Authored By: Sarah
11 Jul 2024

 Wearable Robots And Exoskeletons Market Size to grow by USD 10815.6 million between 2024-2028

According to a research report “ Wearable Robots And Exoskeletons Market” by Type (Powered, Passive) Application (Healthcare, Military and defense, Industrial, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 10815.6 million, at a CAGR of  46.02% during the forecast period. The global wearable robots and exoskeletons market is experiencing substantial growth, driven primarily by innovative advancements from key industry players. Vendors are particularly focusing on software development to fuel market expansion. For instance, Ekso Bionics Holdings, Inc. recently introduced GaitCoach, a groundbreaking gait therapy software designed for use with their EksoNR exoskeleton technology. This software represents a significant leap forward in gait therapy support, catering to a wide range of patients utilizing EksoNR. GaitCoach streamlines robotics usage, providing impactful feedback and precise guidance, thereby enhancing user confidence in the technology and acting as an additional clinical perspective.

Browse market data tables, figures, and in-depth TOC on “Wearable Robots And Exoskeletons Market” by Type (Powered, Passive) Application (Healthcare, Military and defense, Industrial, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Powered segment is projected to dominate the market size in 2024

The healthcare sector led the global wearable robots and exoskeletons market in 2022, accounting for a significant market share. This trend is anticipated to persist throughout the forecast period. The aging population's rapid expansion is driving the prevalence of chronic diseases worldwide, resulting in increased healthcare expenditures. Advancements in computing power, wireless technology, and miniaturization are fueling the development of innovative wearable robots and exoskeletons. Furthermore, the expanding number of rehabilitation programs, the increasing use of stationary exoskeletons in rehabilitation centers such as Saint Luc Specialized Rehabilitation Center (France) and Rehab Center of Beverly Hills (US), and the rising incidences of spinal cord injuries are key growth drivers for this market segment.

By Application, Healthcare  segment is expected to hold the largest market size for the year 2024

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North America is forecasted to hold the largest market size by region in 2024

The wearable robots and exoskeletons market represents a significant growth opportunity for businesses in the tech and healthcare industries. These advanced technologies enhance human capabilities, improving productivity and reducing workplace injuries. Exoskeletons, in particular, are gaining traction in manufacturing and logistics sectors, enabling workers to lift heavier loads and perform repetitive tasks more efficiently. The global market for wearable robots and exoskeletons is projected to reach substantial growth in the coming years, driven by advancements in technology and increasing demand for labor optimization solutions.

The Wearable Robots And Exoskeletons Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Bionik Laboratories Corp.
  • Bioservo Technologies AB
  • Cyberdyne Inc.
  • DIH Group
  • Ekso Bionics Holdings Inc.
  • Exoatlet Global SA
  • Fourier Intelligence
  • Ottobock SE and Co. KGaA
  • Parker Hannifin Corp.
  • ReWalk Robotics Ltd.
  • Rex Bionics Ltd.
  • Sarcos Technology and Robotics Corp.
  • Skelex B.V.
  • Technaid SL
  • Wandercraft
  • Wearable Robotics Srl
.

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Research Analysis Overview

Wearable robots and exoskeletons are revolutionizing the field of rehabilitation therapy, particularly in robotic rehabilitation. These technologies provide virtual guidance to help patients regain mobility and strength after severe injuries or surgeries. Exoskeleton technology, a type of wearable robot, mimics the human body structure and enhances physical dimensions, enabling upright walking and personal mobility for those with paralyzed lower limbs or stroke patients. Manufacturing industries, defense, and construction sectors have also adopted exoskeletons for enhancing worker productivity and safety. Battery-powered exoskeletons are popular in industries for lifting heavy loads, while passive exoskeletons use compressed gas bags for support. The market for wearable robotic exoskeletons is growing, with key players seeking first-mover advantage. These suit-type wearable devices offer significant benefits over traditional rehabilitation methods, such as wheelchairs. They provide psychological dimensions, including improved self-confidence and independence, and physical dimensions, including increased mobility and strength. The rehabilitation process is more efficient and effective with wearable robots, making them an essential tool for healthcare professionals. The global market for wearable robots and exoskeletons is expected to grow significantly in the coming years, with applications in healthcare, industrial, military, and personal mobility sectors. The potential for these technologies is vast, and the future looks promising for those seeking to enhance their mobility and improve their quality of life.

Market Research Overview

Wearable robot technology is revolutionizing various industries with the development of battery-powered exoskeletons, suit-type wearable devices that enhance physical skills and capabilities. These exoskeletons are being explored for military applications, including defense organizations, to enhance soldier capabilities and protect against injuries. In the medical field, they are being used for neurological diseases, emergency services, and physiotherapy to aid in motor function and gait training. Exoskeletons can be powered by pneumatics, hydraulics, levers, or electric motors, with some being fully mechanical or hybrid. Arm exoskeletons focus on the elbow and shoulder joints, while powered exoskeletons offer connected sensor technology for mechanical energy assistance. Passive exoskeletons provide support without the need for external power sources, making them suitable for workplace protection and industrial sectors. Soft exoskeletons, made from materials like microlattice and metal counterparts, offer adaptable support in a hybrids work environment. The market for wearable robots and exoskeletons is growing, with commercial applications in industries like construction, healthcare, and logistics. The investment cost includes aftermarket services like installation, training, software, and sensors. Exoskeletons have applications in various sectors, including military, industrial, and healthcare, with potential uses in sports, body parts support, and assistance robots. The technology offers a standardized training environment, robotics-assisted rehabilitation therapy, and psychological and physical dimensions to the rehabilitation process for severe injuries, multiple disorders, and handicapped populations. Exoskeleton manufacturers are developing high-torque, efficient, detachable and attachable, battery-powered exoskeletons for shoulders, spine, and lower extremities. The technology is being explored for anti-radiation protection, weight reduction, and assistance for medical users, caregivers, and digital assistants. The future of exoskeleton technology holds potential for interactive learning, artificial intelligence, and the Internet of Things, offering virtual guidance and personal mobility solutions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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