Global exoskeleton market share is anticipated to witness a significant boost over the coming years. This is attributed mainly to the growing geriatric population and rising prevalence of ailments like Parkinson’s disease and spinal cord injuries worldwide.
According to estimates from the WHO, the overall global population over 60 years of age is anticipated to surge from the 12% recorded in 2015 to almost 22% in 2050. Since muscle strength and physical labor capabilities diminish with age, the adoption of advanced medical devices designed to facilitate and actuate seamless body movement will create significant opportunities for exoskeleton market growth over the estimated timeline.
Industry dynamics will also be bolstered considerably by the proliferating investments in healthcare for elderly populations. In 2017, over 18% of the GDP in the U.S. was spent on healthcare in order to cater to nearly 58 million elderly and disabled people.
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With respect to application, the industrial exoskeleton segment held a commendable share in the overall market in 2017. Myriad industries like warehouses, manufacturing, and dry docks are benefiting from the adoption of sophisticated wearable exoskeletons, designed to enhance worker safety and provide assistance for daily tasks.
Major industry players are making targeted R&D efforts in recent years, to integrated sophisticated features into modern exoskeleton suits, including fall detection, which helps elderly people avoid injuries due to falls. Also, the burgeoning adoption of the product in manufacturing and industrial applications to lower worker fatigue and improve operation efficiency will accelerate exoskeleton market growth over the estimated timeline.
From the product perspective, the exoskeleton market from the mobile segment is poised to depict a sizeable growth rate through 2026. This is credited largely to the product’s ability to support the knee and hip movements in patients suffering from spinal cord injuries to help them walk and stand. Mobile exosuits have integrated controllers, motors, and battery packs, which are fitted within a compact space. Rising demand for these products from the industrial and military sectors will therefore boost industry trends considerably from the segment.
Meanwhile, the active exoskeleton segment is also set to gain hefty proceeds over the projected timeline, given the multiple benefits demonstrated by these devices in comparison to their counterparts. Active exoskeleton suits are designed to carry out several complex tasks and enhance actuation for lifting heavy loads. Additionally, these products are integrated with advanced sensor and motor technologies, and feature a high-powered electric power source, making them ideal for military and industrial applications. These factors will contribute heavily to exoskeleton market expansion over the years ahead.
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Asia Pacific has been proclaimed to emerge as the next lucrative growth ground for exoskeleton market, given the robust demand for wearables in the region. The growing geriatric population in the continent, vulnerable to strokes and mobility issues, would demand the deployment of rehabilitation therapy procedures. This would subsequently necessitate the requirement of advanced exoskeletons designed to help patients with gait training and the like, thereby providing a boost to APAC industry share.
Major Key Points from Table of Content:
Chapter 6 Exoskeleton Market, By Technology
6.1 Market share by technology, 2018 & 2026
6.2.1 Passive market estimates and forecast, 2014 – 2026, (Units) (USD Million)
6.2.2 Passive market estimates & forecast, by region, 2014-2026 (Units) (USD Million)
6.3.1 Semi-passive market estimates and forecast, 2014 – 2026, (Units) (USD Million)
6.3.2 Semi-passive market estimates & forecast, by region, 2014-2026 (Units) (USD Million)
6.4.1 Active market estimates and forecast, 2014 – 2026, (Units) (USD Million)
6.4.2 Active market estimates & forecast, by region, 2014-2026 (Units) (USD Million)
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