Wearable Robots and Exoskeletons - Global Market Outlook (2021 - 2028)

Wearable Robots and Exoskeletons - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Wearable Robots and Exoskeletons Market is accounted for $663.30 million in 2021 and is expected to reach $7,571.00 million by 2028 growing at a CAGR of 41.6% during the forecast period. Wearable Robots and Exoskeletons are utilized to aid in personal mobility. Wearable robots, exoskeletons units are developing additional functionality fast. They support upright walking and relearning of lost functions for stroke patients and individuals who are paralyzed. Exoskeletons deliver high-quality analysis, thus, providing the base for a growth strategy for clinical facilities.

Market Dynamics:

Driver:

Integration of smart technologies in robots

Exoskeleton robots are becoming more widespread in industries throughout the world as technical capabilities improve. The logistics, medical, and engineering industries have benefited from the advent of technology such as interactive Internet of Things (IoT), artificial intelligence (AI), virtual guidance, interactive learning & digital assistants in robots. Furthermore, the robotics sector has seen substantial changes as a result of the advent of methodologies, particularly human-in-the-loop optimization optimized in robotics. Realtime measurements of human physiological data, such as breathing rate, are used to modify control settings and other functions in these approaches.

Restraint:

Huge investments and non-coverage of wearable robotic devices

Robotic exoskeletons are now widely utilized for a variety of tasks, including lifting large and sophisticated instruments and assisting the movement of elderly persons who are prone to injury. These robots are also seeing increased use in military activities, as they help to increase the endurance of warfighters on the battlefield by adding extra safety measures, which is fueling the market's development. However, the large initial expenditure necessary to obtain these devices is a stumbling block to the market's growth. Installation, integration of intelligent sensors and software solutions, training and rehabilitative charges/fees, after-sales services, and regular maintenance would all add to the total cost of ownership.

Opportunity:

Increasing adoption of exoskeleton devices in the medical industry

Exoskeleton devices in the medical industry are booming quickly due to their increasing demand. This is mostly owing to the increasing prevalence of inborn physical disabilities, the increasing number of vehicular accidents, and other factors. In 2018, around 288,000 people in the U.S. were living with spinal cord injuries, with an annual incidence of approximately 17,700 new cases per year, according to the National Spinal Cord Injury Statistical Center (NSCIAC). Similarly, according to the multiple sclerosis foundation, in 2018, almost 1 million people in the U.S. & around 2.3 million people across the globe suffered from multiple sclerosis.

Threat:

Large initial expenditure

The large initial expenditure necessary to obtain these devices is a stumbling block to the market's growth. Installation, integration of intelligent sensors and software solutions, training and rehabilitative charges/fees, after-sales services, and regular maintenance would all add to the total cost of ownership. Furthermore, the introduction of modern, intuitive technology can occasionally raise interdisciplinary problems, resulting in unfavorable outcomes on a variety of levels. The robot becomes physically sensitive and empathic to the user's motions as a result of this. The patient, on the other hand, must trust and rely on the robot's movements. This can occasionally fail to provide the desired outcomes, resulting in bodily injury to the operator.

The military & defense segment is expected to have the highest CAGR during the forecast period

The military & defense segment is growing at the highest CAGR in the market due to need for increasing the safety and efficiency of the soldiers and necessity of an exoskeleton which are comfortable to wear for many hours and is still highly effective and flexible.

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

The industrial segment is expected to be the largest share in the market. With the rising deployment of robotic exoskeletons, the industrial segment is expected to increase at a high rate. Exoskeletons have been used in a variety of applications to improve worker capabilities. Automobile manufacturers such as BMW, Honda, Ford, and Hyundai; electronics manufacturers such as Samsung, Panasonic, Mitsubishi, and Siemens; and logistics and shipping companies such as Geodis, and AT are all examples of industrial uses of exoskeletons.

Region with highest share:

North America is projected to hold the largest share in the market. This is attributed to the presence of several prominent market players in the U.S. Furthermore, substantial investments in wearable robotics by regional players are anticipated to create more opportunities for the development of advanced exoskeletons, with a variety of options and features based on the prevalent market trends.

Region with highest CAGR:

The Asia Pacific is projected to have the highest CAGR in the market. This is on account of the rising awareness and advantageous use of wearable robotics in manufacturing and construction activities. The rise in the production of exoskeletons for the defense sector is expected to be a major factor driving the market, with China, Japan, and South Korea estimated to be the major revenue-generating economies.

Key players in the market:

Some of the key players profiled in the Wearable Robots and Exoskeletons Market include ATOUN Inc, B-Temia Inc, Cyberdyne Inc., Daiya Industry Co., Ltd, Ekso Bionics Holdings Inc., Focal Meditech BV, Hocoma AG (DIH International Ltd.), Honda Motor Co. Ltd., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Parker Hannifin Corporation, ReWalk Robotics Inc., Sarcos Corporation, Skelex, and Technaid S.L.

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 announced a partnership with the US Physiatry to educate physicians on the clinical benefits of an EksoNR exoskeleton. The partnership will help raise awareness of Ekso Bionics technology among physicians and other rehabilitation therapists and teach them how to integrate robotics into rehabilitation programs successfully.

In March 2021: DIH International Limited, the parent company of Hocomo, partnered with Reha technology to distribute the rehabilitation robotics products developed in Switzerland, Germany, and the United States. The products are end-effector-based gait therapy devices for lower extremities rehabilitation.

Limb Types Covered:
Full Body
Upper Limb
Lower Limb

Material Types Covered:
Soft Exoskeleton
Hard Exoskeleton

Sales Channels Covered:
Subscription
Direct Purchase
Resell and Upgrade

Operations Covered:
Active Exoskeletons
Powered Exoskeletons
Passive Exoskeletons

Types Covered:
Fixed Exoskeleton
Mobile Exoskeleton

Components Covered:
Hardware
Software

Applications Covered:
Assistive
Body Parts Support
Rehabilitation
Sports

End Users Covered:
Commercial
Healthcare
Industrial
Military & Defense

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 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

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances