Wearable Robotic Exoskeleton Market Size, Share, Growth Analysis, By Type(Full Body, Upper Body, Lower Body), By End-User(Industrial, Defense, Healthcare, Others), By Region - Industry Forecast 2024-2031

Wearable Robotic Exoskeleton Market Driver

• In the global wearable robotic exoskeleton market, exoskeleton robots are being used more frequently in various industries around the globe as technology advances. The development of technologies like the interactive Internet of Things (IoT), artificial intelligence (AI), virtual guidance, interactive learning, and digital assistants in robots have benefited the logistics, medical, and engineering sectors. Furthermore, the development of methodologies, particularly human-in-the-loop optimization optimized for robotics, has significantly altered the robotics industry. In these methods, control settings and other functions are modified in real-time using measurements of human physiological data, such as breathing rate.
• A growing geriatric population, an increase in traffic accidents and severe trauma injuries, an increase in the prevalence of stroke, among other factors, are all contributing to an increase in the number of people with physical disabilities worldwide. People who have suffered severe physical trauma can use rehabilitation exoskeletons to aid them in their recovery or with daily tasks. Over 2,75,000 Americans sustain severe spinal cord injuries every year, according to the U.S. National Spinal Cord Injury Statistical Center (NSCISC), a government-funded and managed injury database. The development of paraplegia occurs in nearly 52% of these patients. According to the National Center for Biotechnology Information, there were more than 2.1 million people in the United States who had lost a limb as of 2020, and by 2050, that number is predicted to double (NCBI).
• Stroke is one of the most common causes of acquired disability worldwide, and as medical science and treatment methods advance, so do survival rates. Rehab therapy procedures would be required due to the continent's aging population, which is susceptible to strokes and mobility problems. Exoskeleton demand is rising as a result of an aging population with stroke-related disabilities and people who have trouble communicating and moving. For instance, there were more than 7,95,000 stroke cases in the United States as of 2020. The Centers for Disease Control and Prevention estimate that strokes cost the United States $34 billion annually. Additionally, hemiplegia or hemiparesis causes long-term walking impairment in more than 50% of stroke survivors.

Wearable Robotic Exoskeleton Market Restraint

• Robotic exoskeletons are now frequently used for many different tasks, such as lifting heavy, complex instruments and assisting elderly people who are prone to injury with their movement. Due to their ability to add extra safety precautions, these robots are also being used more frequently in military operations. This is promoting the wearable robotic exoskeleton market growth and enhances warfighters' endurance on the battlefield. A barrier to the market's expansion is the high initial cost required to purchase these devices. The total cost of ownership would include the cost of installation, the integration of intelligent sensors and software solutions, training and rehabilitation fees, after-sales services, and routine maintenance.
• The high initial cost required to purchase these devices is a barrier to the wearable robotic exoskeleton market expansion. The total cost of ownership would include installation, integration of intelligent sensors and software solutions, training and rehabilitative charges/fees, after-sales services, and routine maintenance. Additionally, the introduction of contemporary, user-friendly technology can occasionally lead to interdisciplinary issues, having unfavorable effects on a number of levels. As a result, the robot develops a physical sensitivity and empathy for the user's motions. The patient, on the other hand, must have faith in and depend on the movements of the robot. This could occasionally fail to produce the desired results, putting the operator in danger of getting hurt.