Soft Robotics Market Forecasts to 2028 - Global Analysis By Type (Wearables, Co-Robots, Soft Grippers, Inflated Robots, Other Types), Mobility, Component, Application, and others

According to Stratistics MRC, the Global Soft Robotics Market is accounted for $1109 billion in 2022 and is expected to reach $8717 billion by 2028 growing at a CAGR of 41% during the forecast period. The precise branch of robotics known as "Soft Robotics" deals with creating robots out of incredibly obedient parts that are akin to those found in living things. It primarily borrows from how live things move and adjust to their environment. In contrast to robots made of rigid machinery, soft robots enable greater flexibility and adaptation for task completion as well as greater reliability when operating near humans.

According to the latest World Health Organization (WHO) report, non-communicable diseases (NCDs), such as cardiovascular disease, cancer, diabetes, and chronic respiratory diseases are currently responsible for almost 71% of global deaths. It accounts for 41 million people dying each year of these NCDs.

Market Dynamics:

Driver:

Increasing need in medical and health care industry

The healthcare industry is one of soft robots' major final application fields. These robots are used in a range of therapeutic processes in medicine, including surgery, therapy, and diagnosis. The demand for minimally invasive surgeries is expected to drive demand for soft robots in the healthcare industry. Additionally, in the food and beverage industry also soft robots are used which helps in packaging, serving, and inspection in the food and beverage sector. Along with the desire for automation, it is projected that soft robots would become more popular in the food and beverage sector.

Restraint:

High Cost of Installation

Soft robot development requires significant R&D expenditures in terms of both money and time. Since customers must fork over exorbitant prices for the finished product, this serves as a barrier to entry for new consumers and players. As a result, during the time of the forecast, the market is constrained.

Opportunity:

Versatility and Flexibility of Soft Robots

Soft robots have flexible natures as opposed to typical metallic robots, which have rigid natures, offering the market attractive future growth opportunities. Robots with the ability to move large objects, repair themselves, and scale great heights are anticipated to be introduced because to advancements in soft robotics technology. Given their expanding application in construction and associated activities, such characteristics are expected to give the market growth additional momentum when combined with flexibility similar to that of humans. Soft robots can mimic the biological actions of human muscles since they are constructed using flexible and soft materials, incorporating Nanomaterials. This trait of soft robots is anticipated to facilitate their use in a number of applications, including as medical, industrial, and locomotive, and hence promote market growth.

Threat:

Limitations of soft robots

Ultra - high vacuum, microgravity, temperature extremes, and high-energy radiation present substantial obstacles for soft robotics used in space conditions. Since they are less powerful than rigid robotics and require specialist electronic controls, soft robots can be difficult to manage. As a result of these constraints, the market for soft robots is hindered.

COVID-19 Impact

The market for software robots is primarily driven by the ongoing development of automation with in food and beverage sector as well as the ongoing expansion of robotics-related research and development. Governments from all around the world have started a variety of investments in R & D despite the COVID-19 issue to promote the significance of robotic devices to companies globally.

The Wearables (Exoskeletons) segment is expected to be the largest during the forecast period

The Wearables Exoskeletons segment is estimated to have a lucrative growth. Exoskeletons are a newly developed device that could shield and also save warehouse and manufacturing employees from neck, back, and shoulder pain as well as other problems brought on by heavy and repetitive lifting. Many scientists are creating soft, wearable robots that imitate the actions of muscles. General Motors created a battery-operated exoskeleton glove, which was created by the Swedish company Bioservo. Each finger on the "Iron Hand" glove features sensors and motors that react instantly to the amount of force being applied to the arm when lifting or holding an object.

The medical & healthcare segment is expected to have the highest CAGR during the forecast period

The medical & healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. This market segment, which is further segmented into applications for medical, surgical, and other purposes, deals with soft stretch sensor technology. Soft robotics also makes it possible for extremely effective procedures to be carried out in a setting that is safer for patients and medical staff. In order to ensure safe human-machine interaction, market participants in the healthcare sector are applying soft robotics, a novel manufacturing solution, in the surgical, pharmaceutical, and other sectors. Soft robotics systems are also being fast adopted by the worldwide healthcare sector since they require more thorough and task-specific training than conventional methods.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the widespread acceptance of the technology and growing household production in the market. The innovation and advancement in the field of soft robotics are also greatly influenced by the regional vendors. Exoskeletons are viewed as essential in both nations for reducing workplace accidents and extending the employment of older workers. Because of their potential to help injured or crippled individuals and to keep elderly communities in the workforce longer, they are heavily making investments in the creation of robotic exoskeletons.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the abundance of a skilled labour and the presence of high-end industrial infrastructure in the US. Additionally, increased government spending on process technology automation, particularly in the high-demand processed food packaging business, would assist the market become the largest shareholder.

Key players in the market

Some of the key players profiled in the Soft Robotics Market include: Daqing Jiaotong University, ABB Ltd., Roam Robotics, Festo AG, Yaskawa Electric Corporation, Ekso Bionics Holdings Inc, Bio Servo Technologies, Cyberdyne Inc., F&P Robotics AG, Soft Robotics Inc., Universal Robots A/S, Kawasaki , Weiss Robotics GmbH & Co. KG, Zimmer Group, SMC and Destaco.

Key Developments:

In June 2020, Soft Robotics Inc raised a $10M Series B extension to further expand commercial operations to meet COVID-19 pandemic-fueled demand.

In November 2017, ABB and Kawasaki announced collaborative robot automation cooperation, to focus on 'cobots' and the creation of common industry approaches for safety, programming, and communications

Types Covered:

• Wearables (Exoskeletons)
• Co-Robots
• Soft Grippers
• Inflated Robots
• Other Types

Mobility's Covered:

• Mobile
• Stationery
• Other Mobility's

Components Covered:

• Services
• Software
• Hardware

Applications Covered:

• R&D of Humanoids
• Human Motor Assistance
• Human Machine Interface & Interaction
• Locomotion & Exploration
• Medical & Surgical Applications
• Manipulation
• Rehabilitation & Wearable Robots

End Users Covered:

• Medical and Healthcare
• Food and Beverages
• Automotive
• Logistics
• Advanced Manufacturing
• Defense
• Retail & E-commerce
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances