Wearable Robots Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Wearable Robots Industry Prospective:

The global wearable robots market size was worth around USD 1.29 billion in 2023 and is predicted to grow to around USD 25.36 billion by 2032, with a compound annual growth rate (CAGR) of roughly 39.26% between 2024 and 2032.

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Wearable Robots Market: Overview

Wearable robots are cutting-edge devices designed to replicate the shape and functionalities of human body parts or limbs. They are used to generate supplementary force that, if further applied, overcomes the physical limits of the human body.

The wearable robots industry is a special segment of the general robotics industry since it deals with the development of specialized technologies that can improve and facilitate human movements.

The industry can be broadly classified into three main types. Orthotic robots, for instance, are also known as exoskeletons. They are used to restore or enhance weak limb functions.

Prosthetic robots, on the other hand, are used in cases related to amputation in which the entire limb is substituted with the robotic counterparts.

The last variant is known as a mind-controlled wearable robot. It is primarily used as a substitutive or assistive device in case of permanent injuries such as spinal cord-related conditions.

Recent studies indicate that wearable robots can also be used to provide haptic neurofeedback in stroke patients to encourage motor recovery.

The investments in the wearable segment are led by increased demand in the healthcare industry. However, the high cost of the technology may limit the wearable robots industry’s growth rate.

Key Insights:

• As per the analysis shared by our research analyst, the global wearable robots market is estimated to grow annually at a CAGR of around 39.26% over the forecast period (2024-2032)
• In terms of revenue, the global wearable robots market size was valued at around USD 1.29 billion in 2023 and is projected to reach USD 25.36 billion by 2032.
• The wearable robots market is projected to grow at a significant rate due to the growing research on the application of wearable robots in the military and defense industry.
• Based on technology, the sensors segment is growing at a high rate and will continue to dominate the global market as per industry projection.
• Based on application, the healthcare segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Wearable Robots Market: Growth Drivers

Growing research on the application of wearable robots in the military and defense industry to drive the market rate

The global wearable robots market is expected to grow due to the rising research on the use of modern devices in the military and defense industry. Countries across the globe have increased military expenses in the backdrop of changing geopolitical relationships as well as growing concerns over terrorism and other forms of peace-disrupting violent activities.

For instance, in September 2024, reports emerged suggesting that India was investing heavily in developing defense-ready exoskeletons to improve soldier’s strength.

The research and development is being led by the Defense Research and Development Organization (DRDO). The agency is working on developing military exoskeletons with cognitive technologies along with human-machine interfaces.

Similar investments are being made by other countries as well, including China, the US, and European nations. The industry can also benefit from growing investments in robotics & automation in general with applications in the military industry.

In June 2024, the Chinese military issued pictures of robot dogs acting as battle companions for soldiers. The battle dog was strapped with a machine gun. Such investments are likely to further drive investments in the wearable robots segment.

Growing number of patients with neurogenic muscle atrophy will fuel market expansion trends

Neurogenic muscle atrophy refers to a form of muscle atrophy. It is caused when a nerve connecting a muscle is infected or injured. Some of the most prominent conditions that can induce neurogenic muscle atrophy are multiple sclerosis, polio, Guillain-Barre syndrome, Carpal tunnel syndrome, and Amyotrophic lateral sclerosis (ALS).

According to official statistics, ALS is known to affect more than 25000 people in the US. Some of the conditions resulting in neurogenic muscle atrophy do not have any cure, and the symptoms can only be managed, leading to deterioration in quality of life. The solutions available in the wearable robots market can help patients dealing with loss of limb functions.

Wearable Robots Market: Restraints

High cost of the technology to limit industry-related revenue during the forecast period

The global industry for wearable robots is projected to be limited due to the high cost of technology development and real-life application. Wearable robots are powered by cutting-edge solutions such as lightweight actuators, sensors, artificial intelligence (AI), and highly intelligent algorithms.

Moreover, the robotics & automation industries are one of the most capital-intensive sectors. The average cost of developing a customized robotic arm can reach up to USD 100,000 depending on the functionalities, thus becoming an unaffordable solution for a large part of the population.

Wearable Robots Market: Opportunities

Increasing research in terms of material and overall deliverables will generate growth opportunities

The global wearable robots market is expected to generate growth opportunities due to the increasing investments in research & development (R&D). The Key focus is on developing lightweight yet highly durable novel materials that can be used to manufacture wearable robots.

For instance, stretchable electronics are crucial to the development of flexible wearable robots. In November 2022, Voltera, an innovative player in the field of electronics manufacturing, announced the launch of NOVA. It is a sophisticated platform that can print flexible hybrid electronics. The technology uses direct-write and extrusion technology to print highly stretchable and soft surfaces.

Furthermore, the industry can also benefit by integrating highly advanced artificial intelligence (AI) systems to improve the overall performance of the devices.

In October 2024, NVIDIA Corp. and its partners announced the launch of new generative AI tools,  perception AI workflows, and simulation. These solutions can be used by developers leveraging a Robot Operating System (ROS). Increased investments in the robotics & automation sector will further help the market reach new growth horizons.

Wearable Robots Market: Challenges

Challenges associated with training users with novel technology will inhibit industry CAGR

The global wearable robots industry is projected to be challenged by the difficulties associated with training users to optimize technology usage.

For instance, older generations may not be comfortable using robotic limbs. In addition to this, these solutions require high maintenance, which may further impact the large-scale adoption of wearable robots.

Wearable Robots Market: Segmentation

The global wearable robots market is segmented based on technology, sales channel, application, and region.

Based on the technology, the global market segments are artificial intelligence (AI), sensors, robotics, and haptics. In 2023, the highest growth was witnessed in the sensors segment. It is one of the most commonly used technologies to execute the functioning of wearable robots. They are used for detecting motion and interacting with the environment.

Additionally, the rising applications of AI in the robotics & automation industry will drive demand for Artificial Intelligence. In 2023, the global AI robotics market was valued at over USD 12.8 billion.

Based on the sales channel, the global wearable robots industry is divided into retail stores, online platforms, and partnerships with suppliers.

Based on the application, the global market divisions are military & defense, healthcare, sports & athletics, industrial, and gaming & entertainment.

In 2023, the highest demand was listed in the healthcare segment. The growing use of wearable robots as prosthetics and exoskeletons to improve limb function has enabled higher segmental demand.

In 2032, global robotics in the healthcare sector is expected to reach over USD 127.1 billion. The military & defense sector is expected to be led by increased R&D.

Wearable Robots Market: Report Scope

Wearable Robots Market: Regional Analysis

North America to be led by the US during the projection period

The global wearable robots market is projected to be led by North America during the projection period. The US will rule over more than 50% of the regional market, according to research-based estimates. The increasing use of wearable robots in the healthcare sector is one of the primary regional market drivers.

According to official statistics, the US is witnessing a steady rise in investments in robotics with applications across industries. In addition, the US has been leading in terms of AI-based innovations, which could further promote higher revenue in North America.

Asia-Pacific is a prominent market with high growth potential. The growing number of patients with neurogenic muscle atrophy across Asian nations will fuel momentum in the regional industry.

Additionally, growth in access to quality medical care has improved, resulting in a higher consumer for wearable robots.

In June 2024, a leading Malaysian national medical unit announced that it would provide a robotic exoskeleton developed by Cyberdyne, a Japanese technology company, at its facility. The robotic tool, HAL, uses brain signals to improve body movements.

Wearable Robots Market: Competitive Analysis

The global wearable robots market is led by players like:

• Hocoma AG (DIH International Ltd.)
• ReWalk Robotics Inc.
• Hyundai Motor Group (wearable robotics division)
• Lockheed Martin Corporation
• Honda Motor Co. Ltd.
• Cyberdyne Inc.
• Bionik Laboratories
• Sarcos Robotics
• SuitX (formerly US Bionics)
• Ekso Bionics
• Myomo Inc.
• Technaid S.L.
• Ottobock
• Skelex
• ATOUN Inc.

The global wearable robots market is segmented as follows:

By Technology

• Artificial Intelligence (AI)
• Sensors
• Robotics
• Haptics

By Sales Channel

• Retail Stores
• Online Platform
• Partnership with Suppliers

By Application

• Military & Defense
• Healthcare
• Sports & Athletics
• Industrial
• Gaming & Entertainment

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa