Market Trends
Introduction
The Smart Exoskeleton Market is expected to grow at a CAGR of around 7.6 percent between 2018 and 2024. The growth is mainly driven by the technological developments in the field of automation and materials science, which has made exoskeletons more efficient and easier to use. At the same time, the regulatory framework is being developed to ensure the safety and efficacy of these devices in the healthcare and industrial sectors. Also, the mobility issues faced by the aging population and people with disabilities are influencing the consumer demand, and the industry is shifting towards more user-friendly designs. These are the trends that industry players must understand, as they navigate a landscape that is both highly competitive and ripe with opportunities for growth and collaboration.
Top Trends
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Increased Adoption in Rehabilitation
Smart exoskeletons are becoming an important part of physiotherapy and hospitals and clinics are increasingly adopting these devices. Research has shown, for example, that patients with stroke can benefit from exoskeleton-assisted therapy that increases their mobility by up to 30 percent. There is a growing need for effective rehabilitation solutions, which is why there are now many close collaborations between exoskeleton manufacturers and hospitals. The future may see a development towards the use of artificial intelligence to design individualised rehabilitation programmes. -
Expansion in Industrial Applications
In many industries, the use of smart exoskeletons is reducing the risk of injury and increasing the productivity of workers. In Lockheed Martin, for example, the use of exoskeletons on the assembly line has resulted in a reduction in fatigue of up to 25 per cent. The trend towards the use of smart exoskeletons is expected to continue as companies seek to comply with safety regulations and improve their operational efficiency. Future innovations could focus on the development of exoskeletons that are adapted to the needs of the workers. -
Government Support and Funding
In the United States, the government is already promoting the development of smart exoskeletons. For example, the US Department of Defense has invested in exoskeleton technology for the military, in order to increase the performance of soldiers. This development is likely to stimulate innovation and accelerate market growth, with potential implications for public health and safety initiatives. -
Advancements in Battery Technology
The development of light batteries with high capacity is of great importance for the functioning of the smart exoskeleton. Recent improvements have led to batteries that can operate for more than eight hours, which greatly improves the practicality of the device. Energy-saving measures, which can lead to longer operating times and reduced downtime, are being developed by the companies to improve the user's experience. In the future, the use of renewable energy sources for sustainable operation may be a trend. -
Integration of AI and Machine Learning
Artificial intelligence and machine learning are incorporated into the smart exoskeleton to enhance its ability to learn and to interact with the wearer. This technology makes it possible for the exoskeleton to learn from the movements of the wearer and thus to improve performance and comfort. Companies are investing in artificial intelligence, which could lead to more intuitive devices that can be adapted in real time. And the development of these devices could also lead to a personalization of the experience of the wearer. -
Focus on User-Centric Design
In the development of smart exoskeletons, a greater emphasis is being placed on ensuring the comfort and ease of use of the device. The experiences of users have led to innovations in the field of weight distribution and ergonometrics, which have made the devices more accessible. This trend is essential for the success of the devices on the market, as the satisfaction of users is a direct influence on the rate of take-up. The future development of the devices will rely on the integration of modular components for greater personalization. -
Rise of Collaborative Robots
Cobots, or cooperative robots, and smart exoskeletons are being used in various applications to enhance the human-robot interaction. Exoskeletons support workers, and cobots take over repetitive tasks. In the future, this trend will likely lead to increased efficiency and safety in the workplace. -
Global Market Expansion
The smart exoskeleton market is growing rapidly, and is now expanding in emerging economies. China and India are investing in exoskeletons for both medical and industrial purposes, driven by rising labour costs and an ageing population. This will create new opportunities and relationships, and will have long-term consequences for global production and supply chains. -
Enhanced Mobility Solutions for the Elderly
The aging of the population has been a source of concern for many years, and in order to help them remain mobile and independent, the Japanese Academy of Science is developing smart exoskeletons. And the industry is responding with lightweight, easy-to-use devices that help the elderly perform daily tasks. This trend has a positive impact on the home care and nursing care industries. In the future, however, it is hoped that further development will be focused on affordability and accessibility. -
Regulatory Developments and Standards
As the smart exoskeleton market grows, the regulatory authorities are establishing standards to ensure its safety and effectiveness. These regulations are determining the product design and development. The certification and international trade process will also be affected.
Conclusion: Navigating the Smart Exoskeleton Landscape
In 2024, the smart exoskeleton market will be characterized by a strong competitive and fragmented environment, with both established and new companies vying for a share of the market. The market is expected to grow in North America and Europe, mainly due to the development of medical and industrial applications. Strategic positioning of suppliers is expected to rely on their AI, automation and green technology capabilities, which are becoming increasingly important differentiators in the market. The incumbents are focusing on the development of smart solutions to improve the performance of their products, while new entrants are introducing more flexible solutions to address niche markets. The ability to integrate advanced technology and adapt to changing customer needs will be essential for market leaders in the future, and therefore it is important for decision-makers to prioritise investments in these key capabilities.
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