Wearable Robotic Exoskeleton Market to Surpass 11995.7 Million by 2030 Drives Due to the Technological Advancements
SkyQuest projects that the wearable robotic exoskeleton market will attain a USD 11995.7 million value by 2030, with a CAGR of 43.6% over the forecast period (2023-2030). The global wearable robotic exoskeleton market is experiencing rapid expansion due to continuous technological advancements. Innovations in materials, sensors, and control systems have led to more efficient and user-friendly exoskeleton designs. These improvements address ergonomic concerns, enhance user comfort, and enable a broader range of applications, such as medical rehabilitation and industrial assistance. As the technology matures, increased affordability and accessibility are expected, driving market penetration and growth.
Westford USA, Aug. 15, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, adopting wearable robotic exoskeletons across diverse industries propels the market growth. Sectors like healthcare, manufacturing, and defence embrace exoskeleton technology to improve worker productivity, reduce injuries, and aid physical rehabilitation. In healthcare, exoskeletons assist patients with mobility impairments, enhancing their quality of life. Similarly, the manufacturing sector benefits from reduced worker fatigue and improved efficiency. This broad applicability across industries is driving market expansion and opening up new avenues for growth.
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The increasing aging population and the need for disability support drive the global wearable robotic exoskeleton market. As the proportion of elderly individuals rises, the demand for exoskeletons as assistive devices to enhance mobility and maintain independence grows. Furthermore, exoskeletons find applications in medical rehabilitation, aiding patients recovering from injuries and surgeries. This rising demand from aging populations and medical institutions is anticipated to play a pivotal role in the market’s sustained growth.
Prominent Players in the Wearable Robotic Exoskeleton Market
- CYBERDYNE, INC. (Japan)
- Ekso Bionics (U.S.)
- Hocoma (Switzerland)
- ReWalk Robotics
- Rex Bionics
- Parker Hannifin Corporation
- Bionik Laboratories Corp.
- Myomo Inc.
- Gogoa Mobility Robots
- Wandercraft
- Fourier Intelligence
- Focal Meditech BV
- Technaid S.L.
- Bioservo Technologies AB
- US Bionics, Inc.
- Lockheed Martin Corporation
- Ottobock SE & Co. KGaA
- Honda Motor Co., Ltd.
- Sarcos Robotics
- SuitX
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Upper Body Segment is Expected to Grow the Market Due to their Widespread Integration
The upper body exoskeleton segment commands rapid growth in the global wearable robotic exoskeleton market. Driven by its versatility in industries like manufacturing and healthcare, upper body exoskeletons augment worker strength and aid rehabilitation. Their efficiency and expanding applications make them a swiftly advancing market segment.
North America is a dominant region in the global wearable robotic exoskeleton market. The region’s advanced technological infrastructure, coupled with a strong focus on healthcare and industrial innovation, propels the adoption of exoskeletons. Favorable regulatory environment and substantial investment further solidify North America’s leadership in this evolving market.
Entire Body Segment is Expected to Dominate the Market Due to its Escalating Trend of Health-Conscious Snacking
The full-body exoskeleton segment dominates the global wearable robotic exoskeleton market. Its comprehensive support for various body parts offers enhanced mobility and assistance. This segment’s popularity is driven by its applications in healthcare, industrial tasks, and rehabilitation, reflecting its versatile utility across different sectors.
Regional markets in the Asia Pacific region is rapidly emerging as a dynamic market for wearable robotic exoskeletons. Driven by technological advancements, rising healthcare needs, and a growing aging population, the area exhibits substantial demand. Investments in research and development, coupled with expanding industrial sectors, position Asia Pacific as a critical growth hub in the global exoskeleton market.
A comprehensive analysis of the major players in the wearable robotic exoskeleton market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the Wearable Robotic Exoskeleton Market
- In June 2022, USWE Sports AB, a technology award-winning and publicly traded Wearable Robotic Exoskeleton company based in Malmö, Sweden, acquired Bend-based Giant Loop LLC, a successful Powersports brand known for its innovative off-road motorcycle soft luggage designs. The purchase agreement was signed.
- In June 2022, Conklin discovered bullet-resistant Wearable Robotic Exoskeletons. The Wearable Robotic Exoskeletons, which come in different colors, appear to be a normal book-carrying case, but are lined with sewn-in armor that is capable of stopping 95% of the gun rounds used in gun-related homicides.
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Key Questions Answered in Wearable Robotic Exoskeleton Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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