Wearable Robotic Exoskeleton Market
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
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $758.7 MN |
|
Projected Year Value (2028) |
US $6,064.1 MN |
|
CAGR (2022 - 2028) |
41.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Wearable Robotic Exoskeleton Market is accounted for $758.7 million in 2022 and is expected to reach $6,064.1 million 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Wearable Robotic Exoskeleton Market, By Type
5.1 Introduction
5.2 Passive Exoskeletons
5.3 Powered Exoskeletons
6 Global Wearable Robotic Exoskeleton Market, By End User
6.1 Introduction
6.2 Industrial
6.3 Military and Defense
6.4 Healthcare
6.5 Other End Users
7 Global Wearable Robotic Exoskeleton Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Ekso Bionics Holdings Inc.
9.2 Cyberdyne Inc
9.3 Technaid S
9.4 Lockheed Martin Corporation
9.5 Sarcos Corporation
9.6 Honda Motor Co. Ltd
9.7 Hocoma AG
9.8 ReWalk Robotics Inc.
9.9 Atoun Inc.
9.10 Parker Hannifin Corporation
9.11 Bionik Laboratories Corporation
9.12 Rex Bionics PLC
9.13 Bioservo Technologies AB
9.14 P & S Mechanics Co.Ltd.
9.15 Skelex
List of Tables
1 Global Wearable Robotic Exoskeleton Market Outlook, By Region (2020-2028) ($MN)
2 Global Wearable Robotic Exoskeleton Market Outlook, By Type (2020-2028) ($MN)
3 Global Wearable Robotic Exoskeleton Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)
4 Global Wearable Robotic Exoskeleton Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)
5 Global Wearable Robotic Exoskeleton Market Outlook, By End User (2020-2028) ($MN)
6 Global Wearable Robotic Exoskeleton Market Outlook, By Industrial (2020-2028) ($MN)
7 Global Wearable Robotic Exoskeleton Market Outlook, By Military and Defense (2020-2028) ($MN)
8 Global Wearable Robotic Exoskeleton Market Outlook, By Healthcare (2020-2028) ($MN)
9 Global Wearable Robotic Exoskeleton Market Outlook, By Other End Users (2020-2028) ($MN)
10 North America Wearable Robotic Exoskeleton Market Outlook, By Country (2020-2028) ($MN)
11 North America Wearable Robotic Exoskeleton Market Outlook, By Type (2020-2028) ($MN)
12 North America Wearable Robotic Exoskeleton Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)
13 North America Wearable Robotic Exoskeleton Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)
14 North America Wearable Robotic Exoskeleton Market Outlook, By End User (2020-2028) ($MN)
15 North America Wearable Robotic Exoskeleton Market Outlook, By Industrial (2020-2028) ($MN)
16 North America Wearable Robotic Exoskeleton Market Outlook, By Military and Defense (2020-2028) ($MN)
17 North America Wearable Robotic Exoskeleton Market Outlook, By Healthcare (2020-2028) ($MN)
18 North America Wearable Robotic Exoskeleton Market Outlook, By Other End Users (2020-2028) ($MN)
19 Europe Wearable Robotic Exoskeleton Market Outlook, By Country (2020-2028) ($MN)
20 Europe Wearable Robotic Exoskeleton Market Outlook, By Type (2020-2028) ($MN)
21 Europe Wearable Robotic Exoskeleton Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)
22 Europe Wearable Robotic Exoskeleton Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)
23 Europe Wearable Robotic Exoskeleton Market Outlook, By End User (2020-2028) ($MN)
24 Europe Wearable Robotic Exoskeleton Market Outlook, By Industrial (2020-2028) ($MN)
25 Europe Wearable Robotic Exoskeleton Market Outlook, By Military and Defense (2020-2028) ($MN)
26 Europe Wearable Robotic Exoskeleton Market Outlook, By Healthcare (2020-2028) ($MN)
27 Europe Wearable Robotic Exoskeleton Market Outlook, By Other End Users (2020-2028) ($MN)
28 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Country (2020-2028) ($MN)
29 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Type (2020-2028) ($MN)
30 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)
31 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)
32 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By End User (2020-2028) ($MN)
33 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Industrial (2020-2028) ($MN)
34 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Military and Defense (2020-2028) ($MN)
35 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Healthcare (2020-2028) ($MN)
36 Asia Pacific Wearable Robotic Exoskeleton Market Outlook, By Other End Users (2020-2028) ($MN)
37 South America Wearable Robotic Exoskeleton Market Outlook, By Country (2020-2028) ($MN)
38 South America Wearable Robotic Exoskeleton Market Outlook, By Type (2020-2028) ($MN)
39 South America Wearable Robotic Exoskeleton Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)
40 South America Wearable Robotic Exoskeleton Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)
41 South America Wearable Robotic Exoskeleton Market Outlook, By End User (2020-2028) ($MN)
42 South America Wearable Robotic Exoskeleton Market Outlook, By Industrial (2020-2028) ($MN)
43 South America Wearable Robotic Exoskeleton Market Outlook, By Military and Defense (2020-2028) ($MN)
44 South America Wearable Robotic Exoskeleton Market Outlook, By Healthcare (2020-2028) ($MN)
45 South America Wearable Robotic Exoskeleton Market Outlook, By Other End Users (2020-2028) ($MN)
46 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Country (2020-2028) ($MN)
47 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Type (2020-2028) ($MN)
48 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)
49 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)
50 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By End User (2020-2028) ($MN)
51 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Industrial (2020-2028) ($MN)
52 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Military and Defense (2020-2028) ($MN)
53 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Healthcare (2020-2028) ($MN)
54 Middle East & Africa Wearable Robotic Exoskeleton Market Outlook, By Other End Users (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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