The global wearable exoskeleton market is expected to embark on a positive expansion trajectory, with long-term prospects appearing extremely lucrative, concludes award winning market research company Fact.MR. The market is slated to expand at a stellar CAGR exceeding 30.3%, reaching more than US$ 3,991 billion in value by 2032.
As per Fact.MR’s analysis, the market experienced credible gains in the past, topping US$ 100 Mn in 2021. Extensive application in the healthcare and military domains is cited as the key growth catalyst for market growth. As per W.H.O’s estimates, annual global incidence of spinal cord injuries (SCI) is 40 to 80 cases per million population, with 90% of them being traumatic cases, thereby stimulating demand.
For the military domain, countries such as the U.S. are actively deploying exoskeletons to improve specific soldier capabilities. Lockheed Martin’s OnyxTM and Dephy’s ExoBoot are testimonies to such extensive applications. Recently, in 2019, the Indian government announced deployment of exoskeleton technology within its army, an initiative part and parcel of the ambitious Make in India campaign.
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Key Takeaways from the Market Study
- Global wearable exoskeletons demand to be valued at US$ 282.88 Mn in 2022
- Wearable exoskeletons for lower extremities to accumulate a revenue share of 60%
- Demand for rehabilitation wearable exoskeletons to surge at a CAGR of 20% through 2032
- S to be the fastest growing market for wearable exoskeletons, clocking a CAGR of 25%
- K to experience a CAGR of 20% with respect to wearable exoskeleton sales
- Germany to flourish at a CAGR o 22% across the 2022-2032 assessment period
“Rising physical fatigue levels due to muscle wear and tear is prompting all labor-intensive industries to invest in advanced wearable exoskeletons to provide enhanced comfort to employees, heightening market growth prospects,” says a Fact.MR analyst.
How is Preference for Lightweight Exoskeletons Stimulating Demand?
Since 2019, a multitude of manufacturers are striving to introduce lightweight wearable exoskeletons, including personalized wearable exoskeletons, a trend that is expected to majorly determine the future growth trajectory of the market. A prototype lower-body device was developed via a collaboration between The City University of New York, City College (CCNY), and The University of Texas Health Science Center at Houston (UTHealth).
The exoskeleton is intended for use by seniors who possess some degree of mobility but find it difficult to walk for extended periods. According to a Journal of Public Health report, over 30% of people aged 65 or older find it challenging to walk the equivalent of three city blocks. Hence, this exoskeleton provides assistance in this regard by utilizing integrated motors providing an electric boost to the wearer’s gait, and is quite light in weight.
In December 2020, Italy-based Comau announced the launch of MATE-XT, a new version of its Muscular Aiding Tech Exoskeleton which features a slim, lightweigt carbon fiber structure and an intuitive regulation system, permitting easy adjustment of the system’s water-, dust-, ultraviolet light-, and temperature-resistant design. The exoskeleton is deployed in agriculture, carpentry, construction, assembly, logistics, and other industries.
Country-wise Analysis
How is the U.S. Military Leveraging Wearable Exoskeletons?
The U.S. is expected to yield credible gains to the global smart exoskeleton market, especially across the military sector. The U.S. army has been exploring commercial exoskeleton technologies for potential military applications, mostly to reduce strain injuries and build soldiers’ endurance. A CAGR of around 25% is projected for the U.S market.
Wearable exoskeletons have proven to be capable of enhancing the physical capabilities of a warfighter, permitting them to run faster and lift much heavier objects without straining any of their joints. The U.S. Army Natick Soldier Research and Engineering Center (NSRDEC/Soldier Center) initiated a 48-month long Other Transaction Agreement (OTA) worth US$ 6.9 million for developing exoskeleton systems in 2019.
Additionally, Lockheed Martin Corporation developed the OnyxTM Missiles and Fire Controls lower-body exoskeleton suit in 2018. The project is also a beneficiary of the Soldier Center’s grant initiative. The system combines mechanical knee actuators with multiple sensors and artificial intelligence software to improve strength and endurance. Also, Dephy’s Exo-boot uses the FlexSEA technology to simplify the electronics behind wearable robotics designs.
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Competitive Landscape
Manufacturing collaboration allows manufacturers to increase production and meet consumer demand, thereby increasing revenues and market share. Introducing new products and technological innovations enable end-users to benefit from the products. By developing a strategic partnership, the company can expand its productive capacity.
Increasing product functionality is a key factor for the growing demand for smart exoskeletons. Therefore, market players are increasing their R&D spending in order to launch new products in the market. Furthermore, both acquisitions & mergers, collaborations, and regulatory approvals are also crucial components of effective growth.
- In March 2021, ReWalk Robotics signed an agreement with BKK Mobil Oil Insurance to provide its ReWalk Personal Exoskeleton devices to eligible beneficiaries suffering from spinal cord injuries. With this agreement, users can receive a ReWalk Personal 6.0 exoskeleton and remain mobile at home.
- In 2021, Shanghai-based Fourier Intelligence inked a MoU with the National Healthcare Group (NHG), Singapore, to co-develop rehabilitation technology and robotic innovations. The aim of this partnership is to use clinical expertise and translational research capabilities to disburse more effective rehabilitation care to patients.
- In March 2021, Astrek Innovations, a startup from Kerala created an exoskeleton for patients with walking difficulties. With the vision of bridging the gap between the common man and quality healthcare, the company strives to build a portfolio of advanced technology enabled devices in the assistive technologies sector.
- In June 2021, DRDO announced plans to develop an exoskeleton for Indian soldiers stationed at high altitudes. As part of the announcement, DRDO will upgrade Indian soldiers’ performance in various military scenarios, including lower and upper extremities.
Key Segments Covered in Wearable Exoskeletons Industry Report
By Product
- Rigid Smart Exoskeletons
- Soft Smart Exoskeletons
By Extremity
- Lower Extremity Exoskeletons
- Upper Extremity Exoskeletons
- Full-body Extremity Exoskeletons
By Application
- Rehabilitation Wearable Exoskeletons
- Pick & Carry Wearable Exoskeletons
- Wearable Exoskeletons for Other Applications
By End User
- Wearable Exoskeletons for Industrial Use
- Wearable Exoskeletons for Healthcare
- Military Wearable Exoskeletons
- Wearable Exoskeletons for Other End Users
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