In recent years, wearable robotic exoskeletons have emerged as transformative technologies, offering mobility solutions to individuals with mobility impairments and enhancing performance in various industrial and healthcare applications.
Key Market Growth Drivers
The Global Wearable Robotic Exoskeleton Market analysis by BIS Research projects the market to have a significant growth rate of 32.68% based on the value and a growth rate of 34.01% based on volume during the forecast period 2021-2031.
The Wearable Robotic Exoskeleton Industry is fueled by several factors:
- Growing demand for assistive technologies due to aging populations and disabilities
- Wearable exoskeletons enhance mobility and independence for individuals
- Improves quality of life for those with mobility impairments
- In industrial settings, exoskeletons mitigate risk of musculoskeletal injuries
- Enhances workplace safety and productivity for workers
Several government agencies, non-profit organizations, and associations have started investing in the market, thereby generating a lucrative market for new players.
Key Market Applications
The applications of wearable robotic exoskeletons span across various sectors:
In the healthcare industry, exoskeletons aid in rehabilitation therapies for individuals with spinal cord injuries, stroke survivors, and patients with neurological disorders. These devices facilitate gait training, muscle strengthening, and postural support, accelerating the recovery process.
In the industrial industry, exoskeletons are used to augment human capabilities in tasks such as heavy lifting, repetitive motions, and overhead work, mitigating the risk of work-related injuries and improving ergonomics.
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Technological Advancements
Advancements in materials science, robotics, and human-machine interfaces have propelled innovation in wearable robotic exoskeletons. Modern exoskeletons feature lightweight and ergonomic designs, making them comfortable for prolonged use. Moreover, advancements in sensor technology and artificial intelligence enable exoskeletons to adapt to users' movements and provide personalized assistance. Additionally, developments in battery technology have extended the runtime of exoskeletons, enhancing their usability in real-world scenarios.
Key Companies in the Global Wearable Robotic Exoskeleton Sector
- Bionik Laboratories Corporation
- Cyberdyne Inc.
- Daiya Industry Co. Ltd.
- Ekso Bionics Holdings Inc.
- Hyundai Motor
- Honda Motor Co. Ltd.
- Lockheed Martin Corporation
- Mitsubishi Heavy Industries Ltd.
- Parker Hannifin Corporation
- ReWalk Robotics Ltd.
Market Trends and Future Prospects
The wearable robotic exoskeleton market is witnessing rapid growth, driven by technological advancements and increasing adoption across industries including the robotics and automation industries. The ongoing research and development efforts aim to enhance the functionality and affordability of exoskeletons, paving the way for widespread adoption in diverse applications.
Conclusion
The Wearable Robotic Exoskeleton Industry holds immense potential to revolutionize mobility and enhance human capabilities across various domains. With ongoing technological innovations, expanding applications, and growing awareness about the benefits of exoskeletons, the market is poised for sustained growth in the coming years. As these devices continue to evolve, they will play a pivotal role in improving the quality of life for individuals with mobility impairments and optimizing workplace safety and productivity in industrial settings.
The technological development in various peripheral components like electronics, optronics, and the development of new materials having extremely low weight and high tensile strength is supporting the development and acceptance of exoskeletons on a commercial level.
Investments by major government bodies toward research, development, and integration of exoskeletons in their military capabilities are generating business opportunities for globe defense players like Thales Group and Lockheed Martin, whereas rising interest of various insurance companies across the globe to provide exoskeletons for physically challenged individuals is generating market opportunities for the companies like ReWalk and German Bionics who cater to the commercial market.Read Report Overview: https://bisresearch.com/industry-report/wearable-robotic-exoskeleton-market.htmlRising geriatric population across the globe that faces difficulties in performing day to day activities and shortage of labor forces in the industrial segment have allowed various auto manufacturers to explore the opportunities of integrating robotic wearable exoskeletons with their existing work force to increase their operation efficiency, reduce fatigue, and elevate work safety environment.
Few of the major auto manufacturing companies in Asia-Pacific like Honda Motor Co., Hyundai Motors, and MHI have started investing in design and development of exoskeletons and planned to launch their products between 2022 and 2025, thereby boosting the opportunities of industrial exoskeletons over the forecast period.One of the biggest challenges faced by wearable robotic exoskeletons is the high initial investment and production cost.
The average cost of an exoskeleton per unit will be around $70,000, which is significantly high as compared to other commercial robots.
The reason for such a high production cost is because the technology is still in the research and development phase and industry players cannot leverage the benefits of economies of scale during production as there are custom requirements for every individual.
Various industry players are exploring the options of additive manufacturing like 3D printing or laser sintering to reduce the manufacturing cost, whereas are some industry participants are working on design modifications to ensure universal designs across various models of exoskeletons.For Sample Report, Click here: https://bisresearch.com/requestsample?id=1096=downloadRobotics 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.
In-depth study of the Exoskeleton Wearable Robots Industry that helps to provide answers and relevant questions regarding the Emerging trends and Growth opportunities.
It helps identify each of the major growth barriers aside from identifying the trends in the Exoskeleton Wearable Robots market.The Exoskeleton Wearable Robots Market report offers an in-depth analysis of the Global Market and several important aspects related to it.
This helps researchers in the study of the market’s performance so far and predicting the further performance for the forecasted period.
Various major market aspects such as demand and supply, revenue growth patterns market shares, and market trends are analyzed thoroughly while the drafting of this Exoskeleton Wearable Robots report.Get Access to Report Sample: https://straitsresearch.com/report/exoskeleton-wearable-robots-market/request-sampleMajor Key players covered in this report:Atoun Inc., Daiya Industry Co., Ltd., Gogoa.EU, Harvard Biodesign Lab, ReWalk Robotics Inc., Revision Military, SRI International, Lockheed Martin Corporation, Ekso Bionics, Hocoma, RB3D, Bioservo Technologies AB.,By Type, Full body, Upper and Lower Body, By End-Users, Industrial, Defence, Healthcare, Others, Search and Rescue Operations and Disaster Relief, Sports and Fitness, AgricultureThe report has been prepared after studying the different parameters ruling the Exoskeleton Wearable Robots Market and the forecast period has been estimated from 2021-2029.
However, the report has also outlined the factors that can slow down the growth of the Exoskeleton Wearable Robots Market.Key DriversThe report includes the key driving forces prevailing in the Exoskeleton Wearable Robots Market.
These factors can be projected to have their individual effects on the market, or they can have interconnected impacts.
