Exoskeleton Market shipment volume surpass 86,000 units in 2024: Global Market Insights Inc. Exoskeleton Market size was worth over USD 110 million in 2016, and to surpass USD 3.4 billion by 2024; according to a new research report by Global Market Insights, Inc. In 2016, the exoskeleton shipment crossed 2000 units. Increasing use of exoskeleton in rehabilitation for patients will fuel the exoskeleton market growth. These devices reinforce, augment and restore human performance. Increase in the number of orthopedic disorders and rapidly growing elderly population will provide stable growth prospects over the forecast timeline. The product offer features such as performance assistance, adjustable frame and custom application software. These characteristics provide increased strength, security, and working efficiency for the workers in shipbuilding and heavy machinery industries. Investments in developing products for enhancing physical strength of industrial workers will augment the exoskeleton market size from 2016 to 2024.
Robotic development companies are using low cost, high strength material to enhance safety of operation in healthcare, industrial and military applications. Increasing funding from defense department of various countries to strengthen arm forces capability will stimulate the industry demand. For instance, in 2016, South Korea defense firms developed exoskeleton systems for Republic of Korea Army (RoKA). These systems are designed to increase soldier’s strength and endurance. However, stringent government regulations concerning about the user safety and robot reliability are affecting the business. Manufacturers complying with these standards and get the approval from the regulatory authority possess high market potential during the forecast period. High price of these equipment is limiting the product adoption. The companies, such as Argo and Ekso are facing the problem in marketing products owing to the high price. Industry players also face difficulty in convincing insurance firms to cover the costs of these devices. Mobile exoskeleton market accounted for highest revenue share of over 61% in 2016 and is estimated to continue its dominance during the study period. The segment growth is credited to increased application in military & industrial segment. Mobile exoskeleton provides mobility to the wearer while augmenting strength to lift heavy load. Stationary products are deployed in rehabilitation centers and hospitals. These products provide fast recovery for the patients suffering from spinal cord injuries and other mobility impairment disorders.
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