Wearable Robotic Exoskeleton Market

Wearable robotic exoskeletons are wearable electromechanical devices that have been developed as augmentative devices to enhance the physical performance of the wearer or as orthotic devices for gait rehabilitation or locomotion assistance. These devices are extensively used to repair and expand the natural human movements that are lost due to neuromuscular dysfunctions. Moreover, exosuits are extensively capable of assisting any body part for support application. Hence, exosuits are highly used by elderly people and in construction, manufacturing, and logistics industries.

The global wearable market is experiencing significant growth and is expected to rise considerably in the next few years. The wearable robotic exoskeleton is a device developed to enhance the physical performance of an individual or provide locomotion assistance. The emergence of the wearable robotic exoskeleton market has enabled an unmatched level of robotic use as these machines directly align with the human body structures as per requirements. Exoskeleton technologies can profoundly transform the way we live. Wearable robotic exoskeleton devices work in tandem with the user and act as amplifiers that augment, reinforce, or restore human performance. The exoskeleton is also referred to as a robotic suit, powered armor, exo-frame or exosuit, wearable machine, power jacket, and others. The growth in the wearable robotic exoskeleton market is majorly propelled by the rise in demand from the healthcare sector for orthopaedic rehabilitation, the increase in prevalence of stroke, and the growing investment of the military & defense sector.

COVID-19 Impact Analysis

• COVID-19 pandemic has shut down the production of various products in the wearable robotic exoskeletons market, mainly owing to the prolonged lockdown in major global countries.
• COVID-19 had already affected the sales of equipment and machinery in the first quarter of 2020 and caused a negative impact on the market growth throughout the year. 
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
• Further, the potential impact of the lockdown is currently vague and the financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after the COVID-19 infection cases start to decrease.

Top Impacting Factors

The wearable robotic exoskeleton can enhance powerlifting, load carrying, and endurance functions. The market has received a series of funding from the department of defense of several nations. The wearable robotic exoskeleton market is exhibiting an upbeat growth outlook which, coupled with growing awareness about these devices in different fields, is attracting more investments in the industry, especially from venture capitalists.

Various exoskeletons developed to date are effectively designed and tested for mechanical structure and support soldiers to augment main body strength. The use of wearable exoskeletons has grown in healthcare sectors due to the increase in the number of people with physical disabilities, especially in the geriatric population.

Market Trends

• Wearable robotic exoskeletons are becoming increasingly common in workplaces with expanding technological capabilities. The introduction of technologies, mainly artificial intelligence (AI), interactive Internet of Things (IoT), digital assistants, virtual guidance, and interactive learning in robots, have eased their usability and development for the logistics, medical, and engineering industries.
• Furthermore, the introduction of techniques, mainly for humans, in the loop optimization streamlined in robotics has created significant changes in the robotics industry. These techniques use real-time measurements of human physiological signals, such as breathing rate to adjust the control parameters and other functions.

 Key Benefits of Report

• This study presents the analytical depiction of the wearable robotic exoskeleton market, the current trends, and future estimations to determine the imminent investments pockets.
• The report presents information related to key drivers, restraints, opportunities, and a detailed analysis of the wearable robotic exoskeletons market.
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the wearable robotic exoskeletons market growth scenario.
• The Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
• The report provides a detailed wearable robotic exoskeleton market analysis based on competitive intensity and how the competition will take shape in the coming years