Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global wearable robotic exoskeleton market size was USD 0.90 billion in 2022. The market is projected to grow from USD 1.24 billion in 2023 to USD 14.67 billion by 2030 at a CAGR of 42.2% in 2023-2030. Wearable robotic exoskeletons are devices made for mobility. Exoskeletons help the movement by keeping energy in compressed gas bags, both motorized and passive. Exoskeleton technology has the ability to severely adapt our approach to life. These robots are expected to help the economy and launch new employment requirements in the projected period. This information is provided by Fortune Business Insights™ in its research report titled “Wearable Robotic Exoskeleton Market, 2023-2030.”
KEY INDUSTRY DEVELOPMENTS:
Cyberdyne Inc. built a commercial collaboration with J-Workout Inc. to deliver the new service in August 2021. By triggering the activation loop of the brain’s nervous system via Wearable Cyborg HAL, the Group delivers Neuro HALFIT as a service to support the functional improvement of patients with decreased motor functions.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 42.2% |
| 2030 Value Projection | USD 14.67 billion |
| Base Year | 2022 |
| Wearable Robotic Exoskeleton Market Share in 2022 | USD 0.90 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 200 |
| Segments covered | By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, and By Region |
| Wearable Robotic Exoskeleton Market Growth Drivers | Integration of Smart Technologies in Robots to Boost the Market |
| Increasing Adoption of Exoskeleton Devices in the Medical Industry to Fuel Growth |
COVID-19 Impacts:
Forming Productive Opportunities During Pandemic to Boost Development
Due to the shutdown globally owing to the outbreak of COVID-19, the robot suppliers were brought to a complete halt of their business. On the contrary, the pandemic has provided lucrative industry opportunities for goods and services providers who focus on addressing clinical difficulties in partnership with physicians and industry partners.
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Drivers and Restraints:
Growing Acceptance of Exoskeleton Devices in the Healthcare Sector to Drive Market Growth
Wearable robotic exoskeleton devices in the healthcare industry are growing quickly due to their rising demand. This is due to the increasing incidence of inborn physical disabilities, the rising number of vehicular accidents, and other factors. The advanced and developed soft-suit, lightweight, wearable robotics exoskeletons have shown to be a novel technique to help older people gain their gait, thereby fueling the wearable robotic exoskeleton market growth.
However, the huge primary expenditure necessary to obtain these devices is a stumbling block to the market's growth. Introducing modern, intuitive technology can occasionally raise interdisciplinary problems, resulting in unfavorable results.
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
Market Segmentation:
Powered Segment to Hold Dominant Market Share Owing to Rising Demand from Healthcare Sector
On the basis of technology type, the market is bifurcated into powered and passive. The demand for powered exoskeletons is anticipated to increase during the projected period. The demand for powered exoskeleton robots can transfer weights, allowing effective mobility with less damage or strain.
Assistive Segment to Dominate Owing to Increasing Penetration of System
Based on application, the market is segmented into assistive, rehabilitation, sports, and body parts support. The assistive segment leads the market due to increasing adoption of assistive purposes by end users such as industrial, healthcare, and manufacturing sectors.
Lower Body Segment to Dominate the Market Due to Rise in Body Disorders
According to body part, the market is segmented into upper body, lower body, and full body. The lower body segment dominates the market due to the increasing number of lower body disability and the rising penetration rate of this system from the aging population.
Electric Sector to Lead the Market Owing to High Effectiveness of Technology
As per actuation technology, the market is divided into hydraulic, fully mechanical, and electric. The electric segment leads the market due to the benefits connected with these systems such as being lightweight, innovative, very low power consumption, and portable.
Healthcare Segment to Grow Subsequently Owing to Rise in Number of Users
Based on the end user, the market is divided into manufacturing and commercial, healthcare, and defense & aerospace. The healthcare segment is anticipated to grow at a high rate due to increasing number of users.
The regional analysis comprises five major regions, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Analysis:
North America to Hold the Largest Share Owing to the Presence of Several Key Players
North America is expected to hold the largest wearable robotic exoskeleton market share due to the increasing presence of key players in the U.S. Moreover, key players are heavily investing in the wearable robotics market.
Asia Pacific is expected to witness exponential growth, with the largest share and highest CAGR over the projected period. The rise in production of exoskeletons for the defense sector is anticipated to be a major factor driving the market.
Europe is also anticipated to hold a noteworthy share of the market. It is set to continue its position in the market due to its ongoing technological advancements and R&D activities.
Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques to boost the market growth with their solutions and to elevate the competition in the market. It includes investments and the launch of advanced products in the market. Companies have been engaging in new plans, such as partnerships and mergers, to support their position in the market.
List of the Companies Operating in the Market:
- CYBERDYNE, INC. (Japan)
- Ekso Bionics (U.S.)
- Hocoma (Switzerland)
- ReWalk Robotics (U.S.)
- Bionik Laboratories Corp. (Canada)
- ExoAtlet (Luxembourg)
- Lockheed Martin (U.S.)
- Rex Bionics Pty Ltd. (U.S.)
- Sarcos Corp. (U.S.)
- Wearable Robotics Srl (Italy)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Wearable Robotic Exoskeleton Key Players Market Share/Ranking, 2022
- Global Wearable Robotic Exoskeleton Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Technology Type (USD)
- Powered
- Passive
- By Application (USD)
- Rehabilitation
- Assistive
- Body Parts Support
- Sports
- By Body Part (USD)
- Lower Body
- Upper Body
- Full Body
- By Actuation Technology (USD)
- Electric
- Hydraulic
- Fully Mechanical
- Others (Pneumatic, etc.)
- By End User (USD)
- Healthcare
- Manufacturing
- Defense & Aerospace
- Commercial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- North America Wearable Robotic Exoskeleton Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Technology Type (USD)
- Powered
- Passive
- By Application (USD)
- Rehabilitation
- Assistive
- Body Parts Support
- Sports
- By Body Part (USD)
- Lower Body
- Upper Body
- Full Body
- By Actuation Technology (USD)
- Electric
- Hydraulic
- Fully Mechanical
- Others (Pneumatic, etc.)
- By End User (USD)
- Healthcare
- Manufacturing
- Defense & Aerospace
- Commercial
- By Country (USD)
- U.S.
- By End User
- Healthcare
- Manufacturing
- Defense & Aerospace
- Commercial
- By End User
- Canada
- By End User
- Healthcare
- Manufacturing
- Defense & Aerospace
- Commercial
- By End User
- Mexico
- By End User
- Healthcare
- Manufacturing
- Defense & Aerospace
- Commercial
- By End User
- U.S.
TOC Continued…
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