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Nov-2021

Wearable Robotic Exoskeleton Market Worth USD 4005 Mn By 2026

Global Wearable Robotic Exoskeleton Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type, End-User & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)

As per our research report, the size of the global wearable robotic exoskeleton market is forecasted to grow at a CAGR of 39.48% from 2021 to 2026 and will be worth USD 4,005.63 million by 2026.

Stroke is one of the leading causes of acquired disability worldwide, and survival rates are improving as healthcare facilities develop.

COVID-19 impact on the global wearable robotic exoskeleton market:

The COVID-19 outbreak has disrupted the supply chain of almost every industry around the world. This disruption has resulted in a shortage of supply and an increase in the price of the product. Additionally, companies are struggling to cover the losses incurred in 2019-2020 and expanding their research and development in the future. The pandemic has also created growth opportunities for companies to collaborate with clinics and industrial partners. For example, ReWalk Robotics Ltd. extended its agreement with Harvard in May 2020. All these factors will help increase the sales revenue for the studied market with the uplifting of travel bans and restrictions.

KEY DRIVING FACTORS:

Factors such as the number of people with physical disabilities are increasing mainly due to the rapid growth of the geriatric population, the high prevalence of stroke, and the increase in the number of road accidents and serious injuries are a few of the significant factors boosting the global wearable robotic exoskeleton market. A wearable robotic exoskeleton is used to help people recover from severe physical trauma or assist them with daily living activities. According to Burden of Stroke in Europe, there will be a 35% increase in the total number of strokes in Europe, from 613,200 in 2015 to 819,800 in 2035.

According to the National Spinal Cord Injury Statistics Centre, more than 2,80,000 Americans suffer from severe spinal cord injury each year, and over 50% of these patients have paraplegia. In the United States, in 2017, over 2.2 million people suffered from loss of limbs, and this number is predicted to double by 2050, according to the National Centre for Biotechnology Information. According to the Ministry of Interior and Communications, 36.5 million people in Japan were aged 65 or over in 2020, up from 38.4 million in 2018. In addition, significant companies are designing exoskeletons for orthopedic rehabilitation to help patients recover from a stroke or other conditions, increasing awareness about diseases and exoskeletons in the population.

The increase in the population with stroke-related disabilities and people with physical movement limitations contributes to the growing demand for exoskeletons. In 2019, there were over 7,90,000 cases of stroke in the United States, and over 52% of stroke survivors have long-term walking problems due to loss of sensation in the limbs.

RESTRAINING FACTORS:

However, the high price of the products and strict government regulations related to medical applications are the main factors limiting the market's growth.

KEY MARKET INSIGHTS:

Based on the end-user, the military and defense segment is predicted to have a significant stake in the market over the analysis period. The military and defense industries use exoskeletons due to their benefits of comfort, efficiency, and flexibility. In addition, the exoskeletons provide the soldiers with an additional layer of protection from the ground.
Depending on the power type, in 2020, the active exoskeleton achieved the largest share of the wearable robotic exoskeleton market. Therefore, this is because it can move heavy loads and is most preferred in industries, increasing mobility with minimal effort.
Based on the material type of the product, soft exoskeletons are anticipated to register rapid growth in the wearable robotic exoskeleton market during the forecast period. Soft exoskeletons offer a wide variety of advantages over rigid exoskeletons, including the use of flexible Bowden cables and filaments to facilitate body movement.
Based on the region, in 2020, the region in North America is estimated to dominate the global wearable robotic exoskeleton market with a share of 40%. The wearable robotic exoskeleton market has developed rapidly due to the increased physical disabilities in geriatric people and high disposable income. Various government agencies, non-profit organizations, and associations have started to invest in the market, creating a lucrative market for new products.
The Asia-Pacific region has a high potential for growth in the coming years, attributed to the rapid population growth, increasing prevalence of stroke and spinal cord injury, the presence of large numbers of patients, the increase in disposable income, and the availability of public funds for research and development. In addition, countries in this region, such as China, India, and South Korea, are among the most technologically developed countries globally, offering substantial growth opportunities for players operating in the market.
The global market is home to a large number of renowned national and international companies. Most of them constantly strive to compete with their competitors by launching innovative products. The major players in the wearable robotic exoskeleton market are ATOUN Inc., Cyberdyne Inc., B-Temia Inc., Bionik Laboratories Corporation, Myomo Inc., Focal Meditech BV Daiya Industry Co., Ltd., ReWalk Robotics Ltd., Lockheed Martin Corporation, Ekso Bionics Holdings, Inc., Hocoma AG, Hyundai Motor, Honda Motor Co., Ltd., Mitsubishi Heavy Industries Ltd., Parker Hannifin Corporation, P&S Mechanics Co. Ltd., and Rex Bionics PLC.

MARKET SEGMENTATION:

By Type: