Global Wearable Robotic Exoskeleton Market Size and Technology Demand is Anticipated to Boost Over the USD 11.86 Billion by 2028, At a 44.37% CAGR

Washington, DC, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Global Wearable Robotic Exoskeleton Market By Type (Passive and Powered), By Application (Industrial, Military, Healthcare, Aerospace, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Wearable Robotic Exoskeleton Market size & share in terms of revenue was valued at USD 665 million in 2021 and it is expected to surpass around USD 11.86 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 44.37% during the forecast period 2022 to 2028.”

What is Wearable Robotic Exoskeleton? How big is the Wearable Robotic Exoskeleton Industry?

Wearable Robotic Exoskeleton Industry Coverage & Overview:

Wearable robotic exoskeletons also known as power armor or powered suits are machines that can be worn over human body parts and provide structural support by applying physiological and psychological principles to engineered hardware equipment. The exoskeletons run with the help of levers, hydraulics, pneumatics, and electric motors. It also takes assistance from the combination of cybernetic technology to help increase strength, sufficient limb movement, or enhanced endurance.

The control systems are developed to sense and sync with the user’s intended motion, relaying the information to the sensors that manage the gear. It can also help in improving mechanical load tolerance. With the use of a wearable robotic exoskeleton, a user can prevent serious injuries in body parts like the back, shoulder, thighs, or waist by stabilizing movements while lifting heavy loads. A passive exoskeleton and a powered skeleton are two separate entities, in which the former relies entirely on the user’s muscle strength for movements resulting in the addition of more pressure and the user becoming more prone to fatigue.

The technology has wide applications in sectors like healthcare, military, civilian, and other industries. In the healthcare sector, it is majorly used on patients suffering from spinal cord injury. In military segments, the exoskeletons are currently being used to help them train better by improving endurance levels. Full body armor is still in the initial phase of development and is proving to come along with some challenges. In early 2000, the Defense Advanced Research Projects Agency (DARPA) invested in the first full-bodied armor developed by Sarcos which used 6,800 watts of power and was actuated hydraulically.

The global market is witnessing a rising trend in the development of robotic exoskeletons for civilians like firefighters to help them climb stairs with heavy gears and equipment. In the automotive industry, passive exoskeletons are preferred with the aim to reduce worker injury. They are currently being examined for applications in the logistics sector.

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Global Wearable Robotic Exoskeleton Market: Growth Dynamics

The global wearable robotic exoskeleton market is anticipated to grow owing to increasing spinal cord injuries and other neurological disorders resulting in patients losing mobility in body parts. In medical applications, if orthosis fails in delivering mobilization amongst patients, robotic exoskeletons can be used to provide aid for functional and structural movements.

The technology is well advanced to be used in case of complete or partial paraplegia and is more preferred over orthosis since it takes over a large part of muscle strength relieving the patient of fatigue to tiredness. The German Research Center for Artificial Intelligence has managed to develop two general-purpose exoskeletons called the Vi-Bot and the CAPIO which are being used for teleoperation. They are expected to aid nurses and surgeons carrying heavy loads during operations. Such advancements in the medical sector are projected to propel market cap expansion.

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Wearable Robotic Exoskeleton Market: COVID-19 Impact Analysis

Covid-19 impacted the global market cap negatively due to the temporary closure of manufacturing units. Owing to the transportation restrictions, other problems like the raw material availability and timely distribution of pre-ordered products were impacted resulting in manufacturers incurring losses. However, as of 2022, the global market is showing positive signs of growth during the forecast period.

Wearable Robotic Exoskeleton Market: Segmentation Analysis

The global wearable robotic exoskeleton market is segmented based on application, type, and region.

Based on application, the global market is segmented into industrial, military, healthcare, aerospace, and others. The leading user of the technology is the healthcare sector because of the increasing number of strokes and other neurological disorders rendering patient immobility in many cases. As per the World Health Organization, more than 1 billion people are affected by disorders like Alzheimer's, epilepsy, stroke, and others every year. More than 15 million people suffered from neurological cases in 2019 which is the equivalent of 1 in every 6 people.

Based on type, the global market segments are passive and powered. The global market is expected to be dominated by the powered wearable robotic exoskeleton since they have higher applications in the military, industrial, and healthcare sectors. Even though the technology is fairly new, it has already been extensively used to help patients suffering from extreme weakness to walk on their own. The segmental growth may be attributed to the rising number of stroke patients. Almost 30 to 40% of stroke survivors lose their movement ability and, in such cases, robotic technology can be used to assist the survivors with body movements.

The global Wearable Robotic Exoskeleton market is segmented as follows:

By Type

• Passive
• Powered

By Application

• Industrial
• Military
• Healthcare
• Aerospace
• Others

Browse the full “Global Wearable Robotic Exoskeleton Market By Type (Passive and Powered), By Application (Industrial, Military, Healthcare, Aerospace, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/global-wearable-robotic-exoskeleton-market

Competitive Landscape

Some of the main competitors dominating the global Wearable Robotic Exoskeleton market include - 

• Myomo Inc.
• Bionik Laboratories Corp.
• ATOUN Inc
• Cyberdyne Inc.
• Lockheed Martin Corporation
• Parker Hannifin Corporation
• Mitsubishi Heavy Industries Ltd.
• Ekso Bionics Holdings Inc.
• Daiya Industry Co. Ltd.
• B-Temia Inc.
• P&S Mechanics Co. Ltd.

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Wearable Robotic Exoskeleton market is likely to expand at a CAGR of around 44.37% during the forecast period (2022-2028).
• In terms of revenue, the Wearable Robotic Exoskeleton market size was valued at around US$ 665 million in 2021 and is projected to reach US$ 11.86 billion by 2028.
• Based on type segmentation, powered wearable robotic exoskeletons were predicted to show maximum market share in the year 2021
• Based on application segmentation, healthcare had the leading revenue-generating applications in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

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• What is the market size and growth rate forecast for Wearable Robotic Exoskeleton industry?
• What are the main driving factors propelling the Wearable Robotic Exoskeleton Market forward?
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• What segments does the Wearable Robotic Exoskeleton Market cover?
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Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product Type, By Applications, and by Geography
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The global wearable robotic exoskeleton market is anticipated to garner the highest revenue from North America owing to the advanced infrastructure of regions like the USA and Canada. The governments of these countries heavily fund technical advancements which are also coupled with the presence of market leaders in the USA. Almost all top organizations providing services in robotic exoskeleton technologies have head offices located across the US which is a contributing factor to regional growth. It is one of the leading regions investing heavily in developing prototypes for full-bodies exoskeletons to enhance its military strength. For instance, the ONYX unit systems developed by Lockheed Martin aim to assist soldiers in performing knee-intensive tasks like crossing difficult terrains. The Leia Sterling group has concluded that the technology can help reduce the response time of soldiers. Europe and Asia-Pacific may also grow significantly owing to the rising interest of technology experts in the applications of robotic exoskeletons.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In September 2019, Hyundai developed a new wearable robot to aid the manufacturing process. The product is called the Vest EXoskeleton (VEX) and is projected to aid employees working long hours on overheard tasks. The VEX aims to reduce fatigue amongst workers by reducing the task of human joint movement thus increasing productivity.
• In January 2020, Sumsaun showcased Ballie, a rolling robot exoskeleton designed to act as a personal fitness trainer. The product showcases Samsung’s advancements in the field of artificial intelligence as the product is aimed to understand and support the needs of its user, while also reacting to their needs.

Report Scope

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FREQUENTLY ASKED QUESTIONS

• Which key factors will influence wearable robotic exoskeleton market growth over 2022-2028?
  
• What will be the value of the wearable robotic exoskeleton market during 2022-2028?
  
• Which region will contribute notably towards the wearable robotic exoskeleton market value?
  Which are the major players leveraging the wearable robotic exoskeleton market growth?

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