Advancements in Robotics, Sensors, and AI Expand Applications of Smart Exoskeleton; Global Market to Advance at CAGR of 32.7% during Forecast Period: TMR Study

-  Focus on developing advanced human-machine interfaces (HMI) and novel wearable sensors to expand use of smart exoskeleton in medical rehabilitation applications

-  Multifunctional personalized wearable exoskeleton to increase worker safety; open up profitable opportunities in industrial automation for smart exoskeleton market players

ALBANY, N.Y., Sept. 2, 2021 /PRNewswire/ -- The multidisciplinary research on designing wearable exoskeletons integrated with innovative robotics, novel materials, and advanced actuators has opened up enormous possibilities in the smart exoskeleton market. They are attracting industry attention for meeting needs of mobility assistance in the medical rehabilitation and factory automation. The integration of exoskeletons with novel sensors and incorporation of personalized computational models have enriched human-machine interfaces (HMI).

The adoption of the innovative exoskeleton technology for improving worker safety in the construction sector is expected to boost the growth of the smart exoskeleton market. The rise in the adoption of industrial robotics in various industries will drive the market at a CAGR of 32.7% from 2021 to 2031 (forecast period). Military exoskeletons are a lucrative avenue, notes research study on the smart exoskeleton market.

Funding under governments' programs on developing next-gen exoskeletons for smart rehabilitation equipment has risen especially in North America and Asia Pacific, thus invigorating growth prospects for the market. Furthermore, a number of lower extremity exoskeletons have been commercialized in biomedical applications in recent years, bolstering sales in the smart exoskeletons market.

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Key Findings in Smart Exoskeleton Market Study

• Wearable Lower Extremity Exoskeletons Attract Demand in Multiple Industries: Wearable lower extremity exoskeletons have grown in demand as assistive tools in the medical sector and for industrial automation in various sectors. The medical sector has been at the forefront of benefitting from commercialization of smart rehabilitation equipment, and has been contributing potential revenues for smart exoskeleton market players. The demand for advanced medical rehabilitation technologies for enhancing the lives of patients with spinal cord injuries, strokes, and traumatic brain injuries has spurred research in smart exoskeleton systems. Advancements made in AI have improved human–machine interfaces (HMIs) substantially, increasing balance control for the user in medical rehabilitation application.
• Integration with Advanced Human-Machine Interfaces Improves Workers Safety, Efficiency in Harsh Working Environments: Manufacturers and distributors of products in the smart exoskeleton market are increasingly lean on offering assistive robotic systems that can automate tasks in extreme environments. Soft endoskeletons that are high in comfort have conferred workers with advanced automation capabilities. In harsh environments, notably in the construction sector, smart exoskeletons have attracted massive interest. Smart exoskeletons are found to enhance workers safety as well as their efficiency in such environments. Businesses that are keen on meeting the needs are extensively researching on lightweight and personalized wearable exoskeletons.

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• Development of Novel Sensors, AI, IoT to Expand Revenue Streams in Military Sector: The smart exoskeleton market is witnessing enormous avenues fueled by research on novel sensors, AI, and IoT to develop innovative navigation modules and futuristic designs. Technology advancements have enabled market players to find new revenue streams in innovative wearable devices that can augment strength and dexterity of the wearer. A key case in point is exoskeleton manufacturers aiming to offer products to meet the challenging combat conditions for soldiers. Industry players make collaborative efforts to develop next-gen military exoskeleton suits, which can be customized to the battlefield conditions.

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Smart Exoskeleton Market: Drivers

• Growing body of research in developing AI-assisted navigation technologies aimed at enhancing the lives of patients with musculoskeletal injuries and neurological disorders is a key driver for smart exoskeleton market
• Strides made in IoT-connected communities have been propelling the requirements of advanced wearable robotics for industrial workers in construction, F&B, and packaging industries
• Rise in elderly population who need mobility assistance is driving steady investments in robotics, thus boosting the smart exoskeleton market

Smart Exoskeleton Market: Regional Growth Dynamics

• North America is expected to be a significant smart exoskeleton market with a sizable market share. Rapid technological advancements in wearable robotics and IoT sensors have offered substantial revenue streams to market players.
• Asia Pacific smart exoskeleton market is anticipated to grow at a high CAGR during the forecast period. The rapidly expanding consumer base mainly from the healthcare and construction industries is projected to impart new revenue streams to the regional market. Key economies that will witness vast revenue prospects are India, China, and Japan.

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Smart Exoskeleton Market: Key Industry Players

Some of the key players in the smart exoskeleton market are Lockheed Martin Corporation, Axosuits srl, Medexo Robotics, Innophys Co., Ltd., Wearable Robotics srl, HocomaAG, and Cyberdyne, Inc.

Global Smart Exoskeleton Market: Segmentation

• Smart Exoskeleton Market, by Product
• Rigid Smart Exoskeleton
• Soft Smart Exoskeleton
• Smart Exoskeleton Market, by Extremity
• Lower Extremity
• Upper Extremity
• Full Body Extremity
• Smart Exoskeleton Market, by Application
• Rehabilitation
• Pick & Carry
• Others
• Smart Exoskeleton Market, by End User
• Industrial
• Healthcare
• Military
• Others
• Smart Exoskeleton Market, by Region
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of the Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia & New Zealand
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research: 

Wearable Medical Devices Market: The rapid growth of various industries such as remote patient monitoring devices and home healthcare are predicted to influence the global wearable medical devices market positively over the period of assessment. In addition to that, a growing focus of consumers on health and fitness has led to efforts toward leading a healthy lifestyle are anticipated to fuel growth of the market in the years to come.

Home Rehabilitation Products & Services Market: The home rehabilitation products & services market is estimated to clock a favorable CAGR of 7% during the assessment period. Companies should tap into incremental opportunities in virtual reality (VR) and innovate in at-home exercise programs to meet patient needs. Patients training to walk correctly can envision crossing a finish line using VR games. The hybrid virtual practices are helping to keep patients engaged in their care and reduce burden on caregivers.

Robotic Rehabilitation and Assistive Technologies Market: The robotic rehabilitation and assistive technologies market is driven by well-designed technology to develop care and companionship robots and assistive speech technology systems. Thus, stakeholders are conducting research & development to identify how assistive robots can effectively help disabled patients, and are working closely to design novel assistive robot technologies that solve the challenges of disabled individuals.

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