Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The global wearable robotic exoskeleton market size is projected to grow from USD 952.5 million in 2022 to USD 11,995.7 million by 2029 at a CAGR of 43.6% in 2022-2029. The market is set to gain traction from increasing applications in military, construction, and manufacturing industries. Fortune Business Insights™ mentioned this in a report titled, “Wearable Robotic Exoskeleton Market, 2022-2029.” As per the report, the market stood at USD 671.6 million in 2021.
A wearable robotic exoskeleton is a wearable robotic wearable structure that helps humans function effectively. It is used for rehabilitation and is used extensively in the manufacturing, construction, and military sectors. Wearable exoskeletons help the user to perform efficiently and undertake difficult tasks that are not possible without an exoskeleton. It enables users to lift heavy objects and allows disable patients to perform efficiently. Further, the incorporation of smart technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI), may enable users to use the machine effectively and learn operations easily. These factors are expected to boost industry development during the coming years.
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Companies Profiled in the Wearable Robotic Exoskeleton Market Report
- 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)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 43.6% |
| 2029 Value Projection | USD 11,995.7 Million |
| Base Year | 2021 |
| Market Size in 2021 | USD 671.6 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | Size, Share, Technology, Application, Geography |
| Growth Drivers | Integration Of Smart Technologies In Robots To Boost The Market |
| Increasing Adoption of Exoskeleton Devices In The Medical Industry To Fuel Growth | |
| Creation of Productive Opportunities for Service Providers Globally During COVID-19 Pandemic | |
| Pitfalls & Challenges | Huge Investments and Non-coverage of Wearable Robotic Devices by Insurance Companies to Detain Market Growth |
COVID-19 Impact
Robust Demand from Healthcare Sector to Foster Product Sales
This market has been positively impacted during the COVID-19 pandemic due to the rising demand for the exoskeleton from the healthcare sector. Despite the spike in COVID-19 infections, the demand for healthcare solutions continues to grow, which, in turn, boosts the demand for the product. Post relaxation lockdowns have enabled companies to resume production and satisfy product demand. The adoption of production machinery has enabled several manufacturers to control virus spread and recover losses. This factor may boost the market growth during the pandemic.
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Segmentation
By application, the market is segmented into defense & aerospace, industrial, healthcare, commercial, and others. As per technology type, it is classified into passive and powered. Region wise, it is studied across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Demand for Exoskeletons from Medical Industry to Bolster Industry Development
Wearable robotic exoskeleton is used extensively by the medical industry to treat patients suffering from disabilities and the prevalence of road accidents. For example, as per the information provided by the National Spinal Cord Injury Statistical Centre (NSCIAC) in 2018, approximately 288,000 of the U.S. population suffer from spinal injuries annually and the amount of reported cases is approximately 17,700 every year. Further, the adoption of soft-suit exoskeletons for the elderly population has accelerated demand drastically. Increasing cases of joint problems among the elderly population are expected to boost the market growth. In addition, the introduction of technologically competitive wearable robotic exoskeletons is anticipated to surge the product demand. For example, GenElex Technologies declared that it would focus on the development of wearable exoskeleton devices for people suffering from spinal injury, paralysis, and stroke. These factors are expected to drive the wearable robotic exoskeleton market growth.
However, massive installation costs and issues regarding the non-coverage of wearable exoskeleton may hinder the market growth.
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Regional Insights
Substantial Investments in Wearable Technology to Boost Market Growth in North America
North America is projected to dominate the wearable robotic exoskeleton market share due to substantial investments in wearable technology. The market size in North America stood at USD 257.6 million in 2021 and is expected to grow positively during the coming years. Further, the presence of several major players in the U.S. is expected to enhance wearable robotic exoskeleton adoption. In addition, its rapid adoption in the region's military & defense, healthcare, and industrial sectors is expected to boost the market growth.
In Asia Pacific, the rising awareness regarding the advantages of wearable robotic exoskeletons in the construction and manufacturing sectors is expected to boost adoption. In addition, the rising adoption of exoskeletons in the defense sectors of South Korea, Japan, and China may bolster industry progress.
In Europe, ongoing research and development activities and technological advancements in wearable robotic equipment are expected to increase adoption. In addition, the presence of several exoskeleton manufacturers is expected to fuel the market development.
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Competitive Landscape
Companies Launch Novel Products to Boost Brand Image
Prominent companies operating in the market announce novel products to attract consumers and boost their brand image. For example, in September 2020, Ekso Bionics launched a flexible and high endurance upper-body exoskeleton, EVO, to reduce back muscle strains and shoulder fatigue. EVO may enable the company to improve its product quality and attract several consumers. It can help Ekso Bionics to boost its brand image. Further, the adoption of technologically advanced production techniques may enable manufacturers to reduce time and labor consumption, enhance operational efficiency, use resources smartly, control virus spread, boost product quality, achieve targets quicker, and boost annual revenue.
Industry Development
- December 2020: Rewalk, issued 9 patents in the U.S. and 11 patents outside of the U.S. Further, there are 13 pending patent applications in Canada, the U.S., Europe, and China.
Major Table of Contents:
- 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
- PESTLE Analysis
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2021
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (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
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
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