Selbyville, Delaware, Dec. 13, 2018 (GLOBE NEWSWIRE) --
The soft exoskeletons market is poised to grow from its current value of USD 765 thousand to over USD 3900 thousand by 2025; according to a new research report by Global Market Insights, Inc. Increasing disabilities among people along with the growing number of accidents leading to immobility will drive the market share. Technological advancements including the introduction of lightweight materials for suit construction along with lean manufacturing processes for lowering weight and suit costs will further support the industry expansion through 2025.
Upper and lower body soft exoskeletons market share was valued at over USD 700 thousand in 2018 and is expected to hold dominance through the forecast period. Increasing cases of spinal cord injuries and neurological disorders across the globe are among the prominent factors that will drive the segment growth.
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High number of injuries associated with manufacturing and construction industries will support proliferation of soft exoskeletons market share from 2019 to 2025. According to Harvard University, over half a million workers are injured in industrial-related jobs resulting in direct costs of over USD 13.8 billion. Moreover, the integration with existing personal protective equipment for mitigating major injury risks and improving productivity are expanding the segment share over the projected timeframe.
Designing and distribution aspects related to the exosuits depend on the availability of company’s funds, technical expertise and are closely monitored by regulatory authorities. Moreover, extensive testing of these products is conducted prior to commercialization owing to product malfunctioning resulting in major damages. Compliance to multiple standards are necessary for marketing these products, particularly in the healthcare sector. This will inadvertently boost the consumer confidence in the products thereby augment the soft exoskeletons market size over the forecast timeframe.
Based on product, full body soft exoskeletons market share is expected to witness highest growth over the forecast timeframe. Benefits offered by these systems include the ability to wear underneath clothing, full body protection and support along with availability of wide range of alternatives. Lower cost of these suits compared to the rigid exosuits along with light weight and availability across several sizes will support the industry proliferation through 2025.
Browse key industry insights spread across 200 pages with 234 market data tables & 12 figures & charts from the report, “Soft Exoskeleton market Size, By Product (Full Body, Upper & Lower Body), By Application (Industrial, Military, Healthcare) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Japan, China, South Korea, Brazil, Mexico, MEA), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/soft-exoskeleton-market
Healthcare application segment will hold dominant soft exoskeletons market share through the forecast period. Rehabilitation of patients coupled with the augmentation of medical devices are responsible for the lucrative segment growth. The system enables effective performance in exercise repetitions of patients in equal amount of time. Its application in aiding mobility strengthening individual joints, spinal cord injuries, paralysis, strokes and geriatric rehabilitation, muscle activations, gloves and others will present strong growth opportunities.
Military soft exoskeletons market size will witness highest growth owing to considerable requirements of supporting equipment for the armed forces. Decreasing metabolic cost of movement and mobility assistance to the leg muscles are among their key advantages. Running assistance leverages the user’s endurance that provide significant gain in efficiency, thereby positively influence the product adoption through the forecast time period.
Asia Pacific soft exoskeletons market share will witness a significant growth owing to continuous investments by industry participants to expand their reach and offer a wide range of products for their customers. For instance, in March 2018, Rewalk Robotics and Timwell Corporation Limited announced an investment of around USD 20 million for expanding its presence across the Chinese marketplace. The investment will further enable the company to launch its Restore soft suit exoskeleton portfolio in the country, contributing significantly toward the industry expansion over the forecast timeframe.
Major industry participants in the soft exoskeletons market place include ReWalk Robotics, Ekso Bionics, Daiya Industry, Roam Robotics, SRI International, and Bioservo Technologies AB. Partnerships and joint ventures are among the prominent strategies adopted by the industry participants to develop new products and increase their market share.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.