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. The growth in the market can be attributed to the rise in investments contributed by major industry players toward research, development, and testing of healthcare exoskeletons.

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Various facts and figures released by the healthcare exoskeleton start-ups across the globe stating increased efficiency in patient rehab therapy will support market opportunities. For instance, in December 2019, an Indian startup GenElek’s robotic stated that using its exoskeleton for rehab training will reduce approximately 60% to 80% of patient’s rehab time. Increasing budget allocation toward medical development by major economies of the globe like the U.S., Russia, China, India, and Japan will also spur new business opportunities in the market.

The increase in positive feedback from the users using exoskeletons for their rehab therapies and varied scope of application from healthcare to defense verticals where individuals are using exoskeleton rehab therapies is generating new market opportunities. In the year 2021, robotic exoskeletons will be mainly utilized by rehabilitation centers, hospitals, and medical institutes for assistive, rehabilitation, and research purposes.

The subscription model currently has limited market opportunities due to the availability of a limited number of operational exoskeletons in the market. With gradual growth in the exoskeleton industries, organizations and end users will prefer the subscription model. This model will drastically reduce the owning cost of any exoskeleton and, at the same time, provide a decent profit margin to the service provider, imposing a win-win situation. The resell and upgrade market will also be derived from the subscription model itself. The service provider and manufacturer will have the freedom to modify and upgrade their exoskeletons as and when needed as per the customer requirement.

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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.

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