Global Wearable Robotic Exoskeleton Market
Global Wearable Robotic Exoskeleton Market Size Expanding More Than 13X to Reach USD 17.2 Billion by 2028
Published | 28 October 2022
Global wearable robotic exoskeleton market is flourishing due to increased sales of assistance robots for older and disabled communities, growing focus on developing robotic rehabilitation at a low cost, and increasing investments in R&D to develop robotic rehabilitation primarily to assist elderly in living independently and supporting their caregivers.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of global wearable robotic exoskeleton market at USD 1.27 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size of global wearable robotic exoskeleton market size to grow at an impressive CAGR of 45.3% to reach a value of USD 17.19 billion by 2028. The global market for wearable robotic exoskeletons is projected to record rapid growth due to the high demand for robots and machines for efficient rehabilitation therapy. Wearable robotic exoskeleton tools are widely used to restore and enhance lost natural human motions brought on by neuromuscular dysfunctions. As exosuits can help with applications that require the support of any body part, they are widely used by the construction, manufacturing, and logistics industries as well as by elderly people. The ongoing advancements and improvements in the wearable robotics industry indicate a shift, with exoskeletons emerging as the next massive thing for assistive and rehabilitation treatments. However, high capital costs involved in developing robotic exoskeletons, resulting in more expensive equipment, could limit the growth of global wearable robotic exoskeleton market.
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Global Wearable Robotic Exoskeleton Market – Overview
Exoskeletons made of wearable robotics are increasingly being used in the healthcare industry. They can support the user's weight and help with limb movement, which can increase endurance and strength and enable users to hold positions for much longer periods. As the number of people with movement disabilities rises, these exoskeletons can help them move more freely, improve the rehabilitation process, and contribute to the rapid expansion of global wearable robotic exoskeleton market. Wearable robotic exoskeletons give people with limb disabilities a new lease on life and enable them to be independent. Spinal cord injuries are one of the leading causes of movement disabilities worldwide. According to the WHO, approximately 250,000 to 500,000 people suffer spinal cord injuries each year because of preventable causes such as car accidents, falls, and violence. Strokes, after spinal cord injuries, are one of the leading causes of physical disability in people, with survivors frequently reporting limb paralysis. Exoskeletons can be used to rehabilitate patients, as they recover from their injuries during the recovery stages. Wearable robotic exoskeletons are also used to help geriatric patients who are losing muscle strength and control over their limbs move.
The International Federation of Robotics projects that during the forecast period, sales of assistance robots for communities of the elderly and disabled will significantly rise. Major participants of the market, such as Toyota, have been investing in research and development activities to create robotic rehabilitation, primarily to help elderly by enabling them to live independently and supporting their caregivers. The cost-effective development of robotic rehabilitation is expected to contribute to the growth in demand. These factors include the increased costs associated with long-term rehabilitation processes, the implications of providing appropriate duration, and the intensity of rehabilitation services primarily required to manage disability. Several countries are prospering due to their growth strategies that support automation. For instance, startups in India for smart exoskeletons are focusing more on wearable technology that improves mobility. GenElek Technologies, an India-based supplier of externally based robotic support systems, is rising to prominence with its devices that aid rehabilitation for limb weakness brought on by spinal cord injury (SCI), traumatic brain injury (TBI), and other injuries. Such advancements could catalyze the growth of global wearable robotic exoskeleton market during the period in analysis.
Global Wearable Robotic Exoskeleton Market – Technology Advancements
Although wearable robotic technology is still in its infancy, it is predicted to be widely adopted by a variety of end-user industries worldwide. The global wearable robotic exoskeleton market has witnessed many product launches and R&D activities over the last three years. The market for wearable robotics is transforming, as evidenced by ongoing advancements and improvements. Global wearable robotic exoskeleton market has segments, such as Passive and Powered based on the type; Rehabilitation, Assistive, Body Parts Support, and Sports based on the application; and Healthcare, Industrial, Defense, and Commercial as end-user segments. The healthcare end-user segment is projected to dominate global wearable robotic exoskeleton market, accounting for most of the market share.
Global wearable robotic exoskeleton market has also been witnessing product and technology innovations. For example, Hilti released its first exoskeleton, the EXO-O1, in August 2020, to reduce strain on construction workers. This new wearable, developed in collaboration with biometric company Ottobock, was designed to relieve 47% of the stress caused by users lifting their arms above their heads.
Impact of COVID-19 on Global Wearable Robotic Exoskeleton Market
COVID-19 pandemic benefited global wearable robotic exoskeleton market due to the growing demand for exoskeletons in the healthcare industry. Despite the increase in COVID-19 infections, there was still a high demand for healthcare products. Lockdowns following a relaxation allowed businesses to resume production and meet customer demand. The use of production equipment assisted several manufacturers in preventing the spread of viruses and compensating for losses.
Prominent players in global wearable robotic exoskeleton market include Cyberdyne Inc., ReWalk Robotics, Ekso Bionics, Sarcos Technology and Robotics Corporation, Honda Motor Co., Ltd., Hocoma, Lockheed Martin Corporation, Technaid, Skelex, and ATOUN Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global wearable robotic exoskeleton market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Wearable Robotic Exoskeleton Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Wearable Robotic Exoskeleton Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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