TABLE OF CONTENTS

EXECUTIVE SUMMARY............................................................................................................................................1

MARKET DEFINITION & DEMAND......................................................................................................................2

GOAL AND OBJECTIVE...............................................................................................................................................2

HEALTHCARE AND LABOUR OCCUPATIONS IN PAKISTAN.............................................................................3

INDUSTRY ANALYSIS...............................................................................................................................................5

GLOBAL INDUSTRY ANALYSIS AND FORECAST.................................................................................................5

HEALTHCARE CUSTOMERS.....................................................................................................................................6

ADVANTAGES OF EXOSKELETON...........................................................................................................................6

HEALTH INDUSTRY ADVANTAGES........................................................................................................................7

IS IT AN EXOSKELETON FOR EVERYBODY?.........................................................................................................7

COMPETITOR ANALYSIS.........................................................................................................................................7

MARKET ANALYSIS..................................................................................................................................................9

SWOT ANALYSIS.......................................................................................................................................................10

MARKET SHARE AND SEGMENTATION.............................................................................................................11

PLANNING AND MANAGEMENT.........................................................................................................................13

DEFINE ROLES AND RESPONSIBILITIES............................................................................................................13

SETTING AND PRIORITIZING GOALS..................................................................................................................14

DETERMINING OUR DELIVERABLES..................................................................................................................14

CREATING A PROJECT SCHEDULE.......................................................................................................................14

COMMUNICATION...................................................................................................................................................14

FINANCE AND PRICING.........................................................................................................................................16

BUNDLE STRATEGY IN ASSOCIATION WITH HOSPITALS.............................................................................16

PROFIT MARGINS.....................................................................................................................................................16

CUSTOMER FOCUS...................................................................................................................................................18

STARTUP CASH AND BREAKEVEN POINT.........................................................................................................18

PROJECT PLAN........................................................................................................................................................20

PERT ANALYSIS AND MANAGEMENT PLAN.....................................................................................................20

IN CONCLUSION.......................................................................................................................................................22

BIBLIOGRAPHY.......................................................................................................................................................22
EXECUTIVE SUMMARY
This report presents a marketing plan to support the research of exoskeleton
products. An exoskeleton is a wearable device that assists in physical activities such
as walking, lifting, construction, injury, and defense. After analyzing the product, we
decided to market it as a product intended to prevent injuries by assisting physical
activity.

We researched our target markets and market segments. This was done by
identifying which occupations had the most work-related injuries and which of
them were caused by physical activity. Medical workers and construction workers
were found to be the occupations with the highest number of injuries by a wide
margin.

After identifying nurses and healthcare professionals as potential markets, we

evaluated whether this market is worth pursuing. We have made a forecast based
on the number of nurses and hospitals in the country to define the value of nurses
and the financial size of this market segment. These numbers are promising and
optimistic about the strategy.

After doing a competitor analysis, we found some companies in this space. By

positioning ourselves as a lightweight, affordable option, we feel that we
differentiate our products enough to succeed in the market.

2
MARKET DEFINITION & DEMAND

GOAL AND OBJECTIVE

Our goal is to prevent injuries by designing a "lightweight, easy-to-wear
exoskeleton" for nurse practitioners, hospitals, nursing home assistants, and
warehouse workers that "prevents injuries at work" and "improves productivity
when lifting objects."

The product is a wearable device that improves and aids human walking efficiency
and overall performance. The concept of the exoskeleton began in Russia in 1890,
though the original vision is far from the current product. What they do share is the
concept of biomimicry. The product is designed to mimic body muscles, assisting
and complementing a user in physical tasks.

The GEMS-A (shoe or ankle), GEMS-H (hip)

and GEMS-K (knee) target the areas that their
names suggest, but ultimately, they all are
trying to do the same thing: assist a person in
day-to-day activities.
There are several companies with exoskeleton
solutions aimed at walking,
support/rehabilitation, and field assistance for
physically demanding jobs. ReWalk, Ekso and
SuitX have all introduced solutions, and
several automotive companies have also
invested in the space

HEALTHCARE AND LABOUR

OCCUPATIONS IN PAKISTAN
Given that this product aids in physical
activities, the potential markets we
investigated were those in which users
performed physical tasks. We also used our competitors' target markets as a
starting point to understand the space. We narrowed it down to the markets listed
below:
 Agriculture (Farmworkers, Laborers, etc.)
 Industrial sectors
 Healthcare (physical assistance of patients)

3
 The table is an outtake from a research study on nonfatal occupational injuries
(Bureau of Labor Statistics 2021, States 2021). Nurse practitioners were found to be
the profession with the most injuries, outnumbering movers and shipping
companies’ workers, as well as warehouse workers

NAICS Incidenc
Industry 2
Code3 e Rate
Veterinary services (Private Industry) 54194 12.8
31211
Bottled water manufacturing (Private Industry) 2 10.2
Skiing facilities (Private Industry) 71392 10.0
Nursing and residential care facilities (State Government) 623 8.7
Manufactured home (mobile home) manufacturing (Private Industr 32199
y) 1 7.6
Couriers and express delivery services (Private Industry) 4921 7.5
Framing contractors (Private Industry) 23813 7.4
33151
Iron foundries (Private Industry) 1 7.3
33621
Travel trailer and camper manufacturing (Private Industry) 4 7.1
31142
Dried and dehydrated food manufacturing (Private Industry) 3 6.9
32199
Prefabricated wood building manufacturing (Private Industry) 2 6.6
32121
Truss manufacturing (Private Industry) 4 6.5
33151
Steel foundries (except investment) (Private Industry) 3 6.5
32619
Plastics plumbing fixture manufacturing (Private Industry) 1 6.4
Used household and office goods moving (Private Industry) 48421 6.4
32191
Cut stock, resawing lumber, and planing (Private Industry) 2 6.2
48111
Scheduled passenger air transportation (Private Industry) 1 6.2
Ambulance services (Private Industry) 62191 6.2
Pet and pet supplies stores (Private Industry) 45391 6.1
Tire dealers (Private Industry) 44132 6.0
Hospitals (State Government) 622 6.0
Footwear manufacturing (Private Industry) 3162 5.9
Psychiatric and substance abuse hospitals (Private Industry) 6222 5.9
Seafood product preparation and packaging (Private Industry) 3117 5.8
Urban transit systems (Private Industry) 4851 5.8
TABLE SNR06. Highest incidence rates of total nonfatal occupational injury cases, in 2021

4
Nurse practitioners and health care workers are an appealing market due to their
high value. This country is in distress and because of the recent flooding incidents,
there is a nursing and healthcare shortage (Journal Of Pakistan Medical Association
2022)
We have far more valuable nurses and healthcare workers. Our advantage is that we
can reduce the stress that they face.

Pakistan is an agricultural state and a huge percentage of Pakistanis work as

farmers or agriculture labourers. According to Pakistan Demographics, the table
shows us the worker percentage (Pakistan Bureau of Statistics 2022)
Understanding these facts lets us assume that demand for this product has the
potential to be popular if it manages to capture interest and cross the chasm of the
adoption life cycle.

5
INDUSTRY ANALYSIS

GLOBAL INDUSTRY ANALYSIS AND FORECAST

According to the wearable robotics association, the profile of the global exoskeleton
business landscape. It appears that the Exoskeleton growth tendency for human
assistance exoskeletons is a small group of 48 companies competing for market
share

Furthermore, half of the companies are still startups worth less than $25 million.
Only one-quarter is global, as in the cases of Samsung, Daewoo, and Lockheed-
Martin, which have a recognized brand name in the consumer’s mind. The remaining
businesses are classified as small because of university research ( Exoskeleton
Market Size 2022)

6
HEALTHCARE CUSTOMERS
Technology is increasingly being used in medical care. This includes devices,
integrated platforms, and services aimed at promoting the well-being of users,
patients, and formal and informal caregivers; including the use of technology that
allows individuals with chronic impairments to be more independent, thus
improving their quality of life.

ADVANTAGES OF EXOSKELETON
 Support paralyzed people
 Exoskeletons help users’ health improvement by requiring an upright
position
 Emotional benefit by helping users to be independent of full assistance
 Exoskeleton allow complex movements due to jointed appendages
 Protect against physical damage and abrasion.
 Increase leverage

HEALTH INDUSTRY ADVANTAGES

 Rehabilitation Centers could be initial prospective customers
 Health industry need: 200,000 already suffering spinal cord injury
 Samsung know-how about the best software exoskeleton as a smart system
applied to heal

The major factors driving the exoskeleton market growth are increasing adoption of
human augmentation in industrial and military sectors, rising demand from the
healthcare sector for robotic rehabilitation, an increasing prevalence of strokes,
advancements in robotic technologies, rising investments and funding for R&D to
develop more accessible and affordable mobility solutions.

IS IT AN EXOSKELETON FOR EVERYBODY?

The two most important parameters for exoskeleton use are height and weight, but
the technological fit for the average user may also lead to exclusion. For the
successful domestication of exoskeleton technology, it is important to consider the
weight of the technology and the embodied technological adoption through the
users' body weight. Users of these exoskeletons can never weigh less than 40 kg or
more than 113 kg

This is problematic because there are several weight issues in modern societies.
Building an exoskeleton to support heavier patients would result in heavier,
clunkier, and more cumbersome devices, which could clash with users

7
COMPETITOR ANALYSIS
The competitors in the exoskeleton market are diverse. Our analysis process
includes data collection and a review of competitors. The results provide
information for a successful product launch. But all these aspects are at a global
range. If we only consider Pakistan, then there is a very small percentage of firms
and start-ups that are working in exoskeleton-related sectors which makes the
competition very low and the success level high

After researching the global market, Companies that make mobile lower-body
exoskeletons for rehabilitation or walking assistance (Exoskeleton Report 2020)

 ReWalk Robotics: The company ReWalk, founded in 2001 has specialized

exclusively in developing a commercial exoskeleton for mobility assistance
and one day, as a replacement for the wheelchair.
 Ekso Bionics: Ekso Bionics has the broadest experience out of all the
companies. Ekso Bionics engineers have worked on both active and passive
exoskeletons, suits for both disabled and able-bodied users as well as solid
and soft exoskeletons.
 Honda: Since 1986, Honda engineers have sought to create a walking robot
which culminated in the ASIMO. Now, all of the knowledge and experience
gained by Honda has begun to channelledled into exoskeleton devices that
can be used by the general public. The Honda company appears to be
approaching the exoskeleton market like they are creating a unique new
transportation device.
 Laevo is a four-year German company, that first manufactured, sold and
distributed the exoskeleton Laevo V2 worldwide. They are serving the
logistics, industry, healthcare and other sectors. They are currently
distributing in Europe, Japan and Canada market.
 Hocoma has several commercial exoskeletons, mostly upper body, for
rehabilitation use. The Lokomat by Hocoma is an advanced rehabilitation and
gait correction exoskeleton that comes in a pediatric and adusizesize. The
Lokomat is stationary and has a treadmill to simulate movement for the user.

8
 (WearableRobotics 2020)

MARKET ANALYSIS

9
SWOT ANALYSIS
Positive Negative

Internal Strengths Weaknesses

 Large R&D budget
 Diverse market around the
world
 Existing connections in the
industry for potential
partnerships
 Very low competition in the
regional market and all over
Asia
 High budget
 Acceptance in the region
 government financing and
regulation
 Low-Profit margins
 High manufacturing costs.

External Opportunities Threats

 Untapped markets in nursing
and medical equipment
especially in Pakistan and
surrounding regions
 Strong growth opportunity
 Provides the solution to a
problem with no particular
answer available right now
 Highly competitive market
 Low barriers to entry
 Acceptance in the region
 Failure of a new product could
reflect badly across multiple product
markets

A SWOT analysis is a tool used to assess the strengths, weaknesses, opportunities,

and threats of a business or organization. In the case of an exoskeleton business,
some potential points for each category might be:

Strengths:
Exoskeletons can help people with mobility impairments to move more easily
and independently. They can also enhance the physical abilities of healthy
individuals, potentially making them more efficient in certain tasks or activities.
The use of exoskeletons may reduce the risk of injury in certain jobs or settings,
such as in manufacturing or construction.

Weaknesses:
Exoskeleton technology is still relatively new and may be seen as untested or
unproven. The cost of exoskeletons may be prohibitively expensive for some
individuals or organizations.
There may be concerns about the safety and reliability of exoskeletons,
particularly if they are not properly maintained or used.

10
 Opportunities:
The market for exoskeletons is expected to grow in the coming years, potentially
providing new opportunities for businesses in this field.
Exoskeletons could be used in a variety of settings, from healthcare to the
military to entertainment, providing potential avenues for expansion. Advances
in technology could lead to the development of more advanced exoskeleton
systems, potentially increasing their capabilities and appeal.

Threats:
Competition from other businesses in the exoskeleton field could make it
difficult to differentiate and establish a strong market position.
Regulatory hurdles or concerns about safety could potentially slow the adoption
of exoskeletons. Economic downturns or changes in consumer preferences could
impact the demand for exoskeletons and affect the viability of the business.

MARKET SHARE AND SEGMENTATION

The global wearable robotic exoskeleton market is projected to grow from $952.5
million in 2022 to $11,995.7 million in 2029 at a CAGR of 43.6%. The global market
exhibited a stellar growth rate of 41.2% in 2020 as compared to 2019 because of
COVID-19 (Bloomberg Exoskeleton Market Worth 2022)
During the forecast period, demand for powered exoskeletons is expected to
skyrocket. Weights can be transferred by powered exoskeleton robots, allowing for
more effective mobility with less strain or damage. This is especially important for
armed forces travelling long distances in harsh terrain such as mountains and steep
structures. As a result, this category is expected to have the highest year-on-year
increase over the projected period.

The Defense and Aerospace sector is likely to account for a significant portion of the
market. Soldiers are currently needed to carry 80 to 660 pounds (40 to 300 kg) of
weight. These exoskeletons allow soldiers to carry 17 times their typical weight and
cover more terrain. As a result, both of these applications are projected to increase
significantly in the future years (Fortune Business Insights 2021)

11
The main objective is to introduce the company from 10% to 20% for the Large
Segment and from 5% to 15% for the Small Segment after the first-year lunch
period. This tactic may contribute to increasing the company’s initial low profits.
Our first step will be to
 Raise Exoskeleton awareness as a new brand line product
 Improve customer preferences and their customization ability in the long
term
Market Share Market Share Market Share Market Share
Introduction
Hospitals and 10% 15% 20%
Health
Departments
Nursing 5% 10% 15%
Agriculture 5% 10% 15%

12
PLANNING AND MANAGEMENT

IDENTIFY ALL STAKEHOLDERS

The project has several stakeholders, and not all of them will be involved in every
detail of the project. Project stakeholders include
 Customers,
 The end-users of the product,
 The company and its leaders,
 The team working directly on the project.

Depending on the company situation, stakeholders may also include outside

organizations or individual community members that will be affected by the project

DEFINE ROLES AND RESPONSIBILITIES

In some cases, one person can fill multiple roles, such as having a designated
emergency contact, a role that adds a few additional work hours to a person’s
schedule.
In other cases, multiple people may hold identical roles, as when your project
requires multiple software engineers. Typical roles include in the company
 Project sponsor,
 Project manager,
 Project team members.
The different project team member roles will vary depending on your project

13
SETTING AND PRIORITIZING GOALS
In our project, we aim to
1. Break down the big-picture objectives of your project into individual goals
and tasks,
2. Prioritize tasks according to importance and dependencies,
3. Put a system in place to ensure corrective actions when goals aren’t met on
time.

DETERMINING OUR DELIVERABLES

A deliverable, as defined by the Project Management Institute, is “any unique and
verifiable product, result, or capability to perform a service that is produced
to complete a process, phase, or project”

In our case, a deliverable could be our,

 product - either all the bundles or individual deals
 result - marketing numbers that it is producing
 capability – how much it can be sustainable in the market

CREATING A PROJECT SCHEDULE

To create our project schedule, we decided to further divide the phases of your
project into individual tasks and activities, determine dependencies, sequence the
activities, and estimate the required resources and duration of each task .
Tasks are then divided among different members and a schedule is prepared to
analyze the timeline and budget

COMMUNICATION
The communication management objective is to provide an efficient communication
system with different exoskeleton market segments. This is one of the most
important factors for the success of a product launch, life, maintenance,
performance, and evaluation. During the last decades, the most innovative
companies invest in a strong communication system to support the launch of their
product as a strategy.
The Communication starts from the company to customers: Hospitals and Nurses
(Push messaging)
The communication starts from the Customers’ Hospital / Nurses to the company
Direct communication about the exoskeleton or hospitals and nurses
Design a digital-electronic device as a smartphone, tablet or similar communication
mobile system across the hospital
Design the appropriate mobile devices and specific configurations for hospitals and
nurses.

14
15
FINANCE AND PRICING

BUNDLE STRATEGY IN ASSOCIATION WITH HOSPITALS

The plan is to introduce three bundle plans for the product. Each of the bundles has
different pricing that the target audience can choose. The proposed strategy
considered Bundle II as the first-choice option for nurse practitioners based on
prospective customer assessment needs and price sensitivity. Bundle III may be an
adequate offer for hospitals and other groups whose perception is the minimum
purchase amount identified during their purchase process description.

PROFIT MARGINS
Establishing profit margins is very important if we want to thrive in the market. The
list of base profit margins is as follows:

Categories Local price International price

Bundle 1 45,000 PKR 400 USD

Bundle 2 75,000 PKR 600 USD

Bundle 3 150,000 PKR 800 USD

Table 1 Profit margins

The bundle pricing strategy is very effective at incentivizing customers to buy more
while they are buying. And with most technological marketing strategies, our
product is aimed at being useful in the long term, and as such we want customers to
buy more when they do buy as opposed to trying to illicit frequent sales .

16
Profit margins will be higher while selling product internationally as the economy is
more stable in western countries, where our product is expected to see a stronger
trend and are one of our target markets. This in turn will benefit the company as
well as the country.

Categories Local price International price

Bundle 1 45,000 PKR 400 USD

Bundle 2 after Bundle 1 60,000 PKR 500 USD

Bundle 3 after Bundles 2 120,000 PKR 700 USD

and 1

Table 2; Profit margins from attained customers

17
CUSTOMER FOCUS
This customer-focused idea of saving money on purchasing other bundles if bundle
1 is already in possession of the customer will ensure more revenue overall from
sales and will benefit the customer as well.
If bundle 1 is initially purchased and the customer likes the product or needs to buy
the more advanced bundle then they will save money on buying the advanced
bundles after the base bundle. Initially, the company will earn profit from an
international price of $400 or 45,000 PKR locally. If bundle 2 is purchased after the
base product it will cost $500 lesser than individual $600, saving $100 and if bundle
3 is purchased after having one or both bundles it will save another $100 giving the
customer a saving of $200 in international sales. Locally, it will save 15,000PKR and
30,000PKR summing up to a saving of 45,000PKR, equivalent to an international
cost savings of $200 leaving the company with even more revenue in profit margins
per product sale. This profit strategy will also keep the company tethered to product
focus.

STARTUP CASH AND BREAKEVEN POINT

Considering all the factors that contribute to the pricing factor of our product, the
total startup cast that came out is as (Gharsapna 2019) (Association 2020)

Total Start-up Cash Calculation

Sr.
No. Particulars Cost (PKR)
1 Business Licenses 250000
2 Incorporation Expenses 700000
3 Website Production 40000
4 Raw Materials 1500000
5 Average Suppliers' Fees 100000
6 Rent 1500000
7 Interior Modifications 1000000
8 Total Equipment/Machinery 5000000
9 Insurance 1000000
10 Marketing 1000000
11 Salaries 5000000
12 Miscellaneous 1500000
Total Expense 18590000
(zaraye.co 2022) (indexmundi.com 2022) (shoppingbag.pk)

We take a growth rate of 14.5% (5-year sales projections). Considering that we sell
about 10 units of bundle III each month. The financial feasibility of the next 5 years
in that conditions are

18
Sr. No.  Particulars Year 1 Year 2 Year 3 Year 4 Year 5
2023-24 2024-25 2025-26 2026-27 2027-28
1 Sales (Value M PKR) 120 137.40 157.32 180.13 206.25
2 COGS 40% 40% 40% 40% 40%
3 COGS (Value M PKR) 48 55.0 62.9 72.1 82.5
4 GP (Value M PKR) 72 82.4 94.4 108.1 123.8
5 GP (%) 60% 60% 60% 60% 60%
6 MKT Spend (%) 5% 5% 5% 5% 5%
MKT Spend (Value M
7 PKR) 3.60 4.12 4.72 5.40 6.19
9 Overhead Cost (M PKR) 7.20 7.20 7.20 7.20 7.20
10 Profit Before Tax (%) 51.00% 51.76% 52.42% 53.00% 53.51%
Profit Before Tax (M
11 PKR) 61.20 71.12 82.47 95.48 110.37
12 Tax (%) 3% 3% 3% 3% 3%
13 Tax (Value M PKR) 18.36 21.34 24.74 28.64 33.11
14 Profit After Tax (M PKR) 42.84 49.7826 57.73188 66.8338 77.2555
15 Reinvest (%) 20% 15% 10% 5% 3%
16 Reinvest (Value M PKR) 8.57 7.47 5.77 3.34 2.32
Profit After Reinvest (M
17 PKR) 34.27 42.32 51.96 63.49 74.94

18 Equity Offer 15% 15% 15% 15% 15%

19 Per Annum Return 5.14 6.35 7.79 9.52 11.24
20 Per Month Return 0.43 0.53 0.65 0.79 0.94
Time Investment of 18.6 M PKR
Investment Requested
21 (M PKR) 18.6 18.6 18.6 18.6 18.6
Return on Investment
22 (M PKR) 5.14 6.35 7.79 9.52 11.24
Return on Investment
23 (%) 27.6% 34.1% 41.9% 51.2% 60.4%
Cumulative Return (M
24 PKR) 5.14 11.49 19.28 28.81 40.05

25 Pay Back 3 years (Break Even Point)

(STEEL 2020) (Pakistan 2022)

19
PROJECT PLAN

PERT ANALYSIS AND MANAGEMENT PLAN

20
 10/22/2019

11/11/2019

12/21/2019
9/12/2019

12/1/2019

1/10/2020
8/23/2019

10/2/2019

1/30/2020
Charter Revision 8/3/2019

Stakeholders

Project Initiation

Scope

Communicaiton Plan

KPIs

Project Updates

Monitoring

Performance

Quality Deliverables

21
IN CONCLUSION
Overall, we are optimistic about emerging as a dominant player in the exoskeleton
market. Although there are many players in the space, our positioning along with
the current market still being very malleable, and the current players being mostly
start-ups and without effective distribution networks in the region, the market is up
for grabs for well-established companies in the South Asian region. We also find
construction, agriculture and healthcare to be profitable markets, the profession
being both high earning and valuable, and the institutions they work for are willing
to spend to keep them safe in the workplace.

BIBLIOGRAPHY
2022. Bloomberg Exoskeleton Market Worth.
Association, Pakistan Steel. 2020. "Paksteel."
2022. "Bloomberg Exoskeleton Market Worth."
2020. "Exoskeleton Report." Market Competitors.
2021. "Fortune Business Insights." Key Market Insights.
Gharsapna. 2019. "Item Goods."
indexmundi.com. 2022. "Aluminum Monthly Price - Pakistan Rupee per Metric Ton."
Insights, Fortune Business. 2022. " Exoskeleton Market Size." Wearable Exoskeleton Market
Size.
2022. "Journal Of Pakistan Medical Association." Demographics.
2022. "Pakistan Bureau of Statistics." 20-22.
Pakistan, FBR. 2022. "FBR Tax on Import and Exports."
shoppingbag.pk. "Aerospace grade carbon fibre."
States, Federal Government of United. 2021. "Bureau of Labor Statistics."
STEEL, PAKISTAN. 2020. Metal Goods Market.
2020. "WearableRobotics."
zaraye.co. 2022. "Ittehad Steel Rate Today."

22