The new report by Expert Market Research titled, ‘Global Soft Robotics Market Analysis, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global soft robotics market. It assesses the market based on its segments like application and the major regional markets of North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Soft Robotics Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 1051.1 million
• Forecast CAGR (2023-2028): 34.9%
• Forecast Market Size (2027): USD 6334.1 million
The market for soft robotics has seen substantial growth due to multiple factors. These include the increasing new possibilities provided by these robots in comparison to inflexible robotic technology, as well as the need to build human-friendly machinery. Soft robots, in contrast to classic, rigid metallic robots, are adaptable in nature, presenting attractive future growth opportunities for the market.
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They can perform biological functions similar to human muscles since they are built of flexible and soft materials, including nanomaterials. This feature of soft robots is predicted to facilitate their use in a variety of applications, such as medical, industrial, and locomotive, increasing market growth. Soft robotics technology advancements are projected to result in robots that can lift large objects, repair themselves, and climb to great heights.
Such features, when combined with human-like flexibility, are expected to propel market expansion even further, owing to their increasing application in construction and associated activities. Malleable materials give soft robots their flexibility, allowing robots to bend and turn with high curvatures, enabling them to manoeuvre through tight places.
This makes them useful in disaster scenarios such as earthquakes or fires, hence promoting soft robotics market growth by propelling its acceptance during emergency situations. Soft robots’ increased application in sensitive environmental settings such as coral reefs or snow-covered land is projected to fuel the market expansion of soft robotics.
Soft Robotics Industry Definition and Major Segments
Soft robots are made of flexible materials such as polymers, gels, and fluids, and are a sub-discipline of robotics. They have a high degree of elasticity, allowing them to adapt to their surroundings and alter shape if necessary. Soft robots are sophisticated models that, in addition to their mechanical tasks, mirror the lives of humans, animals, and plants. They are a type of biomimicry.
Based on the application, the industry is divided into:
• Human-Machine Interface and Interaction
• Locomotion and Exploration
• Medical and Surgical Applications
• Rehabilitation and Wearable Robots
The regional markets for soft robotics include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Soft Robotics Market Trends
In the future years, the market is likely to rise due to rising demand for soft robots in medical and surgical applications. The need for gadgets that minimise human participation has increased dramatically as a result of the COVID-19 pandemic, and this is expected to further catalyse the soft robotics industry’s growth. The market is expected to develop due to the rising need for minimally invasive procedures (MIS). Research efforts in the healthcare sector may lead to new manufacturing techniques. This can allow for the development of disposable, patient-specific, low-cost, and quickly created MIS devices, resulting in lucrative growth possibilities for the soft robotics business.
Soft robots’ ability to interact with humans, which builds on their ability to deal with unstructured settings and adhere to human flesh, is projected to provide the market a boost. Increased use of magnetically navigated and vacuum-powered endoscopic single-site soft robots has also been made possible by technological advancements. In the coming years, this is projected to boost market growth even more.
The growth of the market is predicted to be aided by the easy availability of soft, compliant materials for soft robots that are both cost-effective and easy to handle. The extra benefit of being less expensive than traditional robots is projected to boost their adoption, hence assisting market growth. As a result, soft robots are expected to be widely offered in a variety of medical services in the coming years.
As traditional bulky gear is progressively replaced with soft bracing machines, advances in biotechnology have led to the introduction of these robots in dentistry applications. Due to their compact structure and cost-effectiveness, soft robots are gaining popularity in dentistry, providing the market with more potential growth prospects.
Key Market Players
The major players in the market are
- Ekso Bionics Holdings Inc.,
- ReWalk Robotics Ltd.,
- Soft Robotics Inc.,
- Righthand Robotics, Inc.,
- BioServo Technologies AB,
- Pneubotics Inc,
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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