The wearable exoskeleton market is set for significant growth, driven by healthcare and military applications, with a projected value of over $3 billion by 2031.
ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
The report offers actionable and valuable market insights of Personalized Wearable Exoskeleton. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Personalized Wearable Exoskeleton Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Personalized Wearable Exoskeleton market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Personalized Wearable Exoskeleton
This newly published and insightful report sheds light on Market Insights of Personalized Wearable Exoskeleton, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Personalized Wearable Exoskeleton Market.
The global wearable exoskeleton market is expected to embark on a positive expansion trajectory, with long-term prospects appearing extremely lucrative, concludes award winning market research company Fact.MR. The market is slated to expand at a stellar CAGR exceeding 30%, reaching more than US$ 3 billion in value by 2031.
As per Fact.MR’s analysis, the market experienced credible gains in the past, topping US$ 100 million recently. Extensive application in the healthcare and military domains is cited as the key growth catalyst for market growth. As per WHO’s estimates, annual global incidence of spinal cord injuries (SCI) is 40 to 80 cases per million population, with 90% of them being traumatic cases, thereby stimulating demand for wearable exoskeletons.
For the military domain, countries such as the U.S. are actively deploying exoskeletons to improve specific soldier capabilities. Lockheed Martin’s OnyxTM and Dephy’s ExoBoot are testimonies to such extensive applications. Recently, in 2019, the Indian government announced deployment of exoskeleton technology within its army, an initiative part and parcel of the ambitious Make in India campaign.
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“Rising physical fatigue levels due to muscle wear and tear is prompting all labor-intensive industries to invest in advanced wearable exoskeletons to provide enhanced comfort to employees, heightening market growth prospects,” says a Fact.MR analyst.
EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D are some key players profiled in Fact.MR’s report.
The market is characterized by significant developments, ranging from product launches to strategic collaborations with existing players as well numerous governmental agencies. In 2018, Lockheed Martin Corporation received a US$ 6.9 million grant from the US Army Natick Soldier Research, Development and Engineering Center (NSRDEC) to further develop its ONYXTM exoskeleton for future soldier demonstrations.
Also, RB3D offers Exoback and Exopush wearable exoskeletons. The former is designed to provide total freedom of movement, facilitating 100% arms flexing, with no hindrance to working, especially for construction workers. The Exopush is an active exoskeleton for assisting the movements of the user performing finishing tasks such as leveling or raking.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Personalized Wearable Exoskeleton, Sales and Demand of Personalized Wearable Exoskeleton, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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The article discusses the growth of the wearable exoskeleton market, driven by rising physical disabilities and applications in healthcare and military.
The market is projected to grow at a CAGR exceeding 30%, reaching over $3 billion by 2031.
Key application areas include healthcare for rehabilitation and military for enhancing soldier capabilities.
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