Based on the findings of a report added on Radiant Insights, Inc.; the global robotic exoskeleton market is projected to expand at a 30.38% CAGR over the forecast period (2018 to 2022). Growing demand for autonomous machines to increase work efficiency and to prevent work-related injuries are anticipated to propel the market. Such robotic machines enhance the physical competency of the wearer. These machines are powered by actuators, electric motors, sensors, and hydraulics to assist limb movements with better strength.
High prevalence of neurological disorders among geriatric population is expected to spur growth of the market for robotic exoskeleton in the forthcoming years. High demand for robotic rehabilitation in healthcare is anticipated to positively influence market growth. Continuous technological advancements in robotics owing to huge investments can further fuel demand for exoskeleton technology. Increasing use of robotic exoskeleton in military operations to lift heavy objects is likely to augment market growth during the forecast period.
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To cater to the steadily rising demand, most research institutes, universities, and manufacturing companies are focusing on research and development (R&D) to develop new and innovative robotic exoskeletons. For instance, a team of researchers from Aalborg University recently developed a new mechanical joint called compact x-scissors device (CXD). It can support shoulders and hips in better way than conventional devices. The joint is expected to be compact enough to hide under clothes. It can move freely in all directions around a sphere . It can also support children who lost use of their shoulder or arm due to illness or accident.
The global robotic exoskeleton market can be segregated on the basis of product type, end use/application, and region. Based on product type, the market can be bifurcated into stationary and mobile. Based on end-use, the market can be segmented into military, healthcare, and industrial. In the past few years, the healthcare segment dominated the market owing to high demand from rehabilitation centers. Increasing cases of spinal cord injuries (SCI) coupled with subsequent increase in treatment rate can further fuel the growth in the forthcoming years. In addition, rising number of Food and Drug Administration (FDA) approvals for robotic exoskeletons coupled with technological advancements in robotics can augment growth during the forecast period.
On the other hand, the industrial segment is estimated to witness significant growth during the forecast period owing to growing awareness regarding industrial benefits of robotic exoskeletons. In addition, growing incidences of work related injuries can spur demand in the coming years.
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Regional segmentation includes Asia Pacific (APAC), Americas, and Europe and Middle East & Africa (EMEA). In the past years, Americas dominated the market owing to high product demand from increasing number of patients suffering from spinal cord injuries and paralysis. In addition, growing adoption of robotic exoskeleton in healthcare, military, and consumer applications are anticipated to positively influence the regional market growth in near future.
The Asia Pacific robotic exoskeleton market is anticipated to witness maximum growth during the forecast period owing to high prevalence of strokes. In addition, favorable government initiatives in terms of investments and funding can further fuel growth of the market in this region over the forecast period.
The Europe market is expected to grow well in the forthcoming years owing to high demand for robotic exoskeletons in industrial operations such as lifting heavy objects. This can reduce work related injuries in most Europeans while lifting heavy objects on their own.
Some of the leading companies in the global robotic exoskeleton market are Ekso Bionics, Parker Hannifin, ReWalk Robotics, Rex Bionics, and CYBERDYNE.
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