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The Exoskeleton Market is projected to grow at a compound annual growth rate (CAGR) of 36.8%, reaching $11.90 billion by 2031. Exoskeletons are wearable devices designed to enhance, support, and restore human performance by working in tandem with the user. The increasing demand for assistive technology, particularly in healthcare for orthopedic rehabilitation, the rising prevalence of strokes, and heightened investments from the defense sector in exoskeleton technology are key drivers fueling this market’s growth.
Leading Companies in the Exoskeleton Market
Lockheed Martin Corporation
Lockheed Martin, a global leader in aerospace, defense, and advanced technology, serves U.S. and international clients with solutions spanning defense, civil, and commercial sectors. The company operates in four main segments—Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space—with Aeronautics representing 40% of total revenue. Subsidiaries like Sikorsky Aircraft and Skunk Works contribute to its extensive reach across the U.S.
ReWalk Robotics Ltd.
ReWalk Robotics is a medical device company focused on robotic exoskeletons for individuals with mobility impairments. Its flagship product, ReWalk, enables paraplegics to stand and walk, and the company is developing lightweight exo-suits for people with various lower limb disabilities. ReWalk’s operations span the U.S., Europe, Asia-Pacific, Latin America, and Africa, with subsidiaries including ReWalk Robotics Inc. and ReWalk Robotics GmbH.
Ekso Bionics Holdings, Inc.
Ekso Bionics designs and manufactures exoskeleton technology for healthcare and industrial markets. Ekso’s powered exoskeletons aid soldiers, paraplegics, and workers in enhancing strength, mobility, and endurance. It operates three segments: EksoHealth, EksoWorks, and others, with subsidiaries like Equipois, Inc., providing global access to its solutions.
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Parker Hannifin Corporation
Parker Hannifin specializes in motion and control technologies for mobile, industrial, and aerospace markets. Its Aerospace Systems segment supports both commercial and military applications, with subsidiaries like Lord Corporation and Domnick Hunter helping the company maintain a global footprint.
Hyundai Motor Company
Hyundai, known for vehicles, also develops the Vest Exoskeleton (VEX) to assist industrial workers with overhead tasks. Operating across segments like Vehicles, Finance, and Others, Hyundai’s subsidiaries, including Kia Motors and Hyundai Capital, extend its presence worldwide.
Honda Motor Co., Ltd.
Honda operates in the Motorcycle and Power Products segments, with its exoskeleton solutions categorized under the latter. Honda’s extensive reach is supported by subsidiaries like Acura and Honda R&D across North America, Japan, Europe, and Asia.
suitX Inc.
Founded in 2012, suitX develops robotic exoskeletons for medical and industrial applications. Its Phoenix exoskeleton aids people with mobility disorders, while the MAX and shoulderX products enhance industrial productivity by reducing strain.
Bionik Laboratories Corporation
Bionik Laboratories provides rehabilitation solutions for neurological disorders, including products like the InMotion ARM and InMotion ANKLE. It is also developing the ARKE lower-body exoskeleton, enabling paraplegics to rehabilitate through walking.
Myomo, Inc.
Myomo develops wearable robotics for people with neuromuscular disorders. Its arm braces assist individuals with weakened arms due to stroke or spinal cord injuries, restoring functionality to their upper limbs.
Otto Bock HealthCare GmbH
Otto Bock specializes in orthotic and prosthetic solutions, including products like the C-Leg knee and Michelangelo robotic hand. The company operates in over 50 countries, with subsidiaries like Freedom Innovations, LLC, supporting its global distribution.
Other Companies: 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.).
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