Exoskeleton Robots: Key market research findings
- Rise in use of exoskeletons for military and industrial applications
- Advances in technology
Technavio has released a new market research report on the global exoskeleton robots market, which is expected to generate revenues of $267.2 million by 2020. An exoskeleton is a wearable robot, widely used for rehabilitation applications such as tendon therapy and physical exercise, and supports finger flexion and extension movements. The cost of exoskeletons is expected to dip during the forecast period, which will drive the sales especially of those used in rehabilitation and personal use applications. The Americas dominate the global exoskeleton robots market, accounting for 39% of the market share by 2020. Much of this region’s growth comes from factors such as number of people suffering from spinal cord injuries, traumatic brain injuries, stroke, multiple sclerosis, Parkinson’s disease, and cerebral palsy and the rise in the number of rehabilitation centers in the country.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“There has been a rise in the commercial sale of exoskeletons that are used for military and industrial applications. Several military manufacturing companies are using exoskeletons for industrial and construction applications, other than shipbuilding. Moreover, rising demand for robotic suits will accelerate the commercial sale of exoskeletons used for industrial purposes during the forecast period,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research
Advances in material technologies, control systems and sensors, software, and electrical and electronics engineering have helped in the development of new and advanced exoskeletons in the market. The availability of ultra-low-power exoskeleton technology has led to the development of robotic suits that enable anthropomorphic movements, which ensures that the robot does not need external power to operate. Also, the exoskeletons are equipped with lithium-ion battery, which aids with mechanical assistance.
The leading vendors in the global exoskeleton robots market are Ekso Bionics, Cyberdyne, ReWalk and Rex Bionics. Intense competition prevails in the market, where vendors on the basis of product features, price, clinical outcomes, and services. The market for exoskeletons used for industrial and construction applications is in the development and production phase. Moreover, the competition among vendors that offer exoskeletons for personal and home use is very low.
A more detailed analysis is available in the Technavio report, Global Exoskeleton Robots Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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