Evolution of Wearable Robotic Exoskeletons | A Study by BIS Research

The global wearable robotic exoskeleton market research provides the market information for segmentations, such as end user based on application and components in terms of hardware and software.
 
FREMONT, Calif. - July 7, 2021 - PRLog -- The type of robots worn on the external part of the body and used for assistive and body part support operations are termed exoskeletons. The first ever exoskeleton was made in 1960 at the Mihajlo Pupin Institute Serbia, followed by the University of Wisconsin-Madison in the U.S. in the early 1970s. Due to the lack of adequate domain knowledge and technology, the exoskeletons were quite bulky and complex in design and mechanism, which resulted in the gradual death of the concept. Though there were many drawbacks and flaws, researchers across the globe kept investing in the idea until it was commercial accepted during the second industrial revolution, during the initial phase of the 20th century. At present, robots are widely used by different end users such as manufacturing, healthcare, military, entertainment, and household.

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Rising geriatric population across the globe that faces difficulties in performing day to day activities and shortage of labor forces in the industrial segment have allowed various auto manufacturers to explore the opportunities of integrating robotic wearable exoskeletons with their existing work force to increase their operation efficiency, reduce fatigue, and elevate work safety environment. Few of the major auto manufacturing companies in Asia-Pacific like Honda Motor Co., Hyundai Motors, and MHI have started investing in design and development of exoskeletons and planned to launch their products between 2022 and 2025, thereby boosting the opportunities of industrial exoskeletons over the forecast period.

The global wearable robotic exoskeleton market is estimated to reach $8,841.5 million in 2031 from $492.3 million in 2020, at a growth rate of 32.68% during the forecast period. The growth in the wearable robotic exoskeleton market is majorly attributed to the rising demand for active and passive exoskeletons in healthcare and industrial sectors.

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The competitive landscape of the wearable robotic exoskeleton market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others. Some of the key players in the global wearable robotic exoskeleton market include Lockheed Martin, ReWalk, Honda Motor, MHI, Hyundai Motors, German Bionis, Cyberdyne and Parker Hannifin Corporation. These companies are aiming for a wide range of product launches and collaborations to expand their operations and increase their market presence globally to generate revenues and attract new customers.

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