Wearable robotic devices are a type of technology that can be worn on the body to augment or enhance human physical abilities.
These devices, also known as exoskeletons, can provide users with additional strength, endurance, or mobility, and can be used in a variety of applications, including healthcare, industrial settings, and military operations. In this response, we will explore the current market trends and future growth potential of wearable robotic devices, along with some of the key players in the industry.
The global market for wearable robotic devices is expected to grow rapidly in the coming years, with a projected compound annual growth rate of 34.5% from 2021 to 2028.
This growth is primarily driven by the increasing demand for assistive technologies to support individuals with mobility impairments, such as the elderly or those with physical disabilities. Additionally, the growing interest of industries in enhancing the physical capabilities of their workers is expected to drive further growth in the industrial sector.
In terms of application areas, the healthcare sector is the largest market for wearable robotic devices, accounting for more than half of the sales in 2021.
This is due to the increasing prevalence of mobility impairments among the aging population, and the growing interest of healthcare providers in using wearable devices for rehabilitation and assistive purposes.
The industrial sector is the second largest application area, accounting for around one-third of the sales in 2021. The use of wearable devices in industrial settings is driven by the need to enhance the physical capabilities of workers, reduce the risk of work-related injuries, and increase productivity.
North America is currently the largest market for wearable robotic devices, accounting for more than half of the sales in 2021.
The region is home to several leading companies in the field, such as Ekso Bionics and ReWalk Robotics, and has a high level of investment in research and development in the field of robotics. Europe is the second largest market, accounting for around one-third of the sales in 2021.
There are several key players in the wearable robotic devices industry, including Ekso Bionics, ReWalk Robotics, and Cyberdyne. Ekso Bionics is a leading provider of wearable exoskeletons for both medical and industrial applications, with products such as the Ekso GT and EksoNR.
ReWalk Robotics is another major player in the industry, with a focus on developing robotic exoskeletons for individuals with spinal cord injuries. Cyberdyne is a Japanese company that produces wearable robots for both medical and industrial applications, with products such as the HAL (Hybrid Assistive Limb) exoskeleton.
One of the key challenges facing the wearable robotic devices industry is the high cost of these devices, which can limit their accessibility to those who need them. In addition, there are regulatory barriers to the widespread use of these devices, which can vary by region and application area.
Another challenge is the complexity of these devices, which can require significant training and support to use effectively.
In conclusion, wearable robotic devices are a growing industry with significant potential for future growth.
The healthcare and industrial sectors are the largest application areas, with North America currently dominating the global market. However, with increasing demand for assistive technologies in aging populations, and growing interest from industries in enhancing the physical capabilities of their workers, the market for wearable robotic devices is expected to continue to grow rapidly in the coming years.