The global exoskeleton market was valued at US$ 87.9 Mn in 2016 and is expected to increase to US$ 2,288.3 million by 2025, registering a CAGR of 44.16% over the forecast period.

Seattle, WA -- (SBWire) -- 11/14/2019 --Exoskeleton Market – Insights
Exoskeletons are wearable devices used to support and protect body and to reinforce or restore human performance. The global exoskeleton market was valued at US$ 87.9 Mn in 2016 and is expected to reach US$ 2,288.3 million by 2025, registering a CAGR of 44.16% over the forecast period.

Exoskeleton Market: Drivers
Increasing demand for exoskeleton in the military and healthcare sectors for rehabilitation is expected to propel growth of the global exoskeleton market. Exoskeletons can aid in enhancing the ability to carry heavy armor and in increasing speed. These wearable devices also decrease energy spent in carrying load and aid in covering more ground and carrying additional armor.

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Exoskeleton Market: Restraints
A major factor hampering growth of the global exoskeleton market is high cost of exoskeleton. Powered exoskeletons are costlier than their passive counterparts. For instance, the unit price of powered exoskeletons ranges from US$ 70,000 to US$ 120,000, which excludes service and maintenance costs.

Exoskeleton Market: Segment Analysis
Among product type, the powered exoskeleton segment is expected witness rapid growth over the forecast period, owing to high demand for powered exoskeletons from the healthcare sector and energy efficient capabilities. Powered exoskeletons are used to aid people suffering from disabilities. According to Ekso Bionics, a California-based bioengineering company, over 150 Hybrid Assisted Limb (HAL) exoskeletons are in place at hospitals and assisted-living facilities in Japan.

Among verticals, the healthcare segment accounted for the largest market share in the exoskeleton market in 2016. The segment was valued at around US$ 47.6 million in 2016. The military segment is expected to witness the highest growth, exhibiting a CAGR of 44.40% during the forecast period. This is owing to increasing demand for exoskeletons from the military sector due to their ability to aid military personnel in lifting heavy weapons and in moving rapidly.

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Exoskeleton Market: Regional Analysis
On the basis of region, the global exoskeleton market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held dominant position in the global exoskeleton market in 2016 and is expected to maintain its dominance over the forecast period, owing to increasing demand for exoskeletons from various sectors such as healthcare, military, and industrial in the U.S. North America exoskeleton market is projected to reach US$ 999.3 million by 2025. The market growth in North America is also driven by increasing investments in R&D by market players such as Ekso Bionics and ReWalk Robotics Ltd. and increasing approval of novel products. For instance, in 2014, the U.S. Food and Drug Administration (FDA) approved a device called ReWalk, the first exoskeleton commercially available in the U.S. It was purchased by around 66 people at US$ 77,000 in 2015.

Exoskeleton Market: Competitive Landscape
Major players in the market are focused on product development to expand their product portfolio. For instance, Lockheed Martin is developing military applications focused on soldier load carriage and sustainment applications. In 2010, two major exoskeleton projects for the military were launched: the Human Universal Load Carrier (HULC) by Ekso Bionics and Lockheed Martin and the XOS and XOS2 by Sarcos/Raytheon. Both were full body suits for solider mobility augmentation.

Key players operating in the global exoskeleton market include, ReWalk Robotics Ltd., Rex Bionics Plc., Lockheed Martin Corporation, Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., Hocoma, DIH Technologies, Focal Meditech, Ottobock, Suit X (U.S. Bionics, Inc.), and RB3D.

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