Smart Exoskeleton Market Analysis and Value Forecast Snapshot by End-use Industry 2019-2027
Smart Exoskeleton Market: Overview
Smart exoskeleton is a wearable device which acts as an amplifier that augments and restores human performance. Advanced algorithm are used in smart exoskeleton which automatically adjust the exoskeleton according to body movements. It is used to provide more endurance while walking, improve athletic performance, and help a stroke patient walk again. New technological advancements enable smart exoskeletons to measure the amount of energy by monitoring breathing. The device automatically adjusts dynamics which help to minimize human energy expenditure. Smart exoskeletons are worn outside the body and usually consist of rigid parts or hardware such as sensor and actuator, and robotic software.
Usage of smart exoskeleton aids in preventing injuries in elderly people and people who are suffering from musculoskeletal injuries and neurological disorders. Hence, demand for effective rehabilitation approaches is expected to propel the global smart exoskeleton market. According to the U.S. Census Bureau, the global geriatric population is projected to increase from 900.9 million in 2015 to 1,402.4 million by 2030, and 2,092.0 million by 2050.
Smart Exoskeleton Market: Key Trends
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Advantages of smart exoskeleton over traditional exoskeleton such as adoption to body motion in real time environment and lesser consumption of energy are anticipated to fuel the growth of the global smart exoskeleton market during the forecast period. Increase in the number of people with physical disabilities and rise in reimbursement coverage for medical exoskeletons are also propelling the global market. High cost and readjustment needed for its efficiency according to each user are expected to restrain the global smart exoskeleton market during the forecast period. Researchers at the Carnegie Mellon University (CMU) have developed a new automated feedback system for personalizing exoskeletons to achieve optimal performance. Hence, human-in-the-loop optimization is likely to be a breakthrough technique in the global smart exoskeleton market during the forecast period.
Smart Exoskeleton Market: Segmentation
The global smart exoskeleton market can be segmented based on component, material type, product, extremity, and region. In terms of component, the market can be classified into sensors, actuators, power source, control systems, and others. Actuator is the most common type of component used in an exoskeleton. Hence, the actuators segment dominated the global smart exoskeleton market in 2018. Based on material type, the global smart exoskeleton market can be bifurcated into soft exoskeleton and rigid exoskeleton. The soft exoskeleton segment is projected to dominate the global smart exoskeleton market during the forecast period because soft exoskeleton is made of carbon fiber, which is lightweight and enhances user movement. In terms of product, the market can be categorized into powered smart exoskeleton and passive smart exoskeleton. Based on extremity, the global smart exoskeleton market can be divided into lower extremity smart exoskeleton, upper extremity smart exoskeleton, and others. The upper extremity smart exoskeleton segment is anticipated to lead the global market during the forecast period, as this type of exoskeleton is primarily used in the rehabilitation of upper limb amputees and stroke & cerebral palsy patients.
Smart Exoskeleton Market: Regional Analysis
In terms of region, the global smart exoskeleton market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global market due to well-developed health care infrastructure and early availability of advanced technology products. Europe is likely to be a key market for smart exoskeleton. High growth of the market in the region is attributed to presence of high-income countries, acceptance of technologically advanced exoskeleton devices, and extensive research activities. The market in Asia Pacific is projected to grow at a rapid pace due to high prevalence of upper and lower limb injuries, large number of accident cases reported every year, and improving health care infrastructure.
Smart Exoskeleton Market: Competitive Landscape
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Key players operating in the global smart exoskeleton market include Ekso Bionics, ReWalk Robotics, Bionik, Inc., Cyberdyne, Inc., Rex Bionics Ltd., DIH Technologies Corporation (Hocoma), Wearable Robotics srl, Gogoa.eu, and ATOUN, Inc.
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