Soft Exoskeleton Market Analysis

Soft Exoskeleton Market Analysis

Rising application of full body soft exoskeleton in industrial applications to improve productivity, reduce stress and fatigue will positively influence product demand over the forecast period. Full-body wearable soft exosuits offer diverse flexibilities owing to the absence of external metal frame. Moreover, superior protection with improved service and client support to individuals will provide strong growth prospects for the soft exoskeleton market size.
 

Higher complexities associated with permanent knee and leg replacements along with the availability of wide range of customizable exoskeletons at varied price range are driving the soft exoskeletons market growth. Enhanced degree of freedom offered by the system with usage of efficient motors and actuators, and materials for operating the exosuits, are boosting the soft exoskeleton industry growth till 2025.
 

Utilization of exosuits for military application ease the physical stress on an individual for improved performance in combat operations and mission effectiveness. Additional benefits include lower weight, enhanced strength, and improved degrees of flexibility support the increased product adoption for military applications. Existing geo-political differences across the economies, specifically in the U.S. and Russia will drive the investments in soft exoskeleton market.
 

Increasing military budget allocations by several governments across the globe will provide positive outlook for the industry growth. For instance, the U.S. Senate approved a military budget of around USD 716 billion for upgrading their existing equipment and acquiring newer equipment for assisting their missions, thereby providing positive prospects for the soft exoskeleton market growth.
 

U.S. held largest soft exoskeleton market share owing to the increasing investments in wearable exosuits for geriatric population. Growing number of spinal cord injuries in the U.S. will further support the augmentation of the regional share. For instance, in 2018, according to the National Spinal Cord Injury Statistical Center, spinal cord injuries accounts for around 17,700 cases every year, thereby providing positive outlook for the industry growth. Moreover, defence agencies, such as DARPA, are significantly emphasizing on the development of soft exosuits, thereby alleviating the industry demand.
 

Increasing investments in R&D for improving the exoskeleton technology will present strong growth opportunities for soft exoskeleton market in Europe. Growing geriatric population and increasing investments in the product development in the region are expected to be among the prominent factors. Industry participants are engaged in collaborating with research institutes and universities for developing lightweight exosuits at lower cost. For instance, researchers from the University of Limerick are collaborating with the Italian Institute of Technology for developing commercially viable exoskeletons by 2019.