Global Smart Exoskeleton Market, By Component (Sensors, Actuators, Power Source, Control System, Others), Type (Soft Exoskeleton and Rigid Exoskeleton), Body Part (Upper Body, Lower Body, Full Body), Application (Industrial, Healthcare, Military, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Smart exoskeleton are being equipped with various types of sensors and electric cable connections in order to control the exoskeleton components. The technology makes use of algorithms to detect motion anomalies in real-time environments that assists in preventing injuries.
Global Smart Exoskeleton Market was valued at USD 13,426.16 million in 2021 and is expected to reach USD 216,264.56 million by 2029, registering a CAGR of 13.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Smart exoskeleton refers to a powered wearable suit that is specifically designed for enhancing user safety. They also improve human efficiency to do the respective tasks. The technology uses smart algorithms that are known to automatically adjust to human body motions.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Sensors, Actuators, Power Source, Control System, Others), Type (Soft Exoskeleton and Rigid Exoskeleton), Body Part (Upper Body, Lower Body, Full Body), Application (Industrial, Healthcare, Military, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA).
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Market Players Covered
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Esco Bionics (US), EXHAUSS (Canada), SUIT X (US), Hocoma (Switzerland), Rex Bionics Ltd (New Zealand), ReWalk Robotics (Israel), RB3D (France), Raytheon Company (US), PARKER HANNIFIN CORP (US), ottobock (Germany), Fourier Intelligence Co., Ltd (China), DIH Technologies Corporation (US), B-Temia (Canada), Focal Meditech BV (Netherlands), and Cyberdyne, Inc. (Japan), among others
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Market Opportunities
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Smart Exoskeleton Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Application of Smart Exoskeleton
The expansion in the requirement for the application of smart exoskeleton in the restoration of individuals undergoing bodily inabilities and neurological dysfunctions is the influential determinant stimulating the germination of the smart exoskeleton industry. Furthermore, it facilitates the aged people to step with comfort and limit fall-related damages.
- Increase in Target Population
The increase in the number of target population across the globe accelerate the smart exoskeleton market. The rise in number of accidents causing disabilities have a positive impact on the market. The surge in geriatric population further influence the market as the elderly population are more prone to chronic diseases.
- Use of Wearable Exoskeleton
The rise in the use of wearable exoskeleton to support the motor function for people with severe mobility impairments further influence the market. The rise in the prevalence of chronic diseases, such as cancer, heart disease, stroke, diabetes, and arthritis assist in the expansion of the market.
Additionally, rapid industrialization, surge in investments and development of manufacturing sectors positively affect the smart exoskeleton market.
Opportunities
Furthermore, rise in the research activities for development of more applications extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, emergence of lightweight, and power-effective exoskeletons crosswise will further assist in the expansion of the market.
Restraints/Challenges
On the other hand, high costs associated with the designing and manufacturing of the smart exoskeleton are expected to obstruct market growth. Also, strict regulations and norms imposed by the governmental agencies are projected to challenge the smart exoskeleton market in the forecast period of 2022-2029.
This smart exoskeleton market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart exoskeleton market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Exoskeleton Market
COVID-19 has a major impact on the smart exoskeleton market. The factories in several countries witnessed shut downs in the initial stages of the pandemic as the governments implemented strict lockdowns in order to prevent the spread of the virus. In the post-pandemic, the lockdowns are being lifted and restrictions are being eased. Numerous companies were allowed to resume factory operations but at a limited capacity that use active sensor after the pandemic. The smart exoskeleton market is expected to gain its pace in the post-pandemic scenario owing to the easing on the restrictions.
Global Smart Exoskeleton Market Scope and Market Size
The smart exoskeleton market is segmented on the basis of component, type, body part, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Sensors
- Actuators
- Power Source
- Control System
- Others
Type
- Soft Exoskeleton
- Rigid Exoskeleton
Body Part
- Upper Body
- Lower Body
- Full Body
Application
- Industrial
- Healthcare
- Military
- Others
Smart Exoskeleton Market Regional Analysis/Insights
The smart exoskeleton market is analyzed and market size insights and trends are provided by country, component, type, body part, and application as referenced above.
The countries covered in the smart exoskeleton market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA).
North America dominates the smart exoskeleton market because of the growing disabilities in the region and higher investments by the private organizations and government agencies within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increase in the geriatric population in the region requiring the exoskeleton for rehabilitation in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Exoskeleton Market
The smart exoskeleton market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart exoskeleton market.
Some of the major players operating in the smart exoskeleton market are
- Esco Bionics (US)
- EXHAUSS (Canada)
- SUIT X (US)
- Hocoma (Switzerland)
- Rex Bionics Ltd (New Zealand)
- ReWalk Robotics (Israel)
- RB3D (France)
- Raytheon Company (US)
- PARKER HANNIFIN CORP (US)
- ottobock (Germany)
- Fourier Intelligence Co., Ltd (China)
- DIH Technologies Corporation (US)
- B-Temia (Canada)
- Focal Meditech BV (Netherlands)
Cyberdyne, Inc. (Japan)
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