According to MarkNtel Advisors, the Global Wearable Robotic Exoskeleton Market is expecting around 42% CAGR during 2021-26. The market would likely be driven by the mounting adoption of wearable robotic exoskeletons for medical & military purposes. The escalating prevalence of Spinal Cord Injuries (SCIs) & road accidents worldwide is resulting in an increasing number of people suffering from physical disorders who need products for rehabilitation purposes. It, in turn, is fueling the need for wearable robotic exoskeletons and driving the global market. Besides, the growing incidences of industrial injuries are amongst other crucial aspects fueling the demand for wearable robotic exoskeletons in various industries to prevent workplace injuries.
However, the market growth might get restrained by low per capita income in emerging economies & under-developed countries. Companies operating in developing nations face several challenges in terms of lack of funding & accessibility to novel technologies.
Moreover, in 2020, the Covid-19 pandemic also adversely impacted the global economy, with disrupted supply & demand chains & amplified unemployment, which led to economic uncertainty. These factors, in turn, led to a magnificent decline in the production & sales of wearable robotic exoskeletons and negatively impacted the overall market growth, further states the research report, "Global Wearable Robotic Exoskeleton Market Analysis, 2021."
With Surging Prevalence of SCIs & Backaches, Healthcare Sector Dominates the Global Wearable Robotic Exoskeleton Market
Of all End-Users, the Healthcare industry attains the largest share in the Global Wearable Robotic Exoskeleton Market, owing to the increasing number of severe backache issues & spinal cord injuries. With the growing prevalence of road accidents & walking disabilities, the leading market players are working on various research & development activities to offer customized exoskeletons for different applications. Besides, the rapidly growing geriatric population is also contributing to the overall market growth globally.
Furthermore, in the industrial sector, the demand for wearable robotic exoskeletons is projected to increase significantly during the forecast period to improve workers' capabilities & enhance their productivity. Various automakers & electronics manufacturers are widely adopting these devices and augmenting the overall market growth.
North America & Asia-Pacific Significantly Contributes to the Wearable Robotics Exoskeleton Market
Globally, among all regions, North America dominates the Wearable Robotic Exoskeleton Market, primarily due to the increasing adoption of these devices across the defense & healthcare sectors in different countries of the region. Besides, massive investments in developing technologically advanced products & devices are further propelling the demand for wearable robotic exoskeletons across North America.
On the other front, Asia-Pacific is expecting astronomical market growth during 2021-26. It attributes primarily to numerous benefits of using exoskeletons in construction & manufacturing activities and their burgeoning adoption for strengthening the defense sector by enhancing warfighters' capability in fields, reveals MarkNtel Advisors in their research report, "Global Wearable Robotic Exoskeleton Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Global Wearable Robotic Exoskeleton Market are ATOUN Inc., B-Temia Inc., Bionik Laboratories Corporation, Cyberdyne Inc., Daiya Industry Co., Ltd., Ekso Bionics, Focal Meditech BV, Hocoma AG, Hyundai Motor Company, Honda Motor Co., Ltd., Lockheed Martin, Mitsubishi Heavy Industries Ltd., Myomo Inc., P&S Mechanics Co. Ltd., Parker Hannifin Corporation, ReWalk Robotics Ltd., & Rex Bionics PLC.
Key Questions Answered in the Study