Wearable Robotic Exoskeleton Market

Wearable Robotic Exoskeleton Market

Growth Factors of Wearable Robotic Exoskeleton Market

The wearable robotic exoskeleton market size was valued at USD 0.90 billion in 2022, and the market is now projected to grow from USD 1.24 billion in 2023 to USD 14.67 billion by 2030, exhibiting a CAGR of 42.2% during the forecast period of 2023-2030.

The COVID-19 pandemic as forced people to stay at homes to avoid spreading of virus and led an unanticipated shutdown throughout various locations creates attractive potential for exoskeleton makers owing to the surge in demand for healthcare, and industrial spaces. moreover, the COVID-19 pandemic has raised up profitable business opportunities for suppliers of goods and services who prioritize utilizing partnerships and acquisitions as essential techniques to increase demand for their products across several industries, hence propelling the market's expansion. Additionally, the COVID-19 pandemic has shown the US healthcare sector to be able to respond to emergencies by utilizing telehealth experiences.

Widening of exoskeleton device adoption in the medical sector will fuel wearable robotic exoskeleton market growth during projected period. Growing number of congenital physical illnesses, an increase in accidents, and other factors propelling the market expansion are creating a growing need for exoskeleton devices in the medical and healthcare sectors. In addition, prominent competitors are aggressively reinforcing their market positions by releasing technologically competitive devices in the healthcare industry to sustain themselves in the worldwide market. For instance, GenElex Technologies declared in January 2020 that it would concentrate on producing external surgical instruments for patients suffering from spinal cord injuries, strokes, and paralysis. The company's exoskeleton technology would improve limbic functions in humans much further. The market is expanding as a result of these causes.

Smart Technology Integration in Robots will promote market growth during projected period. Exoskeleton devices are used in many different industries around the world, including the medical, healthcare, engineering, logistics, and industrial sectors. Manufacturers of these items also incorporate technical innovations such as digital assistants in robots, Internet of Things, artificial intelligence, virtual guiding, and interactive learning. For instance, in January 2021, suitX introduced a new device titled ShieldX. Its purpose is to support medical users and the healthcare industry. It supports the shoulders and spine and lessens the weight of heavy anti-radiation clothing. It seeks to reduce back and neck problems carrying a high weight.

Comprehensive Analysis of Wearable Robotic Exoskeleton Market

The wearable robotic exoskeleton market and machinery and equipment industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by technology types, by application, by body part, by actuation technology and by end users. The technology types segmentations include, Powered and Passive, By Application segmentations include Rehabilitation, Body Parts Support, Assistive, and Sports, By Body Part segmentations include Lower Body, Upper Body, and Full Body, By Actuation Technology segmentations include Hydraulic, Fully Mechanical, Electric, and others. However, the end users segmentations include Healthcare, Defense & Aerospace, Manufacturing, and Commercial.

The North America region lead the wearable robotic exoskeleton market by benefitting a market size of USD 0.35 billion in 2023 due to It is expected that significant investments in wearable robotics by local firms would open up more possibilities for the creation of sophisticated exoskeletons with a range of features and options based on market trends.

The top players in the market play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, 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) these market players provide a level-playing competitive landscape.

In July 2021, Cyberdyne Inc. and the US-based J-Workout Corporation signed a partnership. The goal of the collaboration was to enhance the new services that would be provided for gadgets.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 42.2% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, and By Region

By Technology Type Powered

Passive

By Application Rehabilitation

Assistive

Body Parts Support

Sports

By Body Part Lower Body

Upper Body

Full Body

By Actuation Technology Electric

Hydraulic

Fully Mechanical

Others (Pneumatic,etc.)

By End User Healthcare

Manufacturing

Defense & Aerospace

Commercial

By Region North America (By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, By Country)

U.S. (By End User)

Canada (By End User)

Mexico (By End User)

Europe (By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, By Country)

Germany (By End User)

U.K. (By End User)

France (By End User)

Italy (By End User)

Rest of Europe

Asia Pacific (By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, By Country)

China (By End User)

Japan (By End User)

South Korea (By End User)

India (By End User)

Rest of Asia Pacific

South America (By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, By Country)

Brazil (By End User)

Argentina (By End User)

Rest of South America

Middle East & Africa (By Technology Type, By Application, By Body Part, By Actuation Technology, By End User, By Country)

GCC (By End User)

South Africa (By End User)

Rest of Middle East & Africa