Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- A global Automation & Process Control research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Wearable Robots Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Wearable Robots Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects, the market to grow from USD 806.5 Mn in 2022 to USD 9205.5 Mn in 2029 at a CAGR of 41.6 percent.
Wearable Robots Market Report Scope and Research Methodology
| Market Size in 2022 | USD 806.5 Mn. |
| Market Size in 2029 | USD 9205.5 Mn. |
| CAGR | 41.6 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 275 |
| No. of Tables | 116 |
| No. of Charts and Figures | 113 |
| Segment Covered | Product Type, Technology, Sales Channel, and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The report provides a detailed analysis of the data through segments: Product Type, Technology, Sales Channel, and Application and their multiple sub-segments. The bottom-up approach is used to estimate the size of the Wearable Robots Market by value and volume. The report involves investment feasibility, growth drivers, opportunities, and competitive landscape in major geographic regions such as North America, Asia Pacific, Europe, the Middle East and Africa, and South America. The report analyses the Baby Safety Products Key Competitors through their market size and share, mergers and acquisitions, and collaborations happening in the market. The report helps new and existing Wearable Robots Market Key Players to develop their strategies based on competitive benchmarking included in the report. The data has been collected through primary and secondary research methods. Primary data were gathered from interviews with market leaders and opinions from senior research analysts. Whereas, secondary data were collected from annual reports from the organizations and public records. The Wearable Robots Market data were later analyzed by SWOT analysis, PORTER’s five force model, and PESTLE analysis.
Wearable Robots Market Overview
The Wearable Robots Market, often referred to as exoskeletons or robotic exosuits, is a swiftly advancing sector within the broader domain of robotics. These wearable devices are purposefully created to enhance the physical capabilities of individuals, offering assistance in tasks demanding strength and stamina, as well as aiding in rehabilitation and mobility support. The Wearable Robots Market is primed for substantial growth, driven by a convergence of technological advancements, heightened awareness of healthcare applications, and an escalating demand spanning various industries. The Wearable Robots Market is chiefly characterized by wearable devices seamlessly integrating robotic technology to augment human capabilities. These wearable robots find diverse applications across industries such as manufacturing, construction, logistics, and agriculture. Their primary aim is to amplify the physical strength and endurance of workers while mitigating fatigue, ultimately bolstering overall workplace safety. Notable applications encompass tasks involving heavy lifting, repetitive actions, and operations in hazardous environments.
Wearable Robots Market Dynamics
The Wearable robot market is experiencing substantial growth due to a convergence of pivotal drivers and promising prospects. Firstly, the increasing global aging population, along with a subsequent rise in age-related mobility challenges, is fueling the demand for wearable robots. These devices provide invaluable assistance to individuals facing mobility difficulties, facilitating the restoration or enhancement of their independence and overall quality of life. This demographic shift is creating a substantial and expanding market for manufacturers of wearable robots. The industrial sector is progressively embracing wearable robots to bolster worker safety and productivity. Notably, wearable exoskeletons are mitigating the risk of injuries among laborers engaged in physically demanding tasks, such as heavy lifting and repetitive movements. This application is leading to a formidable presence of wearable robots in the market, particularly within industries like manufacturing, logistics, and construction. Another driving force is the growing recognition of the potential advantages of wearable robots in the medical domain. Rehabilitation exoskeletons are proving invaluable in assisting patients during their recovery from injuries and surgical procedures, offering a more effective and engaging rehabilitation experience. Furthermore, wearable robots are finding applications in medical procedures, such as aiding surgeons and enhancing precision during surgical interventions. This convergence of technology and healthcare is ushering in promising opportunities for the wearable robot market, paving the way for its expansion.
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Wearable Robots Market Regional Insights
North America has emerged as a pivotal hub for wearable robots, primarily propelled by a synergy of influential factors. These include the relentless pursuit of technological advancements, a robust healthcare infrastructure, and an earnest commitment to enhance the quality of life for individuals grappling with mobility constraints. The region is currently witnessing a remarkable surge in the adoption of wearable robots, predominantly for medical and rehabilitation purposes. The healthcare sector in North America is seamlessly integrating wearable robots into patient care protocols, significantly aiding in physical therapy and rehabilitation processes. The industrial domain within North America has enthusiastically embraced wearable exoskeletons, effectively bolstering worker safety and productivity, particularly in sectors like manufacturing and logistics. North America's unwavering focus on research and development continues to position it at the forefront of technological innovations within the wearable robot landscape. Major industry players and dynamic startups are capitalizing on the region's conducive environment for fostering innovation.
Europe stands as another formidable market for wearable robots, underscored by an escalating emphasis on health and well-being. European consumers are progressively inclining towards the adoption of wearable robots as a means to enhance their mobility and overall physical fitness. Notably, rehabilitation exoskeletons are now an integral component of medical facilities across Europe, offering invaluable support to patients in their post-injury recovery journeys. The European market is also notable for its pronounced shift towards cleaner and more sustainable solutions, exemplified by the integration of eco-friendly designs and materials in wearable robot offerings.
Wearable Robots Market Segmentation
By Product Type
- Powered wearable robots
- Unpowered wearable robots
In 2022, these powered wearable robots, often referred to as powered exoskeletons, had garnered substantial attention and were witnessing substantial expansion across a multitude of industries and applications. Powered wearable robots are designed with integrated motors and actuators that serve to augment the wearer's physical capabilities, providing enhanced strength and support. Their utility spans various sectors, including healthcare, where they assist in rehabilitation and mobility enhancement, as well as industrial environments, where they contribute to heightened workforce productivity and reduced injury risks.
By Technology
- Robotics
- Sensors
- Artificial intelligence
- Haptics
The field of robotics plays a pivotal role in driving the development and progression of wearable robots, establishing itself as a fundamental catalyst for market expansion. Leveraging robotics technology facilitates the design and manufacture of wearable devices capable of enhancing human capabilities, rendering them particularly invaluable in sectors like healthcare, manufacturing, and defense.
By Sales Channel
- Direct sales
- Online platforms
- Retail stores
- Partnerships
By Application
- Healthcare
- Industrial
- Military and Defense
- Sports and Athletics
- Gaming and Entertainment
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Wearable Robots Market Key Competitors include:
- Cyberdyne Inc.
- Ekso Bionics Holdings Inc.
- Sarcos Corporation
- Honda Motor Co. Ltd.
- ReWalk Robotics Inc.
- Myomo Inc.
- Lockheed Martin Corporation
- RB3D
- Hocoma AG
- Bionik Laboratories Corporation
- Ottobock SE & Co. KGaA
- L3Harris Technologies Inc.
- Panasonic Corporation
- Intuitive Surgical Inc.
- Boston Dynamics
- Teradyne Inc.
- Epson Robots
- SoftBank Robotics Corp.
- Universal Robots A/S
- Yaskawa Electric Corporation
- Comau SpA
- Kuka AG
- Fanuc Corporation
- ABB Ltd.
- Siemens AG
- Mitsubishi Electric Corporation
- Omron Corporation
- Hitachi Ltd.
- Toshiba Corporation
- Denso Corporation
Key questions answered in the Wearable Robots Market are:
- What is Wearable Robots Market?
- What was the Wearable Robots Market size in 2022?
- What is the expected Wearable Robots Market size during the forecast period?
- What are the global trends in the Wearable Robots Market?
- What are the major restraints for the Wearable Robots Market?
- Which segment dominated the Wearable Robots Market growth?
- What is the demand pattern for the Wearable Robots Market?
- What growth strategies are the players considering to increase their presence in Wearable Robots Market?
- What are the upcoming industry applications and trends for the Wearable Robots Market?
- Who are the leading companies and what are their portfolios in Wearable Robots Market?
- Which region dominates the largest market share in Wearable Robots Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Technology, application, and end-users
- Market Segmentation – A detailed analysis by Product Type, Technology, Sales Channel, and Application
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Automation & Process Control research firm, has also published the following reports:
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Robotic Vacuum Cleaners Market - The market size is expected to reach USD 21.11 Bn by 2029 at a CAGR of 21.89 percent during the forecast period. Increasing discretionary incomes, urbanization, environmental concerns, and aging populations have all contributed to the growing popularity of robotic vacuum cleaners.
Safety Laser Scanner Market - The market size is expected to reach USD 650.11 Mn by 2029 at a CAGR of 6.5 percent during the forecast period. Increasing automation in chemical and manufacturing as well as chemical industries, and adoption of IoT are expected to boost the market growth over the forecast period.
Programmable Logic Controller Market - The market size is expected to reach USD 17.57 Bn by 2029 at a CAGR of 5 percent during the forecast period. Automated systems decrease human intervention, increase the efficiency of the process, and optimize the utilization of resources.
Overhead Conveyor Market - The market size is expected to reach USD 3.06 Bn by 2029 at a CAGR of 5.22 percent during the forecast period. The market growth is rising with increased use of automated manufacturing technologies and high productivity.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
