As per MRFR analysis, the Wearable Robots And Exoskeletons Market Size was estimated at 2.68 (USD Billion) in 2022.The Wearable Robots And Exoskeletons Market Industry is expected to grow from 3.18(USD Billion) in 2023 to 14.94 (USD Billion) by 2032. The Wearable Robots And Exoskeletons Market CAGR (growth rate) is expected to be around 18.75% during the forecast period (2024 - 2032).
Key Wearable Robots And Exoskeletons Market Trends Highlighted
The wearable robots and exoskeletons market is witnessing several emerging trends that shape its future growth trajectory. Key market drivers include the rising demand for rehabilitation, assistance in industrial settings, and military applications. Opportunities lie in exploring applications in healthcare, such as post-stroke rehabilitation and remote patient monitoring.
The integration of advanced technologies, including artificial intelligence, sensor technologies, and cloud computing, is enhancing the functionality of wearable robots and exoskeletons. Furthermore, the focus on personalization and user-centric designs caters to the specific needs of individuals and industries. These trends indicate continued growth and innovation in the wearable robots and exoskeletons market.
Figure1: Wearable Robots And Exoskeletons Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wearable Robots And Exoskeletons Market Drivers
Aging Population and Increasing Healthcare Costs
The population is aging, and this trend is expected to continue in the coming years. As people age, they are more likely to experience chronic health conditions that can limit their mobility. Wearable robots and exoskeletons can help these individuals maintain their independence and quality of life by providing them with the strength and support they need to perform everyday activities. In addition, wearable robots and exoskeletons can help to reduce healthcare costs by enabling people to avoid or delay costly medical interventions, such as surgery or long-term care.The Wearable Robots And Exoskeletons Market Industry is expected to grow significantly in the coming years, driven by the increasing demand for these devices from an aging population. This trend is expected to continue in the coming years, as the number of people over the age of 65 is projected to increase from 524 million in 2010 to 1.5 billion by 2050. The increasing prevalence of chronic health conditions, such as arthritis, stroke, and multiple sclerosis, is also expected to drive demand for wearable robots and exoskeletons.These devices can help people with these conditions improve their mobility and independence and can also help to reduce the risk of falls and other injuries. The rising cost of healthcare is another factor that is expected to drive demand for wearable robots and exoskeletons. These devices can help people avoid or delay costly medical interventions, such as surgery or long-term care, which can save money for both individuals and healthcare providers.
Advancements in Technology
The development of technology, among other things, leads to the expansion of the Wearable Robots And Exoskeletons Market Industry. In particular, the development of new materials, sensors, and actuators makes wearable robots and robotic exoskeletons lighter, more comfortable, and cheaper. Where the development of new control systems makes these devices more intuitive and user-friendly; in the future, these innovations will make wearable robots and exoskeletons more attractive to the masses and will lead to an increased demand for these devices.
Government Support
Another factor that may positively affect the growth of the Wearable Robots And Exoskeletons Market Industry is the government’s support. With time, more and more governments begin to recognize the benefits wearable robots and exoskeletons can bring. In this situation, they start financing R projects that are focused on the development of these devices. Alternatively, policymakers can adopt various policies that can promote the use of wearable robots and exoskeletons, like tax breaks or reimbursement programs. It is expected to increase the affordability and availability of these devices among people, and this is why the demand for wearable robots and exoskeletons may grow.
Wearable Robots And Exoskeletons Market Segment Insights
Wearable Robots And Exoskeletons Market Application Insights
The application segment of the Wearable Robots And Exoskeletons Market is divided into Industrial, Healthcare, Military, and Consumer. Based on the latest research, the Industrial segment is anticipated to remain in control and will contribute a large portion of the Wearable Robots And Exoskeletons Market revenue in 2023. Such high numbers will be possible due to the demand for exoskeletons in the manufacturing and logistics industries, as the devices help workers move objects, improve their lifting skills and reduce workplace injuries.The Healthcare segment is projected to grow most rapidly over the forecast period, as the demand for wearable robots is rising as they can be used for rehabilitation, assistance with health problems and monitoring of patients’ vital signs. The Military segment is anticipated to deliver a large number of the Wearable Robots And Exoskeletons Market revenue, as various governments invest in advanced exoskeletons and wearable robots to help soldiers, reduce the number of injuries and improve mobility and aim strategy. The Consumer segment is anticipated to grow steadily as well during the period of time, due to the rising number of wearable fitness trackers and smartwatches as well as other consumer-oriented exoskeletons that can be used for personal use. Overall, the Wearable Robots And Exoskeletons Market will advance greatly, too.
Figure2: Wearable Robots And Exoskeletons Market, By Application, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wearable Robots And Exoskeletons Market Type Insights
The Wearable Robots And Exoskeletons Market is segmented into types, which include exoskeletons, wearable robots, and soft exosuits. The exoskeletons segment is expected to hold the largest market share in 2023 and is projected to continue to dominate the market throughout the forecast period. The growth of this segment can be attributed to the increasing demand for exoskeletons in various industries, such as healthcare, manufacturing, and construction. The wearable robots segment is also expected to witness significant growth during the forecast period.Wearable robots are becoming increasingly popular due to their ability to provide users with superhuman strength and endurance. This makes them ideal for use in a variety of applications, such as military operations, search and rescue operations, and disaster response. The soft exosuits segment is still in its early stages of development but is expected to experience rapid growth in the coming years. Soft exosuits are made from lightweight materials that conform to the user's body, making them more comfortable and easier to use than traditional exoskeletons.This makes them ideal for use in a variety of applications, such as rehabilitation, sports, and industrial settings. Overall, the Wearable Robots And Exoskeletons Market is expected to witness strong growth in the coming years. The increasing demand for these devices in a variety of applications is expected to drive the growth of the market.
Wearable Robots And Exoskeletons Market Component Insights
The component segment of the Wearable Robots and Exoskeletons market is anticipated to witness substantial growth over the forecast period, driven by increasing demand for advanced and efficient components. Sensors, actuators, batteries, and control systems are among the key components that play a crucial role in the functionality and performance of wearable robots and exoskeletons. The growing adoption of wearable robots and exoskeletons in various industries, including healthcare, manufacturing, and defense, is propelling the demand for these components.Advanced sensors enable accurate motion tracking, object detection, and environmental sensing, while actuators provide the necessary force and motion to assist users. Batteries are critical for powering these devices, and efficient control systems ensure optimal performance and safety. The Wearable Robots And Exoskeletons Market revenue for the component segment is projected to reach USD 2.45 billion by 2024, exhibiting a CAGR of 16.5%. This growth is attributed to the increasing adoption of wearable robots and exoskeletons across diverse applications, along with the continuous advancements in component technologies.
Wearable Robots And Exoskeletons Market End User Insights
The end-user segment of the Wearable Robots And Exoskeletons Market is expected to witness significant growth in the coming years. The market is segmented into Corporations, Individuals, and Government Agencies. Corporations are expected to be the largest end-users of wearable robots and exoskeletons, driven by increasing adoption in the manufacturing, healthcare, and logistics sectors. Individuals are also expected to contribute to market growth as wearable robots and exoskeletons become more accessible and affordable. Government Agencies are expected to invest in wearable robots and exoskeletons for military and disaster response applications, further boosting market growth.
Wearable Robots And Exoskeletons Market Regional Insights
The Wearable Robots And Exoskeletons Market is segmented into North America, Europe, APAC, South America, and MEA. North America holds the largest market share, owing to the presence of leading manufacturers and a high adoption rate of advanced technologies. Europe is the second-largest market, driven by stringent safety regulations and a growing demand for exoskeletons in industrial settings. APAC is expected to witness the highest growth rate due to rising disposable incomes and increasing awareness about wearable robots and exoskeletons.South America and MEA are expected to experience moderate growth, as these regions are still in the early stages of adopting wearable robotics technology.
Figure3: Wearable Robots And Exoskeletons Market, By Regional, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wearable Robots And Exoskeletons Market Key Players And Competitive Insights
The major players in the Wearable Robots And Exoskeletons Market industry are consistently aiming to enhance their capabilities while reducing the cost of taking the lead in the Wearable Robots And Exoskeletons industry development. The prominent players in the industry, such as Lockheed Martin, Hyundai, etc., are consistently working on innovation and advanced research and development. Moreover, the competitive landscape of the Wearable Robots And Exoskeletons Market has observed a growing number of strategic mergers, acquisitions, and joint ventures, which is expected to continue during the forecast period. For instance, in 2022, C-Soft, a leading healthcare IT solution provider, entered into an agreement with Ekso Bionics. The first name that comes to mind is a leading company in the manufacturing of robotic exoskeletons. Ekso Bionics will facilitate C-Soft to sell, support, and install EksoNR robotic exoskeletons to help stroke recovery patients in hospitals in the US. Similarly, in January 2023, Ekso Bionics, the leader in the Wearable Robots And Exoskeletons Market industry, launched a new product named EksoEL. It is a robotic exoskeleton that improves mobility and aids in the therapeutic recovery of patients who are paralyzed by stroke, brain injury, and spinal cord injury. The introduction has strengthened the position of Ekso Bionics in the rehabilitation robotics market and has also expanded its customer base.
Lockheed Martin, Northrop Grumman, and Hyundai are some of the leading players in the Wearable Robots And Exoskeletons Market industry. The company develops and manufactures a comprehensive range of wearable robots and exoskeletons for military and commercial applications. The wearable robots and exoskeletons developed by Lockheed Martin are high-performing and reliable. Lockheed Martin has an excellent track record for product and application innovation in the Wearable Robots and Exoskeletons Market industry, which may continue over the upcoming years. The other prominent competitor of Lockheed Martin in the wearable robots And Exoskeletons Market industry is Hyundai. Hyundai Motor Group is a South Korean multinational automotive manufacturer that develops and manufactures a wide range of products, including passenger cars, commercial vehicles, and construction equipment. Hyundai is also emerging as a leading player in wearable robots and exoskeletons for various applications, including manufacturing, logistics, and healthcare.
Key Companies in the Wearable Robots And Exoskeletons Market Include
Cyberdyne
Samsung Electronics
Zimmer Biomet
Hocoma
Toyota Motor
Bionik Laboratories
LG Electronics
Hyundai Motor
Ottobock
Honda Motor
Panasonic
SuitX
ReWalk Robotics
Ekso Bionics
Wearable Robots And Exoskeletons Market Industry Developments
The wearable robots and exoskeletons market is projected to grow from USD 3.18 billion in 2023 to USD 14.94 billion by 2032, at a CAGR of 18.75%. The growth of the market is attributed to the increasing demand for exoskeletons in various industries, such as healthcare, manufacturing, and construction. Exoskeletons can assist workers in performing physically demanding tasks, reducing the risk of injuries and improving productivity. The market is also driven by the growing adoption of wearable robots in rehabilitation and assistive technologies. Recently, Ekso Bionics Holdings, Inc. received FDA clearance for its EksoNR robotic exoskeleton system, which is intended to help stroke patients regain mobility. This clearance is expected to further drive the growth of the wearable robots and exoskeletons market in the coming years.
Wearable Robots And Exoskeletons Market Segmentation Insights
Wearable Robots And Exoskeletons Market Application Outlook
Wearable Robots And Exoskeletons Market Type Outlook
Wearable Robots And Exoskeletons Market Component Outlook
Wearable Robots And Exoskeletons Market End User Outlook
Wearable Robots And Exoskeletons Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 2.68(USD Billion) |
| Market Size 2023 | 3.18(USD Billion) |
| Market Size 2032 | 14.94(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 18.75% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Cyberdyne, Samsung Electronics, Zimmer Biomet, Hocoma, Toyota Motor, Bionik Laboratories, LG Electronics, Hyundai Motor, Ottobock, Honda Motor, Panasonic, SuitX, ReWalk Robotics, Ekso Bionics |
| Segments Covered | Application, Type, Component, End User, Regional |
| Key Market Opportunities | Advanced medical applications Growing prevalence of chronic diseases Technological advancements Rising demand in the industrial sector Military and defense applications |
| Key Market Dynamics | Technological advancements Aging population Growing adoption in healthcare. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Wearable Robots And Exoskeletons Market is expected to reach a valuation of USD 14.94 billion by 2032, expanding at a CAGR of 18.75% during the forecast period (2024-2032).
North America is anticipated to dominate the market throughout the forecast period due to the presence of major market players, high healthcare expenditure, and increasing adoption of wearable robots and exoskeletons in various industries.
Factors such as the rising prevalence of chronic diseases and disabilities, growing awareness of the benefits of wearable robots and exoskeletons, technological advancements, and increasing investment in research and development are propelling the market growth.
The medical and healthcare segment is anticipated to hold the largest market share due to the increasing adoption of wearable robots and exoskeletons for rehabilitation, assistive devices, and surgical procedures.
Major players in the market include Ekso Bionics, ReWalk Robotics, Hocoma, Parker Hannifin, and Ottobock, among others. These companies are engaged in strategic initiatives such as product development, mergers and acquisitions, and partnerships to expand their market presence.
Advancements in sensing technologies, artificial intelligence (AI), and machine learning (ML) are shaping the future of the market. These technologies are enabling the development of more sophisticated and intuitive wearable robots and exoskeletons with enhanced functionality and user experience.
The COVID-19 pandemic had a significant impact on the market, initially leading to supply chain disruptions and reduced demand. However, as the pandemic progressed, there was an increased demand for wearable robots and exoskeletons for rehabilitation and remote patient monitoring, which helped the market recover.
Challenges include high costs, limited reimbursement coverage, regulatory hurdles, and the need for skilled professionals to operate and maintain wearable robots and exoskeletons. Additionally, social acceptance and user adoption can also impact market growth.
The Wearable Robots And Exoskeletons Market is estimated to reach a valuation of approximately USD 3.18 billion in 2023.
The forecast period for the Wearable Robots And Exoskeletons Market is from 2024 to 2032.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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