Wearable Robotic Exoskeleton Market Forecasts to 2028 – Global Analysis By Type (Passive Exoskeletons and Powered Exoskeletons), End User (Industrial, Military and Defense, Healthcare and Other End Users), and Geography

Wearable Robotic Exoskeleton Market Forecasts to 2028 – Global Analysis By Type (Passive Exoskeletons and Powered Exoskeletons), End User (Industrial, Military and Defense, Healthcare and Other End Users), and Geography

According to Stratistics MRC, the Global Wearable Robotic Exoskeleton Market is accounted for $758.7 billion in 2022 and is expected to reach $6,064.1 billion by 2028 growing at a CAGR of 41.4% during the forecast period. Robotic exoskeletons are wearable electromechanical robots controlled by computers that drive motor, hydraulic, and pneumatic systems. It comprises gathering data to perform a motor function by using actuators, algorithms, sensors, and mechanical structures. Professional services robots with robotic exoskeletons are designed to increase adaptability and safety. Exoskeletons and wearable robots facilitate personal mobility. They make it easier for paralysed and stroke victims to stand up and regain lost abilities. Exoskeletons have a number of benefits for the industrial sector, such as a decrease in work-related accidents and fatigue as well as improved productivity and work quality.

According to the American Heart Association, more than 6.5 million Americans have had a stroke, with 795,000 additional cases projected each year, and 60 percent of these people expected to have lower-limb disabilities.

Market Dynamics:

Driver:

Integration of smart technologies in robots

Robotic exoskeletons could be employed in a variety of settings, including consumer goods and military use, to support human motions. The development of technology including artificial intelligence (Al), the interactive internet of things (loT), digital assistants, virtual guidance, and interactive robot learning has improved the logistical, medical, and engineering industries. Due to the introduction of techniques, particularly human-in-the-loop optimisation optimised for robots, the robotics sector has seen significant changes. Therefore, these are the factors causing the industry to rise.

Restraint:

Regulatory challenges in securing approvals

Powered lower-limb exoskeletons have come a long way, but users still have trouble navigating uneven or slippery surfaces. Users turning while carrying goods could quickly become exhausted because the prototypes are not yet capable of handling twisting motions. This can lead to undesirable occurrences including skin and tissue damage and bone fractures. In order to prevent the market from expanding, regulatory agencies have set up a particularly stringent clearance process for such devices.

Opportunity:

Increasing adoption of exoskeleton devices

The need for exoskeleton devices in the medical sector is rapidly expanding. This is mostly caused by the rising prevalence of inherited physical infirmities, rise in auto accidents, and other factors. Additionally, the creation of soft-suit, lightweight wearable robotic exoskeleton has demonstrated to be an innovative method to assist children and adults in rehabilitation as well as the elderly in maintaining or regaining their gait. Therefore, the aforementioned reasons are fueling market expansion.

Threat:

High cost of the equipment

Wearable robots and exoskeletons are employed in the military and healthcare industries. Exoskeleton systems have already begun to be used in commercial industries like construction to boost worker productivity and proficiency. However, the expense associated with implementing the solutions on the commercial sector is prohibitive for regular people. The wearable robotic exoskeleton market's progress is constrained by the expensive initial cost required to buy these devices.

Covid-19 Impact

The epidemic has created significant market prospects for companies that focus on resolving genuine clinical challenges in collaboration with healthcare professionals and industry partners and reacting to patients' evolving needs. This telehealth system is intended to enable patients with mobility impairments home-based management and rehabilitation therapies. Patients will receive remote home care with clinician feedback and monitoring. Suppliers understand that the only way to complete the sales process with in-person interaction is to increase revenue. Vendors also struggle to plan training sessions and make timely deliveries to customers owing to travel restrictions and other lockdown measures.

The powered exoskeletons segment is expected to be the largest during the forecast period

The powered exoskeletons segment is estimated to have a lucrative growth, due to its design offers back support, senses the user's motion, and sends the signal to motors that manage the gears. A powered exoskeleton is a wearable mobile device that is propelled by electric motors, levers, hydraulics, pneumatics, or a combination of these technologies that allows for stronger and more durable limb movement.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. Exoskeleton products have become widely available in the healthcare industry, and they are used for rehabilitation training and to assist those who are partially or completely paralysed. Exoskeletons in this industry have a wide consumer base, which has led to increased investments in the research and development of new products, paving the way for the healthcare segment to dominate.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased adoption of robots across the region. Due of their extensive electronic and automotive manufacturing sectors, South Korea and China are the two most important markets for robotics, including wearable robots. One of the things that is anticipated to ensure that the region grows quicker over the projection period is the rising number of individuals who have disabilities, greater investment on research and development, and the thriving healthcare industry.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to increased use of automated material handling. Some of the most mechanised industries are found in this area. The end-user sectors in the region are also leaders in the adoption of cutting-edge technologies. Exoskeleton robots for troops are also being developed by local militaries. The growth of the wearable robots market on a global scale is significantly influenced by a variety of end-user businesses.

Key players in the market

Some of the key players profiled in the Wearable Robotic Exoskeleton Market include Ekso Bionics Holdings Inc., Cyberdyne Inc, Technaid S, Lockheed Martin Corporation, Sarcos Corporation, Honda Motor Co. Ltd, Hocoma AG, ReWalk Robotics Inc., Atoun Inc., Parker Hannifin Corporation, Bionik Laboratories Corporation, Rex Bionics PLC, Bioservo Technologies AB, P & S Mechanics Co.Ltd. and Skelex.

Key Developments:

In July 2021, Cyberdyne Inc. has formed a commercial collaboration with J-Workout Inc. to deliver the new service from August 2021. By triggering the activation loop of the brain's nervous system via Wearable Cyborg HAL, the Group delivers Neuro HALFIT as a service to support the functional improvement of patients with decreased motor functions.

In March 2021, Ekso Bionics has established a collaboration with the American Physiatry Society to educate doctors about the clinical benefits of the EksoNR exoskeleton. This agreement will help other physicians & therapists to become more aware of Ekso Bionics technology & a proper integration of robots into rehabilitation programs.

Types Covered:
• Passive Exoskeletons
• Powered Exoskeletons

End Users Covered:
• Industrial
• Military and Defense
• Healthcare
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements