Wearable Robotic Exoskeleton Market

Wearable Robotic Exoskeleton Market Size

Wearable Robotic Exoskeleton Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 1.3 billion and is projected to reach USD 75 billion by the completion of 2034.

Wearable robotic exoskeleton refers to an outer mechanical structure worn on the body that is designed to support or rehabilitate physical capabilities. These exoskeletons have been developed to improve human abilities and include various components such as motors, sensors, and structural parts. They serve various purposes, such as aiding flexibility for those with disabilities, increasing strength in industrial settings, and assisting with injury recovery. Furthermore, by detecting motion and delivering electrical power assistance, wearable robotic exoskeleton reduces physical strain, improve endurance, and make challenging jobs easier. These suits are made to suit different body shapes and deliver unique experiences that adjust to individual needs. Therefore, wearable robotic exoskeleton is a technical innovation that assist individuals seeking increased mobility and strength.

Market Highlights

Wearable Robotic Exoskeleton Market is expected to demonstrate a Compound Annual Growth Rate (CAGR) of 44.1% throughout the forecast period spanning from 2024 to 2034

Wearable Robotic Exoskeleton Market is projected to achieve USD 75 billion during the forecast period, due to its wide range of applications. These innovations have transformed rehabilitation process by assisting individuals with disabilities and finding vast usage across hospitals and rehabilitation centres. Exoskeletons are used in manufacturing and logistic industries to improve the safety of workers, enhance productivity, and minimize chances of injuries. Furthermore, the growth is due to improvements in technology which provides comfort and affordability to users. Moreover, various collaborations between technological firms, healthcare providers, and manufacturers are promoting innovation, while constantly evolving regulations guarantee the safety and effectiveness of these devices. Therefore, the market is experiencing sustained growth owing to the flexibility and easy applicability of wearable robotic exoskeletons across multiple sectors.

Source: Fatpos Global

Wearable Robotic Exoskeleton Market Segmentation

Powered segment is expected to grow as they provide improved performance for range of applications

By Type, the Wearable Robotic Exoskeleton Market is divided into Powered Exoskeletons & Passive Exoskeletons. The powered segment is expected to lead the market as these devices offer enhanced abilities that allow users to handle heavier weights and execute physically challenging tasks with greater ease as compared to passive exoskeletons. Moreover, they provide better mobility to people having disabilities or undergoing rehabilitation in medical facilities. Furthermore, the effectiveness of powered exoskeletons is remarkable as it results in less body strain and fewer chances of injury, even with extended use in sectors like manufacturing and logistics. Therefore, powered segment provides adaptability and precision, along with emerging battery technology which contributes to their growing adoption across wearable robotics exoskeleton market.

Assistive segment to expand as robotic exoskeletons are increasingly used for assistance activities

Based on Application, Wearable Robotic Exoskeleton Market is segmented into Rehabilitation, Assistive, Body Part Support, and Sports. The assistive segment is expected to maintain its dominance due to the extensive use of robotic exoskeleton across various sectors such as healthcare, manufacturing, and others. Wearable robotics exoskeleton meets various individual demands, such as assisting people with movement limitations and offering support in activities like walking or lifting heavy loads. Additionally, the growing demand for assistance in personal mobility, both in healthcare and industrial settings, is further driving the adoption of assistive exoskeletons. Moreover, technological improvements focused on improving user experience and control systems improves the effectiveness and appeal of these systems. Therefore, these devices are crucial in assistive activities such as rehabilitation, aiding individuals in recovering from injuries or surgeries, solidifying the dominance of assistive segment.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Growing Demand for Rehabilitation and Assistive Technologies Will Drive Market Growth

Increasing demand for rehabilitation and assistive technologies within the wearable robotic exoskeleton market is driven by a growing need to address mobility restrictions experienced by people. The global trend of aging populations is a significant factor driving this demand. Furthermore, with aging population, the occurrence of mobility-impairing illnesses such as osteoarthritis, Parkinson's disease, and other age-related disorders rises. Moreover, injuries and chronic conditions multiple these challenges, creating need for effective solutions. Wearable exoskeletons are important instruments for resolving these difficulties. They provide support and assistance to people with mobility issues, assisting them in regaining movement and doing routine activities more comfortably. These devices are especially useful for the elderly or those suffering from chronic diseases, facilitating motions such as walking or standing, decreasing strain and providing additional support. Therefore, by providing practical assistance and enabling greater independence in daily activities, these devices fulfill a crucial role and significantly contributes to the growth of the wearable robotic exoskeleton market.

Improvements In Technology and Innovation Will Open New Avenues for Growth

Technological progress and invention in the wearable robotic exoskeleton market is responsible for contributing to the growth. These advancements focus on improving essential components within these devices such as materials, sensors, and control systems. The goal of material advancement is to make exoskeletons more user-friendly, durable, and light weight. Moreover, manufacturers are looking for new materials that provide strength without adding additional weight to expand the utility of these devices. Additionally, innovations in control systems are transforming the potential of wearable exoskeletons. These technologies incorporate modern algorithms and software to accurately regulate the movements of exoskeleton. Therefore, the combination of these improvements provides greater functionality and adaptability to exoskeletons, contributing to their high adoption across various industries.

Restraints

High Price of Robotic Exoskeleton Technology Could Restrict Market Growth

High cost of wearable robotic exoskeletons is a significant barrier to the growth of the market. The complex technology behind robotic exoskeletons attracts large expenditures during research and production, resulting in higher implementation costs. This financial barrier restricts the adoption of robotic exoskeleton, particularly among those individuals with limited finances. Moreover, these expenses may be unaffordable for sectors such as healthcare, industries, and individual consumers, limiting their ability to invest in robotics exoskeleton technology. Therefore, the growth potential of the market is restricted as the reach of technology is limited by financial barriers which impacts the adoption of exoskeleton into various industries and providing access to big players only.

Recent Developments

• Cyberdyne Inc. signed a collaborative agreement with J-Workout Corporation, located in the United States, in July 2021. The partnership was done to improve the new services that will be brought to devices.
• ReWalk Robotics Ltd introduced a new orthotic exo-suit exoskeleton in November 2021. This battery-powered gadget is specifically built for supporting medical operations among patients. It is utilized both at home and in the community.
• In March 2021, Hocomo, a DIH International Limited company, struck an agreement with Reha Technology to market wearable exoskeleton devices in Germany, the United States, and Switzerland.
• Ottobock SE & Co. KGaA presented a new Paexo shoulder jacket, Paexo thumb slib, and Paexo cool sleeve at the Hannover Messe Digital Event in Germany in March 2021. This product is used for physically demanding and lifting tasks.

Wearable Robotic Exoskeleton Market

Key Players:

• Ekso Bionics
• Cyberdyne
• ReWalk Robotics
• Technaid S.L.
• Hyundai Motor Group
• Bionik Laboratories Corp.
• MYOLYN
• Parker Hannifin Corporation
• Lockheed Martin Corporation
• Honda Motor Co., Ltd.
• SuitX
• Hocoma AG
• ATOUN Inc.
• Wandercraft
• Fourier Intelligence
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Wearable Robotic Exoskeleton Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region leads the wearable robotic exoskeleton market due to the presence of major industry players which contributes to its growth considerably. Local companies in the region were focused on investing in wearable robotics to encourage the development of advanced exoskeletons to meet consumer preferences. Moreover, due to significant governmental and private sector investments in robotics, the US held a significant market share within the region. The commitment to fund and develop R&D for more efficient goods has contributed to technological advancements across sectors such as manufacturing, healthcare, and military & defense, ensuring North America's dominance.

Source: Fatpos Global

Impact of Covid-19 on Wearable Robotic Exoskeleton Market

COVID-19 pandemic had a diverse impact on the wearable robotics market. Initially, disruptions were caused by global lockdowns, supply chain delays, and manufacturing restrictions, which led to a temporary slowdown in production and deployment of robotics exoskeleton. However, as the pandemic escalated, certain market segments witnessed increased demand. Exoskeletons and wearable robotics became more prevalent in healthcare, for assisting frontline workers and providing patient care, particularly in activities requiring minimal physical contact or assistance with heavy lifting. Moreover, the pandemic highlighted the importance of robotics in reducing human contact in industries where maintaining social distancing was critical. Therefore, despite initial challenges, the pandemic accelerated the adoption of wearable robotics across industries.

Wearable Robotic Exoskeleton Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Wearable Robotic Exoskeleton Market Scope and Segments:

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