Global Wearable Robotic Exoskeleton Market is Forecasted to Value Over US$ 4 Billion by 2026 End

  • 15 May 2019

The global wearable robotic exoskeleton market is forecasted to value over US$ 4 billion by the end of 2026 and record a CAGR of 43.1% during the forecast period of 2019-2026. 

At present advancement in Artificial Intelligence and robotics is enabling wearable robotic exoskeleton development primarily for logistics, medical and engineering commitments due to limited battery support capabilities. However wearable robotic exoskeleton can be applied in a wide range of industries capable of augmenting the growth of the global wearable robotic exoskeleton market. Below are a few factors that can positively affect the market proliferation if the industrial exoskeleton robots prove themselves to the thorough tests.
•    Aerospace workers can safely and efficiently build or repair aeroplane
•    Powered human augmentation technology support provided for heavy lifting and complex tools used in construction and manufacturing industries
•    Military/warfighters/first respondents can safely respond to dangerous conditions with excess safety measures
•    Inhibits disability chances in the shipbuilding sector
Besides the above industrial usage wearable, robotic exoskeletons can significantly change the healthcare sector in terms of rehabilitation therapy for neurological and cardiac disorders. Exoskeleton rehabilitation is also drawing considerable traction from the insurance companies. Additionally, the worldwide propagation of the ageing population prone to the risks of injuries, mobility restriction and impaired motor functions is supposed to fuel the application of exoskeleton robots.
It is remarkable to consider the innovation opportunities in terms of building robotic exoskeletons with extended battery life especially in regards to frontline military personnel working in difficult topographic conditions. 

Global Wearable Robotic Exoskeleton Market Restraints
•  Stringent government regulations for developing exoskeletons
•  High costs associated with the production, equipment ownership and services
•  Lack of skilled engineers as the robotic exoskeleton technology is in its infancy

Global Wearable Robotic Exoskeleton Market, by Type:
+ Passive  
+ Active/Powered
Powered type exoskeletons are capable of shifting weights promoting efficient mobility without fatigue or injury. This is especially helpful in case of soldiers trying to cover the greater terrestrial distance in unruly topographic places like a tall building, mountains and rough terrain. Hence the powered sub-segment is estimated to grow at extremely positive CAGR in the coming years.

Global Wearable Robotic Exoskeleton Market, by End-User:
+ Healthcare
+ Industrial
+ Defence
+ Commercial

Global Wearable Robotic Exoskeleton Market, by Application 
+ Rehabilitation
+ Assistive
+ Body Parts Support
+ Sports
Assistive application sub-segment is exhibiting dominance over the sports, body part support and rehabilitation sub-segments of the global wearable robotic exoskeleton market. Exoskeleton robotic functions are known to assist personal mobility with the ability to promote lifting, upright walking, sitting, etc. It also helps patients with paralytic stroke and musculoskeletal disorders to relearn moving by creating new muscle memory. Hence assistive sub-segment is anticipated to grow rapidly followed by the rehabilitation sub-segment during the forecast period.

Global Wearable Robotic Exoskeleton Market, by Material 
+ Hard Exoskeleton
+ Soft Exoskeleton

Global Wearable Robotic Exoskeleton Market, by Region:
+ Europe 
+ North America 
+ Latin America
+ Rest of World
Europe and North America closely compete for the market dominance owing to high investments, R&D activities, technological advancement and industrial developments. Presence of robotic developers, a shrinking workforce and favourable government policies are promoting vigorous growth of the market in the APAC region.

Competitive Landscape: 
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants  

FutureWise Takeaways 
+ Growth prospects 
+ SWOT analysis
+ Key trends
+ Key data points affecting market growth 

Objectives of the Study:
+ To provide an exhaustive analysis on the global wearable robotic exoskeleton market by mode of operation, by end-user,  by application, by material and region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market 
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies 


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