The Exoskeleton Market is expected to grow at a CAGR of 36.8% from 2024 to reach $11.90 billion by 2031. Exoskeletons are wearable devices that work in tandem with the user and act as amplifiers that augment, reinforce, and restore human performance. The growing demand for assistive technology, especially in the healthcare sector for orthopedic rehabilitation, increasing prevalence of strokes, and growing investment of the defense sector in exoskeleton are promoting the growth of this market.
Here are the top 10 companies operating in the Exoskeleton Market
Lockheed Martin Corporation
Lockheed Martin is a global aerospace, defense, security, and advanced technology company. The company serves both U.S. and international customers with products and services that have defense, civil and commercial applications, with their principal customers being agencies of the U.S. Government. The company operates in the four business segments, namely, Aeronautics, MFC, RMS, and Space. The Aeronautics segment claims a major share with 40% of the total company’s revenue and is engaged in the research, design, development, manufacture, integration, sustainment, support, and upgrade of advanced military aircraft.
With its subsidiaries and strong distribution network, the company has its presence across the US. Some of the subsidiaries of Lockheed include Sikorsky Aircraft, Skunk Works, United Launch Alliance, and Lockheed Martin Rotary & Mission Systems, Inc.
ReWalk Robotics Ltd.
Rewalk Robotics is an innovative medical device company that designs, develops, and commercializes robotic exoskeletons, which allows individuals with mobility impairments or other medical conditions the ability to stand and walk once again. The company develops and commercializes ReWalk, an exoskeleton designed for individuals with paraplegia. Additionally, the company is developing and intends to commercialize a lightweight soft exo-suit, designed to support mobility and/or therapy for individuals suffering from other lower limb disabilities such as stroke, multiple sclerosis, cerebral palsy, and Parkinson’s disease.
With its subsidiaries and strong distribution network, the company has its presence across the US, Europe, Asia-Pacific, Latin America, and Africa. Some of the subsidiaries of Rewalk include ReWalk Robotics Inc. and ReWalk Robotics GMBH.
Ekso Bionics Holdings, Inc.
Ekso Bionics is a company that designs, develops, and sells exoskeleton technology that currently has applications in the healthcare and industrial markets. The company develops and manufactures powered-exoskeletons that can be strapped on as wearable robots to enhance the strength, mobility, and endurance of soldiers and paraplegics. These robots have a variety of applications in the medical, military, industrial, and consumer markets. It enables individuals with any amount of lower extremity weakness, including those who are paralyzed, to stand up and walk. The company operates in the three business segments, namely, EksoHealth, EksoWorks, and others. The EksoHealth segment designs, engineers, manufactures, and sells exoskeletons for applications in the medical markets. In addition, the EksoWorks segment designs, engineers, manufactures, and sells exoskeleton devices to allow able-bodied users to perform heavy duty work for extended periods.
With its subsidiaries and strong distribution network, the company has its presence across the US and the Rest of the World. Some of the subsidiaries of Ekso Bionics include Equipois, Inc. and Ekso Bionics, Inc.
Parker Hannifin Corporation
Parker Hannifin is a leading manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial, and aerospace markets. The company operates in two business segments, namely, Diversified Industrial and Aerospace Systems. The principal products of the company’s Aerospace Systems segment are used in the commercial and military airframe and engine programs.
With its subsidiaries and strong distribution network, the company has its presence across North America and RoW. Some of the subsidiaries of Parker Hannifin include Lord Corporation, Clarcor, Domnick Hunter, and Parker.
Hyundai Motor Company
Hyundai Motor manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The company also sells various auto parts and operates auto repair service centers throughout South Korea. In addition, the company develops its Vest Exoskeleton (VEX), a wearable robot created to assist industrial workers who spend long hours working in overhead environments. The company operates in three business segments, namely, Vehicle, Finance, and Others.
With its subsidiaries and strong distribution network, the company has its presence across South Korea, North America, Asia, Europe, and RoW. Some of the subsidiaries of Hyundai Motor include Kia Motors, Hyundai Card, Hyundai Capital, and Hyundai Assan Otomotiv.
Honda Motor Co. Ltd.
Honda Motor is a manufacturer of automobiles, motorcycles, and power equipment. The company operates in two business segments, namely, Motorcycle Business and Power Product & Other Businesses. Honda’s exoskeleton business comes under the Power Product & Other Businesses segment.
With its subsidiaries and strong distribution network, the company has its presence across North America, Japan, Europe, Asia, and other regions. Some of the subsidiaries of Honda Motor include Acura, Honda Motorcycle Thailand, Honda Access, and Honda R&D.
suitX Inc.
Founded in 2012 and headquartered in California, U.S., suitX develops robotic exoskeletons for the medical and industrial industries. The company developed Phoenix, the world’s lightest and most advanced medical exoskeleton designed to help people with mobility disorders. Its other product—MAX (Modular Agile Exoskeleton) increases productivity while decreasing the risk of injury by reducing muscle strain on employees working in an industrial setting. The third-generation shoulderX exoskeleton proves suitX’s ability in the rapid development of innovative exoskeleton technologies.
Bionik Laboratories Corporation
Bionik Laboratories is a medical device and robotics company. The company is focused on providing rehabilitation solutions and developing transformation technologies and solutions to individuals with neurological disorders, specializing in the designing, developing, and commercializing of physical rehabilitation technologies, prosthetics, and assisted robotic products. It has over three products on the market and approximately three products in various stages of development. The InMotion Systems include the InMotion ARM, InMotion HAND, InMotion Wrist, and InMotion ANKLE are designed to provide patent-adaptive therapy in a manner that has been clinically verified to manage neuro-recovery. The company is also engaged in developing a lower-body exoskeleton, ARKE, which designs to allow paraplegics, as well as other wheelchair users, the ability to rehabilitate through walking.
Myomo, Inc.
Myomo is a wearable medical robotics company that offers mobility for those suffering from neuromuscular disorders and upper limb paralysis. The company operates as a medical robotics company. Myomo develops and markets arm braces to restore function in the paralyzed and weakened arms and hands of individuals that have suffered a stroke, spinal cord, and nerve injury.
Otto Bock HealthCare GmbH
Otto Bock HealthCare manufactures orthotic, prosthetic, and rehabilitation solutions for people with physical disabilities. The company provides artificial limbs and bracing components. The company’s product portfolio includes C-Leg, a computerized knee that adaptively varies its passive resistance to suit the patient’s different walking gaits, and the Michelangelo Hand, a fully articulated robotic hand prosthesis.
The company has its network of distribution and service companies in more than 50 countries. Some of the subsidiaries of Otto Bock include Freedom Innovations, LLC, Otto Bock HealthCare LLP, Otto Bock Benelux B.V., and BionX Medical Technologies, Inc.
Popular Mention: Techni. S.L. (Spain), GOGOA Mobility Robots SL (Spain), Wearable Robotics SRL (Italy), DIH Technologies Corporation (Switzerland), Cyberdyne, Inc. (Japan), Rex Bionics Plc (U.K), and B-Temia Inc. (U.S.)
