Home > Healthcare & Medical Devices > Healthcare Wearable Robots Market
Healthcare Wearable Robots Market Size, By Product Type(Powered Devices {Electric Actuator, Hydraulic Actuator, Pneumatic Actuator, Hybrid}, Passive Devices), By Structure (Soft, Rigid), By Material (Metal, 3D Printed, Plastic, Combination), By Body Part (Full Body, Upper Body, Lower Body), By Application (Spinal Cord Injury, Stroke, Traumatic Brain Injury), By End-use (Institutional, Homecare), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023–2032
- Report ID: GMI5447
- Published Date: Mar 2023
- Report Format: PDF
Industry Statistics
Healthcare Wearable Robots Market size exceeded USD 333 million in 2022 and is projected to depict more than 29% CAGR between 2023 and 2032. This is a result of the increasing incidence of degenerative conditions such as Parkinson’s disease.
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Wearable healthcare devices continue to gain momentum as a technology for motor skill improvement among patients with neurodegenerative diseases. These robotic devices can help detect rhythmic movements due to tremors in patients with neurological conditions such as Parkinson’s disease, thereby adding stability to the hand and producing precise counter-movements. In the U.S., Parkinson’s disease affects over 1 million people, which is estimated to further rise to 1.2 million by 2030. With this growing disease prevalence, the reliance on wearable robotic exoskeletons for tremor suppression is likely to increase worldwide.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 333.4 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 29.4% |
| 2032 Value Projection: | USD 4.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 310 |
| Tables, Charts & Figures: | 605 |
| Segments covered: | Product, Structure, Material, Body-part, Application, End-use, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
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In recent years, government-financed health expenditures have also surged, especially in emerging nations. These factors will accelerate the deployment of wearable technology in healthcare and subsequently create lucrative growth opportunities for wearable robot manufacturers. However, the high prices of wearable medical devices may hinder industry expansion. The installation, software integration, rehabilitative and training charges, after-sales services, and regular maintenance add up to ownership costs. Furthermore, the cost associated with hardware and software development for personalized product usage may hinder market development in the upcoming years.
Passive healthcare wearable robots to gain popularity due to cost-effective & accuracy benefits
Healthcare wearable robots market from the passive devices product segment is set to exceed USD 753 million by 2032, considering the lightweight, cost-effectiveness, and ease of control, among other benefits. Passive wearable products generally do not require a power source and are mainly designed to provide stability and increased strength to end users. The mounting consumption of medical wearables with high accuracy and faster outcomes will therefore stimulate the use of passive healthcare wearable robots.
Rising burden of chronic diseases to fuel medical wearable robot usage to support lower limbs
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Based on body part, the healthcare wearable robots market size from the lower body segment will reach over USD 3 billion by 2032, owing to the increased prevalence of joint pain, limb disorders, spinal cord injury, orthopedic conditions, and other chronic diseases. Based on data from the CDC, more than 1 in 10 Americans have diabetes. Since this chronic disease is associated with conditions such as foot ulcers, the requirement for leg amputations is likely to surge and in turn, escalate the adoption of wearable robots for lower body applications.
High incidence of hypertension will spur consumption of wearable robots for stroke treatment
| Segment | Global market share (%), 2022 |
|---|---|
| Spinal cord injury | 25.6% |
| Stroke | 53.4% |
| Traumatic Brain Injury | 12.2% |
| Others | 8.8% |
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Healthcare wearable robots market share from the stroke application segment is slated to exhibit over 28.5% CAGR through 2023-2032, given the growing burden of hypertension in emerging economies. As per statistics from the WHO, over 1 in 4 adults has hypertension in India, with only 12% of them having their blood pressure under control. Uncontrolled blood pressure is considered a risk factor for cardiovascular diseases including stroke. Additionally, stroke can lead to long- or short-term disability, further stimulating demand for effective healthcare technologies such as wearable robots.
Awareness of growing HAI risks will fuel usage of wearable robots in homecare settings
In terms of end-use, the healthcare wearable robots market value from the homecare segment will be over USD 2 billion by 2032. This is a result of the extensive availability of technologically advanced and cost-effective medical wearables for better patient management in homecare settings. Patients are also gaining more awareness regarding quality treatment and affordability of disease treatment at home. Furthermore, the increased knowledge about the risks of hospital-acquired infections will boost the usage of healthcare wearable robot in homecare applications.
Investment in AI-powered exoskeletons to expedite medical wearable robot sales in North America
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North America accounted for over 43% share of the healthcare wearable robots market in 2022, due to the strong presence of medical robot manufacturers including ANGEL Robotics. These market players are making hefty investments to develop novel technologies such as AI-powered exoskeletons to cater to the rising patient needs in the region. These factors, alongside the government’s emphasis on promoting healthcare robotics, as well as the growing acceptance of robotic tech in healthcare, are expected to drive product consumption across North America.
Strategic acquisitions by players will influence industry trends
The competitive landscape of the healthcare wearable robots market is inclusive of companies such as ExoAtlet, Ottobock SE & Co. KGaA, Bioservo Technologies AB, GenElek Technologies Pvt. Ltd., Wearable Robotics srl, Bionic Yantra, ANGEL ROBOTICS, ReWalk Robotics, CYBERDYNE INC., Myomo, Inc., and Ekso Bionics Holdings Inc., among others. These companies are implementing strategies including product launches and acquisitions to strengthen their foothold in the market.
For instance, in January 2023, Ottobock acquired a UK-based independent prosthetic and rehabilitation services provider, Pace Rehabilitation. This strategy will enable the company to expand its business and establish a strong presence in the market.
Impact of COVID-19 pandemic on healthcare wearable robots market trends
Stringent government regulations imposed after the COVID-19 outbreak led to the temporary shutdown of several business operations and created supply chain crises. The limited availability of raw materials during lockdowns also created roadblocks to the timely distribution of pre-ordered wearable robots. Moreover, several healthcare facilities were forced to postpone and delay non-emergency surgeries, asserting a negative influence on healthcare wearable robot developers. Despite these setbacks, the gradual ease of COVID-19 restrictions and the increasing healthcare expenditure is expected to add impetus to industry growth over the foreseeable future.
The healthcare wearable robots market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and units from 2018 to 2032, for the following segments:
By Product
- Powered devices
- Passive devices
By Structure
- Softigid
By Material
- Metal
- 3D printed
- Plastic
- Combination
- Others
By Body part
- Full body
- Upper body
- Lower body
By Application
- Spinal cord injury
- Stroke
- Traumatic brain injury
- Others
By End-use
- Institutional
- Homecare
The above information is provided for the following geographies:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Poland
- Austria
- Switzerland
- Slovakia
- Czeh Republic
- Norway
- Finland
- Sweden
- Denmark
- The Netherlands
- Benelux
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Taiwan
- Indonesia
- Vietnam
- Latin America
- Mexico
- Brazil
- Middle East
- South Africa
- Saudi Arabia
- UAE