Market Highlights

The smart exoskeleton is a wearable device that consists of sensors and actuators to monitor and control the movements of individuals suffering from gait abnormalities and similar physical disorders. In the past, the design of these exoskeletons was sturdy and rigid, which enabled the wearer to prevent falls and severe injuries. Increasing demand for worker’s safety in industrial applications is projected to fuel the growth of the smart exoskeleton market. Also, the rising adoption of exoskeletons by elderly and differently abled population is fuelling market growth. However, high costs of smart exoskeletons along with stringent government regulations are hampering the market growth.

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Key Players

The key players in the smart exoskeleton market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Lockheed Martin Corporation (US), ReWalk Robotics (US), CYBERDYNE Inc. (Japan), Ottobock (Germany), Ekso Bionics Holdings, Inc. (US), Rex Bionics Ltd. (UK),Parker Hannifin Corp. (US), ATOUN Inc. (Japan), DIH Technologies Corporation (China), RB3D (France), Hyundai Motor Company (South Korea), US Bionics (US), Gogoa.eu (Spain), BIONIK (Canada), and Honda Motor Co., Ltd (Japan). The companies are focused on upgrading in their existing product portfolios as well as launching innovative products by investing in research and development to analyze the changing market trends.

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Regional Analysis

The market for smart exoskeleton is estimated to witness rapid growth during the forecast period from 2019 to 2024. The geographic analysis of smart exoskeleton market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, North America is expected to contribute the highest share to the growth of smart exoskeleton market during the forecast period. The region has witnessed a high adoption of these exoskeletons for medical and industrial use in the US and Canada, resulting in the growth of the market in North America. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The proliferation of automation, industrial IoT, and similar technologies in the industrial sector have encouraged enterprises to opt for smart exoskeletons to ease the manual work carried out in industries. Moreover, the aging population in China and Japan is highly susceptible to experience physical disabilities, and hence is expected to increasingly adopt the smart exoskeletons in the near future.

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