Global Wearable Robotic Exoskeleton Market Insights Forecasts to 2033

• The Global Wearable Robotic Exoskeleton Market Size was Valued at USD 1.23 Billion in 2023
• The Market Size is Growing at a CAGR of 42.17% from 2023 to 2033
• The Worldwide Wearable Robotic Exoskeleton Market Size is Expected to Reach USD 41.48 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Wearable Robotic Exoskeleton Market Size is Anticipated to Exceed USD 41.48 Billion by 2033, Growing at a CAGR of 42.17% from 2023 to 2033.   

Market Overview

Wearable robotic exoskeletons are electromechanical devices that have been designed as orthotic devices for motion recovery or assistance with locomotion, or as augmentative devices to improve the physical performance of the wearer. These tools are often used to repair and improve the range of flexibility that humans naturally possess but are lost as a result of neuromuscular disorders. Many people working in a variety of areas, including healthcare, logistics, construction, the military, defense, and manufacturing, use these devices to help with personal mobility. The India Institute of Medical Sciences (AIIMS) is working with DRDO and IIT Delhi to develop a wearable robotic exoskeleton for lower limbs that would enable stroke and spinal cord injury patients to restore muscle strength and mobility.

The industry is driven by several drives, such as the growing incidence of stroke, the military and defense sector's increasing expenditure, and the healthcare sector's increased need for orthopedic rehabilitation. Furthermore, key market players include CYBERDYNE, INC., Ekso Bionics, Hocoma, ReWalk Robotics, Bionik Laboratories Corp, ExoAtlet, and Lockheed Martin. The use of wearable exoskeletons has grown in healthcare sectors due to the increase in the number of people with physical disabilities, especially in the geriatric population.    

In February 2024, Rehab Technologies IIT - INAIL, the joint laboratory of Istituto Italiano di Tecnologia (IIT-Italian Institute of Technology) and the Prosthetic Center of INAIL (the prosthetic unit of the National Institute for Insurance against Incidents at Work), developed and produced the new robotic exoskeleton for lower limbs, known as TWIN. This will make it easier for patients to wear.

Report Coverage

This research report categorizes the market for the global wearable robotic exoskeleton market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global wearable robotic exoskeleton market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global wearable robotic exoskeleton market.  

Driving Factors

A growing number of congenital diseases, an increase in accidents, and other factors driving the market growth are creating a growing need for exoskeleton devices in the medical and healthcare sectors. Growth is being driven by the advanced technology found in exoskeletons and wearable robots. According to a advancements in materials technologies, control and sensor systems, software, and electrotechnical and electronics engineering have all contributed to creating new and improved exoskeletons for the market. The advent of ultra-low-power exoskeleton technology has facilitated the creation of robotic suits that facilitate anthropomorphic movements, ultimately keeping speed with the growing demand. For instance, in January 2020, GenElex Technologies announced it of concentrate on producing external surgical devices for those suffering from spinal cord injuries, strokes, and paralysis.   

Restraining Factors

The significant investment costs associated with developing such exoskeletons, leading to more expensive equipment, restrict the market. The cost of producing exoskeletons rises as a result of significant research expenditures and the utilization of cutting-edge technologies. The use of wearable robotic exoskeletons is restricted by the expenses and a lack of insurance coverage.   

Market Segmentation

The global wearable robotic exoskeleton market share is classified into technology type, application, and end user.

• The powered segment is expected to hold the largest share of the global wearable robotic exoskeleton market during the forecast period.   

Based on the technology type, the global wearable robotic exoskeleton market is divided into powered and passive. Among these, the powered segment is expected to hold the largest share of the global wearable robotic exoskeleton market during the forecast period. The market is expanding due to rising demand for battery-powered exoskeletons in the industrial, healthcare, and medical sectors. Robots using batteries can move heavier objects and move more effectively while sustaining less harm. In the military and industry, powered exoskeletons are widely utilized to enable individuals to carry large loads with little fatigue.

• The body parts support segment is expected to hold the largest share of the global wearable robotic exoskeleton market during the forecast period.   

Based on the application, the global wearable robotic exoskeleton market is divided into rehabilitation, assistive, body parts support, and sports. Among these, the body parts support segment is expected to hold the largest share of the global wearable robotic exoskeleton market during the forecast period. The need for wearable robotic exoskeletons is a result of the rising incidence of parkinson's diseases, including strokes, and body driving abnormalities.     

• The healthcare segment is expected to hold the largest share of the global wearable robotic exoskeleton market during the forecast period.   

Based on the end user, the global wearable robotic exoskeleton market is divided between healthcare, manufacturing, defense & aerospace, and commercial. Among these, the healthcare segment is expected to hold the largest share of the global wearable robotic exoskeleton market during the forecast period. The growing use of wearable robotic exoskeleton products in the medical and healthcare industries is driving the rapid growth of the healthcare market. Exoskeletons have been used in many different contexts to improve worker capacities. For instance, in March 2021, the Physiatry Society and American company Ekso Bionics partnered to provide doctor utility. This cooperation contributed to expanding the wearable robotic exoskeleton product line for a wider range of regions.    

Regional Segment Analysis of the Global Wearable Robotic Exoskeleton Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global wearable robotic exoskeleton market over the predicted timeframe.

North America is anticipated to hold the largest share of the global wearable robotic exoskeleton market over the predicted timeframe.

The market is expanding due to the presence of industry players in the North American region as well as an increase in research and development efforts to introduce innovative wearables. The government of North America has also driven the industry with large expenditures on the military and healthcare. The fact that there are numerous well-known market players in the US explains this. Furthermore, based on current market trends, it is anticipated that major investments in wearable robotics by local businesses would create more opportunities for the creation of sophisticated exoskeletons with a variety of options and functions.

Asia Pacific is expected to grow at the fastest pace in the global wearable robotic exoskeleton market during the forecast period. This is due to growing awareness of wearable robotics and their beneficial applications in construction and business. China, Japan, and South Korea are predicted to be the main economies generating revenue, and the increase in the manufacture of robots for the defense sector is anticipated to be a major factor driving the market.

Europe is anticipated to hold a significant share of the global wearable robotic exoskeleton market over the predicted timeframe. The building, aerospace, and other industries are seeing growth, which is driving the wearable exoskeleton market in Europe. Many of the industry's rivals are focusing on developing exosuits tailored to particular industries to gain a competitive advantage. The continued advancement of exosuits in the manufacturing sector will support regional growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global wearable robotic exoskeleton market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Svaya Robotics
• German Bionic
• ReWalk Robotics Ltd
• CYBERDYNE, INC.
• Ekso Bionics
• Parker Hannifin Corporation
• Hocoma
• Bionik Laboratories Corp.
• ExoAtlet
• Exhauss Technologies
• Lockheed Martin
• Rex Bionics Pty Ltd.
• Sarcos Corp.
• Wearable Robotics Srl
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, India's first quadruped robot and wearable exoskeleton was launched by Hyderabad-based Svaya Robotics in partnership with two DRDO labs the Defence Bio-engineering & Electro Medical Laboratory, Bengaluru (DEBEL) and the Research and Development Establishment, Pune (R&DE). 
• In December 2023, the robotic motor-equipped Apogee+ exoskeleton was launched by German Bionic. With the use of this powered wearable, nurses and other medical professionals may lift and transport large patients with more ease, less strain, and more endurance.
• In November 2021, a new orthotic exoskeleton, the Exo-suit, was launched by ReWalk Robotics Ltd. This battery-operated device was created specifically to support patient medical procedures. It is utilized both in the community and at home.   

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global wearable robotic exoskeleton market based on the below-mentioned segments: 

Global Wearable Robotic Exoskeleton Market, By Technology Type

• Powered
• Passive

Global Wearable Robotic Exoskeleton Market, By Application

• Rehabilitation
• Assistive
• Body Parts Support
• Sports

Global Wearable Robotic Exoskeleton Market, End User

• Healthcare
• Manufacturing
• Defense & Aerospace
• Commercial

Global Wearable Robotic Exoskeleton Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa