Suit Yourself: The $2.4B Market for Robotic Exoskeletons

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Imagine showing up to your job looking like a cyborg, or Iron Man himself.

No, we're not talking about your Halloween costume (we know some of y'all start preparing for that at the first fall of a leaf).

We're talking about robotic exoskeletons - or wearable robots - a $2.4B market that's bound to attract serious capital and growth in the next few years.

Source: Multiple Market Reports

What Is A Robotic Exoskeleton?

Think of it as strapping on a pair of super-powered limbs.

These bad boys can help you lift heavy objects, walk longer distances, or even rehabilitate after an injury.

I mean… hitting the gym is cool and all, but have you tried a robot suit?

Fueled by an aging society, growing healthcare concerns, and advancements in robotics technology, the market is primed for wide adoption by businesses and consumers alike.

Who's In The Game?

The most common use cases are medical and industrial - from rehabilitating patients with Parkison's or spinal cord injuries, to helping industrial workers with heavy lifting.

Ekso Bionics, German Bionics and Hyundai are some of the major players.

But non-medical consumer applications are gaining traction, too.

Alphabet's spinoff, Skip, partnered with Arc'teryx to develop "the world's first powered clothing," which, from the name of it, will grant you the mobility of these guys (not bahhhd).

Source: Skip website

Similarly, a Dnsys exoskeleton raised ~$1.2m on Kickstarter and ~$1.4m on Indiegogo - that's solid consumer interest before the first batch even shipped.

Opportunities

We could see value in offering fundraising and marketing services to these early developers, and freeing up their time to focus on the products.

Here are a few more ideas:

1. Exoskeleton Data Analytics Platform

Robot suits generate tons of usage data. You can build a software that collects and analyzes it, like YC-backed Pivot Robotics.

Large players will do this in-house, so you can focus on smaller and newer robotics startups, or more experimental applications straight out of labs, and ask them to integrate your software.

You can beef up your platform by including premium options like helping these robot suit makers:

• Recruit and manage testers who'll try out their models and assess their performance
• Collect feedback (written or video) straight from your platform
• Provide AI-assisted summary reports, or even predictive analysis

Source: Google Trends, six-month rolling average

2. Exoskeleton Customization

With their use cases expanding beyond purely functional, robotic exoskeletons could become fashion statements of the future.

The market is still young, so you can get in early and start a customization studio, offering design upgrades, comfort adjustment, accessory matching, robo-suit rental…the whole works.

A lighter version of this is making a Canva-like online design tool to help folks visualize what their ideal suits look like.

3. Robot Suits for Pets

We're not the only ones who need a little boost. Our pets do, too.

There's an opportunity to make tiny robot-suits for animals that need help moving around - whether they're senior, obese, or have disabilities - and living a fuller life.

Engineers at Colorado State University built one for dogs struggling to walk.

A YouTuber spent months built one for her three-legged dog, gaining 1m+ views.

You can use 3D printing technology to make prototypes, and pitch to vets, pet gyms or rehabilitation centers.

In the near future, we might just see more and more people (and their fur babies) sporting these robotic suits like it's their outfits of the day.

Topics:Entrepreneurship

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