Rockville, MD -- (SBWIRE) -- 04/24/2019 -- Wearable Exoskeletons Market Insights
Wearable exoskeletons are mobile machines that are powered using electric motors, hydraulics, levers, and pneumatics, which underpin the body movement with endurance and enhanced strength. Wearable exoskeletons can ensure the overall health of a patient and assist them in the restoration of their motor controls.
Sales of wearable exoskeletons reached a value of US$ 90 Mn in 2017 and are estimated to grow incessantly in the forthcoming years. With the increased dissemination of information apropos of their medical applications, numerous hospitals and therapists have begun capitalizing on the technology to stay at the top of the survival game in the healthcare vicinity. This has further expanded the scope of wearable exoskeletons in the healthcare industry to help the nurses lift patients and carry them. Elderly care and rehab centers are some of the surplus areas where wearable exoskeletons find emerging applications, which will further add value to the growing size of the wearable exoskeletons market in the upcoming years.
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Wearable Exoskeletons Market – Novel Developments
Recognizing the rising popularity of the units, manufacturers of the wearable exoskeletons have been striving to enhance the functionalities of their products to increase their desirability among the end-users. This has fueled the trends of hefty investments in the research and development activities. As a part of the expansion, strategic mergers and acquisitions, productive collaborations, and partnerships are witnessed in the wearable exoskeletons market.
Key partakers devising innovation in the wearable exoskeletons market consist of ATOUN Co., Ltd., Bionik Laboratories Corp., B-Temia Inc., Cyberdyne Inc., Hocoma AG, Ekso Bionics Holdings Inc., Rex Bionics Plc, ReWalk Robotics Ltd., Parker Hannifin Corporation, Myomo Inc., Lockheed Martin, BAE Systems, Sarcos/Raytheon, Honda, Panasonic, Daewoo, Revision Military, Noonee, ExoAtlet, O.O.O., Gogoa Mobility Robots SL, Wearable Robotics SRL, Daiya Industry Co., Focal Meditech BV, Mitsubishi Heavy Industries, Ltd., P&S Mechanics Co. Ltd., China North Industries Group Corporation, Sarcos, Rostec, and AlterG.
In June 2018, Parker Hannifin received an FDA OK from the Department of Veteran Affairs to market the Indego. Under the agreement, the company will now be able to commercialize motorized leg braces for the handicapped people. In addition, the company is endeavoring to convince the health benefits of the braces to the insurance company, which will further offer a financial cushion to the consumers and increase the desirability of the products.
In January 2019, BIONIK Laboratories announced the launch of the next-gen robotic system, InMotion ARM robotic system, for improving the rehab of the stroke survivors. The robotic unit leverages artificial intelligence and data to offer personalized therapy to each patient. The modernistic unit will help upgrade the treatment programs for the patients suffering from strokes.
In June 2018, B-Temia joined forces with Wistron for the seamless launch of Keeogo ™ in Asia. The product is a wearable walking assistant developed for the people suffering from degenerative and motion-impeding diseases. These forces will collectively work towards touching people's disabilities through technology and capture the Asian wearable exoskeletons market.
In September 2016, HOCOMA AG entered into a strategic merger with DIH International to rethink the rehab vicinity by leveraging advanced technologies and upgrading the patients' lives across the world.
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Wearable Exoskeletons Market – Dynamics
Growing Number of Physically Challenged Individuals to Propel the Demand for Wearable Exoskeletons
Prevalence of stroke, injuries from trauma, and the rising number of road hazards have resulted in a number of physical disabilities among people, which is expected to sustain the demand for wearable exoskeletons in the near future. In addition, the surging number of the geriatric population across the world have made them prone to severe conditions such as musculoskeletal injuries and strokes, which ultimately results in poor motor skills. Increasing number of aged people implies that the number of caretakers will decrease, which has further provided the required boost to the growth of the wearable exoskeletons market.
Reliable Insurance Policies to Increase the Affinity of Consumers Towards Wearable Exoskeletons
Assistive devices are gradually gaining a crucial stance as an integral part of the healthcare industry. With the recognition of growing disabled population across the world, governments of numerous countries have been funding the healthcare expenditures of the individuals, which is predicted to amplify the adoption rate of these units. Rise in the domestic income and an imperative inclination towards enhanced lifestyle have boosted the spending capacity of the individuals, which is expected to deliver promising growth opportunities to the wearable exoskeletons market in the coming years. Financial cushion provided by healthcare insurances of consumers is yet another growth propeller of the wearable exoskeletons market.
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