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Exoskeleton Market 2026 - a USD 3.5 Billion Revenue Opportunity : Parker Hannifin, Rex Bionics, Hocoma AG, Ekso Bionics, Hyundai Motor Company, Lockheed Martin


Ocean View, DE -- (SBWIRE) -- 06/22/2020 -- Rising healthcare spending for geriatric population will boost the exoskeleton market demand. For instance, in 2017, the U.S. spent around 18% of GDP in healthcare serving around 58 million disabled and elderly people. Growing penetration of patients suffering from physical disabilities will further augment the exoskeleton market till 2026. According to the National Spinal Cord Injury Statistical Center, in 2018, around 288,000 people were reported cases for spinal cord injuries, positively influencing the exoskeleton market share over the projected timeframe.

Proliferating adoption of wearable suits in construction & manufacturing sector to reduce injuries & fatigue along with enhancing productivity will accelerate the exoskeleton market penetration. Moreover, rising number of patients with physical disabilities including multiple sclerosis, Parkinson's disease, and strokes are among key factors providing a positive outlook for the industry growth.

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Rise in geriatric population across the globe will foster the global exoskeleton market share, along with the increase in chronic diseases such as Parkinson's disease and spinal cord injuries. According to reports by the World Health Organization (WHO), the total population above the age of 60 years is estimated to rise from 12% in 2015 to nearly 22% by 2050.

Growing age witnesses lowered physical labor capabilities and reduced muscle strength. Surging adoption of advanced medical devices to support and foster body movements will accelerate product penetration. Increased industrial capacities could lead to more worker injuries, which can create opportunities for the deployment of suitable exosuits.

Industry participants are engaged in R&D for offering improved features to the exoskeletons including fall detection for preventing the elderly people from injuries. Further, the growing penetration of the exosuits in the industrial and manufacturing sector for increasing operational efficiency and lower labor fatigue are further strengthening the exoskeleton market expansion till 2026.

Mobile exoskeletons will showcase the highest growth rate over the forecast timeframe. The product supports powered hip and knee motion to enable individuals with spinal cord injuries to stand and walk. The systems are incorporated with efficient motors, controllers, and battery packs fitted in a compact space. Proliferating military and industrial exoskeletons demand for supporting body motion and reducing fatigue will further expand the industry size till 2026.

Industrial exoskeletons accounted for a significant share 2017. Industries including manufacturing, warehouses, and dry-docks, are equipping laborers with advanced wearable exosuits for assisting in their routine job and improve work safety. The exosuits reduces work-related injuries significantly, thereby saving medical expenses and improves operational efficiency extensively. Facilities are utilizing powered exosuits and tool holding equipment to support heavy tools and for transmitting tool weight, thereby positively influencing the exoskeleton market growth till 2026.

Active exoskeletons will grow considerable over the projected timeframe. The growing adoption of the active exoskeletons is credited to the multiple benefits offered by these suits compared to the alternatives. The improved actuation for lifting heavy loads and performing complex tasks are supporting the industry expansion. The incorporation of advanced sensors and motors along with the presence of high-powered electric power source further aids in performance required for operations including military and industrial segments, thereby strengthening the market share till 2026.

North America accounted for the largest share in the exoskeleton market place owing to continuous investments in R&D. The prevalence of spinal cord injuries along with the presence of geriatric population are positively influencing the market growth. For instance, according to the National Spinal Cord Injury Statistical Center (NSCISC), spinal cord injuries account for over 17,000 cases across the region, providing a positive outlook for the industry expansion.

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Few of the major exoskeleton market players include 20 Knots Plus Ltd., BIONIK, CYBERDYNE, INC., Ekso Bionics, GOGOA, Hocoma, Hyundai Motor Company, and Lockheed Martin Corporation. Manufacturers are focusing on partnership with technology providers to enhance their product portfolio and enhance their revenue share. For instance, In April 2017, Lockheed Martin Corporation entered into a strategic partnership with B-TEMIA. This partnership was aimed at expanding the usage of exoskeleton technologies for improving the military capabilities to carry heavier loads, reduce stress on the back, and increase endurance.

Table of Contents (ToC) of the report:

Chapter 3 Exoskeleton Market Industry Insights
3.1 Industry segmentation
3.2 Industry landscape
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Manufacturers
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
3.3.5 End user
3.3.6 Vendor matrix
3.4 Technology landscape
3.4.1 Thought control in exoskeleton
3.4.2 4D materials for exosuits
3.4.3 Human Universal Load Carrier (HULC)
3.4.4 Functional electrical stimulation (FES)
3.4.5 Structured functional textiles based multi-joint soft exosuit
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 Middle East & Africa
3.6 Industry impact forces
3.6.1 Growth drivers North America High incidence of Parkinson's and other muscle-related diseases Europe Ageing population growth and national security requirements Asia Pacific Proliferating demand in manufacturing & healthcare Latin America Strong emphasis on boosting industrial sector and rising elderly population MEA Proliferating construction industry and requirement to improve labor safety
3.6.2 Industry pitfalls & challenges High costs associated with R&D & product acquisition
3.7 Exosuits technology analysis
3.7.1 Growth opportunities Passive exoskeletons in military and industrial applications Semi-passive exoskeleton in industrial and healthcare applications Active exoskeleton in healthcare applications
3.7.2 Profit analysis
3.7.3 Absolute dollar opportunity, 2019 – 2026 (USD Million)
3.8 Innovation & sustainability
3.8.1 Medical rehabilitation soft exoskeleton for the elbow
3.8.2 Machine learning based soft exosuit
3.8.3 Sustainability
3.9 Growth potential analysis, 2018
3.10 Porter's analysis
3.11 Competitive landscape, 2018
3.11.1 Top players overview
3.11.2 Company performance analysis, 2018
3.11.3 Key stake holders
3.11.4 Strategy dashboard
3.12 PESTLE analysis

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