Wearable Robots Market By Type (Powered Exoskeletons, Passive Exoskeletons) By Application (Healthcare, Military and Defence, Industries, Other) - Growth, Future Prospects, Competitive Analysis And Forecast 2016 - 2028

About this report

The Global Wearable Robots Market report explores the critical analysis of the wearable robots industry using key parameters. The report consists of investment strategies, the need for investments in the wearable robots industry, and the multiple benefits for investors. Importantly, this report sets out major changes in the global technical regulations for the wearable robots industry and how economic and non-economic barriers are helping the market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses include Porter's five forces analysis, PESTEL analysis, value chain analysis, etc.


Key Highlights of the report

How are the major segments performing in the Wearable Robots Market?

The powered exoskeletons segment led the market in terms of type in 2021 and is expected to continue throughout the projection period. Powered exoskeletons are widely used in defense and industrial applications to allow people to move heavy loads with minimal fatigue. These exoskeletons can increase their endurance, enabling military personnel to move for longer as they are expected to endure arduous physical hardships.

The healthcare segment led the market in 2021, owing to the increasing prevalence of walking disabilities, Spinal Cord Injuries (SCIs), and extreme backache issues. Rising awareness of technologically advanced systems and an aging population further drive demand for exoskeleton products in the healthcare sector.

Which region dominated the Wearable Robots Market?

North America dominated the global wearable robots market in 2021, owing to the presence of industry leaders in the region and rising research and development activities to launch new wearables, which drive the market growth. The North American government's heavy spending on healthcare and the military and defense sector has also contributed to the market's growth. Besides, the rapid adoption of technologically advanced devices, combined with massive disposable income, aids the regional growth of the wearable robotic market. Furthermore, increasing R&D activities to develop more technologically advanced and effective products will drive market growth over the forecast period.

What is the competitive environment of the Wearable Robots Market?

The global wearable robot market is competitive and fragmented. Major industry participants constantly implement various growth strategies to maintain a competitive edge. These players use mergers, innovations, collaborations, acquisitions, and partnerships to thrive in a competitive market. The major players in the wearable robots market are constantly focusing on exoskeleton R&D to provide industries with the most effective and cost-effective solutions. For instance, Conklin revealed bullet-resistant wearable robotic exoskeletons in June 2022. The wearable robotic exoskeletons, which come in various colors, resemble ordinary book bags but are lined with sewn-in armor capable of stopping 95% of gun rounds used in gun-related homicides. On the other hand, USWE Sports AB, a wearable robotic exoskeleton company based in Malmo, Sweden, acquired Bend-based Giant Loop LLC in June 2022, a Powersports brand well-known for its innovative off-road motorbike soft luggage designs.

Executive Summary

What are all the technical developments being developed in the Wearable Robots Market?

The enormous potential of the technology has aided in the development of more affordable and efficient wearable robots. The numerous robotics and artificial intelligence research and development projects contribute to expanding the global market. Every industry is moving toward innovation and adopting innovative technologies as the world moves toward continued technological growth. However, the technology has already entered several sectors, particularly healthcare and military services, where it has demonstrated exceptional results. For example, in the military, the device can be used to improve military men's endurance, mobility, strength, and load-carrying capacity. In addition, companies like Tendo AB have adapted space technology to develop a wearable exoskeleton that meets the urgent needs of paralyzed patients with limited hand function. The product features a patented actuator system with artificial tendons running along the batteries, fingers, and motor. The grip is formed by pulling the tendons. The market has also seen product and technological innovations. For instance, Hilti announced the release of its first exoskeleton, the EXO-O1, in August 2020 to reduce the strain on construction workers. This new wearable, developed in collaboration with biometric company Ottobock, was designed to relieve 47% of the stress caused by users lifting their arms above their heads.

Which are the key investments by the Wearable Robots Market players?

Wearable robot technology has advanced significantly in recent years. The market has seen an increase in technological investments to improve its functionality. Extensive research and development investments in wearable robots for industrial, medical, and defense applications are expected to impact market growth during the forecast period significantly. Every country heavily invests in upgrading its military structure to ensure future security. For instance, the Defense Research and Development Organization (DRDO) works on a wearable exoskeleton for Indian soldiers operating at high altitudes. Also, Sarcos Robotics, a startup developing defense and industrial robots, raised USD 40 million in equity financing in September 2020, bringing its total venture capital to nearly USD 100 million. The capital would be used to commercialize the Guardian XO, the company's first full-body, self-powered wearable robots product. Furthermore, several companies are receiving significant funding in this sector to create a hybrid work environment that combines the brains of humans with the strength of robots. Verve Motion raised USD 15 million in July 2021 to deploy exo-suites for the grocery workforce.

Some of the major players in the market are Raytheon Technologies, Lockheed Martin, BAE Systems, Panasonic, Honda, Daewoo, Noonee, Revision Military, China North Industries Group Corporation (NORINCO), Rex Bionics Ltd, Parker Hannifin, Ekso Bionics, Cyberdyne Inc.

What are the Major Driving Factors for the Wearable Robots Market?

The wearable robot market has grown rapidly as machine intelligence has surpassed human intelligence in the defense industry, and there is an increase in demand for exoskeletons for rehabilitation applications, which is expected to grow further with the rapid growth of the senior population. Recent advancements in wearable exoskeleton components and services have enabled wearable robot technology to reach a broader segment of the industry's consumers. Wearable robots are becoming more common in a variety of industries around the world as technology advances. Technology advancements such as interactive artificial intelligence (AI), the Internet of Things (IoT), interactive learning, virtual guidance, and digital assistants in wearable robots have benefited the logistics, medical, and engineering sectors.

What are the Major Risks for the Wearable Robots Market?

The high initial costs of advanced devices limit the market for wearable robots over the forecast period. Besides, wearable exoskeletons have numerous sensors and motors, which raises the overall cost significantly. Moreover, research into developing appropriate software and hardware for modification and personalized usage raises costs, restraining market growth. Furthermore, many insurance companies continue to limit their coverage by refusing to fund robotics-based therapy. This is primarily due to the high cost of wearable robots, which complicates the development of insurance plans and policies.

Which is the key Application in the Wearable Robots Market?

In 2021, the healthcare segment led the global market in application, and this trend is expected to continue throughout the projection period. Many exoskeleton products have been developed in the healthcare industry for rehabilitation training and to assist those suffering from complete or partial paralysis. Exoskeletons are becoming more common in the medical field, from emergency services to physiotherapy. For example, a robotic support system developed by Delhi-based GenElek Technologies assists people suffering from neurological diseases such as paralysis, spinal cord injury (SCI), and stroke. The exoskeleton assists disabled people in regaining their ability to walk. They will develop self-reliance and independence, which will benefit their physical and emotional health. The large consumer base for exoskeletons in this sector has resulted in increased investments in new product research and development activities, paving the way for the healthcare segment to dominate.

How is the Wearable Robots Market performing in regions?

North America dominated the wearable robots market in 2021 and is expected to maintain its dominance throughout the forecast period. One of the most important robotics markets in North America, as well as a notable innovator and pioneer in the field. Increased use of automated material handling and trends such as lights-out automation, along with increased use of these robots across various industries, are factors driving the regional market's growth. Market vendors consider North America one of the most promising markets. Some of the most automated industries are found in the region. Regional end-user industries are also early adopters of advanced technologies. Several end-user companies play key roles in the global development of the wearable robotics market. Robot adoption is accelerating in North American industries. North American companies introduced many robots in the first nine months of 2021. They rushed to speed up assembly lines, despite having a limited number of human workers. All of these occurrences contribute to the growth of the regional market.

Besides, Asia Pacific is expected to grow the most during the forecast period, owing to growing awareness of the various benefits of wearable robots in the manufacturing, healthcare, and defense industries, among others. Across the region, China and Japan are the most prominent developers of wearable robots, as they help prevent workplace injuries while allowing aging workers to work for longer periods. Moreover, increased production and use of these devices in the Asia-Pacific defense sector to enhance military capabilities will contribute to regional market growth during the forecast period.

What is the regulatory landscape for the Wearable Robots Market?

Wearable robots have proven to be useful in various scenarios across industries. The technology's outputs are of exceptional quality; thus, it has piqued the interest of many organizations to invest in the technology and make it more affordable to increase the consumer database. Many governments are also funding these economic expansion developments, which are expected to provide ample growth opportunities in the global market. For any product to be used in the medicinal or healthcare sector, it must first receive multiple approvals from regulatory bodies that determine whether or not the product will cause unintended consequences. Wearable robots are considered hardware machines, so there are strict government regulations approving the monitoring of their use. These factors may limit the growth of the global market since it might take years for approvals to be granted before a product can be used in practice, deterring many enterprises from investing in the technology unless regulatory agencies develop systems that can speed up the approval process.

What is the Market Size of the Wearable Robots Market regarding value?

The global wearable robots market is anticipated to grow at a substantial CAGR of XX% in the upcoming years. The global wearable robots industry was estimated to be worth USD XX million in 2021 and was expected to be worth USD XX million by 2028.

What are major players planning for the future of the Wearable Robots Market?

Due to the rapid advancements in radiography techniques, several companies have upgraded their services to increase their market potential and solidify their positions. Developing new, cutting-edge wearable robotic exoskeleton care tools that reduce patient discomfort is a major focus of wearable robotic exoskeleton radiology equipment manufacturers' research and development (R&D) spending. Several players in the industry have already tested exoskeletons for their manufacturing capabilities and are ready to deploy them, which will likely augment the market in the future. For instance, Ford, an automobile company, planned to use exoskeletons in fifteen assembly plants worldwide and adopted the EksoVest. The arms of workers performing repetitive overhead tasks are elevated and supported by this exoskeleton. During the trial period, the use of EksoVests reduced workplace injuries by 83%.

Segmentation of Global Wearable Robots Market -

Global Wearable Robots Market – By Type

  • Powered Exoskeletons
  • Passive Exoskeletons

 Global Wearable Robots Market – By Application

  • Healthcare
  • Military and Defence
  • Industries
  • Other

Global Wearable Robots Market – By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Frequently asked questions about the global Wearable Robots Market

The Covid-19 pandemic has negatively impacted the wearable robots market due to extended production halts and sharply rising raw material costs. The pandemic forced companies to postpone product launches and meet client demands.

North America accounted for the highest share in the global wearable robots market regarding value and volume.

Increased investment in research and development activities to launch wearable devices for the healthcare, military, and defense domains drives the wearable robots market. Furthermore, the growing number of people with disabilities due to spinal cord injuries, strokes, and other causes is expected to boost demands for wearable robotic exoskeletons.

The powered exoskeletons segment had a major share in 2021, with more than 60% of the market revenue. Besides, the passive exoskeletons segment is projected to witness the fastest growth.

The healthcare segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.

Wearable Robots Market Scope

Report Attribute Details
Market Value in 2021 USD XX million
Market Value in 2028 USD XX million
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Oct 2022
Category:  Technology & Media
Report ID:   60753
Report Format:   PDF
Pages:   120
Rating:    4.6 (30)
Delivery Time: 24 Hours to 48 Hours   
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