TechNavio, a research and advisory company with over 200 analysts, has published an in-depth market analysis on the global exoskeleton system market. The full 56 pages report, Global Exoskeleton System Market 2015-2019, can be purchased from the TechNavio website for $2500. The publicly previewed material from the report contains a great deal of information:
- TechNavio forecasts the exoskeleton market to grow at a CAGR (Compound Annual Growth Rate) of 72.51% from 2014 to 2019. If we use this CAGR prediction and assume that the entire rehabilitation robotics market is currently a $43 million industry, (WinterGreen Research – Forecasts) then the market will be around $1.1 billion by 2020. This is only 61% of the forecast by WinterGreens Research, but it is still within the same order of magnitude and both reports predict a large expansion of the exoskeleton market.
- TechNavio define the Exoskeleton System Market as:
“An exoskeleton system is a man-machine system that combines human intelligence and machine power, thereby enabling individuals to gain super strength to walk or move. It is widely used across the Healthcare sector for rehabilitation. In rehabilitation centers, an exoskeleton system helps in tendon therapy and exercise. Individuals suffering from hip or knee conditions can use exoskeleton system to prevent common accidents such as slipping or to walk again. These systems are also used across the Military and Industrial sectors.”
Of course not all exoskeletons are powered, nor do all exoskeletons provide strength amplification (tremor suppression, stability assist, load re-distribution, …) and some exoskeletons are now appearing in the sporting goods market as well. But at the same time, it’s great to see that analysts not previously involved in the field are trying to create a more refined and precise definition of what an “exoskeleton” is.
- TechNavio defines the “key vendors” for the Exoskeleton Market as:
- Cyberdyne (Japan)
- Ekso Bionics (USA)
- ReWalk (Israel)
- Rex Robotics (New Zealand)
- The report most likely does not include RB3D (France) or OttoBock (Germany). See the list of businesses that are exploring exoskeleton products of or more information.
As more companies continue to enter the exoskeleton market, they each bring their own ideas as to why exoskeletons can become widely used in multiple markets. This increase in information should bring more investors, allowing for more aggressive research and development, which will generate a positive feedback loop.