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Healthcare Wearable Robots Market - By Product Type (Powered Devices, Passive Devices), By Structure (Soft, Rigid), By Material (Metal, 3D Printed, Plastic, Combination), By Body Part (Full Body, Upper Body, Lower Body), Application, End-use & Forecast, 2032

  • Report ID: GMI5447
  • Published Date: Mar 2023
  • Report Format: PDF

Healthcare Wearable Robots Market Size

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.
 

Healthcare Wearable Robots Market

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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.
 

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.
 

Healthcare Wearable Robots Market Analysis

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.
 

Healthcare Wearable Robots Market Share By Body Part

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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.
 

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for healthcare wearable robots exceeded USD 333 million in 2022 and will register over 29% CAGR through 2023-2032, due to the increasing prevalence of degenerative conditions such as Parkinson’s disease.

Passive devices product segment is set to exceed USD 753 million by 2032, considering multiple benefits demonstrated by the product, including lightweight, cost-effectiveness, and ease of control, among others.

North America accounted for over 43% share of the healthcare wearable robots market in 2022, owing to the strong presence of medical robot manufacturers including ANGEL Robotics and ReWalk Robotics, among others.

Key players in the market include Ottobock SE & Co. KGaA, Bioservo Technologies AB, Wearable Robotics srl, Bionic Yantra, ANGEL ROBOTICS, ReWalk Robotics, CYBERDYNE INC., and Ekso Bionics Holdings Inc., among others.

Healthcare Wearable Robots Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 11
  • Tables & Figures: 605
  • Countries covered: 32
  • Pages: 310
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