Exoskeleton Wearable Robot Market Size, Share, Growth, and Industry Analysis, By Type (Lower, Upper, and Full Body), By Application (Healthcare, Defense and Military, and Industrial) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

EXOSKELETON WEARABLE ROBOT MARKET REPORT OVERVIEW

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The global exoskeleton wearable robot market size was USD 424 million in 2022 and will touch USD 2412.1 million by 2028, exhibiting a CAGR of 33.6% during the forecast period.

Exoskeleton wearable robots represent a groundbreaking advancement in the field of wearable technology, designed to enhance human capabilities by providing external support to the user's limbs. These robotic exoskeletons typically consist of a mechanical framework and powered joints that mirror the movements of the wearer, augmenting strength and endurance. Originally developed for medical and military applications, exoskeletons are now finding use in various industries, such as manufacturing and logistics, where they assist workers in lifting heavy loads and reduce the risk of musculoskeletal injuries.

While exoskeletons offer remarkable benefits, challenges persist in terms of cost, weight, and user comfort. Innovations are underway to address these issues, including the development of lighter materials, more efficient power sources, and improved ergonomic designs. As the exoskeleton market continues to evolve, collaborations between researchers, engineers, and industries are essential to refine the technology, expand its applications, and make these wearable robots more accessible for diverse users.

COVID-19 Impact: Market Growth Boosted by Pandemic due to Focus on Healthcare Applications

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has disrupted global supply chains, impacting the production and distribution of components required for exoskeleton manufacturing. This has led to delays and shortages, hindering the availability of these devices. Clinical trials and testing of new exoskeleton technologies may have been delayed or disrupted due to restrictions on movement, lockdowns, and limitations in accessing healthcare facilities. This could slow down the regulatory approval process and the introduction of new products to the market.

The pandemic has highlighted the importance of healthcare and the need for technologies that can assist healthcare workers. Exoskeletons, with their potential to reduce physical strain and improve productivity, may find increased interest and adoption in healthcare settings. With the rise of remote work and the need for social distancing, there is an opportunity for exoskeletons to play a role in remote assistance and telepresence. These devices could enable experts to remotely guide and support workers in different locations using wearable robotics. The global exoskeleton wearable robot market growth is anticipated to boost following the pandemic.

LATEST TRENDS

"Human-Machine Interfaces to Drive Market Growth"

Improvements in human-machine interfaces, including intuitive control systems and sensory feedback mechanisms, enhance the user experience and increase the ease of integration between the wearer and the exoskeleton. This contributes to more natural and efficient movement. Soft or flexible exoskeletons, utilizing soft materials and advanced textiles, are gaining attention. These designs aim to provide a more comfortable and natural user experience while maintaining the necessary support and assistance. Soft exoskeletons are particularly relevant for applications in healthcare and elderly care.

Advances in exoskeleton technology continue to enhance applications in medical rehabilitation. Exoskeletons are being developed to aid individuals with mobility impairments, including those with spinal cord injuries and stroke survivors, providing assistance in walking and improving overall mobility. Efforts are underway to improve the energy efficiency of exoskeletons and extend battery life. Innovations in battery technology contribute to lighter and more compact power sources, addressing concerns related to the weight and practicality of wearable robotic devices.

EXOSKELETON WEARABLE ROBOT MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Lower, Upper, and Full Body.

Lower Body Exoskeleton: Lower body exoskeletons are wearable robotic devices designed to enhance the capabilities of the legs and lower extremities. These devices assist with walking, standing, and lifting by providing powered support to the hips, knees, and ankles, making them valuable for applications in rehabilitation, industrial settings, and aiding individuals with mobility impairments.

Upper Body Exoskeleton: Upper body exoskeletons focus on augmenting the strength and dexterity of the arms and upper extremities. They provide powered assistance for tasks such as lifting, reaching, and manipulating objects, benefiting industries with repetitive manual labor, as well as aiding individuals with upper limb disabilities or weaknesses.

Full Body Exoskeleton: Full body exoskeletons encompass both the upper and lower extremities, providing comprehensive support to the entire body. These advanced wearable robots aim to enhance overall mobility, strength, and endurance. Applications range from rehabilitation and physical therapy to industrial settings where full-body assistance is required for heavy lifting and prolonged physical activity.

• By Application

Based on application the global market can be categorized into Healthcare, Defense and Military, and Industrial.

Healthcare: In healthcare, exoskeletons are used to assist individuals with mobility impairments, such as those with spinal cord injuries or stroke survivors. These wearable robotic devices provide support for walking and help in rehabilitation, offering patients increased mobility and independence.

Defense and Military: In defense and military applications, exoskeletons enhance soldiers' physical capabilities by reducing fatigue and increasing strength. These wearable robots assist with carrying heavy loads, minimizing the physical strain on soldiers during missions, and contributing to improved endurance and operational effectiveness.

Industrial: In industrial settings, exoskeletons are employed to augment the strength and reduce the physical strain on workers engaged in tasks involving repetitive lifting and manual labor. These wearable robotic devices improve ergonomics, prevent injuries, and enhance overall productivity in industries such as manufacturing, logistics, and construction.

DRIVING FACTORS

"Enhanced Physical Performance to Boost the Market"

The primary driving factor is the potential for exoskeletons to enhance human physical capabilities. These wearable robots assist with strength, endurance, and mobility, making them valuable in various applications such as rehabilitation, industrial work, and military operations. Exoskeletons offer a transformative approach to medical rehabilitation, aiding individuals with mobility impairments in regaining independence. The technology provides support for people with spinal cord injuries, stroke survivors, and those with muscle weakness, allowing them to engage in daily activities and mobility exercises.

"Aging Population to Expand the Market"

The aging population and the increasing prevalence of age-related mobility issues create a demand for solutions that can assist individuals in maintaining an active lifestyle. Exoskeletons address these needs by providing support for aging individuals and aiding in rehabilitation after injuries or surgeries. The growing awareness of the benefits of exoskeleton technology, coupled with market demand, encourages innovation and competition among companies. This competition can lead to advancements in design, affordability, and accessibility, making exoskeletons more widely available.

RESTRAINING FACTOR

"Limited Battery Life to Potentially Impede Market Growth"

The need for power sources to sustain exoskeleton operation can be a constraint. Current limitations in battery technology may result in relatively short battery life, requiring frequent recharging or hindering the feasibility of prolonged use in certain applications. The complexity of operating exoskeletons, particularly for diverse tasks, requires users to undergo extensive training. The learning curve can be a barrier, especially in industries where workers may need to quickly adapt to new technologies or where turnover is frequent.

EXOSKELETON WEARABLE ROBOT MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market due to Technological Innovations "

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global exoskeleton wearable robot market share due to several factors. The region is a global hub for technological innovation. The region is home to many leading companies in sectors such as Silicon Valley for technology, creating a conducive environment for the development and adoption of cutting-edge technologies, including exoskeleton wearable robots. North America invests significantly in research and development across industries. This commitment to innovation, combined with robust academic institutions and research facilities, contributes to the creation and advancement of emerging technologies, including wearable robotics.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The exoskeleton wearable robot market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Cyberdyne [Japan]
• Hocoma [Switzerland]
• ReWalk Robotics [U.S.]
• Ekso Bionics [U.S.]
• Lockheed Martin [U.S.]

INDUSTRIAL DEVELOPMENT

December 2023: ReWalk Robotics took significant strives ahead in the exoskeleton wearable robot market. They recently developed ReWalk Exoskeleton. The ReWalk Exoskeleton, developed by ReWalk Robotics, is a wearable robotic device designed to assist individuals with lower limb disabilities in standing, walking, and climbing stairs. Using motion sensors and motorized joints, the exoskeleton enables users to regain mobility and independence, making it a valuable tool for rehabilitation and daily life activities. Its modular design and ergonomic features enhance user comfort and promote a more natural walking experience.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.