Exoskeleton Market to Grow at a CAGR of 54.5% to Reach $26.9 billion by 2027 – Exclusive Report by Meticulous Research®

London, Feb. 13, 2020 (GLOBE NEWSWIRE) — According to a new market research report “Exoskeleton Market by Product Type (Soft and Rigid), Power Type (Powered and Passive), Body Type (Complete Body, Upper and Lower Extremities), Mobility (Stationary and Mobile), and End-Use Industry (Industrial, Military, Healthcare)- Global Forecast to 2027”, published by Meticulous Research^®, the exoskeleton market is expected to grow at a CAGR of 54.5% from 2019 to reach $26.9 billion by 2027.Exoskeletons are wearable devices that work in tandem with the user and act as amplifiers that augment, reinforce or restore human performance. Exoskeletons can also be referred to as robotic suit, powered armour, exo-frame or exo-suit, wearable machine, and power jacket, among others. The growth in the exoskeleton market is majorly propelled by the growing demand from the healthcare sector for orthopedic rehabilitation, increasing prevalence of stroke, and growing investment of the military & defense sector in the exoskeletons.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5010The global exoskeleton market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts it for 2027- by product type (soft & rigid), power type (powered & passive), body type (complete body, upper extremities & lower extremities), end-use industry (industrial, military, healthcare & others), mobility (stationary & mobile), and by geography. The study also evaluates industry competitors and analyses their market share at the global and regional level.Based on product type, the rigid exoskeleton segment accounted for the largest share of the overall exoskeleton market in 2019. The large share of this segment is mainly attributed to the rigid exoskeleton’s huge demand from military and industrial sector owing to its high strength and load bearing capacity as well as its ability to offer protection against physical damage and abrasion. However, the soft exoskeleton segment is expected to grow at the fastest CAGR during the forecast period.Based on mobility, the mobile exoskeletons segment commanded the largest share of the overall exoskeleton market in 2019. The growth of this segment is attributed to the fact that mobile exoskeletons enable free body movement and are extensively used in the industrial & military verticals to support body movement and reduce fatigue.Based on the end-user, the healthcare segment commanded the largest share of the overall exoskeleton market. All the major regions across the globe are witnessing significant growth in their geriatric populations, and this trend is expected to continue in the coming years as well, which will create more demand for exoskeletons in the healthcare industry, thereby driving the growth of the exoskeleton market for healthcare. However, the industrial segment is slated to grow at the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the fact that a large number of companies are developing exoskeletons for a variety of industrial usage and several users have started adopting exoskeletons for the industrial applications.Geographically, the exoskeleton market scope varies greatly across different continents. The reason for this lies in the rate of technological developments in different parts of the world. With respect to revenue, North America is currently the most dominant market and is expected to retain its higher share throughout the forecast period. A large share of this region is due to well-established infrastructure for technology & education in the region and a higher adoption rate for the advanced technologies. Furthermore, the factors such as growing geriatric population; advent of robotic technologies; growing purchasing power of patients and increased investment towards exoskeleton technology; and the presence of majority of established exoskeleton players and start-ups have bolstered the market growth in the North American region. However, Asia Pacific region will experience the higher growth rate during the forecast period, owing to the factors such as growing geriatric population and increasing prevalence of stroke & SCIs, presence of large pool of patients, increasing disposable income, and availability of government funding.Have Any Query? Ask Our Experts: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5010