Wearable Robotic Exoskeleton Market Size, Share & COVID-19 Impact Analysis, By Technology Type (Powered and Passive), By Application (Healthcare, Industrial, Defense & Aerospace and Others) and Regional Forecasts, 2022-2029

The global wearable robotic exoskeleton market size was USD 671.6 million in 2021. The market is projected to grow from USD 952.5 million in 2022 to USD 11,995.7 million in 2029 at a CAGR of 43.6% in the 2022-2029 period. The global COVID-19 pandemic has been unprecedented and staggering, with wearable robotic exoskeleton witnessing a higher-than-anticipated demand across the regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth rate of 41.2% in 2020 as compared to 2019.

Wearable robotic exoskeletons are devices that help with mobility. Exoskeletons aid in mobility by storing energy in compressed gas bags, which are both passive and motorized.

The wearable robotic exoskeleton sector has allowed an exceptional degree of robotic utilization as these advancements thoroughly fit with the human body structure as required. Exoskeleton technology has the potential to drastically modify our approach to life. These robots can considerably help the economy and also introduce new levels of employment requirements in the coming years as they are becoming a part of everyday work culture,

Wearable robots are being used in a variety of sectors, including construction, industry, military & warfighters, and more. The market is growing at an exponential rate, and this trend is projected to continue in the future years.

Creation of Productive Opportunities for Service Providers Globally During COVID-19 Pandemic

For a brief while, the unexpected shutdown throughout multiple locations owing to the COVID-19 pandemic had brought robot suppliers to a complete cease. On the other side, the pandemic has provided lucrative industry possibilities for goods and service providers who focus on addressing genuine clinical difficulties in partnership with physicians and industry partners and in response to patients' changing requirements.

For instance, in October 2020, CYBERDYNE Inc. received permission from the Australian Ministry of Health for the lower limb type device i.e., HAL medical, which is aimed to improve the wearer's physical function. Furthermore, the U.S. healthcare industry has been observed using telehealth experiences to respond to the urgencies produced by the COVID-19 pandemic.

Furthermore, important suppliers reported that lockdown measures were being eased in May 2021, with the resumption of shipping, delivery, training, and fulfillment of first-quarter orders, as well as the acquisition of new orders across regions. Exoskeletons can also help persons with impairments with their stride, minimizing their need for caretakers and guaranteeing social isolation.

LATEST TRENDS

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Integration Of Smart Technologies In Robots To Boost The Market

Exoskeleton robots are becoming more widespread in industries throughout the world as technical capabilities improve. The logistics, medical, and engineering industries have benefited from the advent of technology such as interactive Internet of Things (IoT), artificial intelligence (AI), virtual guidance, interactive learning & digital assistants in robots.

Furthermore, the robotics sector has seen substantial changes as a result of the advent of methodologies, particularly human-in-the-loop optimization optimized in robotics. Real-time measurements of human physiological data, such as breathing rate, are used to modify control settings and other functions in these approaches.

Apart from that, the leading companies include rechargeable battery packs & detachable, assistive torque, and other operating algorithms to help users with heavy lifting and other demanding or repetitive chores.

DRIVING FACTORS

Increasing Adoption of Exoskeleton Devices In The Medical Industry To Fuel Growth

Exoskeleton devices in the medical industry are booming quickly due to their increasing demand. This is mostly owing to the increasing prevalence of inborn physical disabilities, the increasing number of vehicular accidents, and other factors. In 2018, around 288,000 people in the U.S. were living with spinal cord injuries, with an annual incidence of approximately 17,700 new cases per year, according to the National Spinal Cord Injury Statistical Center (NSCIAC). Similarly, according to the multiple sclerosis foundation, in 2018, almost 1 million people in the U.S. & around 2.3 million people across the globe suffered from multiple sclerosis.

Furthermore, the Department of Physical Medicine and Rehabilitation at the University of Alabama-Birmingham discovered that motor vehicle collisions were the primary cause of reported falls (32%), followed by spinal cord injury cases (38%) and sports injuries (14%) & acts of violence (14%).

Additionally, the development of soft-suit, lightweight wearable robotics exoskeletons has shown to be a novel technique to aid the elderly in preserving or regaining their gait, as well as children and adults in rehabilitation. According to the American Heart Association, more than 6.5 million Americans have had a stroke, with 795,000 additional cases projected each year, and 60 percent of these people expected to have lower-limb disabilities.

This is expected to compel them to seek gait training as part of their overall therapy plan. Therefore, the aforementioned factors are contributing towards wearable robotic exoskeleton market growth & the overall medical industry is expected to increase in the future. Furthermore, main companies are proactively firming their market positions by presenting technologically competitive devices in the healthcare industry to sustain themselves in the global market. For instance, in January 2020, GenElex Technologies announced that it would focus on producing external wearing devices for people suffering from paralysis, stroke, and spinal cord injury. The company’s exoskeleton devices would further enhance people's limbic capabilities.

RESTRAINING FACTORS

Huge Investments and Non-coverage of Wearable Robotic Devices by Insurance Companies to Detain Market Growth

Robotic exoskeletons are now widely utilized for a variety of tasks, including lifting large and sophisticated instruments and assisting the movement of elderly persons who are prone to injury. These robots are also seeing increased use in military activities, as they help to increase the endurance of warfighters on the battlefield by adding extra safety measures, which is fueling the market's development.

However, the large initial expenditure necessary to obtain these devices is a stumbling block to the market's growth. Installation, integration of intelligent sensors and software solutions, training and rehabilitative charges/fees, after-sales services, and regular maintenance would all add to the total cost of ownership.

Furthermore, the introduction of modern, intuitive technology can occasionally raise interdisciplinary problems, resulting in unfavorable outcomes on a variety of levels. The robot becomes physically sensitive and empathic to the user's motions as a result of this. The patient, on the other hand, must trust and rely on the robot's movements. This can occasionally fail to provide the desired outcomes, resulting in bodily injury to the operator.

Furthermore, many insurance companies continue to limit themselves by refusing to fund robotics-based therapy in their coverage. This is mostly due to the high expense of exoskeletons, which further complicates the formulation of insurance plans and policies. Exoskeleton technology, for example, may add more than USD 0.50 million to patient claims, according to sources. This also prevents people from enrolling in such high-end plans, limiting their options.

SEGMENTATION

By Technology Type Analysis

Powered Segment to Hold Dominant Market Share

By technology type, the market is segmented into passive and powered.

The demand for powered exoskeletons is predicted to increase dramatically during the forecast period. Powered exoskeleton robots can transfer weights, allowing for more effective mobility with less strain or damage. This is especially important for armed troops traveling across longer distances in unforgiving terrains like mountains and steep structures. As a result, over the projected period, this category is expected to have the highest year-on-year increase.

Furthermore, in the approaching years, the passive exoskeleton category is predicted to have a small market share and modest growth.

By Application Analysis

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Industrial Segment to Grow Significantly Due To Rising Number of Users

By application, the market is segmented into industrial, defense & aerospace, healthcare, and others (commercial, etc.).

With the rising deployment of robotic exoskeletons, the industrial segment is expected to increase at a high rate. Exoskeletons have been used in a variety of applications to improve worker capabilities. Automobile manufacturers such as BMW, Honda, Ford, and Hyundai; electronics manufacturers such as Samsung, Panasonic, Mitsubishi, and Siemens; and logistics and shipping companies such as Geodis, Pon, and AT are all examples of industrial uses of exoskeletons.

Furthermore, the defense and aerospace sector is likely to account for a significant portion of the market. Soldiers are currently needed to carry 80 to 660 pounds (40 to 300 kg) of weight. These exoskeletons allow soldiers to carry 17 times their typical weight, allowing them to cover more terrain. As a result, both of these applications are projected to increase significantly in the future years.

REGIONAL INSIGHTS

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The report's scope comprises five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

North America is anticipated to lead in terms of the share of industry, along with displaying steady growth in the coming years. This is attributed to the presence of several prominent market players in the U.S. Furthermore, substantial investments in wearable robotics by regional players are anticipated to create more opportunities for the development of advanced exoskeletons, with a variety of options and features based on the prevalent market trends.

Increase In Investments In Robotic Sector To Accelerate The Market Growth

The U.S. is expected to hold a dominant share of the market. Its prevailing position in the global market is owed to the cumulative investments by the public as well as private organizations in the robotics sector. In addition, the emphasis on R&D activities for the development of efficient products, with increasing technological adoption for applications in the industrial, healthcare, and military & defense sectors, is boosting the wearable robotic exoskeleton market share globally.

Asia Pacific is projected to showcase exponential growth with the highest CAGR over the forecast period. This is on account of the rising awareness and advantageous use of wearable robotics in manufacturing and construction activities. The rise in the production of exoskeletons for the defense sector is expected to be a major factor driving the market, with China, Japan, and South Korea estimated to be the major revenue-generating economies.

Europe is also expected to hold a notable share of the market. It is set to remain in the second position due to its ongoing technological advancements along with R&D activities and the prevailing presence of exoskeleton manufacturers in the region.

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Besides, South America, the Middle East & Africa are expected to exhibit reasonable year-on-year growth in the coming years, owing to the shift of the market from North America to Asia Pacific. This is expected to make the company focus more on developing countries present in these regions, with consumers having adequate purchasing power.

KEY INDUSTRY PLAYERS

Key Players to Focus on Developing Advanced Exoskeletons to Expand Product Portfolios

The global market for wearable robotic exoskeletons is dominated by prominent players. However, regional and local markets are also highly fragmented due to the presence of small and medium manufacturers. Cyberdyne Inc., Ekso Bionics, Lockheed Martin, Hocoma, ExoAtlet, Sarcos Corp., Bionik Laboratories, ReWalk Robotics, Rex Bionics, and Wearable Robotics Srl are some of the major market players, accounting for ~42% - 47% of the global market share.

The large share of these players is due to their dominant presence in the professional service robotics market, along with their key developmental strategies implemented. End-users are inclined to purchase wearable robotic exoskeletons from trusted brands as they have a strong reputation and goodwill in the market. Additionally, these players provide exoskeletons for the construction and manufacturing sectors as per the need and applications. As a result, these manufacturers are expected to enjoy lucrative opportunities over the forecast period to enhance their businesses with the development of innovative products.

LIST OF KEY COMPANIES PROFILED:

• CYBERDYNE, INC. (Japan)


• Ekso Bionics (U.S.)


• Hocoma (Switzerland)


• ReWalk Robotics (U.S.)


• Bionik Laboratories Corp. (Canada)


• ExoAtlet (Luxembourg)


• Lockheed Martin (U.S.)


• Rex Bionics Pty Ltd. (U.S.)


• Sarcos Corp. (U.S.)


• Wearable Robotics Srl (Italy)

KEY INDUSTRY DEVELOPMENTS:

• July 2021 - Cyberdyne Inc. has formed a commercial collaboration with J-Workout Inc. to deliver the new service from August 2021. By triggering the activation loop of the brain's nervous system via Wearable Cyborg HAL, the Group delivers Neuro HALFIT as a service to support the functional improvement of patients with decreased motor functions.


• March 2021 - Ekso Bionics has established a collaboration with the American Physiatry Society to educate doctors about the clinical benefits of the EksoNR exoskeleton. This agreement will help other physicians & therapists to become more aware of Ekso Bionics technology & a proper integration of robots into rehabilitation programs.


• March 2021: The parent business of Hocomo, DIH International Limited, has teamed up with Reha Technology to market rehabilitative robots devices developed in Switzerland, Germany, and the United States. End-effector-based gait treatment devices for lower extremity rehabilitation are the goods.

REPORT COVERAGE

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The wearable robotic exoskeleton market research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, technology types, and leading product applications. Besides, it offers insights into the current market trends and highlights driving forces opportunities for technological development, advancements, and competitive benchmarking. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation