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Wearable Robotic Exoskeleton Market Share, Growth Analysis, Overview 2024-2033
Wearable Robotic Exoskeleton Market Share
According to The Business Research Company's, The wearable robotic exoskeleton market size has grown exponentially in recent years. It will grow from $1.16 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 47.3%. The growth in the historic period can be attributed to success stories and early adopters, media and public awareness, human-machine interface improvements, rising awareness of aging population challenges, increased focus on workplace safety.
The wearable robotic exoskeleton market size is expected to see exponential growth in the next few years. It will grow to $7.12 billion in 2028 at a compound annual growth rate (CAGR) of 42.9%. The growth in the forecast period can be attributed to global expansion of exoskeleton manufacturers, integration with augmented reality (AR) and artificial intelligence (AI), regulatory support and standards, cost reductions and affordability, rehabilitation and healthcare opportunities. Major trends in the forecast period include increased adoption in aging populations, expanding applications in neurorehabilitation, diversification in industrial sectors, advanced human-machine interfaces, integration with AI and robotics.
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Market Drivers and Trends:
The rising number of spinal cord injuries is expected to propel the growth of the wearable robotic exoskeleton market in the coming years. Spinal cord injuries (SCIs) refer to damage or trauma to the spinal cord, a crucial bundle of nerves running down the vertebral column. Wearable robotic exoskeletons are used for spinal cord injuries to enhance mobility and provide support for individuals with impaired motor functions. For instance, in October 2022, according to the New Zealand Spinal Trust, a New Zealand-based non-profit organization, the incidence of spinal cord injuries (SCI) in New Zealand is currently 45 per million, a slight increase from 41 per million in 2021. Therefore, the rising number of spinal cord injuries is driving the wearable robotic exoskeleton market.
Major companies operating in the wearable robotic exoskeleton market are focusing on the integration of AI and machine learning into developed products, such as AI-powered exoskeletons, to strengthen their position in the market. An AI-powered exoskeleton is a wearable robotic device that incorporates artificial intelligence (AI) technology to enhance its functionality, responsiveness, and adaptability. For instance, in December 2021, German Bionic, a Germany-based company that manufactures smart exoskeletons and wearables, launched the fifth generation Cray X. The fifth generation Cray X has significant improvements such as an active walking aid, IP54 waterproofing, a more powerful 40 V battery, and a redesigned energy management system. Furthermore, the unique onboarding assistant simplifies the process of getting started, and the Smart Safety Companion-German Bionic's AI-based ergonomic early warning system-improves workplace safety and assists organizations in meeting their ESG and sustainability objectives. The latest Cray X model broadens the range of applications and introduces new aspects of human enhancement.
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Major Key Players of the Market:
Lockheed Martin Corporation, Mitsubishi Heavy Industries Ltd., Parker Hannifin Corporation, Comau LLC, Fourier Intelligence, Genesis Robotics, Hocoma AG (DIH International Ltd.), Myomo Inc., Cyberdyne Inc., Sarcos Corporation, ATOUN Inc, Ekso Bionics Holdings Inc., Bioservo Technologies AB, Daiya Industry Co. Ltd., ReWalk Robotics Inc., Skelex AG, Focal Meditech BV, B-Temia Inc., Technaid S.L., GenElek Technologies, Rex Bionics PLC, Innervo Labs, Harmonic Bionics, Gogoa Mobility Robots, Bionik Laboratories Corp., P&S Mechanics Co. Ltd., Skeletonics
• Wearable Robotic Exoskeleton Market 2024 Key Insights:
• Rising Incidence Of Spinal Cord Injuries Fuels Growth Of Wearable Robotic Exoskeleton Market
• AI And Machine Learning Integration For Enhanced Product Capabilities
• North America was the largest region in the wearable robotic exoskeleton market in 2023.
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