Exoskeleton Market

Ottobock (Germany) and DIH Technologies (China) are the Most Players in the Exoskeleton Market

The exoskeleton market is expected to grow from USD 299.8 Million in 2017 to USD 2,810.5 Million by 2023, at a CAGR of 45.2% between 2017 and 2023. The exoskeleton market is highly competitive with the presence of numerous big and small players. The market is largely dominated by the companies in APAC, followed by those in Europe and the US. While the big players dominate the market through their brand image, the small players offer low-cost components and generate pricing pressure in the market. As of 2016, the exoskeleton market was dominated by Bionik Laboratories (Canada), B-Temia (Canada), CYBERDYNE (Japan), Ekso Bionics (US), Focal Meditech (Netherlands), DIH Technologies (China), Hyundai Motor (South Korea), Lockheed Martin (US), Meditouch (Israel), Ottobock (Germany), ReWalk Robotics (Israel), Exhauss (France), Fourier Intelligence (China), GOGOA Mobility Robots (Spain), P&S Mechanics (South Korea), suitX (US), ATOUN (Japan), Daiya Industry Co. (Japan), Honda Motor (Japan), MITSUBISHI HEAVY INDUSTRIES (Japan), PARKER HANNIFIN (US), Rex Bionics (New Zealand), Gobio Robot (France), Myomo (US), and Wandercraft (France), among many others.

Most players have adopted the strategies of acquisitions, partnerships, and joint ventures to achieve growth and to stay competitive in the exoskeleton market. These strategies collectively accounted for a share of 44% out of all growth strategies between January 2015 and September 2017. Most of the companies adopted these strategies to expand their product portfolio, sales, and distribution network and to strengthen their market share and position in the overall exoskeleton market. Besides acquisitions, partnerships, and joint ventures, companies also adopted the strategies of product launches and expansions. Both these strategies together accounted for a share of 31% of the overall growth strategies between January 2015 and September 2017. The increasing demand for technically advanced robots with high sensing capabilities, and the emergence of several new applications in various verticals, such as healthcare, defense, industrial, and residential, encouraged companies to adopt these strategies. Other than these, many companies in the exoskeleton market have signed a number of agreements and collaborations, which accounted for 25% of the overall growth strategies adopted by the players in the exoskeleton market between January 2015 and September 2017.

Ottobock is engaged in developing the mobility option for people with disabilities. The company is a major revenue generator of the Ottobock Group/Holding and operates its business through 4 business units: Prosthetics, Orthotics, Mobility Solutions, and MedicalCare. The prosthetics business unit provides lower limb prosthetics and upper limb prosthetics. The lower limb prosthetics includes C-Leg above knee prosthetic leg, X3 waterproof prosthetic, harmony-a below knee prosthetic, above knee waterproof prosthetic knees, and above-knee and below-knee fitness prosthetics. Ottobock was founded in 1919 in Berlin, Germany, and currently, it has its headquarters in Duderstadt, Germany. Ottobock Holding operates its business in more than 50 countries all over the world and runs a group of companies as well. Also, the company focuses on inorganic growth strategies in the recent years. For instance, in March 2017, Ottobock acquired BionX Medical Technologies (US), a manufacturer of active prosthetic foot and ankle solutions.

DIH Technologies is a healthcare technology company that engages in developing robotics and intelligent systems for rehabilitation and sports medicine, and intelligent medication and supply. The company was founded in 2009 and is headquartered in Beijing, China. It has offices in Amsterdam, Seoul, Hong Kong, and California. The company operates its business by offering i-Rehab solutions that include orthopedic, cardiorespiratory, and neural rehabilitation solutions and products, and i-Pharm solutions that include outpatient, central, and inpatient pharmacy solutions. DIH Technologies offers robotics for upper and lower extremities, wherein it includes ArmeoPower, ReoGo, Amadeo, Diego, ArmeoSprings, LokomatPro, ReoAmbulator, and Erigo exoskeletons. Also, the company adopted inorganic growth strategies in the recent years. For instance, in September 2016, DIH Technologies acquired Hocoma (Switzerland), one of the leading players in providing robotics and sensor-based rehabilitation solutions.

Related Reports:

Exoskeleton Market by Component (Hardware and Software), Type (Powered and Passive), Mobility (Stationary and Mobile), Body Part (Lower, Upper, and Full Body), Vertical (Healthcare, Defense, and Industrial), and Geography - Global Forecast to 2023

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