As per a study conducted by Fact.MR, the global wearable exoskeletons market is projected to reach a valuation of US$ 282.88 Mn by the end of 2022, and is likely to expand at a CAGR of 30.3% until 2032
Governments in several countries are extensively focusing on strengthening their military infrastructure and adopting innovative technologies such as wearable exoskeletons to enhance soldier capabilities. For instance, in 2021, the China Government announced deploying advanced exoskeleton suits for soldiers to assist them in carrying ammunitions.
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Hence, increasing penetration of these exoskeleton technologies across the military &defense sector is expected to favor the growth in the market. Fact.MR reveals that the sale of wearable exoskeletons is projected to rise at an exponential CAGR of 30% over the forecast period 2022-2032.
Rising prevalence of childhood disabilities such as muscular dystrophy, cerebral palsy, Prader-Willi syndrome, and others have resulted in fueling the demand for assistive devices and equipment. For instance, according to the World Health Organization, nearly 95 million children across the globe are reported to be suffering from childhood disability, with 13 million children having acute disabilities.
Thus, several market players and medical institutes are focusing on developing advanced exoskeleton technologies to assist these children. For instance, the Universidad Miguel Hernández (UMH) of Elche has announced developing a robotic exoskeleton that can assist people with disabilities to carry out activities such as eating, drinking, washing, and others.
A slew of such development and product launches are estimated to accelerate the sales of wearable exoskeletons across the healthcare segment. As per Fact.MR, the global market is forecast to expand by 39.9X through 2032.
Key Takeaways from the Wearable Exoskeleton Market Study
- The U.S. is estimated to remain the dominant market in North America, expanding at around 25% CAGR over the assessment period.
- The U.K. is projected to account for a significant share in Europe market, exhibiting growth at 20% CAGR between 2022 and 2032.
- China is forecast to emerge as a highly remunerative market in Asia Pacific, due to the rising burden of childhood disabilities in the country.
- On the basis of extremity, the lower extremity segment is expected to register robust growth, accounting for nearly 60% of the wearable exoskeleton sales by 2022.
- Among the application verticals, the rehabilitation wearable exoskeleton segment is anticipated to account for lion's share, expanding at 20% CAGR through 2032.
Key Drivers
- Increasing investment in advanced wearable exoskeleton technologies by labor-intensive industries to provide enhanced comfort to employees is expected to favor the growth in the market.
- Rising prevalence of spinal cord injuries due to several causes such as road accidents, violence, falls, and others are propelling the demand for rehabilitation wearable exoskeleton.
Competitive Landscape
Prominent manufacturers in the global wearable exoskeleton market are emphasizing on the research and development (R&D) activities for introduction of novel wearable exoskeleton for diverse applications. For instance,
- In December 2020, Comau, an Italian multinational automation company, announced the launching a new version of its muscular aiding tech exoskeleton, MATE-XT. The product provides features such as easy adjustment, lightweight and slim carbon fiber structure, resistance to environmental factors and an intuitive regulation system.
- In February 2020, German Bionics, a leading connected exoskeleton manufacturer announced introducing its new Cray-X Robot-as-a-Service (RaaS) industrial exoskeleton. The Cray-X is designed to enhance wearer's movements, support labors in repetitive lifting, and reduce the risk of accidents across industrial sector.
Some of the leading players in the market profiled by Fact.MR are:
- EksoBionics
- ReWalkRobotics
- Bionik, Inc.
- Cyberdyne Inc.
- Rex Bionics Ltd.
- HocomaAG
- Wearable Robotics S.r.L
- Fourier Intelligence
- AXOSUITS SRL
- FREE Bionics Taiwan Inc.
- Innophys Co., Ltd.
- Medexo Robotics
- Noonee
- Technaid
- Walkbot (P&S Mechanics Co. Ltd)
- Lockheed Martin Corporation
- RB3D
More Valuable Insights on Wearable Exoskeleton Market
Fact.MR, in its new report, offers an unbiased analysis of the global wearable exoskeleton market, analyzing forecast statistics through 2022 and beyond. The survey reveals growth projections on in wearable exoskeleton market with detailed segmentation:
- By Product
- Rigid Smart Exoskeletons
- Soft Smart Exoskeletons
- By Extremity
- Lower Extremity Exoskeletons
- Upper Extremity Exoskeletons
- Full-body Extremity Exoskeletons
- By Application
- Rehabilitation Wearable Exoskeletons
- Pick & Carry Wearable Exoskeletons
- Wearable Exoskeletons for Other Applications
- By End User
- Wearable Exoskeletons for Industrial Use
- Wearable Exoskeletons for Healthcare
- Military Wearable Exoskeletons
- Wearable Exoskeletons for Other End Users
Key Questions Covered in the Wearable Exoskeleton Market Report
- What is the global Wearable Exoskeleton Market scenario?
- How far is the global demand expected to reach over the forecasted period?
- What was the last 5-year CAGR for the demand in the demand in the Wearable Exoskeleton Market?
- Who are the prominent players in the global Wearable Exoskeleton Market?
