Wearable Robots & Exoskeletons Market by Component, Enabled Device, End-Use Industry

Description

List of Tables

The Wearable Robots & Exoskeletons Market was valued at USD 1.90 billion in 2023, expected to reach USD 2.78 billion in 2024, and is projected to grow at a CAGR of 46.63%, to USD 27.72 billion by 2030.

The wearable robots and exoskeletons market is an evolving segment characterized by advanced technologies designed to augment human abilities or aid in rehabilitation. The scope and definition encompass exoskeletons that enhance mobility and load-bearing capacities, employed across medical, industrial, military, and consumer sectors. Their necessity arises from increasing demand for assistive technology in healthcare for rehabilitation and elder care, efficiency enhancements in industrial settings to reduce the strain on workers, and burgeoning interest from defense sectors for super-human capabilities. Applications are extensive, ranging from medical rehabilitation, industrial load handling, to enhancing soldier capabilities in defense. End-use scope covers healthcare facilities, manufacturing units, defense operations, and consumer tech markets.

KEY MARKET STATISTICS
Base Year [2023]	USD 1.90 billion
Estimated Year [2024]	USD 2.78 billion
Forecast Year [2030]	USD 27.72 billion
CAGR (%)	46.63%

Market growth is influenced by technological advancements, increasing investments in R&D, rising prevalence of disabilities and aging populations demanding assistive devices, and substantial military investments. Latest opportunities exist in tailoring applications for vertical-specific needs, like customizable industrial exoskeletons, and expanding outpatient rehabilitation offerings. Collaborations between tech companies and healthcare providers can catalyze broader adoption. Challenges include high development costs, regulatory hurdles, and uncertainty in long-term effects and reliability of these technologies, affecting scalability and market acceptance. The most promising areas for innovation include lightweight and more efficient power systems, intuitive user interfaces, AI-driven assistance features, and hybrid models that merge compatibility with Internet of Things (IoT) devices for streaming real-time health data analytics.

In terms of market nature, it features a competitive landscape with key players continually innovating and consolidating capabilities through strategic partnerships. Nonetheless, organizations must navigate a complex regulatory environment to maintain compliance and ensure safety. Businesses should prioritize partnerships for technology sharing and osmotic collaborations to drive economies of scale, while also investing in user-centric designs and affordable pricing models to expand market reach. Overall, leveraging cross-discipline technological advancements presents opportunities to make significant strides in wearable robots and exoskeleton innovation and market penetration.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Wearable Robots & Exoskeletons Market

The Wearable Robots & Exoskeletons Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Growing geriatric population and incidence of stroke
- Use of human augmentation in industrial and military sectors
- Increasing adoption of exoskeleton in rehabilitation centers
Market Restraints
- High cost and non-availability of reimbursements for wearable robots
Market Opportunities
- Integration of smart and advanced technologies with the product
- Investments for new product development and research
Market Challenges
- Health and safety risks of wearable robots and exoskeletons

Porter's Five Forces: A Strategic Tool for Navigating the Wearable Robots & Exoskeletons Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Wearable Robots & Exoskeletons Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Wearable Robots & Exoskeletons Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Wearable Robots & Exoskeletons Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Wearable Robots & Exoskeletons Market

A detailed market share analysis in the Wearable Robots & Exoskeletons Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Wearable Robots & Exoskeletons Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Wearable Robots & Exoskeletons Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Wearable Robots & Exoskeletons Market

A strategic analysis of the Wearable Robots & Exoskeletons Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Wearable Robots & Exoskeletons Market, highlighting leading vendors and their innovative profiles. These include ATOUN Inc., B-Temia Inc., Bionik Laboratories Corp, Cyberdyne Inc., Daiya Industry Co., Ltd., Ekso Bionics Holdings Inc., Focal Meditech BV, Hocoma AG, Honda Motor Co. Ltd., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Myomo Inc., P&S Mechanics Co. Ltd., Parker Hannifin Corporation, and ReWalk Robotics Inc..

Market Segmentation & Coverage

This research report categorizes the Wearable Robots & Exoskeletons Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Component, market is studied across Services and Solutions. The Solutions is further studied across Message & File Sharing and Video Calling & Conference.
Based on Enabled Device, market is studied across PCs and Smartphones & Tablets.
Based on End-Use Industry, market is studied across BFSI, IT & Telecom, Media & Entertain, and Retail & Consumer Goods.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-957C47F945BB

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing geriatric population and incidence of stroke
  - 5.1.1.2. Use of human augmentation in industrial and military sectors
  - 5.1.1.3. Increasing adoption of exoskeleton in rehabilitation centers
- 5.1.2. Restraints
  - 5.1.2.1. High cost and non-availability of reimbursements for wearable robots
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of smart and advanced technologies with the product
  - 5.1.3.2. Investments for new product development and research
- 5.1.4. Challenges
  - 5.1.4.1. Health and safety risks of wearable robots and exoskeletons
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Wearable Robots & Exoskeletons Market, by Component

6.1. Introduction
6.2. Services
6.3. Solutions
- 6.3.1. Message & File Sharing
- 6.3.2. Video Calling & Conference

7. Wearable Robots & Exoskeletons Market, by Enabled Device

7.1. Introduction
7.2. PCs
7.3. Smartphones & Tablets

8. Wearable Robots & Exoskeletons Market, by End-Use Industry

8.1. Introduction
8.2. BFSI
8.3. IT & Telecom
8.4. Media & Entertain
8.5. Retail & Consumer Goods

9. Americas Wearable Robots & Exoskeletons Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Wearable Robots & Exoskeletons Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Wearable Robots & Exoskeletons Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
12.4. Strategy Analysis & Recommendation

Companies Mentioned

1. ATOUN Inc.
2. B-Temia Inc.
3. Bionik Laboratories Corp
4. Cyberdyne Inc.
5. Daiya Industry Co., Ltd.
6. Ekso Bionics Holdings Inc.
7. Focal Meditech BV
8. Hocoma AG
9. Honda Motor Co. Ltd.
10. Lockheed Martin Corporation
11. Mitsubishi Heavy Industries, Ltd.
12. Myomo Inc.
13. P&S Mechanics Co. Ltd.
14. Parker Hannifin Corporation
15. ReWalk Robotics Inc.