The global exoskeleton market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing technological advancements, rising incidence of strokes, and increasing number of spinal cord injury & paralysis cases are major factors expected to drive growth of the global market over the forecast period.
The global exoskeleton market report has been segmented on the basis of component, technology, end-user, and region. On the basis of component, the target market is segmented into hardware and software. On the basis of technology, the target market is segmented into pneumatic actuator, hydraulic, electric servo, electric actuator, fully mechanical, and shape memory alloy actuator. The electric actuators technology segment is expected to register highest share in terms of revenue over the forecast period, owing to increasing availability of commercialized electric actuators. On the basis of end-user, the target market is segmented into healthcare, military, industrial, and others. The healthcare end-user segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing adoption of exoskeletons in rehabilitation centers, and number of FDA approvals for medical exoskeletons.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to advancements is robotics technology and increasing government initiative for user’s safety in healthcare industry in various countries in this region. The market in Asia Pacific is expected to register significant growth over the forecast period, owing to increasing geriatric population, improved healthcare infrastructure and highest CAGR in terms of revenue, owing to rising hearing impairments among individuals caused by construction activities and industrial noise in developing countries such as India and China in the region.
Key players operating in the global exoskeleton market include ReWalk Robotics Ltd., Ekso Bionics Holdings, Inc., Rex Bionics Ltd., Lockheed Martin Corporation, Panasonic Corporation, Hocoma AG, Honda Motor Co., Ltd., Parker-Hannifin Corporation, Raytheon Company, and suitX.