An exoskeleton is a wearable machine that is powered by various electric, hydraulic, pneumatic, and other actuation sources and helps support physical limb moments. The exoskeletons have their scope of application across varied range of verticals like industrial, healthcare, defense, and commercial, where they are engaged in various supportive operations. The first-ever exoskeleton was developed in 1960 at the Mihajlo Pupin Institute in Serbia. Due to the technical limitations, lack of knowledge, and acceptance at the time, the project did not receive any commercial exposure but opened a new horizon of research and development.
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The wearable robotic exoskeleton market has been a significant area of focus in the robotics industry during the 21st century to deliver consistent and repeatable movement therapy, improve endurance and safety in industrial settings, bring new capabilities to combat forces, increase productivity at the workplace, reduce the risk of injury, and facilitate recreational activities such as skiing, golfing, and hiking. A lack of affordable exoskeleton for personal usage acts as a major constraint for most consumers. Identifying the most affordable exoskeleton manufacturing approach and designing the architecture for cost-effectiveness is expected to drive the growth of powered robotic exoskeletons across varied industry verticals. Moreover, the increasing investment from manufacturers in industrial robotics is expected to act as a major opportunity for the wearable robotic exoskeleton market in the coming years. In 2001, one of the early commercial releases of exoskeletons was done by Hocoma AG (Lokomat) that was widely accepted and used by hospitals and rehab centers across the globe. In 2013, the company reached the milestone of shipping its 500th device.
Robotics technologies are expected to be dominant in the coming years and expected to influence every aspect of workplace, home, industries, hospitals, and defense forces, among others. Significant developments are evident in the emerging robotics fields, including autonomous vehicles, Artificial intelligence (AI), robotic exoskeletons, drones, humanoid robots, and virtual reality (VR), among others. Robotics technologies have significant potential to greatly aid the betterment of social, political, and economic aspects of a nation while raising the overall efficiency of work practices with adequate safety levels.
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.
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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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