Sellbyville, DE -- (SBWIRE) -- 05/30/2019 -- 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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Exoskeletons are classified under class II by Food and Drug Administration (FDA) that requires close application monitoring by regulatory authorities. Extensive clinical trials and approvals are required to demonstrate their safety in medical and personal mobility. Lengthy ethical approval procedures, complex patients' requirement, and clinical uptake are required prior to product commercialization. These factors will inadvertently boost the consumer confidence in the products and thereby augment the exoskeleton market size over the forecast timeframe.

Healthcare application segment will hold dominant exoskeleton market share through the forecast period. Growing rehabilitation requirement for disorders that include Parkinson's disease, gait disorders and spinal cord injuries are expected to drive the system deployment in healthcare centers. Chief benefits offered to heath care providers include reduced burden on therapists to support during training and improved therapy results.

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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.

Strategic collaboration between industry participants and research institutions to develop innovative solutions will further propel the exoskeleton market size over the forecast period. For instance, in September 2018 Lockheed Martin Corporation invest in 12-month partnership with Institute for Intelligent Systems Research (IISRI) of Deakin University to expand the functionality of FORTIS. It is featured with lightweight and designed to reduce worker's fatigue and improve safety.

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Major industry participants in the exoskeleton market share include Ekso Bionics, CYBERDYNE INC., ReWalk Robotics, and Rex Bionics Ltd. Collaboration with medical and defense research institutes are among the prominent strategies adopted by the exoskeleton market participants to develop new products and increase their market share.

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