Healthcare Wearable Robots Market size to surpass $4Bn by 2032

Published Date: March 16, 2023

Healthcare Wearable Robots Market size is anticipated to cross USD 4 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The reliance on exoskeletal technology to help restore movement in patients with stroke and other disorders will stimulate the production of healthcare robots. In the healthcare industry, wearable robots aid patients undergoing rehabilitation training in complete or partial paralysis treatment. To address the ever-increasing demand, several companies have also raised funds to manufacture wearable robotic exoskeletons, thereby boosting the consumption of healthcare wearable robots.

Healthcare robots are considered hardware machines that may lead to life-threatening consequences in the event of malfunction. Government bodies have therefore introduced stringent regulatory frameworks associated with the usage of robotic medical wearables. The FDA recognizes ISO standards for the healthcare sector, authorizing the sale of products that gained regulatory approvals in the market. These strict regulatory policies for product approvals may limit industry progression to a certain extent.

Research on biologically inspired actuators spurs the adoption of powered healthcare wearable robots

Healthcare wearable robots market from the powered devices product segment registered over USD 275 million in 2022, given the use of cables, batteries, and actuators to assist the personal mobility of patients with physical disabilities. Over the years, research studies in the field of biological sciences and the construction of biologically inspired actuators for miniature robots have gained momentum. The deployment of actuators in medical robots and the strong demand for active exoskeletons will further drive product sales.

Browse key industry insights spread across 310 pages with 584 market data tables & 21 figures & charts from the report, “Healthcare Wearable Robots Market Size By Product (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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-wearable-robots-market

3D-printed medical wearable robots gain momentum in treatment of patients with upper-limb mobility issues

Healthcare wearable robots market revenue from the 3D printed material segment to grow over USD 1 billion by 2032, owing to the lightweight and customizable support features, among other benefits. 3D-printed prosthetics are gaining traction among patients with upper-limb mobility deformities, considering their numerous advantageous qualities including stability, minimal wastage, and high strength. Furthermore, the rising awareness about their cost-effectiveness will proliferate the development of 3D-printed robotic wearable healthcare devices.

Rise in road accidents fuels wearable robot use to restore mobility in patients with spinal cord injuries

Spinal cord injury segment held over 25% share of the healthcare wearable robots market in 2022, due to the growing number of road accidents and non-fatal injuries. As per the WHO, nearly 20 million to 50 million people encounter non-fatal injuries every year. These factors are likely to increase the adoption of medical exoskeletons for rehabilitation. The ability to improve strength, walk, and restore physical performance among people with spinal cord injuries will augment product consumption.

Increasing geriatric population susceptible to injuries to hasten wearable robot progress in APAC

Asia Pacific healthcare wearable robots market is likely to hit 31% CAGR by 2032, driven by the rising number of elderly people susceptible to falls and injuries. Several government and non-government organizations have also undertaken key initiatives to boost awareness regarding healthcare robotic exoskeletons. Additionally, R&D projects to create wearable assistive robots to prevent falls and aid in physiotherapy for the elderly will increase the expansion of medical wearable robots in the region.

Innovative product developments to emerge as a key growth strategy for market players

The strategic landscape of the global healthcare wearable robots industry is inclusive of Bioservo Technologies AB, Bionic Yantra, ExoAtlet, GenElek Technologies Pvt. Ltd., Wearable Robotics srl, ReWalk Robotics, CYBERDYNE INC., Myomo, Inc., Ekso Bionics Holdings Inc., and Ottobock SE & Co. KGaA, among other companies.