New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Wearable Robotic Exoskeleton Market Size is to Grow from USD 1.23 Billion in 2023 to USD 41.48 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 42.17% during the projected period.
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Wearable robotic exoskeletons are electromechanical devices intended to be used as augmentative devices to enhance the wearer's physical performance or as orthotic devices to help with motion recovery or locomotion. These instruments are frequently used to restore and enhance the range of flexibility that people naturally have but lose due to neuromuscular diseases. These gadgets can assist with personal mobility for a large number of workers in a range of fields, such as healthcare, logistics, construction, the military, defense, and manufacturing. The need for exoskeleton devices in the medical and healthcare sectors is rising because of a rise in congenital diseases, an increase in accidents, and other reasons driving the market expansion. The cutting-edge technology seen in wearable robots and exoskeletons is driving growth. New and improved exoskeletons for the market have been made possible by developments in software, control and sensor systems, materials technologies, and electrotechnical and electronics engineering, according to a market analysis and research. However, the market is restricted by the high investment costs involved in creating such exoskeletons, which result in more expensive equipment.
Browse key industry insights spread across 220 pages with 105 Market data tables and figures & & charts from the report on the "Global Wearable Robotic Exoskeleton Market Size, Share, and COVID-19 Impact Analysis By Technology Type (Powered and Passive), By Application (Rehabilitation, Assistive, Body Parts Support, and Sports) By End User (Healthcare, Manufacturing, Defense & Aerospace, and Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The powered segment is anticipated to hold the greatest share of the global wearable robotic exoskeleton market during the projected timeframe.
On the basis of technology type, the global wearable robotic exoskeleton market is divided into powered and passive. Among these, the powered segment is anticipated to hold the greatest share of the global wearable robotic exoskeleton market during the projected timeframe. The market is growing as a result of the increased need in the medical, industrial, and healthcare sectors for battery-powered exoskeletons.
The body parts support segment is anticipated to hold the largest share of the global wearable robotic exoskeleton market during the projected timeframe.
On the basis of application, the global wearable robotic exoskeleton market is divided into rehabilitation, assistive, body parts support, and sports. Among these, the body parts support segment is anticipated to hold the largest share of the global wearable robotic exoskeleton market during the projected timeframe. The increasing prevalence of Parkinson's disease, including strokes, and body driving irregularities has led to a need for wearing robotic exoskeletons.
The healthcare segment is predicted to hold the greatest share of the global wearable robotic exoskeleton market during the estimated period.
On the basis of end users, the global wearable robotic exoskeleton market is divided into healthcare, manufacturing, defense & aerospace, and commercial. Among these, the healthcare segment is predicted to hold the greatest share of the global wearable robotic exoskeleton market during the estimated period. The healthcare market is expanding quickly because of the increasing use of wearable robotic exoskeleton technology in the medical and healthcare sectors.
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North America is expected to hold the largest share of the global wearable robotic exoskeleton market over the forecast period.
North America is expected to hold the largest share of the global wearable robotic exoskeleton market over the forecast period. The market is growing as a result of the presence of industry participants in the North American region and a rise in R&D initiatives aimed at launching cutting-edge wearables. The North American government, which spends a lot of money on the military and healthcare, also contributes to the business.
Asia Pacific is predicted to grow at the fastest pace in the global wearable robotic exoskeleton market during the projected timeframe. The rise in the production of robots for the military industry is expected to be a key driver of the market, with China, Japan, and South Korea predicted to be the top three economies in terms of profit.
Europe is expected to hold a significant share of the global wearable robotic exoskeleton market over the forecast period. The wearable exoskeleton market in Europe is being driven by expansion in the building, aerospace, and other industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global wearable robotic exoskeleton market include Svaya Robotics, German Bionic, ReWalk Robotics Ltd, CYBERDYNE, INC., Ekso Bionics, Parker Hannifin Corporation, Hocoma, Bionik Laboratories Corp., ExoAtlet, Exhaust Technologies, Lockheed Martin, Rex Bionics Pty Ltd., Sarcos Corp., Wearable Robotics Srl, Others.
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Recent Developments
- In March 2023, Hyderabad-based Svaya Robotics, in partnership with two DRDO labs, the Defence Bio-engineering & Electro Medical Laboratory, Bengaluru (DEBEL) and the Research and Development Establishment, Pune (R&DE), launched India's first quadruped robot and wearable exoskeleton.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global wearable robotic exoskeleton market based on the below-mentioned segments:
Global Wearable Robotic Exoskeleton Market, By Technology Type
- Powered
- Passive
Global Wearable Robotic Exoskeleton Market, By Application
- Rehabilitation
- Assistive
- Body Parts Support
- Sports
Global Wearable Robotic Exoskeleton Market, By End User
- Healthcare
- Manufacturing
- Defense & Aerospace
- Commercial
Global Wearable Robotic Exoskeleton Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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