Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
A smart exoskeleton is a wearable mechanical device that increases the strength of limbs by using electric motors, levers, hydraulic systems, and simulation software. These gadgets are designed to mimic the anatomy of human limbs, muscles, and joints, allowing users to complete activities quickly and efficiently. Smart exoskeletons, in conjunction with advanced technology, identify and track the wearer's motions and provide support as needed. These exoskeletons were previously employed for a variety of military and defense applications, but their uses have recently broadened to include medical rehabilitation and mobility for those with paraplegia. In North America manufacturing of smart exoskeleton is anticipated for a potential slowdown due to the onset of COVID-19. New symptoms, owing to evolving coronavirus strains are extending the recovery period for the North America economy.
The factors driving the market growth of smart exoskeleton market industry in North America is increasing adoption of exoskeletons by individuals suffering from physical disabilities and neurological disorders requiring products for rehabilitation purposes. This can be attributed to the growing prevalence of road accidents, spinal injuries, workplace, industrial injuries, and strokes. Also increasing demand from industrial sectors in order to prevent workplace injuries is further expected to boost the market growth. Also, the use of smart exoskeletons has significantly increased for military purposes especially in North American countries. In North America many aerospace & defense companies have started manufacturing smart exoskeletons for military purposes. This in turn is expected to create lucrative opportunities for the overall growth of market in the forecast period.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the North America smart exoskeleton market. In addition, complete analysis of changes on the North America smart exoskeleton market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on North America economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The COVID-19 impact on the North America smart exoskeleton market growth was slowdown due to the evolving coronavirus strains and imposed lockdown impacting the manufacturing of smart exoskeleton in the region.
Smart exoskeleton market comprises of different market segments like by type, component, body part, application and country.
The smart exoskeleton is available in market according different type such as soft exoskeleton and rigid exoskeleton. Rigid exoskeleton segment accounted the largest share of the overall exoskeleton market in the forecast period. The large share of this segment is mainly attributed to the rigid exoskeleton’s huge demand from military and industrial sector owing to its high strength and load bearing capacity as well as its ability to offer protection against physical damage and abrasion. However the soft exoskeleton segment is expected to grow at the fastest pace during the forecast period.
By component, the smart exoskeleton market includes key segment of sensor, actuators, power source, and control system. The actuators segment is assumed to lead the market and the segment and is expected to maintain its dominance during the forecast period since they improve the efficiency of the exoskeletons through control of errant motions. As the actuators form an integral part of different kinds of smart exoskeletons. Passive exoskeletons rely on power sources to augment a person’s movement. Sensors provide necessary feedback to help an exoskeleton stay balanced and on course. The smart exoskeleton control system is to achieve the best control performances stability and safety is other important issues that have to be considered.
By body part, the smart exoskeleton is bifurcated in upper body, lower body, full body. The lower body segment is expected to accounted for the largest market share in the forecast period owing to the increasing prevalence of lower body disabilities as it provide mobility to physically disabled, injured or weak persons, who are unable to walk due to a medical reasons such as SCI, neurological disorders, major trauma like stroke, cerebral palsy. The upper body extremity segment is anticipated to register the fastest growth rate during the forecast period. This is attributed to the rising adoption of upper body exoskeletons in managing activities of daily living among the disabled patient population.
The smart exoskeleton market finds its application in industrial, healthcare, military. The healthcare segment dominates the market due to rising demand from the healthcare sector for robotic rehabilitation and increased number of disabled people is the major factors among others driving the North America exoskeleton market. Also rising adoption of smart exoskeleton in industrial and military sectors is propelling the growth of the market.
The North America smart exoskeleton market is studied for the following countries like United States, Canada and Mexico. United States dominate the exoskeleton market due to well-established infrastructure for education and technology and an increased adoption rate for advanced technologies in the region. Also the well-developed health care infrastructure, higher adoption rate and early availability of advanced technology products contribute to the growth of smart exoskeleton market in the country. Furthermore factors such as growing geriatric population advent of robotic technologies, growing purchasing power of patients and increased investment towards exoskeleton technology and the presence of majority of established exoskeleton players and start-ups have boosted the market growth in the North American region.
The key players in smart exoskeleton market are ATOUN Inc., Bionik Laboratories Corp., Cyberdyne, Inc., Ekso Bionics, Honda Motor Co. Ltd., ReWalk Robotics, Rex Bionics Ltd., Sarcos Corp., Technaid. S.L., US Bionics Inc., Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, Lockheed Martin Corporation.
May 2019, Alibaba partnered with Bottos to develop a smart exoskeleton robot to reduce the physical pressure of workers, thereby improving efficiency. The smart robot uses artificial intelligence and human-machine collaboration technology to carry out manual operations, such as picking, sorting, storing, loading, and unloading, in the warehousing and logistics industry.
March 2019, German Bionic launched a connected robot exoskeleton for use in the industrial Internet of Things (IIoT). The German Bionic IO cloud platform integrated with the Cray X exoskeleton supports common enterprise solutions and networked manufacturing systems, thereby enabling complete integration with smart factory and Industry 4.0 environments.
March 2019, Ottobock has launched Paexo Thumb, an exoskeleton for operations in ergonomic workplaces. The exoskeleton is small and extremely lightweight, which can be used for clipping, inserting, or plugging components on assembly lines; it can be used for relieving the strain on the joints of the thumb.
The report analyses the smart exoskeleton market based on by type, component, body part, application and country. The smart exoskeleton is available in market according different type such as soft exoskeleton and rigid exoskeleton. The rigid exoskeleton is expected to dominate the market due to huge demand from military and industrial sector owing to its high strength and load bearing capacity. By component, the smart exoskeleton market includes key segment of sensor, actuators, power source, and control system. The actuators segment is assumed to lead the market as the actuators form an integral part of different kinds of smart exoskeletons they improve the efficiency of the exoskeletons through control of errant motions. By body part the smart exoskeleton is bifurcated in upper body, lower body, full body. The lower body segment is expected to account for the largest market share owing to the increasing prevalence of lower body disabilities as it provide mobility to physically disabled, injured or weak person. The smart exoskeleton market finds its application in industrial, healthcare, military. The healthcare segment dominates the market due to rising demand from the healthcare sector for robotic rehabilitation and increased number of disabled people in the region. The North America smart exoskeleton market is studied for the following countries like United States, Canada and Mexico.
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