Global Ultra Soft Exoskeleton Market, By Component (Hardware, Software), Application (Upper Limbs, Lower Limbs, Full Body), Vertical (Industrial, Healthcare, Military, Others) – Industry Trends and Forecast to 2029.
Ultra Soft Exoskeleton Market Analysis and Size
New symptoms caused by evolving coronavirus strains are extending the global economy's recovery period. As a result, manufacturers in the soft exoskeleton market are scrambling for alternative revenue streams, such as increasing the availability of industrial smart exoskeleton, because critical industries such as healthcare, pharma, FMCG, and F&B are operating at breakneck speed.
Data Bridge Market Research analyses that the ultra-soft exoskeleton market was valued at USD 4.66 billion in 2021 and is expected to reach the value of USD 9.08 billion by 2029, at a CAGR of 8.70% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software), Application (Upper Limbs, Lower Limbs, Full Body), Vertical (Industrial, Healthcare, Military, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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ReWalk Robotics Ltd. (Israel), Lockheed Martin Corporation (U.S.), Parker Hannifin Corporation (U.S.), Ekso Bionics Holdings, Inc. (U.S.), Hyundai Motor Company (South Korea), Bionik Laboratories Corporation (U.S.), Myomo, Inc. (U.S.), Honda Motor Co. Ltd. (Japan), Technaid. S.L. (Spain), Gogoa Mobility Robots SL (Spain), Suitx Inc. (U.S.), Otto Bock HealthCare GmbH (Germany), Wearable Robotics SRL (Italy), DIH Technologies Corporation (Switzerland), and B-Temia Inc. (U.S.)
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Market Opportunities
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Market Definition
The soft exoskeleton is made of lightweight materials and employs cable transmission or pneumatics, a novel approach to developing wearable robot designs. They can rely on the wearer's skeleton structure to transmit forces via actuated joints. The soft exoskeleton, also known as an exosuit, is a new trend in soft wearable robot design that is used to assist the hip joints and ankles while walking. They are used in a variety of industrial applications such as manufacturing assistance, mining, and militant safety.
Global Ultra Soft Exoskeleton Market Dynamics
Drivers
- adoption of robotic technologies in health care sector
One of the major factors fostering the growth of the ultra-soft exoskeleton market is the increasing demand for robotic rehabilitation by the healthcare sector, combined with increased expenditure in the development of healthcare infrastructure, particularly in developing economies. Other indirect ultra-soft exoskeleton market growth determinants include a growing emphasis on technological advancements in the field of robotic technologies, as well as induced investments for research and development capabilities in robotics by major players.
- Technological advancements and adoption in industrial processes
The increasing focus of manufacturers on technological advancements and innovations, the increasing application of full body soft exoskeleton in industrial processes, and the rising application of ultra-soft exoskeleton for a wide range of applications such as industrial, military, sports, mining, construction, manufacturing, and others are the major factors driving the ultra soft exoskeleton market growth.
Opportunity
Regulatory approval for industrial use of exoskeletons will raise awareness, resulting in more lucrative ultra-soft exoskeleton market growth opportunities. Increased demand for soft exoskeleton for construction and automotive applications, as well as growth and expansion of various end user verticals, will pave the way for market expansion.
Restraints
However, the increased cost of soft exoskeletons and strict government regulations imposed on the use of these wearable devices are the major factors acting as restraints, and will further challenge the ultra-soft exoskeleton market during the forecast period.
This ultra soft exoskeleton market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ultra soft exoskeleton market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Ultra Soft Exoskeleton Market
The pandemic has had a significant impact on several industrial activities and global economies; the global economy's sharp decline due to unemployment and supply chain disruptions has created uncertainty throughout the pandemic. The healthcare industries were prioritised, and they implemented business continuity plans and alternative strategies to combat the pandemic and spread of the coronavirus.
The decline in equipment sales and the changing business strategies of rehabilitation facilities have hampered the overall growth of the smart exoskeleton industry. The rehabilitation centres were increasingly focusing on business management, deferring capital expenditures during the pandemic. These factors have influenced the demand for exoskeletons in the hospital sector. On the other hand, the growing number of clinical trials and key market participants aided the growth of the Smart Exoskeleton market.
Global Ultra Soft Exoskeleton Market Scope
The ultra soft exoskeleton market is segmented on the basis of component, application and vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Software
Application
- Upper Limbs
- Lower Limbs
- Full Body
Vertical
- Industrial
- Healthcare
- Military
- Others
Ultra Soft Exoskeleton Market Regional Analysis/Insights
The ultra soft exoskeleton market is analysed and market size insights and trends are provided by country type, component, application and vertical as referenced above.
The countries covered in the ultra soft exoskeleton market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market and will maintain its dominance throughout the forecast period. The primary factors driving market growth in this region are the prevalence of advanced healthcare technologies, the presence of a large number of private and public organisations, and increased expenditure for research and development capabilities in the field of robotics. Due to rising economic growth and rapid industrialization
Asia-Pacific is expected to have the highest CAGR during the forecast period. In the regions, increased application by various end user verticals is paving the way for market growth.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Ultra Soft Exoskeleton Market Share Analysis
The ultra soft exoskeleton market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ultra soft exoskeleton market.
Some of the major players operating in the ultra soft exoskeleton market are:
- ReWalk Robotics Ltd. (Israel)
- Lockheed Martin Corporation (U.S.)
- Parker Hannifin Corporation (U.S.)
- Ekso Bionics Holdings, Inc. (U.S.)
- Hyundai Motor Company (South Korea)
- Bionik Laboratories Corporation (U.S.)
- Myomo, Inc. (U.S.)
- Honda Motor Co. Ltd. (Japan)
- Technaid. S.L. (Spain)
- Gogoa Mobility Robots SL (Spain)
- Suitx Inc. (U.S.)
- Otto Bock HealthCare GmbH (Germany)
- Wearable Robotics SRL (Italy)
- DIH Technologies Corporation (Switzerland)
- B-Temia Inc. (U.S.)
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