The type of robots worn on the external part of the body and used for assistive and body part support operations are termed exoskeletons. The first ever exoskeleton was made in 1960 at the Mihajlo Pupin Institute Serbia, followed by the University of Wisconsin-Madison in the U.S. in the early 1970s. Due to the lack of adequate domain knowledge and technology, the exoskeletons were quite bulky and complex in design and mechanism, which resulted in the gradual death of the concept. Though there were many drawbacks and flaws, researchers across the globe kept investing in the idea until it was commercial accepted during the second industrial revolution, during the initial phase of the 20th century. At present, robots are widely used by different end users such as manufacturing, healthcare, military, entertainment, and household.
Read Report Overview: Global Wearable Robotic Exoskeleton Market
Robotics technologies are expected to be dominant in the coming years and expected to influence every aspect of workplace, home, industries, hospitals, and defense forces, among others. Significant developments are evident in the emerging robotics fields, including autonomous vehicles, Artificial intelligence (AI), robotic exoskeletons, drones, humanoid robots, and virtual reality (VR), among others. Robotics technologies have significant potential to greatly aid the betterment of social, political, and economic aspects of a nation while raising the overall efficiency of work practices with adequate safety levels.
The wearable robotic exoskeleton market for the forecast period of 2021-2031 and the base year 2020. The global wearable robotic exoskeleton market is estimated to reach $8,841.5 million in 2031 from $492.3 million in 2020, at a growth rate of 32.68% during the forecast period. The growth in the wearable robotic exoskeleton market is majorly attributed to the rising demand for active and passive exoskeletons in healthcare and industrial sectors
The wearable robotic exoskeleton market is expected to generate huge revenues from the healthcare segment, followed by the industrial segment and defense vertical. The healthcare domain witnessed the highest market share of $2,358 million in 2031 from $ 133.4 million in 2021 and reached 47,523 units in 2031 as compared to 2,469 units in 2021. The growth in the market can be attributed to the rise in investments contributed by major industry players toward research, development, and testing of healthcare exoskeletons.
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North America to Dominate Wearable Robotic Exoskeleton Market
North America accounted for the highest share of 38.20% in the market in 2031, owing to a significant number of companies based in the region. Asia-Pacific had a share of 24.53% in 2031 by witnessing a growth rate of 33.94% between 2021-2031, driven by increasing demand for exoskeletons in industrial segments. Ageing work population across Japan and China, along with the sudden hike in the medical budget allocation in India, will leave a cumulative positive impact on the market.
Competitive Landscape
The competitive landscape of the wearable robotic exoskeleton market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
Some of the key players in the global wearable robotic exoskeleton market include Lockheed Martin, ReWalk, Honda Motor, MHI, Hyundai Motors, German Bionis, Cyberdyne and Parker Hannifin Corporation. These companies are aiming for a wide range of product launches and collaborations to expand their operations and increase their market presence globally to generate revenues and attract new customers.
