Imagine the awe Ironman’s suit held when the ‘Ironman’ comic edition was first released in 1963. It was a visionary concept, a glimpse of the future, which seemed ethereal. But, within six decades, the robotics has achieved the unachievable. We don’t have an ‘Ironman’ in the world yet, no, we don’t have the Tesseract, but we do have exoskeleton in existence, not to be compared with Ironman’s suit, but it sure has taken the world by storm. Robotics industry has witnessed a fast paced development in the last decade and has expanded its end-user base considerably. Currently, there are 69 robots per 10,000 employees on an average in the industrial section on a global scale.
The most evident developments in the robotics industry are autonomous vehicles, artificial intelligence, exoskeletons, drones, humanoid robots, and virtual reality, among others, which are undergoing constant innovations and are upgraded. Robotics is playing a significant role in overcoming difficult challenges from different aspects of life. Exoskeletons are being lauded for providing the ability to walk to children with cerebral palsy and make their life a bit easier. Exoskeletons have been in the healthcare industry for a while, helping patients with musculoskeletal and neurological disorders.
The world has witnessed an increase in neurological disorders, such as Alzheimer’s disease & other dementia related diseases, Parkinson’s disease, epilepsy, multiple sclerosis, migraine, non-migraine headaches, among others. With the help of robotic exoskeletons, medical facilities are able to cope with the challenges such diseases pose. Exoskeletons, being a distinctive field of robotics, provides augmentation for the lost body parts, rehabilitation of the dysfunctional sensory movements, and assistance to disabled people. There has been an overwhelming need to address these problems affecting every life aspects of the affected people and exoskeletons have been a proven blessing in this scenario.
The global wearable robotic exoskeleton market is expected to reach a value of $4.6 billion by 2026, growing at a CAGR of 47.4%. This stupendous growth rate is attributed to a number of factors such as the rise of machine intelligence in the defense industry, rise in demand of exoskeletons for rehabilitation application, and rapidly growing aged population. Recent innovations in the exoskeleton technology have expanded its consumer base and widened its reach. The companies in the market are developing varied forms of technologies such as 3D printed electronic components & structure, durable batteries, and soft actuators, among others to provide cost-effective and affordable exoskeletons. This will increase their adoption among people and will drive the future demands in the market.
The competition in the market is expected to increase with the ongoing and future developments in the technology. The next five years are poised to witness lucrative opportunities with the advancements in soft actuators for exoskeletons, increasing interest of insurance companies towards exoskeletons for rehabilitation, and increasing utilization for exoskeletons by industrial sector. The defense industry has also shown a great interest in this technology and companies have also started working on exoskeletons tailor made for military purposes.
BIS Research has conducted an extensive market research on ‘Global Wearable Robotic Exoskeleton Market – Analysis and Forecast: 2017 to 2026′. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.