Global Industrial Exoskeletons Market to Boom, Led by Automotive Manufacturing Industry, Finds Frost & Sullivan

The market is estimated to witness nearly a seven-fold growth, reaching $426.6 million by 2025

SANTA CLARA, Calif., March 15, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis finds that the global industrial exoskeletons market is expanding rapidly, driven by high injury costs and aging and shrinking skilled workforces across sectors. It is estimated to witness nearly a seven-fold growth, reaching $426.6 million by 2025 from $62.7 million in 2020, up at a compound annual growth rate (CAGR) of 46.7%.

 

Exoskeleton

Among the end-use industries, manufacturing (driven by the automotive sector) held the highest revenue share in 2020 and is projected to top $271.4 million in 2025. Other manual, labor-intensive industries such as construction and transport will also make extensive deployments of industrial exoskeletons over the next four to five years as companies across these sectors focus on reducing the cost of on-the-job injuries.

For further information on this analysis, The Global Industrial Exoskeletons Market is Driven by the Aging and Shrinking Skilled Labor Force, please visit: http://frost.ly/5g8

"Manufacturers are investing in research and development (R&D) to develop technologically advanced exoskeletons, which improve performance and productivity," said Anjan Roy, Chemicals, Materials & Nutrition Research Analyst at Frost & Sullivan. "To deploy the latest innovations, manufacturers will focus on the robot-as-a-service (RaaS) model to improve affordability for end users and test products for large-scale deployment."

Roy added: "From a product segment perspective, powered industrial exoskeletons—which are technologically advanced PPE that are powered by batteries or electricity—are expected to have the highest revenue share at 69.9% over the forecast period, whereas passive industrial exoskeletons will constitute 30.1% market share. Additionally, from a regional point of view, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America accounted for almost 49.1% in terms of global revenue share in 2020. Its earnings are estimated to increase from $30.8 million in 2020 to $228.2 million in 2025. Japan will continue to lead the way with its key aging population as the main growth driver."

To tap into the growth prospects exposed by industrial exoskeletons, stakeholders must focus on the following:

• Manufacturers should delve into research/test activities for evidence to validate claims of reduced musculoskeletal disorders (MSDs) and improved productivity to increase product acceptance.
• Market participants should partner with regulatory bodies, agencies that develop standards, and labs that conduct collaborative tests to understand requirements and shortcomings and develop products accordingly.
• For industrial exoskeleton manufacturers, this is the ideal time for mergers and acquisitions (M&As) as most competitors still hold a low market valuation (most of them are three to four years old). Moreover, the sector is expected to double over the next couple of years, providing sufficient impetus for growth.
• Most large manufacturers are still focused on regional markets; however, the intensifying regional competition will push them to establish distribution networks across geographies and look for inorganic growth opportunities.

The Global Industrial Exoskeletons Market is Driven by the Aging and Shrinking Skilled Labor Force is the latest addition to Frost & Sullivan's Chemicals, Materials & Foods research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

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The Global Industrial Exoskeletons Market is Driven by the Aging and Shrinking Skilled Labor Force

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Healthcare Startup GenElek Developing Affordable Exoskeletons for Specially-Abled

With an aim to provide affordable exoskeletons in India, GenElek Technologies, a healthcare startup is developing externally worn robotic exoskeletons that enhance a human's limbic capabilities. The technology helps people suffering from paralysis, stroke, spinal cord injury (SCI) and other neurological conditions to meet eye to eye with the obstacles they face in their day-to-day life. The exoskeleton assists specially-abled people to walk again while making them self-reliant and independent. This not only benefits them physically but also mentally. One such possibility is it will increase their employability.

Some of the benefits of using an exoskeleton include preventing chronic diseases including diabetes and high blood pressure. Additionally, problems like bed-sores are a cause of concern in paralyzed persons which can be avoided if they use exoskeletons. It also helps to maintain normal bowel movement of the user which is the primary reason for becoming prone to life-threatening diseases.

[caption id="attachment_140491" align="alignleft" width="338"] Genelek Exoskeleton[/caption]

The exoskeleton model is lightweight and modular which enables the physiotherapist to increase the much-needed care and standards of therapy required by the affected persons. At home accessibility to healthcare is also a benefit with our exoskeleton. RnD regarding enabling the specially-abled persons is deficient and hence the devices available have limited relevance, with independence a significantly ignored focus.

John Kujur, Founder, GenElek Technologies said, "We at GenElek Technologies are on a mission to make this technology affordable therefore collaborations with leading hospitals with Physical Medicine and Rehabilitation facilities and NGOs are being actively pursued. After, having discussions with many Doctors, Specially-abled persons, and Medical Institutions, we have come up with added intangible benefits for the persons willing to purchase the exoskeleton such as access to dedicated medical experts, occupational therapy, counseling, etc. which will help them to become employable along with the therapy”.

GenElek is incubated at Electropreneur Park which is an initiative of the Ministry of Electronics and IT and managed by STPI and implemented by IESA.

GenElek Technologies at CYBATHALON 2020

GenElek Technologies will now represent India in CYBATHLON 2020, Zurich in the Powered Exoskeleton Race discipline. GenElek’s exoskeleton will compete with 17 other teams in the 'Powered Exoskeleton Race' discipline. It is for the first time that a team from India has been selected for the ‘Powered Exoskeleton Race’. Over 79 Teams from across the globe will come together in Zurich for CYBATHLON. The pilots for the exoskeleton race are ex-Indian army men who were injured for life in the line of duty.

CYBATHLON is a unique competition where specially-abled people compete against each other using the most advanced assistive systems. The latest developments assistive systems including wearable exoskeletons are put to the test at the CYBATHLON. The technologically-advanced assistive systems are pushed to their limits at CYBATHLON. Specially-abled people compete in specially designed racecourses that include solving everyday tasks like- getting up from the sofa, climbing stairs, walking on a slant path and rough terrain and many others.

You can support Team GenElek to participate in CYBATHLON 2020 by donating on the following link: https://www.ketto.org/fundraiser/help-team-india-win-cybathlon-2020-zurich