[Latest] Global Wearable Robots Market Size/Share Worth USD

Austin, TX, USA, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Wearable Robots Market Size, Trends and Insights By Type (Powered Exoskeletons, Passive Exoskeletons), By Component (Hardware, Software), By End use Industry (Healthcare, Military and Defense, Industrial), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.

“According to the latest research study, the demand of global Wearable Robots Market size & share was valued at approximately USD 1.1 Billion in 2023 and is expected to reach USD 2.4 Billion in 2024 and is expected to reach a value of around USD 13.6 Billion by 2033, at a compound annual growth rate (CAGR) of about 32.1% during the forecast period 2024 to 2033.”

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Wearable Robots Market: Overview

To augment and aid human limb function (exoskeletons) or restore it (prosthetic robots), wearable robots are sophisticated human symbiosis robotic systems with appropriate shape, kinematic, and weight variables to be worn on the human body.

The wearable robotics market has grown significantly in the last few years and is expected to keep growing quickly. The aging population, growing awareness of workplace safety, demand for assistive devices, and technical breakthroughs are some of the factors driving this growth.

Advances in sensor technology, actuation systems, materials science, and human-machine interfaces are important areas of innovation. Wearable robots are now lighter, more ergonomic, and easier to operate, which increases their potential applications and enhances user satisfaction. Various government bodies across different countries have regulatory supervision over the wearable robotics market.

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By type, the powered exoskeletons segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Powered exoskeletons, which are wearable, mobile devices driven by electric motors, levers, hydraulics, pneumatic, or a combination of these technologies.

By component, the hardware segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Due to its vital role in supplying the physical components required for wearable robot performance and functioning, the hardware component segment is leading the wearable robotics market.

By end use Industry, the healthcare segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Wearable robots assist individuals with limited mobility, such as those recovering from stroke or spinal cord injuries, in regaining their ability to move and perform daily tasks.

The Asia-Pacific (APAC) region is expected to witness the highest growth rate in the wearable robots market. Exoskeleton technology development is receiving substantial funding from nations like China, India, and Indonesia, especially from the industrial and healthcare sectors. The region’s rising prevalence of these conditions is driving up demand for exoskeleton robots for mobility aid and rehabilitation.

GenElex Technologies produces external surgical instruments for patients suffering from spinal cord injuries, strokes, and paralysis. A recognized leader in DNA testing and analysis, Genelex offers unrivalled depth of experience to pharmaceutical companies and contract research organizations.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 2.4 Billion
Projected Market Size in 2033	USD 13.6 Billion
Market Size in 2023	USD 1.1 Billion
CAGR Growth Rate	32.1% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Type, Component, End use Industry and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Wearable Robots report is available upon request; please contact us for more information.)

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Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Wearable Robots report has been modified to include the COVID-19 impact study prior to delivery.)

CMI has comprehensively analyzed Wearable Robots Market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Wearable Robots industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

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Key questions answered in this report:

What is the size of the Wearable Robots market and what is its expected growth rate?
What are the primary driving factors that push the Wearable Robots market forward?
What are the Wearable Robots Industry's top companies?
What are the different categories that the Wearable Robots Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Wearable Robots market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2024−2033
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Wearable Robots Market: Regional Analysis

By Region, Wearable Robots Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Asia Pacific leading the Wearable Robots Market in 2023 with a market share of 43.6% and is expected to keep its dominance during the forecast period 2024-2033.

In the market’s R&D, South Korea and Japan are particularly at the forefront. For example, in April 2021, a research team from the Korea Institute of Machinery and Materials in South Korea created a wearable robot technology that functions like a suit and can be utilized for a range of physical duties, such as construction labour and delivery.

It can be fastened to the thigh, arm, or other parts of the body to support muscles. The manufacturing center for automation and robots has traditionally been in South Korea. Wearable robotics has advanced significantly in the nation thanks in large part to government spending on cutting-edge technologies and an emphasis on research and development.

Additionally, Market participants for wearable robots are making more investments in the Asia-Pacific area. For example, in April 2021, Hong Kong-based Ekso Bionics, a market leader in the exoskeleton business, announced a collaboration with Royal Rehab in Australia, thereby increasing the application of the business’s robotic exoskeleton throughout Asia-Pacific.

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List of the prominent players in the Wearable Robots Market:

Ekso Bionics Holdings Inc.
ReWalk Robotics Ltd.
Cyberdyne Inc.
Parker Hannifin Corporation
Lockheed Martin Corporation
Bionik Laboratories Corp.
Sarcos Robotics
Hocoma AG
Honda Motor Co. Ltd.
Medtronic plc
ATOUN Inc.
Myomo Inc.
Wandercraft
Wearable Robotics SRL
suitX
Bioservo Technologies AB
Technaid S.L.
RB3D
ExoAtlet
Roam Robotics
Others

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The Wearable Robots Market is segmented as follows:

By Type

Powered Exoskeletons
Passive Exoskeletons

By Component

Hardware
Software

By End use Industry

Healthcare
Military and Defense
Industrial

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Regional Coverage:

North America

U.S.
Canada
Mexico
Rest of North America

Europe

Germany
France
U.K.
Russia
Italy
Spain
Netherlands
Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Taiwan
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Wearable Robots Market Research/Analysis Report Contains Answers to the following Questions.

What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Wearable Robots Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Wearable Robots Market? What Was the Capacity, Production Value, Cost and PROFIT of the Wearable Robots Market?
What Is the Current Market Status of the Wearable Robots Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Wearable Robots Market by Considering Applications and Types?
What Are Projections of the Global Wearable Robots Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Wearable Robots Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Wearable Robots Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Wearable Robots Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Wearable Robots Industry?

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Reasons to Purchase Wearable Robots Market Report

Wearable Robots Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Wearable Robots Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Wearable Robots Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Wearable Robots Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Wearable Robots market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Wearable Robots market analysis.

The competitive environment of current and potential participants in the Wearable Robots market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Wearable Robots market should find this report useful. The research will be useful to all market participants in the Wearable Robots industry.
Managers in the Wearable Robots sector are interested in publishing up-to-date and projected data about the worldwide Wearable Robots market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Wearable Robots products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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