Published : 3 years ago, on 14/09/2021

United States/WA: The global Exoskeleton Market is estimated to account for US$ 2,288.3 million by 2025

Report Pages:[174 Pages]

Major Key Companies involving in Exoskeleton Market:
Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd, Rex Bionics Plc., Lockheed Martin Corporation, Suit X (U.S. Bionics, Inc.), RB3D, Hocoma, DIH Technologies, Focal Meditech, and Ottobock

Increasing Number of People with Disabilities to Augment Growth of the Global Exoskeleton Market

Exoskeletons are the latest addition to the list of medical devices that will allow the elderly or the disabled to live a fuller and longer life. The technology used in this device allows users to move their extremities and body parts. It was designed to help the user maintain independence, improve mobility and reduce the risk of bone damage. It is a complete body suit that has a body harness to support the lower limbs.

There are two types of exoskeleton: a full-body exoskeleton, which are made from a hard material, and a lower extremity exoskeleton, which are made of soft material. The technology in these suits uses computer-controlled sensors and actuators, allowing the user to move their upper extremities and lower extremities using a hand controller and a computerized system.

These products are used by people who suffer from arthritis, osteoporosis, traumatic injuries and cerebral palsy. These individuals can walk, stand, and even crawl without the help of a wheelchair, and they can do so with less pain and discomfort. They are able to regain the ability to do normal activities like going grocery shopping, walking the dog, picking up groceries or picking up the telephone. The exoskeleton has been used to help treat spinal cord injuries and in some cases, the patient has regained the use of their legs and arms.

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Market Dynamics

Increasing number of people with disabilities is expected to propel growth of the global exoskeleton market. For instance, according to The World Bank’s updated data in 2019, 15% of the worldwide population that accounts for one billion people experiences some form of disability and one-fifth of the estimated global population that accounts for around 110-190 million, experiences significant disabilities.

Among regions, Asia Pacific is expected to witness significant growth of in the global exoskeleton market, owing to increasing investment in the military and defense sector. For instance, in March 2019, China’s Ministry of Finance announced a yearly budget of US$ 177.5 billion for the defense sector compared to US$ 167.4 billion in 2018.

North America is also expected to witness significant growth of in the global exoskeleton market, owing to increasing geriatric population. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034. Moreover, increasing number of spinal cord injuries is also expected to aid in growth of the market. For instance, according to researchers at the National Spinal Cord Injury Statistical Center at University of Alabama at Birmingham, as of 2019, 17,730 new spinal cord injury cases occur annually and between 249,000 and 363,000 people are currently living with spinal cord injuries in the U.S.

Competitive Analysis

Major players operating in the global exoskeleton market are Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd., Rex Bionics Plc., Lockheed Martin Corporation, Suit X (U.S. Bionics, Inc.), RB3D, Hocoma, DIH Technologies, Focal Meditech, and Ottobock.

April 2020: Ottobock launched free e-learning modules, videos and tutorials for clinical and technical personnel to continue training in orthopaedic technology and therapy during the Covid-19 pandemic, through the company’s Ottobock Global Academy.

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