South Korea, and China in medical and military sectors. For instance, in 2018, Norinco, a state-owned manufacturer in China, introduced military exosuits to boost weight carrying capacity of armed forces. Additionally, China Shipbuilding Industry have deployed exoskeletons for shipyard workers, and military engineers have developed L-70 for their armed forces applications.
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The Wyss-ReWalk partnership inked in Q3 2017 sent out waves of anticipation across exoskeleton market, based on the premise of the fact that both the organizations have been striving toward helping people with physical impairments. Elaborating further, ReWalk recently made it to the headlines for working on an exoskeleton designed to enable stroke affected patients regain their mobility. In consequence, the firm signed a partnership with the Wyss Institute, Harvard, renowned for specializing in the development of innovative technology powered by biological design principles.
Industrial manufacturing and process participants are focusing on deploying assistive systems that can reduce work related injuries, medical expenses, improve work efficiency and lower work fatigue. Industrial exosuits are specifically designed to leverage the utilization of systems in robust applications, will inadvertently fuel the exoskeleton market growth. For instance, in August 2018, Esko Bionics and Ford developed EksoVest that was deployed in Ford assembly line. It supports a worker's arms for tasks that involve working from chest height to overhead.
Exoskeletons find wide applications across healthcare, industrial, and military sectors. The introduction of new technologies across the healthcare sector to ensure the safety coupled with the allocation of funds for healthcare will spur the product penetration. Healthcare applications are expected to emerge as the dominant application segment by 2026, owing to the rising demand for rehabilitation spurred by disorders such as Parkinson's disease, spinal cord injuries, and other gait disorders. Not to mention, exoskeletons offer numerous benefits to healthcare providers, reducing the burden that therapists endure during training and therapy.
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Based on product, mobile exoskeleton market revenue share is expected to witness highest growth over the forecast timeframe. Technological advancement in products and reduction in cost supported by smaller and powerful motors, inexpensive gyroscope and accelerometer provide the users with the required ease of mobility. Additionally, increasing usage in rehabilitation from stroke, and other physical disabilities will support the segment growth.
Active exoskeleton market will witness highest growth owing to considerable requirement from industrial field coupled with technological advancement including fusion of man, machine, and information. For instance, Cyberdyne, Inc. developed Hybrid Assistive Limb (HAL) product for the usage of operations in nuclear power plants. Additionally, advantages associated with powered systems such as increased power output, strengthened support, and effective performance in enabling the human mobility will further support the segment growth.
Major corporations such as ReWalk Robotics, Lockheed Martin, REX Bionics, Panasonic Corporation, and Cyberdyne Incorporation have made remarkable contributions toward augmenting exoskeleton market in recent years. The recent breakthroughs witnessed across the business landscape indeed validate the claims put forward by market analysts, who state that exoskeleton market would be worth more than USD 3.5 billion by 2026.
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Asia Pacific Exoskeleton Market Is Anticipated to Witness Highest CAGR over 2019 – 2026
Active exoskeleton market will witness highest growth owing to considerable requirement from industrial field coupled with technological advancement including fusion of man, machine, and information