PUBLISHER: The Business Research Company | PRODUCT CODE: 1458767
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458767
A wearable robotic exoskeleton is a device worn by a person to augment, support, or enhance their mobility and physical capabilities. It aids individuals in tasks such as lifting heavy weights, improving physical endurance, or restoring movement for those with mobility impairments.
The two primary types of wearable robotic exoskeletons are passive and powered. A passive wearable robotic exoskeleton lacks powered motors or active assistance and instead relies on mechanical structures, springs, or other passive components to provide support and assistance to the user. These exoskeletons are further categorized by action technology into electric, hydraulic, fully mechanical, and others. They find applications in various fields including rehabilitation, assistive technologies, body part support, and sports, with end-users spanning healthcare, industry, defense, and commercial sectors.
The wearable robotic exoskeleton research report is one of a series of new reports from The Business Research Company that provides wearable robotic exoskeleton market statistics, including the wearable robotic exoskeleton industry's global market size, regional shares, competitors with an Wearable robotic exoskeleton market share, detailed wearable robotic exoskeleton market segments, market trends and opportunities, and any further data you may need to thrive in the wearable robotic exoskeleton industry. This wearable robotic exoskeleton market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The wearable robotic exoskeleton market size has grown exponentially in recent years. It will grow from $1.16 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 47.3%. The growth observed in the historical period can be attributed to several factors, including success stories and early adopters, heightened media and public awareness, improvements in human-machine interfaces, a growing awareness of challenges associated with an aging population, and an increased focus on workplace safety.
The wearable robotic exoskeleton market size is expected to see exponential growth in the next few years. It will grow to $7.12 billion in 2028 at a compound annual growth rate (CAGR) of 42.9%. The projected growth in the forecast period can be attributed to several factors, including the global expansion of exoskeleton manufacturers, the integration with augmented reality (AR) and artificial intelligence (AI), regulatory support and standards, cost reductions leading to increased affordability, and the emergence of opportunities in rehabilitation and healthcare. Major trends expected during this period encompass increased adoption among aging populations, expanding applications in neurorehabilitation, diversification across various industrial sectors, advancements in human-machine interfaces, and the integration of AI and robotics technologies.
The anticipated increase in the number of spinal cord injuries is poised to drive the growth of the wearable robotic exoskeleton market in the forthcoming years. Spinal cord injuries (SCIs) entail damage or trauma to the spinal cord, a vital bundle of nerves traversing the vertebral column. Wearable robotic exoskeletons play a pivotal role in aiding individuals with spinal cord injuries by enhancing mobility and offering support for those with impaired motor functions. For example, as reported by the New Zealand Spinal Trust in October 2022, the incidence of spinal cord injuries (SCI) in New Zealand currently stands at 45 per million, reflecting a slight rise from 41 per million in 2021. Hence, the escalating number of spinal cord injuries serves as a key driver behind the growth of the wearable robotic exoskeleton market.
Key players in the wearable robotic exoskeleton market are prioritizing the integration of AI and machine learning into their developed products, such as AI-powered exoskeletons, to bolster their market position. An AI-powered exoskeleton refers to a wearable robotic device that incorporates artificial intelligence (AI) technology to enhance its functionality, responsiveness, and adaptability. For example, in December 2021, German Bionic, a Germany-based company specializing in smart exoskeletons and wearables, unveiled the fifth-generation Cray X. This latest iteration of the Cray X boasts significant enhancements, including an active walking aid, IP54 waterproofing, a more potent 40 V battery, and a redesigned energy management system. Moreover, features such as the onboarding assistant simplify the setup process, while the Smart Safety Companion-an AI-based ergonomic early warning system-enhances workplace safety and aids organizations in fulfilling their environmental, social, and governance (ESG) and sustainability objectives. The newest Cray X model expands the range of applications and introduces novel dimensions of human enhancement.
In December 2022, Ekso Bionics Holdings Inc., a US-based manufacturer of exoskeleton bionic devices, completed the acquisition of the Human Motion and Control (HMC) Business Unit and the Indego lower limb exoskeleton line of products from Parker Hannifin Corporation for $10 million. This strategic move expands Ekso's product portfolio across various healthcare sectors, including home and community use markets. Furthermore, it enhances Ekso's product pipeline and strengthens strategic partnerships with essential commercial and research collaborators, such as Vanderbilt University. Parker Hannifin Corporation, also based in the US, specializes in motion and control technologies.
Major companies operating in the wearable robotic exoskeleton market report are Lockheed Martin Corporation, Mitsubishi Heavy Industries Ltd., Parker Hannifin Corporation, Comau LLC, Fourier Intelligence, Genesis Robotics, Hocoma AG (DIH International Ltd.), Myomo Inc., Cyberdyne Inc., Sarcos Corporation, ATOUN Inc, Ekso Bionics Holdings Inc., Bioservo Technologies AB, Daiya Industry Co. Ltd., ReWalk Robotics Inc., Skelex AG, Focal Meditech BV, B-Temia Inc., Technaid S.L., GenElek Technologies, Rex Bionics PLC, Innervo Labs, Harmonic Bionics, Gogoa Mobility Robots, Bionik Laboratories Corp., P&S Mechanics Co. Ltd., Skeletonics.
North America was the largest region in the wearable robotic exoskeleton market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable robotic exoskeleton market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wearable robotic exoskeleton market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wearable robotic exoskeleton market consists of revenues earned by entities by providing services such as assistance with physical tasks, real-time monitoring, sports training and performance enhancement, customization and integration services, and training and support services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The wearable robotic exoskeleton market also includes sales of power systems, actuators, sensors, inertial measurement units (IMU), and control systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wearable Robotic Exoskeleton Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wearable robotic exoskeleton market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wearable robotic exoskeleton? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wearable robotic exoskeleton market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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