Wearable Robots and Exoskeletons Market Forecasts to 2030 – Global Analysis By Type (Passive Exoskeletons, Powered Exoskeletons and Other Types), Body Part (Lower Body, Full Body and Upper Body), Technology, Application, End User and By Geography

Wearable Robots and Exoskeletons Market Forecasts to 2030 – Global Analysis By Type (Passive Exoskeletons, Powered Exoskeletons and Other Types), Body Part (Lower Body, Full Body and Upper Body), Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Wearable Robots And Exoskeletons Market is accounted for $1.79 billion in 2024 and is expected to reach $16.23 billion by 2030 growing at a CAGR of 44.4% during the forecast period. Wearable robots and exoskeletons are mechanical devices designed to enhance human capabilities. They provide physical support and assistance, particularly in tasks requiring strength or endurance. By augmenting the wearer's strength and endurance, these devices find applications in various fields, including healthcare, military, and industry. They can aid in rehabilitation after injury or surgery, enable workers to lift heavy objects with ease, and enhance soldiers' performance on the battlefield.

According to a study by Maxon Motor AG, the company estimated that approximately 185 million people use a wheelchair daily worldwide. According to the Parkinson's Foundation estimates, the number of people in the United States with Parkinson's disease may be around 930,000 in 2020, and it is expected to reach 1,200,000 by 2030.

Market Dynamics:

Driver:

Increasing prevalence of disabilities and an aging population

The increasing prevalence of disabilities and an aging population are significant drivers in the wearable robots and exoskeletons market. As populations age, there's a growing need for solutions that enhance mobility and provide assistance in daily activities. Wearable robots and exoskeletons offer precisely that, aiding individuals with mobility impairments or age-related limitations to maintain independence and improve quality of life. These technologies enable users to perform tasks they might otherwise struggle with, such as walking, lifting, or standing for extended periods of time.

Restraint:

High cost

High cost restraint in the wearable robots and exoskeletons market is the significant financial barrier hindering widespread adoption. The intricate engineering and advanced technology involved in creating these devices contribute to their high production costs. Additionally, limited economies of scale in manufacturing further inflate prices. As a result, accessibility to these transformative technologies is restricted, primarily to well-funded industries or affluent individuals. This cost constraint impedes the potential for mass-market penetration and limits the benefits these devices could offer in various fields, including healthcare, manufacturing, and defense.

Opportunity:

Increase in the need for healthcare and rehabilitation

The rise in demand for healthcare and rehabilitation services has propelled the growth of the wearable robots and exoskeletons market. These innovative technologies offer enhanced mobility and support for individuals with physical impairments or injuries, thereby increasing their independence and quality of life. As the aging population grows and the incidence of chronic conditions rises, there's a heightened need for solutions that can assist in daily activities and rehabilitation processes. Wearable robots and exoskeletons cater to this demand by providing customizable support tailored to each user's specific needs, leading to a surge in their adoption across healthcare facilities and rehabilitation centers globally. This

Threat:

Limited knowledge and instruction

The threat of limited knowledge and instruction in the wearable robots and exoskeletons market refers to the risk posed by inadequate understanding or guidance regarding the proper usage and maintenance of these advanced devices. Users may not fully comprehend their capabilities or limitations, leading to misuse or accidents. Insufficient training and educational resources further exacerbate this risk, potentially resulting in injuries or damage to the equipment. Addressing this threat requires comprehensive user education programs and clear instructions provided by manufacturers.

Covid-19 Impact:

The Wearable robot and exoskeleton Market has been impacted by COVID-19 in a variety of ways. Even though the pandemic has brought attention to the value of these devices in healthcare settings, delays in production and delivery have resulted from the disruption of global supply chains and manufacturing operations. The demand for wearable robots and exoskeletons in industrial and military applications has also decreased as a result of the economic uncertainty brought on by the pandemic. However, it is anticipated that the growing use of telemedicine and remote patient monitoring will fuel demand for wearable robots and exoskeletons in the healthcare industry, creating a sizable opportunity for the market.

The industrial segment is expected to be the largest during the forecast period

The industrial sector will hold the largest market share for wearable robots and exoskeletons during the forecast period as a result of the growing use of these tools in the manufacturing, logistics, and construction sectors. Wearable robots and exoskeletons have been used to increase the productivity and efficiency of industrial operations while lowering worker fatigue and injury risks. Due to the growing demand for automation and robotics in the manufacturing sector, the market is anticipated to continue expanding. As businesses look to increase worker productivity and safety, wearable robots and exoskeletons are also anticipated to become more common in the logistics and construction sectors.

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

The rehabilitation segment is anticipated to witness the fastest CAGR growth during the forecast period. The rehabilitation sector has experienced some of the fastest growth in the market. This is brought on by an increase in both the prevalence of disabilities and the demand for medical equipment that can speed up patients' recoveries from illnesses and injuries. The rehabilitation market is expanding as a result of the availability of wearable robots and exoskeletons that can offer patients with mobility impairments the much-needed assistance they require. In the years to come, this trend is anticipated to persist.

Region with largest share:

During the forecast period, North America is anticipated to account for the largest share of the global market for wearable robots and exoskeletons, due to the rising demand for devices that can enhance patient outcomes and worker safety, the healthcare and industrial sectors have been the main drivers of growth in North America. Moreover, the growth of the market in North America has also been aided by the presence of significant manufacturers and technological advancements in the area.

Region with highest CAGR:

Due to the growing use of these devices in the industrial and healthcare sectors in the region, Asia-Pacific is predicted to have the market for wearable robots and exoskeletons with the highest CAGR. The Asia-Pacific market is anticipated to expand as a result of the region's aging population and high prevalence of disabilities. The availability of inexpensive labor and supportive government initiatives to encourage the adoption of cutting-edge technologies are also anticipated to fuel market expansion in the area.

Key players in the market

Some of the key players in Wearable Robots And Exoskeletons market include ATOUN Inc, Bionik Laboratories Corp., B-Temia Inc., Cyberdyne Inc, Daiya Industry Co., Ltd., Ekso Bionics Holdings, Inc., Focal Meditech BV, Honda Motor Co. Ltd, Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Myomo Inc., P&S Mechanics Co. Ltd., Parker Hannifin Corporation, ReWalk Robotics Ltd., Rex Bionics Pty Ltd., Sarcos Corporation, Technaid S and Wearable Robotics Srl.

Key Developments:

In May 2024, Japanese automaker Honda Motor Co said its subsidiary Honda R&D (India) Pvt Ltd has opened a new Solution R&D center in Bengaluru, Karnataka. Honda R&D (India) is the research and development arm for Honda’s motorcycles and power products in India. The new R&D Center will incorporate advanced mobility technologies into electric vehicle development more quickly. It will also work on software and connected services through ‘co-creating’ open innovation by adopting technologies and ideas of R&D companies.

In March 2024, Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW) is pleased to announce that effective today, the company has changed its name to Palladyne AI Corp. (Palladyne AI). Effective April 8, 2024, the Company’s ticker symbol will change from NASDAQ: STRC to NASDAQ: PDYN. The new name reflects the company's narrowed focus on commercializing the artificial intelligence and machine learning software that it has been developing since 2020.

Types Covered:
• Passive Exoskeletons
• Powered Exoskeletons
• Other Types

Body Parts Covered:
• Lower Body
• Full Body
• Upper Body

Technologies Covered:
• Fully Mechanical
• Electric
• Hydraulic
• Pneumatic
• Other Technologies

Applications Covered:
• Assistive
• Sports
• Rehabilitation
• Body Parts Support
• Other Applications

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

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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 2022, 2023, 2024, 2026, and 2030
- 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