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The Wearable Robots and Exoskeletons Market size is forecast to increase by USD 10.82 billion and is estimated to grow at a CAGR of 46.02% between 2023 and 2028. The market is experiencing significant growth due to several key factors. Firstly, the technological advancements in this field are driving innovation, enabling the development of more sophisticated and effective devices. Secondly, the increasing incidence of spinal cord injuries (SCI) presents a substantial market opportunity, as these devices offer potential solutions for those affected. Lastly, mergers and acquisitions (MA) among industry players are shaping the market landscape, with companies seeking to expand their offerings and enhance their competitive position. These factors collectively contribute to the robust growth of the market.
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Wearable robotic exoskeletons are innovative devices designed to enhance human mobility and assist in various industries and personal applications. These devices consist of a structure worn on the body, often with compressed gas bags or motorized components, which can aid in personal mobility, especially for individuals with mobility impairments due to paralysis, stroke, or severe injuries. It can be passive or motorized, with the latter being battery-powered and capable of upright walking. The global market is expanding in sectors like healthcare, logistics, construction, military, and industrial applications. In healthcare, exoskeletons offer rehabilitation benefits for patients undergoing the rehabilitation process. In industries, they enhance worker productivity and safety. Upright walking exoskeletons can help paralyzed patients regain their mobility, while stroke patients can benefit from robotic rehabilitation and robotics-assisted therapy. The market is driven by the first-mover advantage, human body structure adaptation, and virtual guidance technology. Physical and psychological dimensions are crucial considerations in designing these devices, ensuring they are ergonomic and user-friendly. Exoskeleton technology is revolutionizing industries and personal mobility, offering a promising future in various applications.
The advanced technology in wearable robots and exoskeletons is driving growth. The development of new and better exoskeletons on the market has benefited from advances in materials technologies, control systems and sensors, software applications as well as electrotechnical and electronics engineering, as highlighted in market analysis and report. The availability of ultra-low-power exoskeleton technology has led to the development of robotic suits that enable anthropomorphic movements, aligning with market growth and trends, as well as market forecasting.
Moreover, to match the human power output, exoskeletons are equipped with a lithium-ion battery, which aids mechanical assistance. The processing capacity of these components is so great that they allow the machine and humans to communicate easily by means of a portable control system. Such advances in technology have led to the development of exoskeletons, which in turn is anticipated to drive growth during the forecast period, reflecting market growth and forecasting during the forecast period.
The rise in the use of wearable robots and exoskeletons for military and industrial applications is a primary trend, as observed in market trends and analysis. Rehabilitation Wearable robotic therapy devices and exoskeletons are of significant importance. However, there has been a rise in the demand for commercial exoskeletons, that are used for military and industrial applications.
Moreover, Daewoo Shipbuilding and Marine Engineering have also started to use exoskeletons in the shipbuilding industry over the past six years, aligning with market growth analysis. Workers are starting to wear exoskeletons with the purpose of lifting objects, as well as carrying out additional functions. Such developments are expected to increase the demand for wearable robots and exoskeletons in industrial and military applications, reflecting market research and growth, which in turn is anticipated to drive the growth during the forecast period.
The high cost of the product is a major challenge faced by the market. Investments made in extensive research and the use of advanced technology to manufacture exoskeletons increase the cost of production of exoskeletons. The result is that the product, in particular for those who live in emerging countries, is not affordable.
However, since the technology is new and there are very few companies in the market, the competition is moderate, and this makes the bargaining power of the buyers also moderate. Potential customers, especially those in developing countries, are looking for substitutes for wearable robots and exoskeletons which leads to their loss of clients. Thereby hampering the growth of the market in focus during the forecast period.
The powered segment will account for a major share of the growth during the forecast period. The powered exoskeleton is a wheeled device that you use in all or part of your body to provide ergonomic structural support, which uses the system of electrical motors, pneumatic pumps, hydraulics, and some combination of cybernetic technologies allowing for adequate limb movement as well as increased strength and endurance.
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The powered segment was valued at USD 434.90 million in 2018 and continued to grow until 2022. The exoskeleton also provides protection for the user's shoulder, hip, back, and thigh from overload with help to stabilize a user's movements when handling or carrying heavy objects. The powered segment by type is expected to be the largest revenue contributor in the global market in 2022 and will maintain its dominance during the forecast period. As the need for personal safety and productivity grows, so will the demand in the segment during the forecast period.
Based on application, the has been segmented into healthcare, military and defense, industrial, and other end-user industries. The healthcare segment will account for the largest share of this segment. The healthcare segment by application dominated the global wearable robots and exoskeletons in 2022. During the forecast period, this will continue to have a dominant position. The rapid growth of the elderly population contributes to a rising incidence of diseases around the world. This increases the costs of health care. The advances in computing power, wireless technology, and miniaturization are leading to the development of innovative wearable robots and exoskeletons. These factors are contributing to the continuous growth of the market in focus. Wearable robots and exoskeletons are devices that can be worn in homecare settings to support powered knee or hip motion. Such developments are expected to drive the growth of the healthcare segment of the global wearable robots. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 46% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The US was a significant contributor in terms of revenue in the regional market in 2022. This was attributed to factors such as the large number of people suffering from spinal cord injuries, traumatic brain injuries, stroke, multiple sclerosis, Parkinson's disease, and cerebral palsy and the rise in the number of rehabilitation centers in the country. In Canada, Health Canada has approved the use of exoskeletons by RewalkRobotics to be used for rehabilitation. More training centers for prospective buyers, in order to give them a good understanding of how these machines work, are the key aim of leading international suppliers of exoskeleton robots in Canada. Such factors will increase the industry growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bionik Laboratories Corp. - The company offers wearable robots and exoskeletons through InMotion Robots.
DIH Group - The company offers wearable robots and exoskeletons namely HAL-FL Series Cyborg.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 key companies, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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Wearable robotic exoskeletons are innovative devices designed to enhance human mobility and capabilities. These advanced systems consist of external frames that support and augment the human body structure, offering assistance in various industries and personal use cases. Exoskeletons can be categorized as passive or motorized, with motorized versions utilizing compressed gas bags for power. Motorized exoskeletons find applications in personal mobility, healthcare, logistics, construction, military, defense, and manufacturing. They provide significant benefits, such as reducing physical strain, increasing productivity, and facilitating rehabilitation for medical users. Exoskeleton technology continues to evolve, integrating Virtual guidance, Internet of Things, and Artificial intelligence to improve performance and user experience.
Moreover, interactive learning and digital assistants are also being incorporated to enhance functionality and adaptability. Motorized exoskeletons can be battery-powered, attachable, or detachable, and are available for different body parts like the spine, shoulders, and lower extremities. They cater to various user needs, including those with congenital physical diseases, accidents, Wheelchairs, Physical dimensions, spinal cord injury, multiple sclerosis, stroke, and paralysis. Insurance companies are increasingly recognizing the potential of robotic exoskeletons in reducing workplace injuries and improving overall safety. As the technology advances, we can expect to see further innovations in weight reduction, anti-radiation protection, and high torque-efficiency. In summary, wearable robotic exoskeletons represent a promising and rapidly growing market, offering significant benefits in various industries and personal use cases. Their ability to augment human capabilities and improve safety, productivity, and rehabilitation makes them an essential technology for the future.
Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 46.02% |
Market growth 2024-2028 |
USD 10.82 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
32.79 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, Germany, China, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, and Wearable Robotics Srl |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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