IndustryARC, in its latest report, predicts that Robotic Exoskeleton Market generated revenue of $447.95 M in 2020 and is estimated to reach $852.26 by 2026, growing at CAGR of 13.1% during the forecast period of 2021-2026. Robotic exoskeletons are electromechanical wearable robotic units controlled by computer boards to power a system of pneumatics, hydraulics, and motors. It involve actuators, algorithms, sensors, and mechanical structures of acquiring information to execute a motor function. The Robotic Exoskeleton Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
The top 5 players in the Robotic Exoskeleton Industry are –
1. ABB Ltd.
2. AMETEK, Inc.
3. Johnson Induction Holdings Limited
4. Siemens AG
5. Toshiba Corp.
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Segmental Analysis :
1. By Product Type, Mobile accounted for major share in 2020. This segment generated a revenue of $329.02 M in 2020 and is forecast to be growing at a CAGR of 13.7% during the forecast period 2021-2026. This segment is projected to generate revenue of $644.23 M by 2026 owing to the increasing use of devices to enhance the physical performance of the wearer or as orthotic devices for gait rehabilitation or locomotion assistance.
2. North America is the major region dominating the Robotic Exoskeleton Market with revenue of $184.54 M in 2020 and is forecast to grow at a CAGR of 13.3% during the forecast period of 2021-2026 to generate a revenue of $353.26 M in 2025. U.S in North America region is dominating the Robotic Exoskeleton Market generating a revenue of $147.56 M in 2020.
3. By Application, Medical segment is dominating the Robotic Exoskeleton market in 2020 and is estimated to grow at a CAGR of 12.5% during the forecast period 2021-2026 owing to the increasing patients with body movement disorders such as Parkinson’s disease, multiple sclerosis, and stroke.
By Product Type
By Body Part
Full Body, Upper Body, Lower Body
Medical, Military, Industrial
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges :
1. Increasing Demand of Exoskeleton in Military and Medical Application : A robotic exoskeleton supports the mobility of people suffering from diseases such as multiple sclerosis, stroke, and cerebral palsy, Parkinson’s disease. There is growing importance of exoskeleton in military operations as it helps in assisting injured soldiers and lifting heavy objects which is driving the growth of this market.
2. Increasing Prevalence of Spinal Cord Injuries : Increasing number of disabled people and growing prevalence of spinal cord injury are some factors driving the growth of this market. According to the National Spinal Cord Injury Statistical Center (NSCISC), about 17,730 number of cases are suffering from spinal cord injury in 2018.
3. High Cost : High cost associated with exoskeleton are challenging the market growth of Robotic Exoskeleton. Incorporation of multiple sensors and motors into the exoskeletons contribute significantly toward increasing the overall product cost. Moreover, research regarding the development of appropriate software and hardware for adjustment and customized usage further increase the cost that are challenging the growth of this market.
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