Exoskeleton Wearable Robots Market

Market Overview

The global exoskeleton wearable robots market size was valued at USD 24.9 million, growing at a CAGR of 27.3% during the forecast period.

The exoskeleton wearable robots refer to the mobile machine powered by technology, allowing limb movement to enhance and endurance.  It offers a broad range of traits that includes; enhance walking efficiency, assist manual activities, improved production rates, and reduced fatigue. Moreover, it aids in reducing and lifting stress on the user's body parts such as the spine and muscles, among others.

The increasing popularity of industrial body parts, growing demand for wearable robots in the manufacturing and construction industry, and increasing geriatric population worldwide are the factors fueling the market. However, the high cost of deployment hampers the market growth.

Market Dynamics

Increasing Popularity of Industrial Body Parts

Exoskeletons are getting lighter, more useful, smarter, and are extensively used across several verticals, from healthcare and military to construction. Companies such as Ekso, Panasonic, Honda, Daewoo, Noonee, Lockheed Martin, Sarcos/Raytheon, BAE Systems, Revision Military, and Cyberdyne are working on product development and innovations of exoskeleton robots for industrial applications.

The growing popularity and demand for industrial body parts also provide impetus to the market as they can be custom-fitted according to body parts and use different types of materials such as fiberglass, aluminum, and carbon fiber the strength requirements. In manufacturing environments, workers are put through production activities that are load intensive; hence, the exoskeleton plays a vital role in weighing down the stress. For instance, in 2017, RoboMate launched in France, aided by EU funding. It targets industrial applications and features an active trunk and an active and a passive arm. Furthermore, it supports multiple joints, owing to their ability to adhere to the body and identify human movements to initiate the exoskeleton actuators' opposite responses.

Regional Analysis

North America holds a higher CAGR and is anticipated to witness growth during the forecast period. The growth is attributed to Raytheon Company, Ekso Bionics, Rewalk robotics, and Lockheed Martin Corporation that are anticipated to fuel market growth. The U.S. stands out as the most lucrative market for the soft exoskeleton, owing to the upsurge in the adoption rate of exoskeletons across all sectors such as rehabilitation centers, healthcare, military, as well as industrial processes.

Moreover, the U.S. is primarily focusing on research and development of solutions for treating back and neck pain than any other medical condition. For instance, Ekso Bionics, headquartered in California, recently raised USD 34 million to develop and commercialize strong exoskeletons for industrial purposes. The company focuses on R&D initiatives to use the Ekso robotic exoskeleton at home, thereby accelerating its adoption across the globe. The growing geriatric population, the advent of robotic technologies, and increased investment toward exoskeleton technology are also factors propelling the market growth.

Asia-Pacific is the fastest-growing region in the exosuits wearable robot market and is presumed to grow during the forecast period. The growth is attributed to increasing investment in developing economies such as China, India, and Indonesia. For instance, the Chinese government is significantly investing in research on lower limb rehabilitation robots for patients with limb movement disorders as a critical aspect of rehabilitation exosuit research project. Moreover, the increasing aging population in China is also one of the factors increasing demand for exosuits wearable robots in the region.

For instance, according to the Chinese Journal of Mechanical Engineering, 18.2% of China's population is expected to be over 65 years of age by 2030. This enables increasing demand for exosuits wearable robots.

Segmental Analysis

The global exoskeleton wearable robots market has been segmented into full body and upper and lower body.

The upper and lower body segment holds higher CAGR and is expected to witness growth during the forecast period. Upper body exoskeletons consist of shoulder and arm exoskeleton to support the upper body part and optimize body movements. Growing demand in the industrial and household sectors for workers to lift heavy loads and engagement in load intensive production activities urges the need to manufacture upper body soft exoskeletons. In 2018, Ford implemented an upper-body support exoskeleton across all factories, followed by a successful trial. Also, LG is commercially releasing its SuitBot, an exoskeleton helping factory workers lift heavier loads for more extended periods.

Lower body exoskeletons mainly comprise of lower-limb exoskeletons, including hip, knee, and ankle exoskeletons to assist in walking. Lower limb exoskeletons aim at two objectives, including rehabilitation and assisting in human work activities. They are predominantly designed to overcome the human fatigue limit, increase the worker's strength for walking on long journeys, and lift heavy items. Disabilities and impairments resulting from stroke are the factors driving the lower body part exoskeleton.

End-Users

Based on end-users, the global exoskeleton wearable robots market has been segmented into industrial, defense, healthcare, others (search and rescue operations and disaster relief, sports and fitness, and agriculture)

The healthcare segment holds a higher CAGR comparable to other segments in end-users and is expected to witness growth during the forecast period. Exosuits guides patients through weight shifts and step patterns so that a more natural ambulation pattern is achieved. The British think tank Work Foundation estimates that 44 million Europeans, including almost a quarter of the total workforce, suffer from musculoskeletal disorders.

The German national calculation estimated a 12 billion USD productivity loss per year due to back problems. Therefore, manufacturers incorporate several strategies to improve energy efficiencies, such as energy harvesting, springs, elastic cords, ratchets, clutches, etc.

Zoloft is a project focusing on developing a soft biomimetic exoskeleton to assist people with mobility impairments. It helps design lower limb soft wearable assistive exosuits to aid people with mobility problems, especially older people, post-stroke patients, among others. Moreover, exoskeleton innovations make a huge difference in patients' lives by enabling people with paraplegia, amputees, and others to walk and conduct daily activities.

Impact of covid-19

The impact of COVID-19 has a remarkable effect across all industry verticals globally. The exoskeleton wearable robot market has witnessed a slight decline in growth amid pandemic COVID-19 due to governments' stringent regulations such as; halt of cross-border activities, the shutdown of business operations social distancing. This led to disruption in supply chain operations to many manufacturing industries. Also, increasing work from home has led to many health issues such as back pain and mobility impairments and paved the demand for exosuits wearable robots.

Recent Developments

• In April 2018, ReWalk Robotics Inc. launched its soft exosuit system, ReStore, to rehabilitate individuals with lower limb disability due to stroke. 
• In January 2019, Ekso Bionics entered into an equity joint venture contract with China to develop and serve its exoskeleton market and specific other Asian markets and create a global exoskeleton manufacturing center.