Healthcare Wearable Robots Market Size

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.

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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.