Enjoy complimentary customisation on priority with our Enterprise License!
The Wearable Robots and Exoskeletons Market size is estimated to grow at a CAGR of 33.11% between 2022 and 2027 and the size of the market is forecast to increase by USD 4,718.14 million. The growth of the market depends on several factors, such as the advanced technology in wearable robots and exoskeletons, the increasing incidences of SCI (spinal cord injury), and the adoption of mergers and acquisitions (MA) by companies.
To learn more about this report, Request Free Sample
Key Driver
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.
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.
Get a Customised Report as per your requirements for FREE!
The powered segment was valued at USD 353.58 million in 2017 and continued to grow until 2021. 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 wearable robots and exoskeletons 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.
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.
The market is at the forefront of exoskeleton technology and assistive robotics market, shaping the rehabilitation robotics industry with wearable robotics innovation. From human augmentation devices to medical exoskeletons, these technologies offer transformative mobility assistance solutions and aid in exoskeleton suit development. Industrial exoskeletons enhance worker productivity and safety, while powered exosuits redefine personal robotics devices. With exoskeleton market growth due to the diverse applications spanning human-machine interaction and advanced robotics solutions, robotic wearables drive robotics in healthcare and address various mobility challenges. The exoskeleton applications market experiences exponential growth, driven by wearable technology trends and increasing demand for wearable robotics.
Through comprehensive analysis, the market continues to lead in innovation, improving lives, and transforming industries.
For more insights on the market share of various regions View PDF Sample now!
North America is estimated to contribute 47% to the growth by 2027. 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 wearable robots and exoskeletons 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 wearable robots and exoskeletons market report forecasts industry growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Wearable Robots And Exoskeletons Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 33.11% |
Market growth 2023-2027 |
USD 4,718.14 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
29.25 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 47% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bionik Laboratories Corp., Cyberdyne Inc., DIH Group, 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, Bioservo Technologies AB, and Ekso Bionics Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.