The exoskeleton market has seen significant growth over the last few years and is expected to keep growing. As a result of advanced technology, several companies have risen to the top of the industry. In this article, we will take a look at some of the most incredible exoskeleton companies and startups making waves in 2023.
What Are Exoskeletons?
An exoskeleton is a wearable device that is designed to enhance human strength and performance. It is composed of a frame (worn outside the body), motors, levers, and actuators that power the exoskeleton. Exoskeletons have different applications, including health care, industrial work, and military operations.
Health care: In health care, exoskeletons are mainly used in medical rehabilitation to help patients regain movement and strength in their limbs after an injury or illness. They are used to provide support in the knee and hip joints, which allow patients to stand and walk.
Industrial Work: Exoskeletons are normally used in construction and automotive industries to reduce fatigue and the risk of injury for workers who perform repetitive tasks or heavy lifting. They are also used to increase efficiency.
Military Operations: Exoskeletons are used in military operations to enhance the physical capabilities of soldiers. They assist soldiers in carrying heavy equipment over long distances and provide extra protection during combat operations.
The Rise of the Exoskeleton Market
The exoskeleton market has been growing rapidly over the past decade and is expected to reach a valuation of 26,469.20 Million USD by 2030. That’s a compounded annual growth rate of 48.23%. 
This massive growth is fueled by several factors. One of the main drivers is the increasing demand for exoskeletons in medical rehabilitation. Exoskeletons have been reported to be effective rehabilitation tools in gait training, balance, and coordination. As such, they have grown in popularity as a new rehabilitation method helping patients with spinal cord injuries, stroke, and other conditions regain mobility and muscle strength.
Another factor driving the growth of the exoskeleton market is the growing use of exoskeletons in industrial settings. They are a great solution, especially for workers in the construction and automobile industries who complete a lot of overhead work and repetitive tasks. Exoskeletons help increase efficiency and productivity while reducing the risk of injury. Some companies like Ford have even made exoskeletons a mandatory part of their personal protective equipment (PPE).
The military is also a significant market for exoskeletons. They utilize exoskeletons in combat to enhance the physical capabilities of soldiers and to reduce the risk of injury. With the help of exoskeletons, soldiers can easily carry heavy weapons and equipment over long distances without overexertion.
Furthermore, there is also a growing interest in exoskeletons for personal use in sports, entertainment, and for individuals with mobility impairments.
Medical Exoskeleton Companies in 2023 To Keep an Eye On
The following is a compilation of notable exoskeleton companies making significant strides within the industry presented in no particular order:
- Bionik Laboratories
Bionik Laboratories creates arm and hand retraining robotics for occupational and physical therapy treatments. It was co-founded by Michal Prywata in 2010 and is located in Toronto, Canada. Their leading solution is InMotion Therapy which is an upper extremity rehabilitation exoskeleton for patients with neurological injuries.
Cyberdyne is a Japanese company that was founded in 2004. It is located in Gakuen-Minami, Tsukuba, Ibaraki Prefecture, Japan. It specializes in the development of robotic exoskeletons, which augment the abilities of people with mobility impairments, such as paralysis or muscle weakness. Their flagship product is the HAL (Hybrid Assistive Limb) exoskeleton, which uses brain signals to help people recovering from spinal cord injuries or other forms of paralysis to stand and walk. Cyberdyne also develops other products, such as the HAL for elder care, which is used to help elderly people with mobility impairments.
- Ekso Bionics
Ekso Bionics was created by Homayoon Kazerooni in 2005 and is located in San Rafael, California. It’s one of the biggest medical exoskeleton manufacturers with use in over 400 centers globally. It was one of the first companies to receive FDA approval for its medical exoskeleton. EksoNR, their flagship product, is used for physical therapy for patients with stroke, multiple sclerosis, spinal cord injury, or traumatic brain injury. A lot of research has been conducted to test the effectiveness of their exoskeletons in improving mobility and quality of life for people with disabilities, as well as to explore new applications for the technology.
Recently, Ekso Bionics acquired Indego Exoskeletons, a creation of Parker Hannifin. This acquisition will see it maintain its position as one of the best companies in the market.
Honda, the developer, and supplier of motorcycles, automobiles, and power equipment, was established by Takeo Fujisawa and Soichiro Honda in 1948. As unlikely as it may seem, Honda doesn’t just create cars and motorcycles. It also creates a lightweight exoskeleton that is designed to help people with moving difficulties. The Honda Walking Assist is a lightweight exoskeleton designed for individuals who can walk but have gait deficits resulting from a stroke. It is worn around the waist and legs and helps improve walking patterns, allowing users to walk faster and farther. It is also believed to help with neuromuscular recovery when used in a clinical setting by trained healthcare professionals.
Ottobock was founded in 1919 by Otto Bock and is headquartered in Duderstadt, Germany. Ottobock is popularly known for its prosthetics but joined the exoskeleton industry by acquiring SuitX. Ottobock produces exoskeletons that are aimed at the professional audience. In the medical field, it produces exoskeletons for surgeons to help reduce fatigue, tremor, and long-term musculoskeletal disorders.
- Rewalk Robotics
ReWalk Robotics, located in Marlborough, MA, was founded in 2001 by Amit Goffer, an Israeli engineer. His personal experience inspired his invention after he was paralyzed in an ATV accident in 1997. ReWalk helps individuals with spinal cord injuries stand and walk. It is controlled by a computer and powered by motors at the hip and knee joints. The ReWalk is intended to provide users with increased mobility, independence, and improved quality of life.
- Rex Bionics
Rex Bionics is a robotics company that creates lower-limb exoskeletons for people recovering from spinal cord injuries. It was launched in 2003 and is headquartered in Rosedale, New Zealand.
Fast-Rising Medical Exoskeleton Startups
- Fourier Intelligence
Fourier Intelligence was founded in 2015 and is located in Shanghai, China. It has an estimated funding of 83 Million USD and offers exoskeleton rehabilitation for upper and lower limbs. Its flagship product is the ExoAtlet II, which helps patients with SCI, multiple sclerosis, and cerebral palsy improve their gait, balance, coordination, and independence.
Seismic is a robotics company that takes a unique approach to strength augmentation. It creates apparel that helps increase muscle strength in the elderly population. This technology can be worn under any apparel to augment strength and increase the natural movement of muscles and joints. Seismic was founded in 2015 and is located in Menlo Park, USA, with an estimated funding of 16 Million USD.
- Trexo Robotics
Trexo Robotics is a robotics company that specifically focuses on children with disabilities. Its flagship product is a battery-operated exoskeleton for children with a diagnosis of cerebral palsy, brain injury, paraplegia, spinal cord injury, Rett syndrome, neuromuscular disease, stroke, hemiplegia, or degenerative lower extremity joint disease. Their product is versatile and can be attached to other walkers and gait trainers. Trexo Robotics was founded in 2016 and is located in Mississauga, Canada, with an estimated funding of 2 Million USD.
Wandercraft was founded in 2012 and is located in Paris, France. It has an estimated funding of 67 Million USD. Its flagship product is Atalante X, which enables people with reduced mobility and neuromuscular disorders to walk again.
This is in no way a comprehensive list of the many exoskeleton companies making a difference out there. These are just a few examples of the companies that have caught our attention. And as exoskeletons continue to improve and become more widely adopted, we’re likely to see a bigger surge in demand and a transformation in how we live and work. It’s an exciting time, and we can’t wait to see what the future holds.
Ekso Bionics is a leading manufacturer of rehabilitation exoskeleton technology with more than a decade of experience in helping patients walk again. Our medical exoskeletons are used in more than 400 rehabilitation centers worldwide, and if you’d like to learn more or talk to us, visit our contact page today.
- Exoskeleton Market Size, Share, Trends, Scope, Opportunities & Forecast https://www.verifiedmarketresearch.com/product/global-exoskeleton-market-size-and-forecast-to-2025/