Robotic exoskeletons refer to wearable devices which work in synchronization with human body, providing augmentation for the lost body parts, rehabilitation of the dysfunctional sensory movements, and assistance and support to wearer. This device acts as a supplement for enhancing and restoring the human performance. Therefore, wearable robotic exoskeletons have emerged as a leading solution for the geriatric population worldwide to provide them augmented body performance, enhanced mobility, better assistance, and restored lost limb functions.
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Due to the constantly increasing population of 65 years and above age group, there has been an increasing demand for robotic exoskeletons for rehabilitation and assistive applications for providing assistance to old age people by improving their mobility issues. The robotic exoskeleton therapy has more advantages over the traditional method of manual therapy. Exoskeletons provides personalized rehabilitation therapy to old age people and patients with neuromuscular disorders. This results in improved functional outcomes as well as better quantitative feedback. Furthermore, robotic exoskeletons have wide applicability for users, apart from healthcare, which includes industrial, defense, and commercial applications.
The wearable robotic exoskeleton market witnessed a high growth rate owing to the increasing demand of exoskeletons for rehabilitation, proliferation of geriatric population globally, and rapid technological advancements in AI and robotics. Recent innovations and government funding and initiatives in robotic exoskeleton components and services has enabled the robotic exoskeleton technology to reach a wider segment of consumers in the industry.
However, stringent government regulations for exoskeletons and higher cost of production contribute as the major challenges for the market. The companies are developing various forms of emerging technologies such as 3D printed electronic components & structure, sensors, durable batteries, and soft actuators, among others to develop cost effective and affordable robotic exoskeletons. This, in effect, is expected to increase competition in the near future as well as facilitate the utilization of robotic exoskeletons for varied applications. Increasing popularity of exoskeletons in the industrial sector and growing interest of insurance companies toward exoskeletons for rehabilitation are the major factors which are expected to create lucrative opportunities for the market in the next five years.
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There are more than 30 companies present in the exoskeleton market. These companies offer active (powered) and passive exoskeletons based on their mode of operation. These exosuits have wide applicability for end users such as healthcare, industrial defense, and commercial. Generally, the active exosuits have much higher cost than passive as the price for active goes up to $160,000. The higher cost of exosuits makes them unaffordable for rehabilitation and assistive purposes. There is a need for developing cost-effective exosuits in order to facilitate personal usage. Globally, various governments and major companies in the robotics industry are actively investing in robotic exoskeletons in order to make them accessible to a wider range of users.
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