Wearable Robotic Exoskeleton Market projected to reach USD 16.01 Billion by 2030, growing at a CAGR of 43.3% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study.

The Global Wearable Robotic Exoskeleton Market was valued USD 1.29 Billion in 2023 and projected to reach USD 16.01 Billion by 2030, growing at a CAGR of 43.3% during the forecast period of 2023-2030.

Richmond, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to a research report Wearable Robotic Exoskeleton Market, By Technology Type (Powered, Passive), Application (Rehabilitation, Assistive, Body Parts Support, Sports), Body Part (Lower Body, Upper Body, Full Body), Actuation Technology (Electric, Hydraulic, Fully Mechanical, Others), End User (Healthcare, Manufacturing, Defense & Aerospace, Commercial), and Region.

Global Wearable Robotic Exoskeleton Market Report Scope:

Report Details
Market size value in 2023 USD 1.29 Billion
Market size value in 2030 USD 16.01 Billion
CAGR (2023-2030) 43.3%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Technology Type, Body Part, Application, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
  Bionic Yantra
  Bionik Laboratories Corp.
Sample of Companies Covered B-Temia
  CYBERDYNE INC.
  DIH Medical

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TOC Covers in Depth & Breath on Wearable Robotic Exoskeleton Market
175 – Market Data Tables
70 – List of Figures
230 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

Wearable robotic exoskeletons, designed to enhance mobility, come in both passive and motorized forms, utilizing compressed gas bags to store energy. These versatile devices find application in a variety of industries, including healthcare, logistics, construction, military, and manufacturing, offering assistance for personal mobility needs. The continuous innovation in the field of wearable robotic exoskeletons has enabled seamless integration with the human body, potentially revolutionizing the way we live and work. This technology has the capacity to significantly impact the economy and create new job opportunities as it becomes an integral part of daily work routines, promising a transformative shift in how we approach life and labor.

Major vendors in the global Wearable Robotic Exoskeleton Market – Bionic Yantra, Bionik Laboratories Corp., B-Temia, CYBERDYNE INC., DIH Medical, Ekso Bionics, ExoAtlet (Luxembourg), Fourier Intelligence, Hocoma, Lockheed Martin Corporation, Medi-Touch, Ottobock, ReWalk Robotics, Rex Bionics Pty Ltd., ROAM Robotics, Sarcos Corp., Seismic, Trexo Robotics, Wearable Robotics Srl and Others.

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The Rising Acceptance and Utilization Of These Devices Within The Medical Sector.

The growing acceptance and utilization of wearable robotic exoskeleton devices within the medical sector serve as a significant driver for the Wearable Robotic Exoskeleton Market. These devices are increasingly recognized for their efficacy in enhancing mobility, rehabilitation, and patient care. They offer individuals with mobility impairments a path to regain independence and improve their quality of life, while also reducing the physical strain on healthcare professionals by aiding in patient handling and transfer. a novel robotic exoskeleton, characterized by its lightweight and flexible design, is being employed for the rehabilitation of both children and adults. The demand for these products is driven by the significant health challenges faced by the American population, with more than 6.5 million individuals having experienced strokes and an additional 0.80 million cases occurring annually, while approximately 60% of the population has encountered lower extremity diseases. Simultaneously, leading industry players are actively fortifying their market positions by introducing technologically advanced devices within the healthcare sector to ensure their competitiveness on a global scale.

Market Dynamics

Drivers:

  • Growing awareness of the benefits of exoskeletons in the workplace
  • Rising Awareness of Occupational Safety and Injury Prevention
  • Increasingly Adopted For Rehabilitation And Orthopaedic Purposes

Opportunities:

  • Technological advancements in exoskeleton design
  • AI advancements and the integration of deep learning capabilities into robotic exoskeletons

The Incorporation Of Intelligent Technologies Into Robotic Systems

The incorporation of intelligent technologies into robotic systems represents a notable trend in the Wearable Robotic Exoskeleton Market. This trend signifies a shift towards more advanced and sophisticated exoskeleton designs, featuring elements like sensors, AI-driven control systems, and data analytics capabilities. These technologies enable real-time monitoring and adjustment of the exoskeleton’s performance, enhancing its adaptability to the user’s needs and optimizing its overall efficiency. As a result, the integration of smart technologies not only improves the user experience but also offers potential benefits in terms of user safety, productivity, and personalized rehabilitation, positioning it as a significant driving force for the evolving exoskeleton market.

The market Wearable Robotic Exoskeleton Market is dominated by North America.

The North American region dominated the Wearable Robotic Exoskeleton Market with the highest market share. Increased investments in the robotics sector are set to expedite market growth, with the United States poised to maintain a dominant market share. The U.S.’s influential position can be attributed to substantial investments made by both public and private entities within the robotics industry. Furthermore, a focus on research and development activities aimed at creating more efficient products, coupled with the growing adoption of technology for applications across industrial, healthcare, and military & defense sectors, is bolstering the global market share.

Asia-Pacific (APAC) region is expected to witness the highest growth rate. In April 2021, a team of researchers based in South Korea, working at the Korea Institute of Machinery and Materials, introduced a wearable robotic technology in the form of a suit-like wearable device. This innovative technology is designed to assist with a wide range of physical tasks, including tasks in delivery and construction. It offers flexibility by being attachable to various body areas such as the arm and thigh, providing muscular support and assistance.

In April 2021, Ekso Bionics, a prominent player in the exoskeleton market and with an established presence in Hong Kong, unveiled a strategic collaboration with Royal Rehab in Australia. This partnership marks a significant step in extending the reach of Ekso Bionics’ robotic exoskeleton technology throughout the Asia-Pacific region.

Healthcare Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

The applications of exoskeletons within the medical sector are on the rise, spanning from physiotherapy to emergency services. For instance, GenElek Technologies, a startup based in Delhi, offers a robotic support system designed to assist individuals dealing with conditions such as stroke, paralysis, spinal cord injuries (SCI), or other neurological disorders. This exoskeleton plays a pivotal role in enabling disabled individuals to regain their ability to walk, fostering self-reliance and independence. These notable innovations are anticipated to be instrumental in propelling advancements in the healthcare market.

According to the Rehabilitation Council of India, there are over 15,000 individuals in India who annually experience a loss of their mobility, often attributable to spinal injuries or strokes. This figure translates to approximately 15 new cases per million people every year, indicating a substantial demand for local companies to develop and offer externally worn robotic exoskeleton support systems that can enhance human limb capabilities.

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