NEW YORK, Oct. 6, 2020 /PRNewswire/ -- Every year in the U.S., for every 1 million people, 54 suffer from spinal cord injuries (SCIs), which comes out to a total annual incidence of 17,730 cases, as per the National Spinal Cord Injury Statistical Center (NSCISC). As a result, the global exoskeleton market is predicted to grow massively, from just $290.3 million in 2019 to over $6,957.9 million by 2030, at a 35.9% CAGR between 2020 and 2030, according to P&S Intelligence.
Similarly, cardiovascular diseases (CVDs) are the biggest killers in the world, and strokes and heart attacks are responsible for almost 85% of all CVD deaths, as per the World Health Organization (WHO). The utility of exoskeletons in providing long-term care to those who have lost some or all of their motor functions due to these two conditions mainly propels the exoskeleton market around the world.
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The COVID-19 pandemic has substantially reduced the supply of exoskeletons, as manufacturing facilities and raw material and component supply have been hit hard around the world. In addition, the exoskeleton market was also restrained during the first two quarters of 2020 by the widespread job and financial losses, which made people apprehensive about spending on non-essential items. Moreover, with the focus of the healthcare industry being on COVID treatment, most of the orthopedic and physical rehabilitation centers around the world have been shut.
The electric actuators category, within the technology segment, contributed the highest revenue to the exoskeleton market historically. Electric actuators are widely used in exoskeletons because of their utility in a large number of applications.
In the immediate future, the industrial sector is expected to grow the fastest in the exoskeleton market, as an end user. These systems offer industrial workers the strength and endurance of full-fledged robots, despite being available as wearables. Exoskeletons are ideal for performing tasks that require neither proper robots nor extensive human effort.
North America is the most productive exoskeleton market presently, driven by the high incidence of stroke and SCIs. In addition, the healthcare infrastructure is quite advanced here, reflected in the large number of state-of-the-art healthcare settings. Similarly, lots of market players exist in the region, who are now receiving lucrative business opportunities from the military.
Asia-Pacific (APAC) will be the fastest-growing region in the exoskeleton market during the next 10 years. The government of South Korea, China, and India is investing heavily in improving their healthcare infrastructure and making care accessible to all. Moreover, the increasing population of the elderly is leading to the rising number of fall, stroke, and fracture cases, which is driving the requirement for exoskeletons.
Browse report with detailed COVID-19 impact analysis on Exoskeleton Market Research Report: By Component (Hardware, Software), Type (Powered, Passive), Mobility (Stationary, Mobile), Body Part (Lower Extremities, Upper Extremities, Full Body), Technology (Electric Actuator, Hydraulic, Fully Mechanical, Pneumatic), End User (Healthcare, Industrial, Military) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/exoskeleton-market-forecast
In order to gain more customers and increase their sales, companies operating in the exoskeleton market are gaining approval for and launching new and improved products, which are designed to:
- Securely stream and store data generated by robotic devices on the cloud
- Enhance the physical functions of wearers
- Help manage SCIs, cerebrovascular disorders, and neuromuscular diseases
- Clinically rehabilitate people with stroke or neurological-disease-induced mobility impairment
- Improve reporting capabilities
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The major players in the global exoskeleton market are B-TEMIA Inc., Bionik Laboratories Corp., Ekso Bionics Holdings Inc., DIH Group, GBS German Bionic Systems GmbH, Lockheed Martin Corporation, ATOUN Inc., Innophys Co. Ltd., Cyberdyne Inc., Axosuits srl, MediTouch Ltd., Focal Meditech BV, Gogoa Mobility Robots Sl, US Bionics Inc., Ottobock SE & Co. KGaA, Shanghai Fourier Intelligence Co. Ltd., Parker-Hannifin Corporation, and Honda Motor Co. Ltd.
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