Wearable Robots Market

The Global Wearable Robots Market is valued at USD 728.00 Million in 2023 and is projected to reach a value of USD 7713.5 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 40.10% between 2024 and 2030.

Key highlights of Wearable Robots Market

• North America dominated the market in 2023, obtaining the largest revenue share of 37.6%.
• The Power Exoskeletons segment dominated the Wearable Robots market with the largest market share of 83.4% in 2023.
• The Hardware segment dominated the Wearable Robots market with the largest market share of 84.7% in 2023.
• The Lower Extremities segment dominated the Wearable Robots market with the largest market share of 60.6% in 2023.
• The Mobile segment dominated the Wearable Robots market with the largest market share of 73.8% in 2023.
• The Rigid Exoskeletons segment dominated the Wearable Robots market with the largest market share of 73.04% in 2023.
• The Healthcare and Rehabilitation Centers segment dominated the Wearable Robots market with the largest market share of 53.5% in 2023.
• The companies in the market are working to innovate products with more efficiency, low-cost, and easily adaptable which are further estimated to enhance the growth of the market.

Wearable Robots Market: Regional Overview

North America Dominated Sales with a 37.6% share in 2023. Wearable robots, sometimes known as exoskeletons or exosuits, are employed in various sectors and industries in North America to augment human skills, improve worker efficiency, aid in rehabilitation, and promote technical innovation. North America is at the cutting edge of technological innovation, with advances in materials science, sensors, and control systems assisting in developing more efficient, lightweight, and user -friendly wearable robots. Industries in North America place a premium on worker safety and ergonomics. Wearable robots are viewed as tools for improving worker safety, lowering the risk of injury, and optimizing operational efficiency in harsh industrial environments. Collaboration between the public and private sectors and between technology developers, research institutes, and end users has accelerated the development and deployment of wearable robots across a wide range of industries. wearable robots in North America include healthcare, industrial, military, sports, and novel applications. Technological improvements, healthcare needs, workplace safety concerns, military advancements, sports performance enhancement, regulatory backing, collaboration, and increased awareness drive market expansion.

U.S. Wearable Robots Market Overview

The Wearable Robots market in U.S., with a valuation of USD 223.4 Million in 2023, is projected to reach around USD 2,281.5 Million by 2030. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 39.4% from 2024 to 2030. Various factors are driving the growth of the wearable robot market in the United States. The rising frequency of chronic diseases and impairments and an aging population have resulted in a significant need for assistive technologies such as exoskeletons. Furthermore, government programs and financing encourage wearable robotics research and development. For example, the US Department of Defense invests in exoskeleton technology to improve soldier effectiveness and reduce physical strain on military personnel. In the United States, one of the most common applications of wearable robots is in the healthcare sector. These devices help patients with mobility problems, such as those suffering from spinal cord injuries or stroke survivors, regain the capacity to walk and do daily activities. Exoskeleton technology is also used by the US military to improve soldiers' strength and endurance, lowering the chance of injury and boosting overall performance.

The global Wearable Robots market can be categorized as Type, Component, Body part, Mobility, Structure, End User, and Region.

Wearable Robots Market: Type Overview

In 2023, the Powered Exoskeletons segment dominated the market, with the largest share accounting for 83.4% of the overall market. The Wearable Robots market, segmented by the Type, includes Powered Exoskeletons and Passive Exoskeletons. Powered exoskeletons are a remarkable combination of engineering and human physiology, combining motors, actuators, sensors, and advanced control algorithms to increase human strength and endurance. Powered exoskeletons are used in various fields, including healthcare, military, construction, and manufacturing. They aid in rehabilitation in healthcare, allowing patients to restore mobility and muscle strength following injuries or procedures. The military uses powered exoskeletons to improve soldier performance by allowing them to carry larger loads and negotiate difficult situations with less strain. Numerous factors are driving the growth of the powered exoskeleton industry. Miniaturization of components, increased energy efficiency, and improved human-machine interfaces have resulted in more streamlined and user-friendly designs.

Wearable Robots Market: Component Overview

In 2023, the Hardware segment dominated the market, with the largest share accounting for 84.7% of the overall market. The Wearable Robots market, segmented by the Component, includes Hardware and Software. The concept of hardware takes on a palpable and transformational significance in the dynamic terrain of wearable robotics, covering the physical components of these astonishing gadgets' fundamental structure and functionality. Wearable robot hardware consi sts of the mechanical structure, actuators, sensors, power sources, and all the numerous components that work together to create a seamless merger of technology and human physiology. Furthermore, miniaturization has been a driving force, allowing the integration of complex machinery into small spaces. This has improved not only the aesthetics but also the user mobility and flexibility of movement. Advanced sensors and actuators within wearable robot hardware have aided in developing accurate and responsive interactions. Conversely, actuators produce the forces and torques required to aid or augment these movements. This symbiotic link between sensors and actuators is critical for providing a natural and intuitive interface between the wearable robot and the user. Furthermore, the evolution of power sources, such as batteries and energy-collecting devices, has increased wearable robot operational time and autonomy.

Wearable Robots Market: Body Part Overview

In 2023, the Lower Extremities segment dominated the market, with the largest share accounting for 60.6% of the overall market. The Wearable Robots market, segmented by the Body Part, includes Full body, lower extremities, and upper extremities. Wearable robots for the lower extremities focus on assisting, supporting, and augmenting mobility, gait, and total physical performance in tasks such as walking, running, and standing. Robotics, materials science, and sensor technology advancements have developed more complex and compact lower-extremity wearable robots. Wearable robots for the lower extremities have gained substantial momentum in the healthcare sector, notably in rehabilitation settings. These devices help people recover from injuries, surgeries, or medical illnesses that damage their lower limbs. Wearable robots aid rehabilitation by providing targeted support and regulated movements, allowing patients to regain strength, balance, and mobility. Academic researchers, engineers, and healthcare practitioners working together have boosted the growth of the lower extremities wearable robotics market.

Wearable Robots Market: Mobility Overview

In 2023, the Mobile segment dominated the market, with the largest share accounting for 73.8% of the overall market. The Wearable Robots market, segmented by the Mobility, includes Mobile and stationary. Mobile refers to wearable gadgets that allow people to move freely and conduct actions while wearing the exoskeleton in the wearable robotics market. Mobile, wearable robots find use in various industries, including healthcare, military, search & rescue, and entertainment. These gadgets are used in healthcare for rehabilitation, allowing patients to move during therapy sessions. Mobile exoskeletons are designed to aid users without impeding their natural movements, allowing them to work, walk, run, or participate in physically demanding activities. This responsiveness to user movement promotes a seamless connection between humans and machines. Mobile, wearable robots provide ergonomic benefits in industrial and commercial settings by reducing worker strain and fatigue. They are used to help employees with heavy lifting, prolonged standing, or repeated actions. This increases worker safety, decreases injury risk, and increases productivity.

Wearable Robots Market: Structure Overview

In 2023, the Rigid Exoskeletons segment dominated the market, with the largest share accounting for 73.04% of the overall market. The Wearable Robots market, segmented by the Structure, includes Rigid Exoskeletons and Soft Exoskeletons. Rigid exoskeletons are made of strong and durable materials to give the wearer significant structural support. For example, metal alloys and reinforced polymers provide the necessary stability and load-bearing capacity for applications involving heavy lifting, construction, or industrial duties. Rigid exoskeletons are widely used in the industrial and commercial sectors to assist workers in physically demanding tasks. These exoskeletons are used in manufacturing, construction, and logistics to relieve strain on the wearer's body during repetitive actions or when carrying large weights. Rigid exoskeletons boost working efficiency by minimizing worker physical strain and weariness. These devices improve ergonomic conditions by promoting appropriate posture and effectively dispersing loads, resulting in higher productivity and a lower risk of musculoskeletal injuries. Technical improvements, industrial applications, precise demands, safety considerations, ergonomic design, customization choices, and joint research efforts are shaping the evolution of the rigid exoskeletons wearable robots market.

Wearable Robots Market: End Use Overview

In 2023, the Healthcare and rehabilitation centers segment dominated the market, with the largest share accounting for 73.04% of the overall market. The Wearable Robots market, segmented by the End Use, includes Healthcare and rehabilitation centers, Industrial, Military and Defense, Sports and Athletics, and Others. Healthcare and Rehabilitation Centers use wearable gadgets to assist patients in physical therapy, injury rehabilitation, or mobility disability management. Wearable robots have evolved rapidly in technology, including improved sensors, actuators, and control algorithms and these advancements allow for the creation of wearable devices that provide targeted help and precise motion tracking, hence increasing their usefulness in rehabilitation settings. The global aging population has

increased the demand for rehabilitation and mobility aid. Wearable robots cater to the special needs of older people by assisting with joint function, muscle strength, and balance. These gadgets aid in the maintenance of independent life and the prevention of mobility-related issues in older people.

Key Trends

• Powered exoskeleton category dominates the market has significant growth due to Miniaturization of components, increased energy efficiency, and improved human-machine interfaces have resulted in more streamlined and user-friendly designs.
• Lower-extremity wearable robots being used in the industrial and manufacturing sectors to improve worker safety and productivity.
• Technological improvements, healthcare needs, workplace safety concerns, military advancements, sports performance enhancement, regulatory backing, collaboration, and increased awareness drive market expansion.

Premium Insights

The enhanced rules and regulations by government for wearable robots across the globe are favorable for global market growth. The political and government stability across major developed and developing nations is also estimated to enhance the market demand in the years to come. The technological factors consist of the relevant current and future technological innovations. The new and advanced innovations in wearable robots are favorable for the growth of the market. Moreover, the companies in the market are working to innovate products with more efficiency, low-cost, and easily adaptable which are further estimated to enhance the growth of the market.

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Market Dynamics

Rising demand for enhanced mobility and functional rehabilitation

The rising demand for improved mobility solutions and functional rehabilitation is emerging as a powerful driving force pulling the wearable robots industry forward. This dynamic force is fueled by a confluence of sociological, technological, and economic considerations pointing to wearable robots playing a critical role in addressing mobility difficulties and altering rehabilitation paradigms. Technological progress is a critical enabler of this driving force. Wearable robots that smoothly integrate with the user's biomechanics have resulted from the growth of lightweight yet sturdy materials, precision-engineered actuators, and advanced sensor technologies. The economic landscape also has a significant impact on this driving force. The cost burden of traditional rehabilitation treatments, combined with the desire for accelerated recovery and improved quality of life, pushes patients, healthcare professionals, and insurers to seek alternative solutions. Wearable robots can potentially eliminate the need for lengthy hospital treatment or intensive therapy sessions, resulting in cost savings and improved patient outcomes. Wearable robots are valued by industries for increasing worker productivity, particularly in physically demanding industries such as construction, manufacturing, and logistics. Exoskeletons can reduce the danger of workplace injuries, reduce physical strain, and expand human skills, increasing operational efficiency and lowering worker absenteeism. As wearable robots evolve, the synergy between innovation and societal needs places them at the forefront of a transformative era in which enhanced mobility and functional recovery become more accessible and inclusive, reshaping how people navigate physical limitations and empowering them to achieve new levels of independence and performance.

Industrial automation and ergonomics

The growing acceptance of wearable robots in industrial automation and their function in improving ergonomic conditions has emerged as a compelling driving force supporting the wearable robot market's growth. This drive is supported by several elements that highlight the revolutionary influence of wearable robotics on industrial operations, labor productivity, and the overall pursuit of occupational well-being. Repetitive labor, physical lifting of heavy weights, and prolonged standing can all result in musculoskeletal injury, weariness, and decreased efficiency. Wearable robots, sometimes known as exoskeletons, are a technological intervention that alleviates these issues by providing physical aid and support, thereby lowering the strain on the human body. Wearable robots that smoothly integrate into the work environment have resulted from the convergence of sophisticated materials science, robotics, and ergonomic design. Sensor, actuator, and control algorithm developments are critical in increasing this driving force. Wearable robots can change their support to the wearer's motions in real-time, resulting in a natural and intuitive engagement. Furthermore, artificial intelligence enables predictive optimization, in which the wearable robot adapts its support based on the user's behavior and workload, optimizing its ergonomic benefits.

Competitive Landscape

The global market is a competitive and fragmented market due to the high presence of players in the market. Only a few companies account for a major market share, and hence, the degree of competition among the suppliers is high as the players in the market are active at global, regional, and country level. Also, the increasing rivalry between the players to obtain the majority of the market share for global has played a major role in intensifying the level of competition. The Major Players are Cyberdyne Inc., Ekso Bionics, Hocoma, ReWalk Robotics, BIONIK, Wearable Robotics srl, Sarcos Technology and Robotics Corporation, Comau, ExoAtlet, Rex Bionics Ltd.

Recent Developments

• In April 2023, Comau equips John Deere with wearable exoskeletons.
• In September 2020, Sarcos raises $40M for industrial ‘wearable robots’.