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Wearable Robots And Exoskeletons Market

Wearable Robots And Exoskeletons Market Forecasts to 2028 – Global Analysis By Limb Type (Full Body, Upper Limb), Application (Body Parts Support, Rehabilitation), End User (Healthcare, Industrial) and By Geography

4.9 (85 reviews)
Published: April 2022 ID: SMRC19416
4.9 (85 reviews)
Published: April 2022 ID: SMRC19416

This report covers the impact of COVID-19 on this global market

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
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

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 Application Analysis      
 3.7 End User Analysis      
 3.8 Emerging Markets      
 3.9 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 Robots and Exoskeletons Market, By Limb Type       
 5.1 Introduction      
 5.2 Full Body      
 5.3 Upper Limb        
 5.4 Lower Limb        
        
6 Global Wearable Robots and Exoskeletons Market, By Material Type       
 6.1 Introduction      
 6.2 Soft Exoskeleton        
 6.3 Hard Exoskeleton      
        
7 Global Wearable Robots and Exoskeletons Market, By Sales Channel       
 7.1 Introduction      
 7.2 Subscription      
 7.3 Direct Purchase      
 7.4 Resell and Upgrade      
        
8 Global Wearable Robots and Exoskeletons Market, By Operation       
 8.1 Introduction      
 8.2 Active Exoskeletons       
 8.3 Powered Exoskeletons       
 8.4 Passive Exoskeletons        
        
9 Global Wearable Robots and Exoskeletons Market, By Type       
 9.1 Introduction      
 9.2 Fixed Exoskeleton      
 9.3 Mobile Exoskeleton      
        
10 Global Wearable Robots and Exoskeletons Market, By Component       
 10.1 Introduction      
 10.2 Hardware      
 10.3 Software      
        
11 Global Wearable Robots and Exoskeletons Market, By Application       
 11.1 Introduction      
 11.2 Assistive      
 11.3 Body Parts Support        
 11.4 Rehabilitation         
 11.5 Sports         
        
12 Global Wearable Robots and Exoskeletons Market, By End User       
 12.1 Introduction      
 12.2 Commercial      
 12.3 Healthcare        
 12.4 Industrial         
 12.5 Military & Defense        
        
13 Global Wearable Robots and Exoskeletons Market, By Geography       
 13.1 Introduction      
 13.2 North America      
  13.2.1 US     
  13.2.2 Canada     
  13.2.3 Mexico     
 13.3 Europe      
  13.3.1 Germany     
  13.3.2 UK     
  13.3.3 Italy     
  13.3.4 France     
  13.3.5 Spain     
  13.3.6 Rest of Europe     
 13.4 Asia Pacific      
  13.4.1 Japan     
  13.4.2 China     
  13.4.3 India     
  13.4.4 Australia     
  13.4.5 New Zealand     
  13.4.6 South Korea     
  13.4.7 Rest of Asia Pacific     
 13.5 South America      
  13.5.1 Argentina     
  13.5.2 Brazil     
  13.5.3 Chile     
  13.5.4 Rest of South America     
 13.6 Middle East & Africa      
  13.6.1 Saudi Arabia     
  13.6.2 UAE     
  13.6.3 Qatar     
  13.6.4 South Africa     
  13.6.5 Rest of Middle East & Africa     
        
14 Key Developments       
 14.1 Agreements, Partnerships, Collaborations and Joint Ventures      
 14.2 Acquisitions & Mergers      
 14.3 New Product Launch       
 14.4 Expansions      
 14.5 Other Key Strategies      
        
15 Company Profiling       
 15.1 ATOUN Inc      
 15.2 B-Temia Inc      
 15.3 Cyberdyne Inc.        
 15.4 Daiya Industry Co., Ltd      
 15.5 Ekso Bionics Holdings Inc.        
 15.6 Focal Meditech BV      
 15.7 Hocoma AG (DIH International Ltd.)      
 15.8 Honda Motor Co. Ltd.       
 15.9 Lockheed Martin Corporation       
 15.10 Mitsubishi Heavy Industries, Ltd.      
 15.11 Parker Hannifin Corporation      
 15.12 ReWalk Robotics Inc.       
 15.13 Sarcos Corporation        
 15.14 Skelex         
 15.15 Technaid S.L.        


List of Tables        
1 Global Wearable Robots and Exoskeletons Market Outlook, By Region (2020-2028) ($MN)       
2 Global Wearable Robots and Exoskeletons Market Outlook, By Limb Type (2020-2028) ($MN)       
3 Global Wearable Robots and Exoskeletons Market Outlook, By Full Body (2020-2028) ($MN)       
4 Global Wearable Robots and Exoskeletons Market Outlook, By Upper Limb (2020-2028) ($MN)       
5 Global Wearable Robots and Exoskeletons Market Outlook, By Lower Limb (2020-2028) ($MN)       
6 Global Wearable Robots and Exoskeletons Market Outlook, By Material Type (2020-2028) ($MN)       
7 Global Wearable Robots and Exoskeletons Market Outlook, By Soft Exoskeleton (2020-2028) ($MN)       
8 Global Wearable Robots and Exoskeletons Market Outlook, By Hard Exoskeleton (2020-2028) ($MN)       
9 Global Wearable Robots and Exoskeletons Market Outlook, By Sales Channel (2020-2028) ($MN)       
10 Global Wearable Robots and Exoskeletons Market Outlook, By Subscription (2020-2028) ($MN)       
11 Global Wearable Robots and Exoskeletons Market Outlook, By Direct Purchase (2020-2028) ($MN)       
12 Global Wearable Robots and Exoskeletons Market Outlook, By Resell and Upgrade (2020-2028) ($MN)       
13 Global Wearable Robots and Exoskeletons Market Outlook, By Operation (2020-2028) ($MN)       
14 Global Wearable Robots and Exoskeletons Market Outlook, By Active Exoskeletons (2020-2028) ($MN)       
15 Global Wearable Robots and Exoskeletons Market Outlook, By Powered Exoskeletons (2020-2028) ($MN)       
16 Global Wearable Robots and Exoskeletons Market Outlook, By Passive Exoskeletons (2020-2028) ($MN)       
17 Global Wearable Robots and Exoskeletons Market Outlook, By Type (2020-2028) ($MN)       
18 Global Wearable Robots and Exoskeletons Market Outlook, By Fixed Exoskeleton (2020-2028) ($MN)       
19 Global Wearable Robots and Exoskeletons Market Outlook, By Mobile Exoskeleton (2020-2028) ($MN)       
20 Global Wearable Robots and Exoskeletons Market Outlook, By Component (2020-2028) ($MN)       
21 Global Wearable Robots and Exoskeletons Market Outlook, By Hardware (2020-2028) ($MN)       
22 Global Wearable Robots and Exoskeletons Market Outlook, By Software (2020-2028) ($MN)       
23 Global Wearable Robots and Exoskeletons Market Outlook, By Application (2020-2028) ($MN)       
24 Global Wearable Robots and Exoskeletons Market Outlook, By Assistive (2020-2028) ($MN)       
25 Global Wearable Robots and Exoskeletons Market Outlook, By Body Parts Support (2020-2028) ($MN)       
26 Global Wearable Robots and Exoskeletons Market Outlook, By Rehabilitation (2020-2028) ($MN)       
27 Global Wearable Robots and Exoskeletons Market Outlook, By Sports (2020-2028) ($MN)       
28 Global Wearable Robots and Exoskeletons Market Outlook, By End User (2020-2028) ($MN)       
29 Global Wearable Robots and Exoskeletons Market Outlook, By Commercial (2020-2028) ($MN)        
30 Global Wearable Robots and Exoskeletons Market Outlook, By Healthcare (2020-2028) ($MN)       
31 Global Wearable Robots and Exoskeletons Market Outlook, By Industrial (2020-2028) ($MN)       
32 Global Wearable Robots and Exoskeletons Market Outlook, By Military & Defense (2020-2028) ($MN)       
        
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.         

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