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 growth in the market can be attributed to the rise in investments contributed by major industry players toward research, development, and testing of healthcare exoskeletons. Various facts and figures released by the healthcare exoskeleton start-ups across the globe stating increased efficiency in patient rehab therapy will support market opportunities.
The rehabilitation application with the wearable robotic exoskeleton market will capture the highest market share in terms of value and volume. The increase in positive feedback from the users using exoskeletons for their rehab therapies and varied scope of application from healthcare to defense verticals where individuals are using exoskeleton rehab therapies is generating new market opportunities.
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.
With the increased capabilities and growing dependence on exoskeletons for both rehab and body part support in the healthcare and industrial sectors, the market is expected to witness significant upscale over the coming years. The industry is currently focusing on developing high-efficient, low-weight, and easy to operate products that can be used for several years. The research study is based on extensive primary interviews (in-house industry players, market leaders, and experts) and secondary research (a host of paid and unpaid databases), along with analytical tools to predict the forecast analysis for the study period.
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