According to the recent research report titled ‘Global Wearable Medical Robot Market Size study, by Product Type (Prosthetic Robots, Orthotics Robots, Assistive Robots, Therapeutic Robots, Others) by Application (Endoscopic Surgery, Rehabilitation, Urology, Neurology, Cardiology, Others) by End-Users (Hospitals, Clinics, Ambulatory Surgical Centers, Others) and Regional Forecasts 2022-2028’ available with MarketStudyReport, global wearable medical robot market had reached a valuation of USD 678.9 million in 2021 and is anticipated to amass USD 8,342.3 million by the year 2028, progressing at 43.1% CAGR through the forecast duration.
Worldwide wearable medical robots market growth can be attributed to major factors such as the increasing prevalence of diseases and the widespread usage of robots in complex surgeries. Additionally, the growing number of merger and acquisition (M&A) agreements between leading companies to expand their product portfolios is likely to fuel the overall market expansion.
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For the uninitiated, exoskeletons usually referred to as wearable medical robots, are a type of wearable medical equipment that helps patients improve their physical ability and mobility.
However, a scarcity of specialists with the necessary skills and a lack of knowledge about the technology may limit the market growth over the period of 2022–2028.
Global wearable medical robot industry is segmented into product type, application scope, end-user terrain, and regional analysis. By product type, the market is divided into prosthetic robot product type, assistive robots, orthotics type, therapeutic robots, and others.
Based on application scope, this marketplace is segregated into endoscopic surgery, urology, rehabilitation, neurology, cardiology, and others. In terms of end-user spectrum, the market is bifurcated into hospitals, ambulatory surgical centers, clinics, and others.
The regional analysis of global wearable medical robot industry vertical spans Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America market is expected to witness considerable growth through the forecast duration owing to availability of an advanced healthcare infrastructure.
Surgical Robotics, Cyberknife System (Accuracy Inc.), Intuitive Surgical Inc., Microbot Medical Inc., TransEnterix, Titan Medical Inc., Medrobotics Corp., Medtech, Verb Surgical Inc., and Hansen Medical Inc. are some of the companies that formulate the competitive landscape of global wearable medical robot marketplace.