Global wearable robotic exoskeleton market projected to reach $5.4 billion by 2028
FREMONT, CA—According to a new market intelligence report by BIS Research titled “Global Wearable Robotic Exoskeleton Market – Analysis and Forecast, 2018-2028” the wearable exoskeleton market is projected to grow at a CAGR of 43.48%, during the forecast period from 2018 to 2028 and reach $5.4 billion by 2028. The market is anticipated to showcase a high growth-rate as there is an increased application of wearable exoskeletons for patients undergoing rehabilitation therapy, proliferation of geriatric population, as well as the rapid technological advancements in artificial intelligence and robotics enhancing the wearable exoskeleton as a product. The recent innovations have also enabled the technology to reach a wider consumer-base in the industry.
The need and interest to incorporate sensing and assistive technologies into the therapy for neurological disorders such as stroke, central nervous system disorder, and spinal cord injury have led to an increased demand for exoskeletons for rehabilitation applications. Exoskeleton-assisted therapy has advantages over conventional manual therapy, as the former is capable of providing intensive training to patients, improved functional outcomes, and better quantitative feedback.
According to Shubhranshu Agarwal, Sr. Research Associate at BIS Research, “In 2018, the region of Europe dominated the wearable robotic exoskeleton market with a share of approximately 39.32% in terms of revenue. However, the regional analysis of the market has unveiled an immense growth potential for the region of Asia-Pacific, which is expected to grow at a CAGR of 48.17%, during the forecast period of 2018-2028. Especially so, as Japan and China are estimated to grow as the major contributors to the wearable robotic exoskeleton market, in terms of revenue, in the APAC region.”
The advancements in artificial intelligence (AI) and robotics have led the key manufacturers to build advanced wearable robotic exoskeletons that are widely used in healthcare and other manufacturing industries. ATOUN Co., Ltd., B-Temia Inc., Bionik Laboratories Corp., Cyberdyne Inc., Ekso Bionics Holdings, Inc., Hocoma AG, Myomo Inc., Parker Hannifin Corporation, ReWalk Robotics Ltd., and Rex Bionics PLC are some of the leading wearable robotic exoskeleton producers. Additionally, the report focuses on the strategic developments of the emerging start-ups in the exoskeleton market.