Global Wearable Robotic Exoskeleton Market Size, Share, Growth Analysis, By Type(Full Body, Upper Body), By End-User(Industrial, Defense) - Industry Forecast 2022-2028

Wearable Robotic Exoskeleton Market was valued at USD 665.2 million in 2021, and it is expected to reach a value of USD 11.85 billion by 2028, at a CAGR of more than 44.3% over the forecast period (2022-2028).

Global Wearable Robotic Exoskeleton refers to the consumption and production of Wearable Robotic Exoskeleton in the Asia Pacific region. The Asia Pacific region includes countries such as China, India, Japan, South Korea, Australia, and New Zealand, among others. Top-down and bottom-up approaches were used to estimate and validate the size of Global Wearable Robotic Exoskeleton and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global wearable robotic exoskeleton market is segmented based on the Type, End-User, and region. Based on the Type, the Global Wearable Robotic Exoskeleton Market is segmented As Full Body, Upper Body and Lower Body. Based on End-User, the Global Wearable Robotic Exoskeleton Market is segmented as Industrial, Defense, Healthcare, and Others. Based on Region Wearable Robotic Exoskeleton Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Due to a growing elderly population, increasing incidents of traffic accidents and severe trauma injuries, and a rise in the prevalence of strokes, there has been a notable increase in the number of people with physical disabilities worldwide. Exoskeletons designed for rehabilitation purposes can be helpful for individuals with significant bodily injuries to recover or perform daily activities. According to the U.S. National Spinal Cord Injury Statistics Center (NSCISC), which is a government-funded and operated injury database, more than 275,000 Americans experience severe spinal cord injuries annually, and around 52% of these patients ultimately develop paraplegia.

Restraint

Robotic exoskeletons have become a common tool for various tasks, including assisting older individuals with movement and lifting heavy and intricate equipment. They are also becoming increasingly popular in military operations due to their ability to provide additional safety measures, improve combat endurance, and drive growth in the wearable robotic exoskeleton industry. However, the high initial cost of purchasing these devices hinders market progress, as it includes expenses such as installation, intelligent sensors and software integration, training and rehabilitation costs, after-sales services, and routine maintenance that contribute to the total cost of ownership.

Trend

The primary alteration made to the design of the Wearable Robotic Exoskeleton involved incorporating a chest strap, which alleviates the burden on the lower back, previously borne by the shoulders. Furthermore, the contemporary packs cater to the needs of women, being lighter and more comfortable. Additionally, the third modification involves adding pockets in various locations, including the waist and hip belts, to enhance accessibility without any inconvenience.