Pune, Feb. 01, 2021 (GLOBE NEWSWIRE) -- The global wearable robotic exoskeleton market size is projected to reach USD 5,700.9 million by 2027, exhibiting a CAGR of 42.6% during the forecast period. Rising utilization of robotic exoskeletons by healthcare facilities around the world is a prominent factor driving this market, shares Fortune Business Insights™ in its report, titled “Wearable Robotic Exoskeleton Market Size, Share & COVID-19 Impact Analysis, By Technology Type (Powered and Passive), By Application (Healthcare, Industrial, Defense & Aerospace and Others) and Regional Forecast, 2020-2027”. In the healthcare industry, wearable robotic exoskeletons are structures designed to aid people suffering from disabilities such as paralysis move their limbs and restore some form of normalcy in their lives. The vast potential of these structures is pushing health facilities worldwide to adopt and utilize them in effective ways. For example, Ekso Bionics’ Ekso NR is being used by 300 hospitals across the US. The exoskeleton has been engineered to train the muscles and brains of stroke and spinal cord injury patients and enable them to walk and move again without assistance. In Russia in March 2019, doctors in a Southern Russian hospital used ExoChair, an exoskeleton designed to support the pelvic region and lower limbs, to perform a 12-hour-long urological surgery. The widening adoption of robotic exoskeletons in hospitals is, thus, broadening the horizons of this market.
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According to the report, the value of the global market was at USD 336.0 million in 2019. The report answers the following questions:
- What are the principal factors influencing the size, share, and overall growth trajectory of the market?
- What are the major challenges facing the market?
- How has the market been segmented and how have the segments been analyzed?
- Which regions are presenting the most lucrative prospects for the market?
- Who are the top market players and what are their predominant strategies?
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Driving Factor
Development of Wearable Exosuits for Aged Persons to Fuel Market Growth
The wearable robotic exoskeleton market growth is anticipated to gather substantial momentum in the forthcoming years owing to the increasing number of older persons across the globe. According to the World Health Organization (WHO), the number of people aged 60 years and above is set to touch 2 billion by 2050. Older persons, due to the weakening of muscles and bones, are highly prone to mobility-related disabilities, as per data from the US Census Bureau. As a result, several companies have been investing and developing wearable robotic exoskeletons to reduce the dependency of the geriatric populations on caregivers and external aids. For example, in December 2019, GenElek Technologies, a Delhi-based startup, designed and launched an exo-suit to allow physical movement for old people as well as those afflicted by mobility disorders. Similarly, Harvard University’s Wyss Institute for Biologically Inspired Engineering partnered with ReWalk Robotics to develop a lightweight exosuit made from softer, flexible fabrics for aged persons and people with lower limb disabilities. These inventions are speedily enhancing the potential of this market.
Regional Insights
North America to Hold Leading Market Position; Asia Pacific to Show Booming Growth
In 2019, the North America market size stood at USD 130.0 million, signifying the region’s dominating position in the wearable robotic exoskeleton market share. The region is expected to maintain its commanding hold on the market during the forecast period owing to the emergence of various local players and startups specializing in the development of exosuits with wide applications. The US is set to propel the North America market backed by the rapid advancements in commercial robotics in the country.
Asia Pacific is predicted to register exponential growth on account of increasing usage of wearable robotics across the region’s construction and manufacturing sectors. Technological prowess of Japan and South Korea in the field of robotics will further augment the regional market.
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Competitive Landscape
Geographic Expansion of Operations by Key Players to Energize Market Competition
Key players in this market are turning their focus on expanding their activities beyond their home turf to capture the growing demand for wearable exosuits in other emerging markets. This is leading companies to deepen and broaden their distribution networks in foreign markets and partner with domestic companies to gain traction in these markets.
Industry Developments:
- October 2020: CYBERDYNE bagged approval from the Australian Ministry of Health for its flagship Medical HAL, an exoskeleton designed to improve physical movement in people suffering from various movement disorders such as spinal cord injury, stroke, cerebrovascular disorders, etc.
- January 2020: BIONIK Laboratories received regulatory clearance from the South Korean Ministry of Food and Drug Safety for the sale of its InMotion® robotic technology. This approval will allow BIONIK to strengthen its foothold in the wearable exoskeleton market of Asia.
List of Key Players Covered in the Market for Wearable Robotic Exoskeleton:
- Wearable Robotics Srl (Italy)
- Rex Bionics Pty Ltd, (United States)
- ExoAtlet (Luxembourg)
- ReWalk Robotics (United States)
- Ekso Bionics (United States)
- Sarcos Corp. (United States)
- Lockheed Martin (United States)
- Bionik Laboratories Corp. (Canada)
- Hocoma (Switzerland)
- CYBERDYNE, INC. (Japan)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTEL Analysis
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
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