Wearable Robots Market
Wearable Robots Market by Type (Powered Exoskeletons, Passive Exoskeletons), by Application (Healthcare, Military & Defense, Industrial, Other End-user Industries), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Wearable Robots Market:||2022 - 2028|
|Historical Years for Wearable Robots Market:||2016 - 2021|
|Revenue 2021 for Wearable Robots Market:||USD 575.5 Million|
|Revenue 2028 for Wearable Robots:||USD 8345.8 Million|
|Revenue CAGR (2022 - 2028) for Wearable Robots Market :||40.1%|
|Fastest Growing Region (2022 - 2028) for Wearable Robots Market:||Asia Pacific|
|Largest Region (2021) for Wearable Robots Market:||North America|
Global Wearable Robots market is valued at USD 575.5 Million in 2021 and is projected to attain a value of USD 8345.8 Million by 2028 at a CAGR of 40.1% during the forecast period, 2022–2028. Wearable Robots, sometimes known as power skeletons, are electromechanical wearable robotic systems that use pneumatics, hydraulics, and motors to power a system. Actuators, algorithms, sensors, and mechanical structures are all used in robotic exoskeletons to collect data and execute a motor function. Enhancements to robotic exoskeleton technology designs may increase adaptability and safety. Professional services robots with robotic exoskeletons are a rare breed. These robotic exoskeletons support human motions and could be used in a variety of applications, from consumer products to military deployment. Even years after an accident, most persons who use robotic exoskeletons may make progress in regaining functionality. Wearable Robots have a huge potential for reducing disability and assisting with work activities.
The industry's expansion will be fueled by the world's ageing population. According to the World Health Organization, the global population of people aged 60 and more will increase from 12% in 2015 to roughly 22% in 2050. With increasing age, muscle strength and physical labor capacities deteriorate. The Wearable Robots market will continue to grow as more medical devices are used to support and actuate body movement.
Increasing Demand of Exoskeleton in Military and Medical Applications are Estimated to Boost the Wearable Robots Market
The most common goal of a Wearable Robots is to offer superhuman strength; however, engineers and scientists all around the world are developing Wearable Robots for a variety of uses. Wearable Robots can be used as a multipurpose medical device, as an alternative to wheelchairs, and to boost a patient's independence in daily life, all of which contribute to the market's growth.Initial Wearable Robots development was driven by military and medical applications. The employment of robotic exoskeletons in military applications is also a major factor driving the market's expansion. The human-exoskeleton interface generates a number of concerns.
High Equipment Cost
It will take several years for the Wearable Robots market to realize its full market potential and commercialization. Commercial exoskeleton devices are now heavy and slow, and as a result, they must become more user-friendly. Furthermore, as compared to passive exoskeletons, the cost of powered exoskeletons on the market is extremely expensive. However, because exoskeleton technology is always advancing, it will only be a matter of time before exoskeletons become affordable, user-friendly, and dependable. Manufacturers use a variety of techniques to lower their selling prices, including constantly improving and optimizing their products, performing clinical trials, and extending their sales and distribution networks.
The Global Wearable Robots market is segmented by Type into Powered Exoskeleton and Passive Exoskeleton. By Application into, Healthcare, Military, Industry and Others. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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Asia Pacific is Expected to Experience a Rapid Growth
Over the projected period, the Asia Pacific wearable robots and exoskeletons market is expected to rise at a quicker rate. Wearable robots are used in a variety of industries in the region, including healthcare, industry, and defence. When it comes to exoskeleton wearable development, two countries in the region, Japan and China, stand out from the others. Exoskeletons are seen as a way to minimising occupational injuries and allowing older workers to stay in the workforce for longer in both countries. Exoskeletons are used by senior workers at Tokyo's Haneda Airport to assist them in lifting bags.
USD 233.0 Million
Some key players operating in the Wearable Robots market include Cyberdyene, Inc.,Ekso Bionics, Hocoma, ReWalk Robotics,Bionic Laboratories Corp.,Wearable Robotics Srl among others.
The Wearable Robots market is segmented as follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
By Region (Revenue: USD Million, 2016 - 2028)
Frequently Asked Questions
the global demand for Wearable Robots
in terms of revenue?
The global Wearable Robots valued at USD 575.5 Million in 2020 and is expected to reach USD 8345.8 Million in 2028 growing at a CAGR of 40.1%
are the prominent players
in the market?
The prominent players in the market are Cyberdyene, Inc.,Ekso Bionics, Hocoma, ReWalk Robotics,Bionic Laboratories Corp.,Wearable Robotics Srl among others.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 40.1% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Wearable Robots include
- Increasing Demand of Exoskeleton in Military and Medical Applications are Estimated to Boost the Market
region accounted for the
largest share in the market?
North America was the leading regional segment of the Wearable Robots in 2020.