The wearable device, which incorporates a modular design, features a proprietary control interface which allows individuals with severe spinal cord injury to walk and enhance rehabilitation for people who have suffered a stroke.

Parker Hannifin technology and innovation vice president Craig Maxwell said, "Having studied the current state of the art, we believe the technology developed at Vanderbilt is far superior in terms of both design and functional performance,"

Parker device technology and development leader Ryan Farris said to see patients who are otherwise confined to a wheelchair be given the opportunity to stand and walk again is rewarding.

"Under the direction of Dr. Michael Goldfarb at Vanderbilt, we were able to take advantage of the latest developments in sensor, actuation and control technology to create a device that can greatly improve the quality of life for patients through regained mobility," Farris added.

"As part of Parker, and through ongoing cooperation with Vanderbilt, it is now time to further develop, refine and ready the exoskeleton for commercial availability."

Parker, which has gained rights to develop, manufacture and sell the device, is planning to establish a business unit targeting commercial launch of the exoskeleton device in 2014.