Pune, India, Aug. 18, 2021 (GLOBE NEWSWIRE) — The global wearable robotic exoskeleton market is set to gain impetus from the emergence of virtual guidance, artificial intelligence (AI), interactive learning, digital assistants, and internet of things (IoT) in robots. These technologies have made them more efficient and hence they are gaining more popularity from the engineering, medical, and logistics industries. According to the International Federation of Robotics, the stock of operational industrial robots worldwide reached 3,053,000 units in 2020 from 1,828,000 units in 2016. This information is given by Fortune Business Insights™ in a published report, titled, “Wearable Robotic Exoskeleton Market, 2021-2028.” As per the report, the market size was USD 474.4 million in 2020. It is projected to grow from USD 671.2 million in 2021 to USD 8,241.7 million in 2028 at a CAGR of 43.1% in the forecast period.
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A list of renowned wearable robotic exoskeleton companies in the global market:
- CYBERDYNE, INC. (Japan)
- Ekso Bionics (United States)
- Hocoma (Switzerland)
- ReWalk Robotics (United States)
- Bionik Laboratories Corp. (Canada)
- ExoAtlet (Luxembourg)
- Lockheed Martin (United States)
- Rex Bionics Pty Ltd. (United States)
- Sarcos Corp. (United States)
- Wearable Robotics Srl (Italy)
Report Scope & Segmentation
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||43.1 %|
|2028 Value Projection||USD 8241.7 Million|
|Market Size in 2021||USD 671.2 Million|
|Historical Data for||2017 to 2019|
|No. of Pages||120|
|Segments covered||Size,Technology, Application, Geography|
|Growth Drivers||Increasing Adoption of Exoskeletons Devices in the Medical Industry to Fuel Growth|
|Powered Segment to Hold Dominant Share Backed by Its Ability to Cater to a Wide Range of Applications|
|Industrial Segment to Grow Significantly Backed by Surging Number of Users Globally|
|Pitfalls & Challenges||Massive Investments and Non-coverage of Wearable Robotic Devices by Insurance Companies is Detaining Market Growth|
COVID-19 Pandemic: Extension of Agreements between Companies to Aid Growth
The outbreak of the COVID-19 pandemic has disrupted the supply chain of almost every industry across the globe. Suppliers are realizing the fact that higher revenue generation is only possible with the help of in-person contact to finish the sales process. Besides, vendors are finding it difficult to conduct training programs and deliver products on time to clients owing to travel bans and lockdown measures. But, the pandemic has also created growth opportunities for companies as they are collaborating with clinics and industry partners. ReWalk Robotics Ltd., for instance, expanded its agreement with Harvard in May 2020. We are delivering elaborate research reports to help you find the best strategy to cope up with the current situation and take your wearable robotic exoskeleton business to a whole new level.
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Industrial Segment Held 41.3% Share in 2020: Fortune Business Insights™
By applications, the market is segregated into healthcare, industrial, defense & aerospace, and others. Out of these, the industrial segment earned 41.3% in terms of the wearable robotic exoskeleton market share in 2020. It is anticipated to exhibit steady growth in the near future because of the surging adoption of these devices by electronics manufacturers, automakers, and logistics & shipping firms globally because of their ability to improve the workforce.
Our in-depth research reports offer a comprehensive coverage of this industry, ensuring a deep and holistic understanding of the market. It also offers granular and actionable data. We strive to ensure that you receive the best strategies for increasing sales of your products. Our key mission is service orientation. We also conduct primary and secondary research to track the latest innovations, regulatory developments, and competitive landscape.
Drivers & Restraints-
Increasing Prevalence of Inborn Physical Disabilities to Boost Growth
The medical industry is demanding wearable robotic exoskeleton devices on account of the increasing cases of vehicular accidents and higher prevalence of inborn physical disabilities. The National Spinal Cord Injury Statistical Centre (NSCIAC), for instance, stated that in the U.S., around 288,000 people were suffering from spinal cord injuries in 2018. Every year, nearly 17,700 new cases are detected in the country. Similarly, the Multiple Sclerosis Foundation declared that about 2.3 million people worldwide suffered from multiple sclerosis in 2018, while the U.S. had 1.0 million cases. However, these advanced devices require huge investments at the initial stage. This factor may hamper the wearable robotic exoskeleton market growth in the near future.
Surging Investments by Local Firms to Help North America Remain at the Forefront
Geographically, North America is expected to remain at the forefront throughout the forthcoming years because of the rising investments by local companies in the development of novel wearable robotic exoskeletons. The region procured USD 182.8 million in terms of revenue in 2020. The U.S. would majorly contribute to this growth because of the rising adoption of this technology in the military & defense sector. On the other hand, Asia Pacific is likely to exhibit the highest CAGR in the upcoming years stoked by the increasing awareness regarding the advantages of using these devices.
Key Players Focus on Gaining Fast-track Approvals to Gain a Competitive Edge
The global market houses a large number of reputed international and domestic companies. Most of them are striving persistently to compete with their rivals by launching innovative products. A few others are trying to win fast-track approvals from regulatory bodies to market their products. Below are the two industry developments:
- October 2020: CYBERDYNE Inc. bagged approval from the Taiwan Food and Drugs Administration (TFDA) for HAL for Medical Use Lower Limb Type. It is a device specially developed for inducing enhancement of the physical function of the wearer.
- February 2020: Post-Acute Medical, LLC (PAM) acquired three EksoNR devices from Ekso Bionics. This would enable the former to broaden the availability of exoskeleton-assisted rehabilitation in its facilities.
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Major Table of Contents:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTEL Analysis
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview Responses
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