The global wearable robotic exoskeleton market is forecasted to grow to more than $4 billion by the end of 2026 and record annual growth of 43.1 per cent during the forecast period of 2019-2026.
At present advancement in Artificial Intelligence and robotics is enabling wearable robotic exoskeleton development primarily for logistics, medical and engineering commitments due to limited battery support capabilities.
However wearable robotic exoskeleton can be applied in a wide range of industries capable of augmenting the growth of the global wearable robotic exoskeleton market.
Below are a few factors that can positively affect the market proliferation if the industrial exoskeleton robots prove themselves to the thorough tests.
- Aerospace workers can safely and efficiently build or repair aeroplanes.
- Powered human augmentation technology support provided for heavy lifting and complex tools used in the construction and manufacturing industries.
- Military / warfighters / first respondents can safely respond to dangerous conditions with excess safety measures.
- Inhibits disability chances in the shipbuilding sector.
Besides the above industrial usage wearable, robotic exoskeletons can significantly change the healthcare sector in terms of rehabilitation therapy for neurological and cardiac disorders.
Exoskeleton rehabilitation is also drawing considerable traction from the insurance companies.
Additionally, the worldwide propagation of the ageing population prone to the risks of injuries, mobility restriction and impaired motor functions is supposed to fuel the application of exoskeleton robots.
It is remarkable to consider the innovation opportunities in terms of building robotic exoskeletons with extended battery life especially in regards to frontline military personnel working in difficult topographic conditions.
Global wearable robotic exoskeleton market restraints:
- Stringent government regulations for developing exoskeletons
- High costs associated with the production, equipment ownership and services
- Lack of skilled engineers as the robotic exoskeleton technology is in its infancy
Powered exoskeleton to witness highest growth
Powered type exoskeletons are capable of shifting weights promoting efficient mobility without fatigue or injury.
This is especially helpful in case of soldiers trying to cover the greater terrestrial distance in unruly topographic places like a tall building, mountains and rough terrain.
Hence the powered sub-segment is estimated to grow at extremely positive annual growth in the coming years.
Reliable insurance to drive wearable exoskeletons
Assistive application sub-segment is exhibiting dominance over the sports, body part support and rehabilitation sub-segments of the global wearable robotic exoskeleton market.
Exoskeleton robotic functions are known to assist personal mobility with the ability to promote lifting, upright walking, sitting, and so on.
It also helps patients with paralytic stroke and musculoskeletal disorders to relearn moving by creating new muscle memory.
Financial support provided by insurance providers will aid in propelling market growth.
Hence assistive sub-segment is anticipated to grow rapidly followed by the rehabilitation sub-segment during the forecast period.
Europe and North America closely compete for the market dominance owing to high investments, R&D activities, technological advancement and industrial developments.
The presence of robotic developers, a shrinking workforce and favourable government policies are promoting vigorous growth of the market in the APAC region.