Market Definition
Wearable Robotic Exoskeleton is a technology with high potential to assist humans using sensorimotor impairments to perform daily activities. It is an electromechanical device worn by humans to improve their mobility, strength, and performance while doing any task. It is powered mainly by the combination of electric motors, pneumatics, levers, & hydraulics.
The assistance provided by wearable robotic exoskeletons allows individuals to be physically & socially active and perform activities independently, which further helps enhance their quality of life. It has proven its effectiveness across various industries, including healthcare, by providing patients with strength & mobility to defense by reducing the risk of strain injuries to soldiers. Since wearable robotic exoskeleton technology is attached directly in contact with the body, the system & assistance must be efficient, safe, and usable regularly by the individual.
Market insights
The Global Wearable Robotic Exoskeleton Market is anticipated to grow at a CAGR of around 42% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the mounting adoption of wearable robotic technology for military & medical uses, the rapidly growing geriatric population, and surging physical disabilities. Besides, the increasing incidences of Spinal Cord Injuries (SCIs) and the rapid expansion of the healthcare industry with technological advancements shall also drive the global market during 2021-26.
Moreover, the defense sector has experienced ascension in the market growth owing to the thriving demand for wearable robotic exoskeleton across the Asia-Pacific & Europe. These devices are of extreme use across numerous industries and are have promising growth potential over the forecast years. Initially, their demand was driven mainly by the healthcare & military sectors. However, aerospace, automotive, & many more end-users are also contributing to the significantly growing market.
Exoskeleton solutions are being adopted extensively across industries to facilitate employee health & boost their productivity. It has led to numerous startups expertizing in exoskeleton technology & offering rehabilitation-related solutions. Furthermore, the constantly growing exoskeleton industry is encouraging market players to devise innovative product development strategies to escalate the adoption rate in the coming years. For instance:
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 42% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain, Russia | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil, and Argentina | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled |
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 |
| Unit Denominations | USD Million/Billion |
Impact of the Covid-19 on the Global Wearable Robotic Exoskeleton Market
The Covid-19 pandemic in 2020 adversely impacted the global economy due to the imposition of lockdown that led to the temporary shutdown of manufacturing units & other industries. It, in turn, resulted in a sharp decline in the demand for wearable robotic exoskeletons owing to supply chain disruptions & brought robot suppliers to a complete cease. Additionally, reduced capital expenses by companies operating in the market also significantly impacted the market growth.
However, the global pandemic did provide a lucrative growth opportunity to the healthcare sector, which focused on clinical difficulties & adopted advanced technologies. As a result, the demand for wearable robotic exoskeletons witnessed substantial growth in healthcare facilities. Besides, the surge in clinical trials amidst the pandemic and the soaring support by key market participants significantly benefitted the Global Wearable Robotic Exoskeleton Market.
Furthermore, with ease in the restrictions in the shipping, delivery, training, and fulfillment of delayed orders across various regions worldwide, the market is set to revive from financial losses and witness exponential growth in the years to come.
