Global Wearable Robotic Exoskeleton Market Overview:
The Wearable Robotic Exoskeleton Market Size was estimated at 14.67 (USD Billion) in 2022. The Wearable Robotic Exoskeleton Market Industry is expected to grow from 18.98 (USD Billion) in 2023 to 192.83 (USD Billion) by 2032. The Wearable Robotic Exoskeleton Market CAGR (growth rate) is expected to be around 29.39% during the forecast period (2024 - 2032).
Key Wearable Robotic Exoskeleton Market Trends Highlighted
The Wearable Robotic Exoskeleton Market is poised for significant growth driven by factors such as increasing demand for rehabilitation and assistive devices, rising labor shortages, and advancements in robotic technology. The market is also witnessing a surge in investments from healthcare providers and government agencies to improve patient outcomes and reduce healthcare costs.Key market drivers include the growing prevalence of chronic diseases, aging populations, and the need for efficient and cost-effective rehabilitation solutions. Opportunities for market expansion lie in the development of exoskeletons for diverse applications, such as military, industrial, and entertainment industries.Recent trends in the market include the rise of wearable exoskeletons for therapeutic purposes, the integration of artificial intelligence and machine learning, and the emergence of exoskeletons for industrial use cases like logistics and Construction. These trends are expected to shape the future growth trajectory of the Wearable Robotic Exoskeleton Market and create new opportunities for market players.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wearable Robotic Exoskeleton Market Drivers
Aging Population and Increasing Prevalence of Chronic Diseases
The global population is aging, and this is expected to continue in the future. As people age, they are more likely to develop chronic diseases such as arthritis, stroke, and multiple sclerosis. These diseases make it difficult for individuals to perform day-to-day tasks and also increase the risk of disability. Wearable robotic exoskeletons can help people to restore mobility and improve their quality of life. In addition, these devices can reduce the need for long-term care. Wearable robotic exoskeletons can provide a number of benefits to people living with chronic diseases. For example, they can improve mobility, reduce pain, and enhance independence. They can also prevent falls and musculoskeletal injuries. In addition, wearable robotic exoskeletons can be used to provide psychological benefits and increase quality of life. In terms of growth, the increasing incidence of chronic diseases is expected to be a major driver of expansion in the Wearable Robotic Exoskeleton Market. For example, according to WHO, the number of people living with chronic diseases is expected to increase from 1.7 billion in 2016 to 2.7 billion in 2030. This increase in the incidence of chronic diseases is expected to drive the demand for wearable robotic exoskeletons. Wearable robotic exoskeletons can benefit people with chronic diseases in a number of ways. They have been shown to improve mobility, reduce pain, and increase independence. They can also prevent falls and other musculoskeletal injuries. In addition, wearable robotic exoskeletons can help to improve the quality of life for people with chronic diseases and decrease the need for long-term care. In summary, the aging population and increasing incidence of chronic diseases are expected to be major drivers of growth in the Wearable Robotic Exoskeleton Market.
Technological Advancements
Technological advancements are increasing the growth rates of the Wearable Robotic Exoskeleton Market. Recent years have witnessed significant advancements in the development of wearable robotic exoskeletons. Developments have resulted in more affordable, more comfortable, and more efficient wearable robotic exoskeletons. One of the most important advancements, as far as the development of wearable robotic exoskeletons is concerned, is the introduction of new materials. New materials made it possible to create wearable robotic exoskeletons that are lighter, stronger, and more durable. This contribution helps to facilitate the development of wearable robotic exoskeletons in terms of comfort performance. Another important contribution is the improved control system. New control systems made it possible to create wearable robotic exoskeletons that are more responsive and intuitive. It is also notable that improved control system use creates safer wearable robotic exoskeletons that are easier to use. Technological advancements are also going to contribute to increased growth rates in the Wearable Robotic Exoskeleton Market. As technological advancements are developed, developers based on wearable robotic exoskeletons will become more comfortable and efficient through the use of better manufacturing materials. The demand for wearable robotic exoskeletons is likely to increase and they are going to be used in a wide range of applications.
Government Support and Funding
Government Support and Funding Governments around the world are seeing the potential of wearable robotic exoskeletons to improve the lives of people with disabilities and are providing funding for the research and development of such products. Governments in both the developed and the emerging markets are providing the funding. Moreover, they are also providing funding for programs to let people with disabilities acquire wearable robotic exoskeletons. Government support and funding play a vital role in the growth of the market. It is because it has been helping to hasten the upgrades, research, and development. Further, it has been providing impetus for people to learn more about wearable robotic exoskeletons. Hence, government support and funding can be considered as a driver for market growth both now and in the future. Thus, we can expect increased market growth shortly as government support and funding continue.
Wearable Robotic Exoskeleton Market Segment Insights:
Wearable Robotic Exoskeleton Market Exoskeleton Type Insights
Industrial exoskeletons are anticipated to rule the Wearable Robotic Exoskeleton Market revenue over the outlook period. They are effective in increasing human strength and endurance, and their application in various industries, including manufacturing, Construction and mining, is ideal. Their market share was significant and estimated to be around 40% in 2023, and they are also expected to command for the upcoming years. Worker safety concerns have increased the application of exoskeletons across the globe, and they also help reduce severe workplace injuries, thereby fuelling market growth. Medical exoskeletons are anticipated to experience growth in the Wearable Robotic Exoskeleton Market segmentation. Their application is increasing a lot as they are designed to help individuals with physical assistance and rehabilitation to move and walk. The increasing geriatric population and prevalence of chronic conditions are playing a major role in its application, consequently increasing its demand in the market. Military exoskeletons are currently picking up in defense as many countries are concentrating more on research and development programs to boost their military powers. These robots help the soldiers in acquiring additional human strength and endurance, and they also protect them to a great extent. The soldiers can carry heavy equipment, travel to any kind of terrain and can p.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wearable Robotic Exoskeleton Market Application Insights
The Wearable Robotic Exoskeleton Market is divided into several application segments such as Manufacturing, Healthcare, Logistics, Military, and Construction. Nowadays, Healthcare holds the lion's share of the market due to the increasing demand for rehabilitation and assistive robots for patients with limited mobility. The prevalence of chronic diseases and an aging population also increase the demand for these types of robots in the industry. Manufacturing is the main application of such devices since they protect the workers and enhance the quality of production, and today, they find increasing application in the industry due to the growing plant automation. The value of the manufacturing segment of the Wearable Robotic Exoskeleton Market is not far from the value of the healthcare segment, which is estimated at $12.17 billion USD in 2022. Logistics represents another segment with growing demand for these robots mainly due to the relevance of solutions for the automation of material handling and heavy lifting to reduce the risk of workplace injuries. Military and Construction are not very influential segments, but they also contribute to the growth of the Wearable Robotic Exoskeleton Market. In these industries, robots enhance soldiers' strength, endurance, and protection and assist workers in heavy lifting and working at heights, respectively.
Wearable Robotic Exoskeleton Market Power Source Insights
The Wearable Robotic Exoskeleton Market is segmented by Power Source into Electric, Hydraulic, Pneumatic, and Hybrid. Among these, the Electric segment is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The high adoption of electric exoskeletons can be attributed to their advantages, such as lightweight design, low maintenance requirements, and energy efficiency. The market for Hydraulic exoskeletons is expected to witness significant growth over the forecast period due to their ability to provide high power and torque. Pneumatic exoskeletons are expected to hold a smaller market share due to their reliance on compressed air, which can limit their mobility. Hybrid exoskeletons, which combine different power sources, are expected to gain traction in the coming years as they offer the benefits of multiple power sources in a single system.
Wearable Robotic Exoskeleton Market Control Interface Insights
The Wearable Robotic Exoskeleton Market is segmented into Myoelectric, Electroencephalography (EEG), Human-Machine Interface (HMI), and Voice Control based on Control Interface. The Myoelectric segment is expected to hold the largest market share in 2023, owing to its ability to provide precise and intuitive control over the exoskeleton. The Electroencephalography (EEG) segment is projected to witness the highest growth rate during the forecast period due to advancements in brain-computer interface (BCI) technology. The Human-Machine Interface (HMI) segment is expected to account for a significant market share, as it offers a user-friendly and customizable control interface. The Voice Control segment is anticipated to gain traction in the coming years, as it provides hands-free control and enhances the overall user experience. These control interfaces play a crucial role in enabling seamless interaction between the user and the exoskeleton, optimizing performance and enhancing user satisfaction.
Wearable Robotic Exoskeleton Market Regional Insights
The Wearable Robotic Exoskeleton Market is expected to reach a valuation of USD 32.3 billion by 2030, exhibiting a CAGR of 27.4% during the forecast period. Regionally, North America held the largest market share in 2023, accounting for over 35% of the global revenue. The high prevalence of chronic diseases, increasing healthcare expenditure, and the presence of leading manufacturers in the region are key factors driving the market growth in North America. Europe is another significant region in the Wearable Robotic Exoskeleton Market, with a market size of USD 6.7 billion in 2023. The region's aging population, growing awareness of rehabilitation therapies, and supportive government policies contribute to the market's expansion. The APAC region is anticipated to witness the fastest growth during the forecast period, with a CAGR of 30.5%. The rising incidence of neurological disorders, increasing disposable income, and the presence of emerging economies such as China and India are fueling the market growth in APAC. South America and MEA are also expected to experience notable growth in the Wearable Robotic Exoskeleton Market, driven by factors such as increasing healthcare investments, rising demand for rehabilitation devices, and growing awareness of exoskeleton technology.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wearable Robotic Exoskeleton Market Key Players And Competitive Insights:
Makers of Wearable Robotic Exoskeleton Market products try to expand their applications and make them more specific. As of 2023, Ekso Bionics, one of the main product makers in this market, launched the EksoNR, a wearable robotic exoskeleton for rehabilitation and mobility assistance. This product is designed specifically for the given scope and is very lightweight, compatible, and user-friendly, so it is an ideal solution for stroke patients, people with spinal cord injury, or some other neurological condition. ReWalk Robotics is a well-known player in this market, producing exoskeleton systems for individuals with lower limb disabilities. The last product of this company, which has become more stable, provides an improved user experience and is more customizable, is called ReWalk Personal 7.0. The company is strongly submerged in the healthcare industry, being a partner of the world's leading centers and rehabilitation centers. The three noticeable players in the Wearable Robotic Exoskeleton Market are Hocoma, LASO Lab Roma and Panther. All of them are involved in a relatively big amount of research and development and try new things in the fields, further expanding the application of the exoskeleton they produce. Hocoma is a producer of wearable technology that is tailor-made for applications such as gait, arm, and leg training. BIONIK Laboratories offers applications for various healthcare applications. Another really interesting player in the market is Cyberdyne, which is another active investor in research and development. The company designs various types of applications not only for humans but also for exoskeletons for industrial applications.
Key Companies in the Wearable Robotic Exoskeleton Market Include:
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Hyundai Motor Company
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ReWalk Robotics
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Caterpillar Inc.
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Ekso Bionics
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LG Electronics
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Honda Motor Company
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SuitX
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Ford Motor Company
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Toyota Motor Corporation
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Samsung Electronics
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Eksovest
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Panasonic Corporation
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Bionic Power
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Cyberdyne Inc.
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Hocoma AG
Wearable Robotic Exoskeleton Industry Developments
The Wearable Robotic Exoskeleton Market is projected to experience substantial growth, reaching a valuation of USD 192.83 billion by 2032, expanding at a CAGR of 29.39% from 2024 to 2032. This growth is driven by factors such as the increasing prevalence of chronic diseases and disabilities, rising demand for assistive devices, and technological advancements in exoskeleton design. Key players in the market include Ekso Bionics, ReWalk Robotics, and Hocoma. Recent developments include the launch of EksoNR, a new exoskeleton designed for rehabilitation, and the FDA clearance of ReWalk Personal 7.0, a robotic exoskeleton system for individuals with spinal cord injuries. Market growth is also supported by government initiatives and funding for exoskeleton research and development.
Wearable Robotic Exoskeleton Market Segmentation Insights
Wearable Robotic Exoskeleton Market Exoskeleton Type Outlook
Wearable Robotic Exoskeleton Market Application Outlook
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Manufacturing
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Healthcare
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Logistics
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Military
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Construction
Wearable Robotic Exoskeleton Market Power Source Outlook
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Electric
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Hydraulic
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Pneumatic
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Hybrid
Wearable Robotic Exoskeleton Market Control Interface Outlook
Wearable Robotic Exoskeleton Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2022
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14.67 (USD Billion)
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Market Size 2023
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18.98 (USD Billion)
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Market Size 2032
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192.83 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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29.39% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Hyundai Motor Company, ReWalk Robotics, Caterpillar Inc., Ekso Bionics, LG Electronics, Honda Motor Company, SuitX, Ford Motor Company, Toyota Motor Corporation, Samsung Electronics, Eksovest, Panasonic Corporation, Bionic Power, Cyberdyne Inc., Hocoma AG
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Segments Covered
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Exoskeleton Type, Application, Power Source, Control Interface, Regional
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Key Market Opportunities
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Rehabilitation
Industrial ApplicationsMilitary and Defense Personal Assistance
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Key Market Dynamics
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Technological AdvancementsRising Healthcare ExpenditureGrowing Aging PopulationGovernment IncentivesRehabilitation and Healthcare Applications
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Global Wearable Robotic Exoskeleton Market is projected to reach an overall valuation of approximately 18.98 billion USD in 2023.
By the year 2032, the Global Wearable Robotic Exoskeleton Market is anticipated to reach an overall valuation of around 192.83 billion USD.
The Global Wearable Robotic Exoskeleton Market is expected to grow at a CAGR of approximately 29.39% from 2024 to 2032.
The growth of the Global Wearable Robotic Exoskeleton Market is primarily driven by factors such as increasing demand for rehabilitation and assistive devices, rising prevalence of chronic diseases and disabilities, and advancements in technology leading to improved functionality and affordability of exoskeletons.
Wearable Robotic Exoskeletons find applications in various fields, including Healthcare, military, and industrial settings. In Healthcare, they are used for rehabilitation, assistance with mobility, and enhancement of human capabilities. In the military, they are employed to increase strength and endurance. In industrial settings, they are utilized to reduce worker fatigue and improve productivity.
Some of the key competitors in the Global Wearable Robotic Exoskeleton Market include Ekso Bionics, ReWalk Robotics, Cyberdyne, SuitX, and Hocoma. These companies are involved in the development, manufacturing, and distribution of wearable robotic exoskeletons for various applications.
The Global Wearable Robotic Exoskeleton Market is segmented into regions such as North America, Europe, Asia-Pacific, and the Rest of the World. North America holds a significant market share due to the presence of major market players and high adoption of advanced technologies. Asia-Pacific is projected to witness substantial growth owing to the increasing demand for rehabilitation and assistive devices in the region.
The Wearable Robotic Exoskeleton Market in the Asia-Pacific region is anticipated to grow at a CAGR of approximately 32.5% from 2023 to 2032, driven by factors such as rising healthcare expenditure, increasing awareness about wearable robotic exoskeletons, and growing demand for rehabilitation and assistive devices in the region.
Key trends shaping the Global Wearable Robotic Exoskeleton Market include advancements in sensor technology, machine learning, and artificial intelligence, leading to improved functionality and user experience. Additionally, the focus on personalized and tailored exoskeletons based on individual needs is gaining traction, while the growing emphasis on reducing healthcare costs is driving the development of cost-effective and accessible exoskeletons.
The Global Wearable Robotic Exoskeleton Market faces challenges such as high production costs, limited reimbursement policies, and regulatory hurdles. Additionally, the need for skilled professionals to operate and maintain these devices, as well as the social acceptance and adoption of exoskeletons, can impact market growth.
