Wearable Robot Technology Trend Market – Forecast (2023-2030)

Overview

The Wearable Robot Technology Trend Market size is forecast to reach USD 11,889.36 Million by 2030, after growing at a CAGR of 43.45% during the forecast period 2024-2030. The increasing need for assistive technologies is significantly driving the wearable robot market. As the global population ages, there is a rise in conditions like arthritis, stroke, and other mobility-related issues, which heightens the demand for effective assistive solutions. Technological advancements have enhanced the efficiency, lightweight design, and affordability of wearable robots, making them more accessible to a wider audience. Additionally, wearable robots are being implemented in workplaces to minimize the risk of injury and boost productivity for workers involved in physically strenuous tasks. Growing awareness of the advantages of wearable robots, along with supportive government initiatives and funding for research and development, is further fueling market growth.

Report Coverage

The report “Wearable Robot Technology Trend Market – Forecast (2023-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the wearable robot technology trend market.

By Mode of Operation: Passive, Active/Powered

By Material: McKibben/PAMs, Elastomers, Textiles/Fabric-Based

By Type: Rigid Type, Soft Type

By Product: Wristwear, Headwear, Footwear, Fashion & Jewelry, Bodywear, Other Wearable Technology

By Technology: AI, Internet of Things (IoT), Augmented reality (AR)

By Application: Rehabilitation, Assistive, Body Parts Support, Sports, Supply Chain Industry, Others

By End User: Healthcare, Consumer Electronics, Enterprise and Industrial Applications, Other

By Geography:  North America, South America, Europe, and APAC 

Key Takeaways

•    The North American region is anticipated to dominate the wearable robot technology trend market with a value share of approximately 37% in 2023, followed by APAC with a 30% value share in the wearable robot technology trend market.

•    The market is projected to experience significant growth over the forecast period, driven by increasing adoption in rehabilitation and physical therapy, as well as advancements in technology that improve functionality and user experience. Additionally, the US government's investment in defense applications of wearable robots is contributing to market expansion. 

By Mode of Operation - Segment Analysis

The Active/Powered segment dominated the wearable robot technology trend market in 2023. Active or powered wearable robots are advanced devices designed to assist users by providing powered support for mobility, lifting, and rehabilitation. These technologies have gained traction across various industries, including healthcare and consumer Electronics, due to their ability to enhance human capabilities and improve safety. On November 4, 2021, ReWalk Robotics, Ltd., a prominent manufacturer of robotic medical devices for people with lower limb disabilities, announced that its ReBoot device received the Breakthrough Device designation from the Food and Drug Administration (FDA). The ReBoot is a lightweight, battery-powered orthotic exo-suit designed to aid walking for individuals with impaired ankle function due to neurological conditions, such as strokes. The recent ReWalk's ReBoot device reflects a growing trend toward the development and adoption of advanced robotic solutions for rehabilitation. This trend is characterized by increased investment in innovative technologies aimed at enhancing mobility for individuals with disabilities, particularly those affected by neurological injuries. 

By Material- Segment Analysis

The McKibben/PAMs segment dominated the wearable robot technology trend market in 2023. McKibben PAMs are lightweight and highly flexible, making them ideal for wearable applications where ease of movement is essential. This advantage has increased their use in wearable robotics, especially for applications needing high dexterity, such as hand or wristwear robots. Material improvements in durability, elasticity, and responsiveness make McKibben PAMs more efficient and reliable. These advancements are essential for wearable robots expected to endure extended use, handle repeated movement, and maintain consistency in performance. The healthcare sector, particularly in rehabilitation, has become a significant driver for wearable robotics, where McKibben PAMs are used in devices that assist with motor function recovery. Their ability to mimic natural muscle movement makes PAMs ideal for these applications, leading to higher demand in this sector. The surge in research surrounding wearable robots and soft robotics technology is accelerating innovation in McKibben PAMs, with research institutions and companies seeking to optimize their design and efficiency. This contributes to expanded applications and an uptick in market growth.

By Type- Segment Analysis

The Rigid type segment dominated the wearable robot technology trend market in 2023. Rigid materials allow for more precise control of movement in wearable robots. For example, exoskeletons designed for industrial or military use often need exact control over joint movements and force distribution. Rigid components enable accurate positioning and responsiveness, ensuring that the robot can effectively assist or augment the wearer’s motions with minimal error. Rigid materials are highly durable, making them suitable for wearable robots that need to operate in harsh environments or under heavy use. Industrial exoskeletons, for instance, often face extreme conditions, including heat, dust, or impact. Rigid materials can withstand these environments and maintain performance over time, reducing the need for frequent repairs or replacements. In certain applications, rigid materials provide essential protection to the wearer. For example, in military or emergency response wearable robots, rigid exoskeletons can serve as armor or shields, protecting users from physical harm. In healthcare, rigid components can stabilize the body or joints, ensuring that the wearable robot provides the necessary support during rehabilitation without risking injury.

By Product- Segment Analysis

The Wristwear segment dominated the wearable robot technology trend market in 2023. Wristwear devices often serve as human-machine interfaces (HMIs) for controlling larger robotic systems. For instance, wrist-mounted controllers or gesture-based wristwear can be used to control robotic arms, exoskeletons, or drones, making them a versatile tool for interacting with more complex wearable robots. This allows for intuitive control, making wearable robots more accessible and easier to use. For instance, in 2022, To increase efficiency, researchers at Cambridge University developed a new, controlled prosthetic thumb. The robotic thumb, according to Cambridge University researchers, can help increase the human hand's capacity to carry several applications. Wristwear robotics are also being developed for everyday assistive use. For example, individuals with disabilities or motor impairments can use wrist-worn devices that assist with hand movements or provide strength support. These products can be discreetly worn, offering daily assistance without drawing attention, making them more appealing for long-term use.

By Technology- Segment Analysis

The AI segment dominated the wearable robot technology trend market in 2023. The integration of AI enhances the functionality, adaptability, and efficiency of wearable robots, making them more intelligent and user-friendly. AI algorithms allow wearable robots to learn and adapt to the specific needs of individual users. For example, in rehabilitation, AI-powered exoskeletons can tailor movement support based on a patient’s progress, adjusting the level of assistance in real-time. This personalized experience enhances therapy outcomes and improves user satisfaction. For instance, In March 2024, Engineers from New York University and North Carolina State University are working with Rutgers researchers to create a wearable, soft robot. "PECASO" supports employees with upper limb mobility limitations, such as those suffering from multiple sclerosis, cerebral palsy, carpal tunnel syndrome, and other conditions and accidents. "PECASO," which will incorporate AI for the most sophisticated control. This assistive technology, funded by a $1.9 million National Science Foundation (NSF) grant, facilitates reaching, lifting, and holding objects. It is anticipated to improve job prospects for individuals with impairments in the industrial, retail, and warehousing industries.

By Application- Segment Analysis

The Rehabilitation segment dominated the wearable robot technology trend market in 2023. The wearable robot technology trend market is experiencing significant growth in rehabilitation applications due to a combination of technological advancements, increasing healthcare demands, and the need for more efficient and personalized patient care. For instance, in October 2023, In the field of developing rehabilitative devices, the Hong Kong Polytechnic University (PolyU) has made significant progress. The first-of-its-kind multimodal ankle-foot rehabilitation robot tailored for stroke patients with hemiplegia, the Mobile Ankle-foot Exoneuromusculoskeleton enhances lower limb motor function and walking capacity. Wearable robots can automate many repetitive aspects of rehabilitation, reducing the need for continuous supervision by physical therapists. Patients can perform exercises on their own under remote monitoring or guidance, reducing the overall cost of therapy and freeing up healthcare professionals for more critical tasks.

By End User Industry - Segment Analysis

The Healthcare end-use industry dominated the wearable robot technology trend market in 2023. One of the most significant applications of wearable robots in healthcare is in rehabilitation for patients with mobility impairments, such as those recovering from strokes, spinal cord injuries, or neurological conditions. Robotic exoskeletons and other assistive devices help patients regain movement by providing mechanical support to weak or paralyzed limbs and facilitating walking, standing, or performing daily activities. For instance, in September 2022, A wearable assistive robot developed by researchers at Tan Tock Seng Hospital (TTSH) and Nanyang Technological University, Singapore (NTU Singapore) can identify and stop falls before they happen, lowering the user's chance of getting hurt. Known as the Mobile Robotic Balance Assistant, or MRBA (pronounced "Mister-Bah"), the robot instantly detects a loss of balance using its built-in sensors and grabs the person with a safety belt that is fastened to the user's hips. For instance, in March 2023, Asan Medical Center and Hyundai Motor Company commemorated the contribution of Hyundai Motor's medical wearable robot, "X-ble MEX," for collaborative research and patient assistance. In March, Hyundai Motor, Asan Medical Center, and Citizens' Coalition for Safety inked a memorandum of cooperation (MOU). Under the terms of the partnership, two wearable robots will be used to provide rehabilitation services to paraplegic patients, and the company's future mobility equipment will be used for joint research.

By Geography - Segment Analysis

North America region dominated the wearable robot technology trend market in 2023.  The US wearable robot technology market is experiencing a significant growth trend. The market is driven by factors such as the increasing adoption of exoskeletons in healthcare and military applications, advancements in material science and robotics technology, and rising focus on enhancing human performance and safety in various industries. In the healthcare sector, wearable robots are being used to assist patients with mobility impairments, such as those with spinal cord injuries or stroke survivors. According to the Centers for Disease Control and Prevention (CDC), every year around 795,000 people in the US suffer from a stroke. Approximately 610,000 strokes are first or new. As the number of strokes is increasing the demand for wearable robot technology is also anticipated to increase. Canada is witnessing a rise in collaborations and partnerships between technology companies, research institutions, and healthcare providers to further develop and commercialize wearable robot technology. The market is also witnessing a shift towards more compact and lightweight wearable robots that offer improved comfort and ease of use.

Drivers – Wearable Robot Technology Trend Market

•    Revolutionizing Rehabilitation: Exoskeletons Are Transforming Care for Seniors

The global aging population is a pressing issue, with over 15 million individuals living with spinal cord injuries (SCI) as of 2021, according to the World Health Organization (WHO). This demographic shift necessitates innovative rehabilitation solutions to support the growing number of older adults facing mobility challenges. Wearable robotic technology, particularly exoskeletons, offers a promising avenue for enhancing rehabilitation outcomes. As life expectancy increases, the demand for effective rehabilitation technologies that can address the unique needs of the elderly population becomes critical. On August 28, 2024, Good Shepherd Rehabilitation made history by introducing groundbreaking robotic exoskeleton technology, which gained widespread attention during a heartwarming moment at the Paris Olympics. This marked the first time in the country that a clinical facility utilized this hands-free device to assist individuals with stroke or spinal cord injuries in walking. As these advancements in wearable robotic technology continue to evolve, they promise to transform the rehabilitation landscape, addressing the demands of an aging population and significantly improving the quality of life for individuals facing mobility challenges.

•    Wearable Technologies Take Center Stage, Shaping the Future of Healthcare

Recent trends in the medical device industry indicate a significant shift toward investing in wearable technologies, according to a new survey from global accounting firm BDO. As medical device makers prioritize wearables, the robotics sector appears to be taking a back seat. This change is largely influenced by the growing popularity of wearables for at-home health monitoring, which surged during the COVID-19 pandemic. With patients increasingly favoring the convenience of monitoring health indicators—such as blood pressure, ECG readings, glucose, and oxygen saturation levels—medical companies are recognizing the value of developing these technologies. The appeal of wearable devices extends beyond their convenience; they typically face a lower regulatory barrier compared to robotic technologies. This regulatory advantage allows for a faster path to market, enabling companies to achieve quicker returns on investment (ROI). BDO’s findings highlight this shift, revealing that 72% of medical device and MedTech companies plan to allocate resources toward the development of wearables, while only 52% anticipate funding robotic projects. This trend underscores a growing recognition of the market potential for wearables in enhancing patient care.

•    Consumer Preferences Driving Wearable Robot Technology

Consumer purchasing habits play a crucial role in shaping the wearable technology industry, particularly as interest in health and fitness continues to rise. A 2021 survey found that 53% of wearable technology users in the U.S. primarily use their devices for health and fitness purposes. This trend emphasizes the need for manufacturers to create products that cater to health-conscious consumers, driving innovation in wearable robotic technology aimed at enhancing physical activity and rehabilitation. Fashion and style are increasingly important factors in consumers' purchasing decisions. Stylish and visually appealing designs attract fashion-conscious buyers who may prefer devices that combine functionality with aesthetics. Luxury brands like TAG Heuer and Fossil have successfully merged fashion with technology through their smartwatches, indicating a significant market for wearables that prioritize style. This intersection of fashion and technology presents new opportunities for wearable robotic devices to appeal to a wider audience.

Compatibility with existing devices is another key driver influencing purchasing behavior. Consumers prefer wearable technology that integrates seamlessly with their smartphones, laptops, and other gadgets. Products that operate within established ecosystems, such as Apple's, enhance user experience and increase the likelihood of purchase. For wearable robotic technology, ensuring compatibility with popular apps and services is crucial for facilitating user adoption and enhancing daily usability. Demographic differences further shape preferences and usage patterns for wearable technology.

Challenges – Wearable Robot Technology Trend Market

•    High Cost Of Technology Is A Significant Constraint For Wearable Robot Technology 

The high cost of technology poses a significant constraint on the wearable robot technology market, impacting both development and adoption rates. The complexity involved in creating advanced wearable robots—integrating sophisticated sensors, artificial intelligence, and ergonomic design—often results in substantial production costs. These expenses can lead to high retail prices, making it difficult for many potential users, particularly older adults and individuals with disabilities, to afford these assistive devices. This financial barrier not only limits consumer access but also slows down market penetration, as healthcare providers may hesitate to invest in expensive technologies for their patients. Furthermore, the high cost of technology also affects research and development funding in the wearable robotics sector. While innovation is essential for advancing capabilities and improving user experience, the financial burden may deter smaller startups or research institutions from pursuing ambitious projects. Larger companies with more resources may dominate the market, potentially stifling competition and limiting the diversity of solutions available to consumers. Without a robust ecosystem of affordable, innovative options, the overall growth of wearable robot technology may be hampered, leaving gaps in the market that could otherwise be filled by emerging players.

Market Landscape

Partnerships, Innovations, Acquisitions, And Expansions are key strategies adopted by players in the wearable robot technology trend market. In 2022, The Wearable Robot Technology Trend Market share has been consolidated by the top fifteen players accounting for 72.89% of the share. Major players in the wearable robot technology trend market are Lockheed Martin, Parker Hannifin Corporation, Sarcos Robotics, Comau LLC, Toyota Corporation, Honda Motor Co. Ltd., Wearable Robotics, Hyundai, Cyberdyne Inc., Hocoma AG, Myomo Inc, Ekso Bionics Holdings Inc., Technaid. S.L., UnaliWear, ReWalk Robotics Ltd.

Developments:

•     In 2024, Zihlschlacht Rehabilitation Clinic became DIH's first Center of Excellence in Switzerland.
•     In 2024, DIH completed a merger with Aurora Technology Acquisition Corp, expanding Hocoma's market reach.
•     In 2024, Released updated features for EksoNR, aimed at improved rehabilitation effectiveness.

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