The wearable robots and exoskeletons market is expected to record a CAGR of 31. 36% over the forecast period (2021 – 2026). The wearable robots and exoskeletons continue to evolve. The medical sector has adopted exoskeleton technologies for rehabilitation therapy and geriatric support.
New York, Dec. 15, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Wearable Robots and Exoskeletons Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06190213/?utm_source=GNW
However, the market is gaining traction in defense and other industries.
Key Highlights
Wearable robots and exoskeletons are used to assist in personal mobility. They encourage upright walking and relearning of lost functions for stroke patients and paralyzed people. Exoskeletons deliver high-quality rehabilitation, thus, providing the base for a growth strategy for clinical facilities.
Wearable robots and exoskeletons support manual labor tasks in construction sites, factory labor, and warehouses. In the manufacturing sector, exoskeletons offer various advantages, like reduction in work-related injuries, lower work fatigue, thus, increasing productivity and work quality. For instance, companies such as Ford are performing a trial by using exoskeletons. Based on its success, the company adopted the EksoVest (an exoskeleton that elevates and supports workers’ arms performing repeated overhead tasks) at 15 of its plants. EksoVests reduced workplace injuries by 83% during the trial period.
There is also an increasing demand for exoskeletons to assist in personal mobility. An increasing number of patients with body movements disorders, such as Parkinson’s disease, strokes, etc., are the prime factors accelerating the exoskeleton demand, as these diseases limit voluntary body movements and create problems in daily routine activities. For instance, according to the Parkinson’s Foundation estimates, the number of people in the United States with Parkinson’s disease may be around 930,000 in 2020, and it is expected to reach 1,200,000 by 2030.
Due to the emergence of the COVID-19 pandemic, the previously put lockdown measures across various regions significantly brought the robotic suppliers to a complete standstill for a short period. However, on the other hand, the pandemic has also created productive industry opportunities for the products and service providers to increase their presence in the market by primarily focusing and addressing real clinical challenges, collaborating with clinicians and industry partners, and responding to the evolving patients’ needs.
Key Market Trends
Military & Defense is Expected to Hold a Significant Share
The military and defense sector require an exoskeleton that is comfortable to wear for long hours and are still highly effective and flexible. The need for increasing the safety and efficiency of the soldiers has led the military & defense sector to invest in these technologies, as the exoskeletons reduce the fatigue on the soldiers while also giving them an extra layer of protection from the outside.
Exoskeletons for the military enable soldiers to carry up to 17 times more weight than average; for instance, carrying 400 pounds feels like 23.5 pounds. New generations of exoskeletons will further increase the carrying capacity of soldiers. The XOS2 (a robotics suit) from Sarcos Corp. allows a weight of nearly 50 lb. (23 kg) on each arm.
Moreover, the US Army is currently testing a new pair of boots and an exoskeleton. The equipment was named Dephy ExoBoot and enabled the military to carry heavy backpacks with ease for long distances. Military researchers were able to adjust the performance of the exoskeleton so that users could walk on a treadmill for about an hour.
In November 2021, Taipei’s military introduced its first generation of battery-powered exoskeletons, designed to improve the efficiency and endurance of soldiers in the field. This exoskeleton will be attached to the legs, works by increasing the efficiency of the human body.
The defense organizations are developing passive exoskeletons to make the soldiers’ lives safer and conducive. For instance, in June 2021, DRDO announced the development of an exoskeleton for the Indian soldiers posted in high altitudes. DRDO announced that it would enhance Indian soldiers’ performance in military scenarios, several configurations including lower/upper extremity.
Asia Pacific is Expected to Experience a Rapid Growth
The Asia Pacific wearable robots and exoskeletons market is expected to grow faster over the forecast period. The use of wearable robots in the region varies from healthcare, manufacturing, defense, etc. When it comes to the exoskeleton wearable development, two countries in the region stand apart from the rest, Japan and China. Both countries view exoskeletons as the key to preventing workplace injury and allowing aging workers to stay in the workforce longer. For instance, Tokyo’s Haneda Airport uses exoskeletons for its senior staff to help them lift luggage.
With the aging population becoming a significant problem in this region, the demand for wearable robots and exoskeletons is increasing over the forecast period. As per the Ministry of Internal Affairs and Communications (Japan), 36.2 million inhabitants in Japan were aged 65 or older in 2020, compared to 35.2 million in 2017. This encourages companies to invest in such products for the elderly population in the region.
Asia-Pacific is the leader in the R&D of wearable robot technology. South Korea and Japan are specifically leading in the R&D of the market. For instance, in April 2021, a South Korean research team from the Korea Institute of Machinery and Materials developed wearable robot technology, a suit-type wearable device used for various physical tasks from delivery to construction work. It can be attached to the arm, thigh, and other body areas for supporting muscles.
Wearable robots and exoskeleton market players are increasingly investing in the Asia-Pacific region. For instance, in April 2021, Ekso Bionics, an industry leader in the exoskeleton market with a presence in Hong Kong, announced the partnership with Royal Rehab in Australia, further expanding the use of the company’s robotic exoskeleton across Asia-Pacific.
Competitive Landscape
The wearable robots and exoskeletons market is marked with high competition and several players. The market potential is also attracting many startups investing in the market, thus, intensifying the competition. Many companies increase their market presence by introducing new products, expanding their operations, or entering into strategic mergers and acquisitions.
March 2021 – Ekso Bionics announced a partnership with the US Physiatry to educate physicians on the clinical benefits of an EksoNR exoskeleton. The partnership will help raise awareness of Ekso Bionics technology among physicians and other rehabilitation therapists and teach them how to integrate robotics into rehabilitation programs successfully.
March 2021 – DIH International Limited, the parent company of Hocomo, partnered with Reha technology to distribute the rehabilitation robotics products developed in Switzerland, Germany, and the United States. The products are end-effector-based gait therapy devices for lower extremities rehabilitation.
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