WASHINGTON, March 07, 2022 (GLOBE NEWSWIRE) -- The Global Wearable Robots Market size is expected to reach USD 8345.8 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 40.1% during the forecast period. Wearable Robots are basically used to enhance the physical abilities of a person. They also provide manual labor task in factory labor, warehouses and construction sites. Wearable Robots is a mechatronic system which is used to design the shape and function of the human body. This technology is used in various applications such as neuromotor control research & rehabilitation, man-amplification, and telemanipulation to provide assistance with impaired human motor control. In addition, these robots offer various advantages in manufacturing sectors such as, lower work fatigue, and reducing work-related injuries to increase work quality and productivity. All these factors are contributed in the development of Wearable Robots Market in the coming years, states Vantage Market Research, in a report, titled “Wearable Robots Market by Type (Powered Exoskeletons, Passive Exoskeletons), by Application (Healthcare, Military & Defense, Industrial, Other End-user Industries), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size valued at USD 575.5 Million in 2021.
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List of Prominent Players in the Wearable Robots Market:
- Cyberdyene, Inc.
- Ekso Bionics
- Hocoma
- ReWalk Robotics
- Bionic Laboratories Corp.
- earable Robotics Srl
Market Overview:
Augmented Wearables Robots in Military and Defense Sector Drive the Market Demand
The rising number of patients with body movement disorders called Parkinson's disease, or strokes etc. is the main factor for propelling the growth of the Wearable Robots Market in next few years. These diseases limit the body movements of the patient and create problems in daily routine activities; thus, it increases the Wearable Robots Market demand. According to the Parkinson's Foundation, around 930,000 Parkinson's disease patients has been observed in the United States in 2020.In addition, the increased use of these robots in military and defence sector is fuelling the growth of the Wearable Robots Market. This surge is mainly accounted due to the high investment in these technologies to provide efficiency and safety to the soldiers. For instance, DRDO, Defence Research and Development Organisation, is developing exoskeleton for the Indian soldiers posted in high altitudes.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. The Wearable Robots Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Wearable Robots Market Highlights:
- Assessment of the market
- Company Profiles
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates and Forecast
- COVID Impact Analysis
- Global and Regional Dynamics
North America Dominates the Wearable Robots Market
Asia Pacific is expected to witness the fastest growth of the market during the forecast period. There is high demand for Wearable Robots in this region because it allowing aging workers to stay in the workforce for longer period and also helps in preventing workplace injury. In addition, increasing aging population and presence of major research activities in this region are also responsible for driving the growth of the market.
Recent Developments:
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.
December, 2021: Ekso Bionics Holdings, Inc. announced that the Nebraska Chapter of the Fraternal Order of Eagles, an international non-profit community organization, has purchased two EksoNR devices on behalf of local Nebraska inpatient rehabilitation facilities.
August, 2020: Ekso Bionics Holdings, Inc. launched the EVO, an endurance-boosting assistive upper body exoskeleton that alleviates the burden of repetitive work.
Browse market data Tables and Figures spread through 185 Pages and in-depth TOC on "Wearable Robots Market by Type (Powered Exoskeletons, Passive Exoskeletons), by Application (Healthcare, Military & Defense, Industrial, Other End-user Industries), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/wearable-robots-market-979022
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Wearable Robots Market?
- How will the Wearable Robots Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Wearable Robots Market?
- What is the Wearable Robots market drivers and restrictions?
- What will be the CAGR and size of the Wearable Robots Market throughout the forecast period?
This market titled “Wearable Robots Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 575.5 Million |
| Projected Market Size in 2028 | USD 8345.8 Million |
| CAGR Growth Rate | CAGR of 40.1% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Type: -
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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