Wearable Robots Market
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
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 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 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
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 Technology 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 Market, By Type
5.1 Introduction
5.2 Powered Exoskeletons
5.3 Passive Exoskeletons
6 Global Wearable Robots Market, By Component
6.1 Introduction
6.2 Hardware
6.3 Software
7 Global Wearable Robots Market, By Body Part
7.1 Introduction
7.2 Full Body
7.3 Lower Extremities
7.4 Upper Extremities
8 Global Wearable Robots Market, By Mobility
8.1 Introduction
8.2 Mobile
8.3 Stationary
9 Global Wearable Robots Market, By Structure
9.1 Introduction
9.2 Rigid Exoskeleton
9.3 Soft Exoskeleton
10 Global Wearable Robots Market, By Technology
10.1 Introduction
10.2 Robotics
10.3 Sensors
10.4 Artificial intelligence
10.5 Haptics
11 Global Wearable Robots Market, By End User
11.1 Introduction
11.2 Healthcare and Rehabiliation Centers
11.3 Military and Defense
11.4 Industrial
11.5 Sports and Athletics
11.6 Other End Users
12 Global Wearable Robots Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Honda Motor Co. Ltd.
14.2 Atoun Inc
14.3 Lockheed Martin Corporation
14.4 Ekso Bionics Holdings Inc
14.5 Medtronic plc
14.6 Cyberdyne Inc
14.7 Parker Hannifin Corporation
14.8 Hocoma AG
14.9 Bionik Laboratories Corp
14.10 Myomo Inc
14.11 Sarcos Corporation
14.12 ExoAtlet
14.13 ReWalk Robotics Inc.
14.14 Technaid. S.L.
14.15 Bioservo Technologies AB
List of Tables
1 Global Wearable Robots Market Outlook, By Region (2022-2030) ($MN)
2 Global Wearable Robots Market Outlook, By Type (2022-2030) ($MN)
3 Global Wearable Robots Market Outlook, By Powered Exoskeletons (2022-2030) ($MN)
4 Global Wearable Robots Market Outlook, By Passive Exoskeletons (2022-2030) ($MN)
5 Global Wearable Robots Market Outlook, By Component (2022-2030) ($MN)
6 Global Wearable Robots Market Outlook, By Hardware (2022-2030) ($MN)
7 Global Wearable Robots Market Outlook, By Software (2022-2030) ($MN)
8 Global Wearable Robots Market Outlook, By Body Part (2022-2030) ($MN)
9 Global Wearable Robots Market Outlook, By Full Body (2022-2030) ($MN)
10 Global Wearable Robots Market Outlook, By Lower Extremities (2022-2030) ($MN)
11 Global Wearable Robots Market Outlook, By Upper Extremities (2022-2030) ($MN)
12 Global Wearable Robots Market Outlook, By Mobility (2022-2030) ($MN)
13 Global Wearable Robots Market Outlook, By Mobile (2022-2030) ($MN)
14 Global Wearable Robots Market Outlook, By Stationary (2022-2030) ($MN)
15 Global Wearable Robots Market Outlook, By Structure (2022-2030) ($MN)
16 Global Wearable Robots Market Outlook, By Rigid Exoskeleton (2022-2030) ($MN)
17 Global Wearable Robots Market Outlook, By Soft Exoskeleton (2022-2030) ($MN)
18 Global Wearable Robots Market Outlook, By Technology (2022-2030) ($MN)
19 Global Wearable Robots Market Outlook, By Robotics (2022-2030) ($MN)
20 Global Wearable Robots Market Outlook, By Sensors (2022-2030) ($MN)
21 Global Wearable Robots Market Outlook, By Artificial intelligence (2022-2030) ($MN)
22 Global Wearable Robots Market Outlook, By Haptics (2022-2030) ($MN)
23 Global Wearable Robots Market Outlook, By End User (2022-2030) ($MN)
24 Global Wearable Robots Market Outlook, By Healthcare and Rehabiliation Centers (2022-2030) ($MN)
25 Global Wearable Robots Market Outlook, By Military and Defense (2022-2030) ($MN)
26 Global Wearable Robots Market Outlook, By Industrial (2022-2030) ($MN)
27 Global Wearable Robots Market Outlook, By Sports and Athletics (2022-2030) ($MN)
28 Global Wearable Robots Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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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