Wearable Robots And Exoskeletons Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, China, UK, France - Size and Forecast 2024-2028

Wearable Robots And Exoskeletons Market Size 2024-2028

The wearable robots and exoskeletons market size is forecast to increase by USD 10.82 billion at a CAGR of 46.02% between 2023 and 2028.

• The market is experiencing significant growth due to several key trends. One major trend is the increasing emphasis on innovation by companies, leading to advancements in technology and design. Another trend is the integration of artificial intelligence (AI) and machine learning In these devices, enabling improved functionality and user experience. However, the high cost of these products remains a challenge for market growth. Despite this, the potential benefits, such as enhanced mobility and productivity, make wearable robots and exoskeletons an attractive investment for various industries, particularly healthcare and manufacturing. Overall, the market is poised for continued expansion as technology advances and becomes more accessible to a wider audience.

What will be the Size of the Wearable Robots And Exoskeletons Market During the Forecast Period?

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• The wearable robotic exoskeleton market encompasses a range of technologies designed to enhance personal mobility and support various industries, including healthcare, logistics, construction, military, and manufacturing. These devices, which include passive and motorized exoskeletons, utilize advanced technologies such as compressed gas bags and battery power. They offer benefits for individuals with mobility challenges, including paralyzed and stroke patients, by facilitating upright walking and aiding in the rehabilitation process. Additionally, these technologies can provide psychological and physical dimensions for users, enabling them to feel more independent and capable. The market is driven by the growing need to address severe injuries and improve the efficiency of industries.

• Wearable robot technology, including suit-type devices and battery-powered exoskeletons, continues to evolve, offering first-mover advantage and innovative solutions for various applications. Virtual guidance and robotic rehabilitation are also key areas of development, providing more effective and personalized therapy options. Exoskeleton technology continues to advance, offering significant potential for enhancing human capabilities and improving overall productivity.

How is this Wearable Robots And Exoskeletons Industry segmented and which is the largest segment?

The wearable robots and exoskeletons industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type
  • Powered
  • Passive
• Application
  • Healthcare
  • Military and defense
  • Industrial
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
  • South America
  • Middle East and Africa

By Type Insights

• The powered segment is estimated to witness significant growth during the forecast period.

Wearable robotic exoskeletons are advanced technological devices designed to enhance human mobility and capabilities. These battery-powered suits, which can be attached or detached, support various body parts, including the spine, shoulders, and lower extremities. Exoskeleton technology offers benefits in industries such as healthcare, logistics, construction, military, and manufacturing, addressing human body structure limitations and physical demands. Powered exoskeletons, which utilize electric motors, levers, hydraulics, or pneumatics, are expected to dominate the market due to their ability to provide increased strength and endurance while maintaining adequate limb movement. Users can benefit from improved stability during heavy lifting tasks and protection against overload and injury.

The market for wearable robots and exoskeletons is expected to grow significantly due to the increasing prevalence of congenital physical diseases, accidents, and spinal cord injuries, as well as the need for assistance in elderly populations and rehabilitation processes. The integration of virtual guidance, the Internet of Things, artificial intelligence, and interactive learning further enhances the functionality and potential applications of these devices.

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The powered segment was valued at USD 434.90 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• North America is estimated to contribute 46% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The US and Canadian markets represent significant opportunities In the global wearable robots and exoskeletons industry. In the US, the large population suffering from conditions such as spinal cord injuries, stroke, multiple sclerosis, and cerebral palsy drives market growth. With over 750,000 people living with cerebral palsy alone, the demand for assistive devices is substantial. In Canada, regulatory approval of exoskeletons for rehabilitation applications by Health Canada has paved the way for increased adoption. Leading international companies are expanding their presence by establishing training centers to educate potential buyers on device usage. The focus on improving mobility and enhancing quality of life for individuals with various medical conditions is a primary market trend. The industrial sectors, including healthcare, logistics, construction, military, and manufacturing, also benefit from exoskeleton technology. Innovations in human body structure, exoskeleton technology, virtual guidance, the Internet of Things, artificial intelligence, interactive learning, and digital assistants continue to shape the market landscape.

Market Dynamics

Our wearable robots and exoskeletons market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Wearable Robots And Exoskeletons Industry?

Rising emphasis on innovation by companies is the key driver of the market.

• The market is experiencing significant growth, driven by advancements in technology and innovation from companies. This software streamlines the usage of robotic exoskeletons, making them more accessible and effective for various applications. Exoskeletons, including passive, motorized, and battery-powered versions, are increasingly being adopted across industries such as healthcare, logistics, construction, military, and manufacturing.
• These devices offer support for human body structure, assisting in movements and reducing strain, particularly for individuals with congenital physical diseases, accidents, or spinal cord injuries. Wearable robot technology is also being used for rehabilitation processes, enabling adaptable support and standardized training environments for paralyzed patients, stroke patients, and wheelchair users. The market for wearable robots and exoskeletons is further driven by the integration of technologies such as virtual guidance, the Internet of Things, artificial intelligence, and interactive learning. These advancements enable digital assistants, medical users, and caregivers to monitor and optimize the performance of exoskeletons, enhancing their efficiency and effectiveness. Additionally, the use of sensors, software, training, installation, and aftermarket services is increasing, further fueling market growth.

What are the market trends shaping the Wearable Robots And Exoskeletons Industry?

Increasing focus on integrating AI and machine learning in wearable robots and exoskeletons is the upcoming market trend.

• The market is witnessing significant growth due to the integration of advanced technologies such as artificial intelligence (AI) and machine learning. These technologies enable wearable robots and exoskeletons to learn from user movements, adjust performance parameters in real-time, and provide personalized assistance. Wearable robotic exoskeletons offer various benefits across multiple industries, including healthcare, logistics, construction, military, and manufacturing. They provide support for the human body structure, assist in personal mobility, and offer assistance in lifting heavy loads for industrial workers. Exoskeleton technology also aids In the rehabilitation process for patients with congenital physical diseases, accidents, spinal cord injury, multiple sclerosis, stroke, lower extremity disease, and paralysis.
• Exoskeletons come in different types, such as passive, motorized, battery-powered, attachable, detachable, high torque-efficient, and fully mechanical. They cater to diverse applications, including anti-radiation, spine, shoulders, and lower extremity support. Insurance companies are increasingly investing in robotic exoskeletons to reduce the burden of care for medical users and improve their quality of life. The market for wearable robots and exoskeletons is vast and diverse, with various industrial sectors, including defense and aerospace, commercial, and manufacturing, driving demand. The market is also witnessing a trend towards soft exoskeletons, which offer more comfort and flexibility compared to their metal counterparts. The development of wearable robot technology is a complex process that involves sensors, software, training, installation, and aftermarket services.

What challenges does the Wearable Robots And Exoskeletons Industry face during its growth?

The high cost of products is a key challenge affecting the industry's growth.

• The market is experiencing significant growth due to the increasing demand for personal mobility solutions in various industries, including healthcare, logistics, construction, military, and manufacturing. Exoskeleton technology, which includes both passive and motorized wearable robotic devices, aims to support and enhance human body structure, enabling users to perform tasks with greater ease and efficiency. Exoskeletons come in various forms, such as battery-powered, attachable, detachable, high torque-efficient, and adaptable support systems. They can assist with movements related to the spine, shoulders, and lower extremities, providing relief for individuals suffering from congenital physical diseases, accidents, spinal cord injury, multiple sclerosis, stroke, or paralysis.
• The market dynamics include factors such as the high investment cost, durability, and the need for sensors, software, training, installation, and aftermarket services. While battery-powered exoskeletons offer the advantage of upright walking for paralyzed patients and stroke patients, they require frequent charging. In contrast, passive exoskeletons, which rely on mechanical energy and connected sensor technology, do not require any power source. Exoskeletons have applications in industries like construction, where they help reduce strain on workers, and in emergency services, where they can assist in lifting heavy objects. Policymakers and medical insurance companies are recognizing the potential of these devices In the rehabilitation process, making them increasingly accessible to a wider audience.

Exclusive Customer Landscape

The wearable robots and exoskeletons market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wearable robots and exoskeletons market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, wearable robots and exoskeletons market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry. The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Bionik Laboratories Corp.
• Bioservo Technologies AB
• Cyberdyne Inc.
• DIH Group
• Ekso Bionics Holdings Inc.
• Exoatlet Global SA
• Fourier Intelligence
• Ottobock SE and Co. KGaA
• Parker Hannifin Corp.
• ReWalk Robotics Ltd.
• Rex Bionics Ltd.
• Sarcos Technology and Robotics Corp.
• Skelex B.V.
• Technaid SL
• Wandercraft
• Wearable Robotics Srl

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Wearable robotic exoskeletons are innovative technological solutions designed to augment and enhance human mobility. These devices are engineered to support various body parts, from spinal columns to shoulders and lower extremities, offering assistance in a range of industries and applications. Exoskeletons can be categorized based on their power sources, with some utilizing compressed gas bags for passive support, while others employ motorized systems for active assistance. The technology finds applications in numerous sectors, including healthcare, logistics, construction, and military, among others. In healthcare, exoskeletons play a crucial role in assisting individuals with congenital physical diseases, spinal cord injuries, multiple sclerosis, stroke, and paralysis.

Moreover, by providing support and facilitating movements, these devices contribute significantly to the rehabilitation process. In the logistics sector, exoskeletons help workers lift heavy loads, reducing strain and improving productivity. Elderly persons and children with mobility issues can also benefit from these devices, enabling them to move around more freely. The military industry has embraced exoskeleton technology for enhancing warfighters' capabilities, providing protection against severe injuries, and improving their performance in various missions. Exoskeletons are also being explored for use on battle ships and in defense organizations, offering potential advantages in a hybrid work environment. Exoskeleton technology is continually evolving, with advancements in virtual guidance, the Internet of Things, artificial intelligence, and interactive learning.

Furthermore, these innovations enable the development of digital assistants and adaptable support systems, enhancing the overall functionality and effectiveness of wearable robots. Manufacturers of exoskeletons face challenges in creating durable and cost-effective devices, with considerations for various physical and psychological dimensions. Battery-powered exoskeletons, for instance, require careful attention to battery life and charging systems, while motorized and hydraulic systems necessitate regular maintenance. Soft exoskeletons, which employ flexible materials and connected sensor technology, offer an alternative to their more rigid counterparts. These devices can assist while allowing for natural human movements, making them suitable for various applications, including sports and rehabilitation.

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What are the Key Data Covered in this Wearable Robots And Exoskeletons Market Research and Growth Report?

• CAGR of the Wearable Robots And Exoskeletons industry during the forecast period
• Detailed information on factors that will drive the Wearable Robots And Exoskeletons market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution to the industry in focus on the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the wearable robots and exoskeletons market growth of industry companies

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