Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
A smart exoskeleton is a wearable device that functions as an amplifier to enable humans perform effectively. In a smart exoskeleton, an advanced algorithm is employed to autonomously adapt the exoskeleton in response to body motions. It is used to increase walking endurance, improve athletic performance, and assist a stroke patient in walking again. Smart exoskeletons can now measure energy use by tracking respiration, due to recent technology breakthroughs. The device adjusts dynamics automatically to help reduce human energy expenditure. Outside the body, smart exoskeletons are made up of rigid elements or hardware, such as sensors and actuators, as well as robotic software. Usage of smart exoskeleton aids in preventing injuries in elderly people and people who are suffering from musculoskeletal injuries and neurological disorders.
The smart exoskeleton market is majorly driven by increasing number of individuals suffering from health and neurological disorders and increasing use of smart exoskeleton in rehabilitation of people suffering from physical disabilities is driving the growth of the market. Additionally, increasing demand from industrial sectors in order to prevent workplace injuries is further expected to increase the market growth. Also, the use of smart exoskeletons has significantly increased for military purposes in developed countries. Many aerospace & defense companies in these regions have started manufacturing smart exoskeletons for military purposes. This in turn is expected to create lucrative opportunities for the overall growth of market in the next few years.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global smart exoskeleton market. In addition, complete analysis of changes on the smart exoskeleton market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The COVID-19 impact on the smart exoskeleton market was moderately positive as the combination of worker shortage and exponential growth of the e-commerce sector has created a strong demand for advanced tools across diverse industries to boost productivity while ensuring worker safety.
Smart exoskeleton market comprises of different market segments like by type, component, body part, application and geography.
The smart exoskeleton is available in market according different type such as soft exoskeleton and rigid exoskeleton. The rigid exoskeleton is expected to dominate the market in the forecast period since most of the exoskeletons available in the market are rigid smart exoskeleton. Also they prevent any kind of injuries to the user during fall or injury. However soft exoskeletons are expected to witness significant growth during the forecast period since the soft exoskeleton is made of carbon fiber, which is lightweight and enhances user movement. Also, an increase in demand for soft exoskeletons observed from military and industrial purposes owing to their light weight.
By component, the smart exoskeleton market includes key segment of sensor, actuators, power source, and control system. The actuators dominated the market by gaining major market share in the forecast period as they improve the efficiency of the exoskeletons through control of errant motions. Additionally, actuators form an integral part of different kinds of smart exoskeletons. A smart exoskeleton is a powered system comprising sensors and actuators as actuator is the most common type of component used in an exoskeleton that use feedback from the wearer to provide enhanced assistance to specific body parts or the entire body while lowering energy expenditure.
By body part, the smart exoskeleton is bifurcated in upper body, lower body, full body. The lower body part holds the largest market share for the forecast period. The lower body part dominates the market owning to the increasing prevalence of lower body disabilities. However, the upper body part is expected to witness growth during the forecast period owning to the rising adoption of upper body exoskeletons in managing activities of daily living among the disabled patient population as this type of exoskeleton is primarily used in the rehabilitation of upper limb amputees and stroke & cerebral palsy patients.
The smart exoskeleton market finds its application in industrial, healthcare, military. Healthcare dominates the market accounting largest revenue and volume share in forecast period. Due to increasing number of road accidents requiring rehabilitation services post-surgery and a surge in the prevalence of spinal cord injuries are promoting the segment growth across the globe. Also the industry segment is anticipated to be the fastest growing segment during the forecast period as exoskeletons help in enhancing strength and reducing physical strain on workers in various industries.
The global smart exoskeleton market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America dominates the global smart exoskeleton market during the estimated time period. Due to the increasing adoption of innovative and advanced technologies, the growing geriatric population, and the rising disabled population North America is expected to lead the smart exoskeleton market in the forecast period. Also Asia Pacific is anticipated to be the fastest growing regional market in the forecast period owing to evolving care models, infrastructure investments, and increasing demand for exoskeleton among a large patient pool for rehabilitation.
The key players in smart exoskeleton market are ATOUN Inc., Bionik Laboratories Corp. , Cyberdyne, Inc., Ekso Bionics, Honda Motor Co. Ltd., ReWalk Robotics, Rex Bionics Ltd., Sarcos Corp., Technaid. S.L., US Bionics Inc., Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, Lockheed Martin Corporation.
May 2019, Alibaba partnered with Bottos to develop a smart exoskeleton robot to reduce the physical pressure of workers, thereby improving efficiency. The smart robot uses artificial intelligence and human-machine collaboration technology to carry out manual operations, such as picking, sorting, storing, loading, and unloading, in the warehousing and logistics industry.
March 2019, German Bionic launched a connected robot exoskeleton for use in the industrial Internet of Things (IIoT). The German Bionic IO cloud platform integrated with the Cray X exoskeleton supports common enterprise solutions and networked manufacturing systems, thereby enabling complete integration with smart factory and Industry 4.0 environments.
March 2019, Ottobock has launched Paexo Thumb, an exoskeleton for operations in ergonomic workplaces. The exoskeleton is small and extremely lightweight, which can be used for clipping, inserting, or plugging components on assembly lines; it can be used for relieving the strain on the joints of the thumb.
The report analyses the smart exoskeleton market based on by type, component, body part, application and geography. The smart exoskeleton is available in market according different type such as soft exoskeleton and rigid exoskeleton. The rigid exoskeleton is expected to dominate the market since most of the exoskeletons available in the market are rigid smart exoskeleton. By component, the smart exoskeleton market includes key segment of sensor, actuators, power source, and control system. The actuators dominated the market by gaining major market share as they improve the efficiency of the exoskeletons through control of errant motions. By body part the smart exoskeleton is bifurcated in upper body, lower body, full body. The lower body part holds the largest market share owning to the increasing prevalence of lower body disabilities. The smart exoskeleton market finds its application in industrial, healthcare, military. Healthcare dominates the market due to increasing number of road accidents requiring rehabilitation services post-surgery and a surge in the prevalence of spinal cord injuries. The global smart exoskeleton market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW).
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