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Evolution of Wearable Robotic Exoskeletons | A Study by BIS Research
The global wearable robotic exoskeleton market research provides the market information for segmentations, such as end user based on application and components in terms of hardware and software.
By: BIS Research
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Rising geriatric population across the globe that faces difficulties in performing day to day activities and shortage of labor forces in the industrial segment have allowed various auto manufacturers to explore the opportunities of integrating robotic wearable exoskeletons with their existing work force to increase their operation efficiency, reduce fatigue, and elevate work safety environment. Few of the major auto manufacturing companies in Asia-Pacific like Honda Motor Co., Hyundai Motors, and MHI have started investing in design and development of exoskeletons and planned to launch their products between 2022 and 2025, thereby boosting the opportunities of industrial exoskeletons over the forecast period.
The global wearable robotic exoskeleton market is estimated to reach $8,841.5 million in 2031 from $492.3 million in 2020, at a growth rate of 32.68% during the forecast period. The growth in the wearable robotic exoskeleton market is majorly attributed to the rising demand for active and passive exoskeletons in healthcare and industrial sectors.
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The competitive landscape of the wearable robotic exoskeleton market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others. Some of the key players in the global wearable robotic exoskeleton market include Lockheed Martin, ReWalk, Honda Motor, MHI, Hyundai Motors, German Bionis, Cyberdyne and Parker Hannifin Corporation. These companies are aiming for a wide range of product launches and collaborations to expand their operations and increase their market presence globally to generate revenues and attract new customers.