Wearable Robots Market Forecasts to 2030 – Global Analysis By Type (Powered Exoskeletons and Passive Exoskeletons), Component (Hardware and Software), Body Part, Mobility, Structure, Technology, End User and By Geography

Wearable Robots Market Forecasts to 2030 – Global Analysis By Type (Powered Exoskeletons and Passive Exoskeletons), Component (Hardware and Software), Body Part, Mobility, Structure, Technology, End User and By Geography

According to Stratistics MRC, the Global Wearable Robots Market is accounted for $2.33 billion in 2024 and is expected to reach $11.29 billion by 2030 growing at a CAGR of 30.1% during the forecast period. Wearable robots, sometimes referred to as exoskeletons, are made to supplement the human body's capabilities by offering mechanical support to improve mobility, boost physical performance, or aid in recovery. These robots have a significant impact in industries such as healthcare, where they assist people with mobility impairments in regaining their mobility, and in industrial settings, where they can lessen worker injury risk and physical strain.

According to the National Institutes of Health (NIH), wearable robots, also known as exoskeletons, are increasingly being used in rehabilitation to help patients with spinal cord injuries and stroke regain mobility and improve their quality of life. The NIH reports that these devices can improve walking speed by up to 40% in patients with mobility impairments.

Market Dynamics:

Driver:

Growing need for applications in healthcare and rehabilitation

An aging population, a rise in chronic illnesses, and a decline in mobility are the main factors driving the healthcare industry's increasing need for wearable robots. Exoskeletons and other wearable robots are being used in rehabilitation to help people recover from spinal cord injuries, strokes, and other mobility-related conditions. These devices speed up the rehabilitation process by providing support for movement, leg strength, and walking, which improves recovery. Additionally, wearable robots are being utilized more and more in elder care to help elderly patients sit, stand, or walk.

Restraint:

Limited power source and battery life

One recurring issue with wearable robots is battery life, especially for those intended for continuous use. Even with advancements in technology, many wearable robots still have limitations in terms of how long they can run between charges. Powered exoskeletons, which need a lot of energy to power motors and facilitate movement, are particularly affected by this. Because of their high power consumption, these devices are less useful, especially in military and industrial settings where extended use is frequently necessary. Furthermore, although research into lighter, longer-lasting batteries is still in progress, this restriction will keep the market from expanding until more effective and portable energy solutions are discovered.

Opportunity:

Increases in elderly care and healthcare

The healthcare industry, especially in the areas of rehabilitation and elder care, offers wearable robots some of the most exciting prospects. With the aging of the world's population and the rise in mobility impairments, wearable robots, particularly exoskeletons, can provide creative solutions. Elderly people and those recuperating from surgeries or strokes can benefit from these robots increased mobility, which will enable them to carry out daily duties and regain their independence. Moreover, exoskeletons, for instance, have been demonstrated to speed up recovery and enhance results for stroke survivors and patients with spinal cord injuries during rehabilitation.

Threat:

Quick obsolescence of technology

The market for wearable robots is seriously threatened by the rapid developments in robotics and artificial intelligence. To remain competitive, businesses must constantly invest in research and development, but doing so entails significant risks and expenses. Within a few years, products that are introduced today may become obsolete, which would decrease their market appeal and result in losses. Additionally, it can be especially difficult for startups and smaller businesses to keep up with this rate of innovation, which puts them at a competitive disadvantage when compared to well-funded rivals.

Covid-19 Impact:

The COVID-19 pandemic had a big impact on the market for wearable robots, posing both opportunities and challenges. Wearable robot production and delivery were hampered, on the one hand, by manufacturing delays brought on by lockdowns and a lack of workers, as well as disruptions in global supply chains. Slowdowns also occurred in the manufacturing and construction sectors, which were early adopters of industrial exoskeletons, temporarily reducing demand. However, the pandemic spurred innovation and uptake in the healthcare industry, as wearable robots proved to be useful resources for patient rehabilitation and care giving in understaffed medical centers.

The Powered Exoskeletons segment is expected to be the largest during the forecast period

Due to its sophisticated functionality and extensive use in a variety of industries, the Powered Exoskeletons segment is anticipated to hold the largest share of the wearable robot market. With their actuators, sensors, and energy sources, powered exoskeletons give users a noticeable increase in strength and stamina, which makes them ideal for use in military, medical, and industrial settings. Patients with neurological disorders or spinal cord injuries can regain mobility with the use of these devices, which are widely used in rehabilitation therapy. Furthermore, powered exoskeletons are preferred in industrial settings for lowering worker fatigue and avoiding musculoskeletal injuries during repetitive tasks and heavy lifting.

The Healthcare and Rehabiliation Centers segment is expected to have the highest CAGR during the forecast period

In the market for wearable robots, the Healthcare and Rehabilitation Centers segment is anticipated to grow at the highest CAGR. The growing incidences of musculoskeletal and neurological conditions as well as the aging of the world’s population are the main causes of this growth. In rehabilitation treatments, powered exoskeletons are being used more and more to help patients recover from surgeries, strokes, and spinal cord injuries and regain their mobility and independence. Moreover, the sector's explosive growth is also being fueled by rising investments made by healthcare organizations in cutting-edge rehabilitation equipment and encouraging government programs to improve patient care.

Region with largest share:

Due to its highly developed technological environment and substantial investments in robotics research and development, the Europe region is anticipated to hold the largest share of the wearable robots market. Industry reports state that Europe is known for having a large number of prominent and forward-thinking firms in the wearable robotics space. These firms are deeply engaged in the development of exoskeleton technologies for a range of uses, such as industrial and medical settings. The adoption of wearable robots has been further accelerated by the region's dedication to improving workplace safety and productivity through automation.

Region with highest CAGR:

In the wearable robots market, the Asia-Pacific region is anticipated to have the highest CAGR. The significant investments made in the development of exoskeleton technology by nations such as China, India, and Indonesia, particularly in the industrial and healthcare sectors, are responsible for this growth. Growing rates of mobility-related disorders in the area are fueling demand for wearable robots that help people regain their ability to move. Moreover, improvements in manufacturing processes and specific material properties are helping wearable robots move from initial development to commercialization.

Key players in the market

Some of the key players in Wearable Robots market include Honda Motor Co. Ltd., Atoun Inc, Lockheed Martin Corporation, Ekso Bionics Holdings Inc, Medtronic plc, Cyberdyne Inc, Parker Hannifin Corporation, Hocoma AG, Bionik Laboratories Corp, Myomo Inc, Sarcos Corporation , ExoAtlet, ReWalk Robotics Inc., Technaid. S.L and Bioservo Technologies AB.

Key Developments:

In September 2024, Lockheed Martin and Tata Advanced Systems Limited have entered into a teaming agreement to expand upon the companies' business relationship through the C-130J Super Hercules tactical airlifter. This announcement marks a significant step in enhancing India's defence and aerospace capabilities while also deepening India-U.S. strategic ties.

In August 2024, Honda Motor Co., Ltd. and Yamaha Motor Co., Ltd. announced that they have reached an agreement for Honda to supply Yamaha with electric motorcycle models for the Japanese market, based on the Honda “EM1 e:” and “BENLY e: I” Class-1 category* models, as an OEM. The two companies will proceed with further discussion toward the signing of a formal agreement.

In December 2023, Medtronic plc announces that it has entered into a definitive agreement to expand its partnership with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals. This AI-driven partnership will further capitalize on the achievements already realized with the GI Genius™ intelligent endoscopy module, offering continued innovation and scalable healthcare advancements for patients and caregivers globally.

Types Covered:
• Powered Exoskeletons
• Passive Exoskeletons

Components Covered:
• Hardware
• Software

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

Mobility Covered:
• Mobile
• Stationary

Structures Covered:
• Rigid Exoskeleton
• Soft Exoskeleton

Technologies Covered:
• Robotics
• Sensors
• Artificial intelligence
• Haptics

End Users Covered:
• Healthcare and Rehabiliation Centers
• Military and Defense
• Industrial
• Sports and Athletics
• 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 advancementsBenchmarking of key players based on product portfolio, geographical presence, and strategic alliances