What are the Exoskeleton Market opportunities and threats faced by the vendors in this industry? Fortune Business Insights

The MarketWatch News Department was not involved in the creation of this content. Jan 27,…

The MarketWatch News Department was not involved in the creation of this content.

Jan 27, 2021 (The Expresswire) —
The global exoskeleton market is likely to expand in the coming years, due to applications of exoskeleton across diverse industries. According to a report by Fortune Business Insights, titled “Exoskeleton System“Market Size, Share and Global Trend By Component (Hardware and Software), By Type (Powered and Passive) Exoskeleton, By Mobility (Stationary and Mobile) By Body Part (Lower, Upper, Full Body), By Industry Vertical (Healthcare, Defence, Industrial) and Geography Forecast till 2026,” the market will witness growth in the coming years, with impetus from recent technological advancements.

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Exoskeleton System are wearable devices used by labourers and related personal in an industrial workplace. The exoskeleton system is used to enhance tasks which are carried out manually. These operations mostly require industrial robots for their functioning due to the high accuracy that is involved. Exoskeletons are used to amplify thee human operations. Exoskeletons are also called as robotic suits or powered armour, owing to their exceptional accuracy in enhancing manual labour.

Increasing Demand from Medical Industry Provokes Several Regulatory Clearances

The exoskeleton is witnessing a high demand in the medical industry, due to uses such as enhanced mobility, restoring movements for people with disabilities, and other such applications. Encouraged by increasing usage approvals, companies are investing more towards research and development of exoskeletons, across the world. In 2020, Rewalk Robotics received CE (European Conformity) mark for its Exosuit Restore. The device was useful in assisting people with walking disabilities.

The long awaited approval has cleared the sale of Exosuit Restore o rehabilitation clinics within Europe. The product was manufactured in collaboration with the Wyss Institute in Harvard. The Restore Exosuit is an algorithm based and data driven device that is used to enhance gait training. The company announced that stock prices soared, soon after the launch of this product. The impact of this device on the business go-about of this company gives clear indications that the Exosuit Restore was welcomed positively by the end users. The clearance for Exosuit Restore will boost the global exoskeleton market in the coming years and is likely to favor growth of the market in the coming years.

Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2026. Additionally, the rising adoption of e-financial services is expected to boost the global market.

Key Market Driver

  • Growing demand from Healthcare Sector for Robotic rehabilitation and Need for Load bearing and Load shifting in Industries.

Key Market Restraint

  • High cost of powered Exoskeleton System, Strict government regulations pertaining to the use of Exoskeleton System in medical sector.

For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/exoskeleton-market-100205

Segmentation

1. By Component

2. By Type

  • Powered Exoskeleton

  • Passive Exoskeleton

3. By Mobility

4. By Body Part

5. By Industry Vertical

  • Healthcare

  • Defence

  • Industrial

6. By Geography

  • North America (USA and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

Request for Customization:https://www.fortunebusinessinsights.com/enquiry/customization/exoskeleton-systems-market-100205

Top Players List:

  • Comau

  • Parker Hannifin

  • Ottobock

  • Ekso Bionics

  • Cyberdyne Inc.w

  • DAEWOO SHIPBUILDING and MARINE ENGINEERING CO., LTD

Clinical Efficacy of Exoskeletons Will Create High Demand

Conventionally, people with physical disabilities at the lower half of their bodies used wheelchairs to support movement and commutation. Although wheelchairs sufficed the needs of commute, there were several challenges associated with their use. Some of the imitations were uneven surfaces, climbing and going down the stairs. It was seen that exoskeletons hugely helped overcome these challenges. The increasing efficacy, ease of use, and reducing cost of exoskeletons have to an increase in demand. The increasing demand will have a positive impact on the global exoskeletons market in the forthcoming years.

In the report, Fortune Business Insights assesses several companies that are involved in development of exoskeletons, from across the world. Fortune Business Insights provides a detailed study on various product launches, mergers and acquisitions (MandA), and market entrants in the global exoskeletons market.

Increasing Demand from Medical Industry Provokes Several Regulatory Clearances

The exoskeleton is witnessing a high demand in the medical industry, due to uses such as enhanced mobility, restoring movements for people with disabilities, and other such applications. Encouraged by increasing usage approvals, companies are investing more towards research and development of exoskeletons, across the world. In 2020, Rewalk Robotics received CE (European Conformity) mark for its Exosuit Restore. The device was useful in assisting people with walking disabilities. The long awaited approval has cleared the sale of Exosuit Restore o rehabilitation clinics within Europe.

The product was manufactured in collaboration with the Wyss Institute in Harvard. The Restore Exosuit is an algorithm based and data driven device that is used to enhance gait training. The company announced that stock prices soared, soon after the launch of this product. The impact of this device on the business go-about of this company gives clear indications that the Exosuit Restore was welcomed positively by the end users. The clearance for Exosuit Restore will boost the global exoskeleton market in the coming years and is likely to favor growth of the market in the coming years.

As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.

Have any Query? Speak to Analyst at:https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/exoskeleton-systems-market-100205

Key Industry Developments

  • March 2017– Ottobock acquired BionX Medical Technologies (US), a manufacturer of active prosthetic foot and ankle solutions.

  • January 2018– the new CDX joint Exoskeleton was developed to boost the productivity and promote faster movements.

  • May 2018– Sarcos Robotics secured US$ 30 Mn in series B funding to boost the production of a new full body Exoskeleton design to boost up the productivity and assure safety of user.

Major Table of Content for Exoskeleton Market:

  1. Introduction

  2. Executive Summary

  3. Market Dynamics

  4. Key Insights

  5. Global Exoskeleton Market Analysis, Insights and Forecast, 2026

  6. North America Exoskeleton Market Analysis, Insights and Forecast, 2026

  7. Europe Exoskeleton Market Analysis, Insights and Forecast, 2026

  8. Asia Pacific Exoskeleton Market Analysis, Insights and Forecast, 2026

  9. Middle East and Africa Exoskeleton Market Analysis, Insights and Forecast, 2026

  10. Latin America Exoskeleton Market Analysis, Insights and Forecast, 2026

  11. Competitive Landscape

  12. Company Profile

  13. Conclusion

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

https://www.fortunebusinessinsights.com/industry-reports/exoskeleton-systems-market-100205

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