Soft Robotics Market Report

Market Insights

The global soft robotics market is expected to grow from USD 1.12 billion in 2022 to USD 4.95 billion by 2029 at a CAGR of 23.6% during the forecast period.

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What is Soft Robotics?

Soft robotics is a field of robotics that focuses on creating robots with flexible, deformable structures and materials. These robots are designed to mimic the movement and adaptability of living organisms, such as animals and plants. Soft robots are typically made from materials such as silicone, rubber, and plastics, and can be controlled using fluid or air pressure.

One of the main advantages of soft robotics is their ability to navigate complex environments and interact safely with humans and delicate objects. They are also more adaptable and versatile than traditional rigid robots, making them suitable for a wide range of applications, including healthcare, manufacturing, and search and rescue.

Some examples of soft robots include robotic grippers that can pick up fragile objects without damaging them, soft exoskeletons that can assist with movement and rehabilitation, and inflatable robots that can change shape to fit different environments. Soft robotics is a rapidly evolving field that has the potential to transform many industries and improve the quality of life for people around the world.

Key Players

The major players operating in the global soft robotics market are:

• Bioservo Technologies AB
• Cyberdyne Inc.
• F&P Robotics AG
• Ekso Bionics Holdings, Inc.
• Festo AG
• RightHand Robotics Inc.
• ReWalk Robotics Ltd
• Roam Robotics
• Soft Robotics Inc.
• Yaskawa Electric Corporation

Market Dynamics

The soft robotics industry is currently in its early stages, but due to the numerous benefits it offers compared to traditional robots, it is expected to experience significant growth over the forecast period. Furthermore, the COVID-19 pandemic has heightened the need for automation to mitigate workforce challenges and improve operational and food safety in factory settings, thereby contributing to market growth.

The expansion of the soft robotics market is driven by several factors, including the rising demand for safety in various end-user industries and the growing necessity for automation in sectors such as food processing and e-commerce. Additionally, the market is benefiting from the increasing investments and funding for research and development initiatives in several countries.

Exoskeletons are a developing technology that holds promise in protecting and preserving the health of warehouse and manufacturing workers by mitigating the risk of injuries related to repetitive and heavy lifting, as well as neck, back, and shoulder pain. Researchers are working on developing wearable robots that are soft and flexible and can mimic the movements of muscles.

In May 2021, a team of researchers at Queen's University in Canada developed an exoskeleton that can reduce the metabolic cost of walking. This was achieved by designing an exoskeleton that can compensate for the braking that occurs during walking, ultimately leading to a reduction in the total metabolic cost of walking.

Both medical and non-medical exoskeletons must adhere to international safety regulatory requirements established by ISO (International Organization for Standardization)/IEC. To ensure successful commercialization of these products, manufacturers must comply with these regulations.

However, the chances of obtaining approval are subjective, as they depend on demonstrating that the device is suitable for its intended use. The lack of a single centralized regulatory body and the need to meet multiple regulatory requirements can lead to delays in the commercialization process, which could limit the potential growth of the market.

Several companies are concentrating on creating soft, pneumatic-powered grippers that are well-suited for handling delicate food items that might otherwise be damaged by rigid robotics. As a result of labor shortages and concerns about disease transmission during the pandemic, there has been a significant interest in automating the food industry.

In June 2021, the Soft Robotics company reported increased demand due to the pandemic and raised USD 10 million to support research and development efforts focused on their innovative technologies, including soft grasping, 3D perception, and AI.

Segment Analysis

By End User Type

Healthcare segment to register highest growth during the forecast period. One of the inherent advantages of soft robots is their ability to be compliant with the natural tissues of living organisms, including humans. Soft robotics has significant potential for adoption in the field of minimally invasive surgery (MIS). This is because it addresses the limitations of traditional MIS methods, such as a low degree of freedom, which can be overcome using soft robotic technologies.

As the limitations of open and laparoscopic procedures become more apparent and the advantages of robotic surgery systems continue to increase, it is expected that the adoption rates of robot-assisted surgeries will rise worldwide. Soft-robotic surgery on the human body has been inspired by soft-bodied animals and has been designed specifically for minimally invasive surgery (MIS), allowing surgeons to access areas that were previously inaccessible using current keyhole surgery techniques. As similar research is conducted across multiple labs and medtech companies continue to innovate, new soft robots are likely to shape how physicians perform surgeries in the future.

Regional Analysis

The Asia-Pacific region is currently one of the fastest-growing markets for soft robotics, primarily due to the widespread adoption of the technology and increasing domestic production in the market. Regional vendors are also playing a significant role in the innovation and development of soft robotics. For example, China's military expenditure reached USD 252 billion in 2020, 1.7% of its GDP and 13% of global spending, according to SIPRI.

Meanwhile, India's defense budget for 2022 is USD 72.9 billion, and the country plans to invest in military robotics. By 2023, India aims to deploy advanced robotic soldiers. This focus on robotic deployment in the defense sector is likely to create opportunities for the soft robotics market in the region.

In the development of wearable exoskeletons, two Asian countries, namely South Korea and Singapore, are standing out along with Japan and China. These countries recognize the potential of exoskeletons in preventing workplace injuries and enabling aging workers to remain in the workforce for longer periods. As a result, they are making significant investments in the development of robotic exoskeletons that can assist injured or disabled individuals and support aging populations to continue working.

In October 2021, the Indian Spinal Cord Injury Center (ISIC) reported that they were using 3D imaging capabilities and robot-guided minimally invasive surgery to treat a patient. The Indian doctors integrated the "O-Arm," a 3D imaging system, with the MAZOR X Stealth Edition, an advanced robotic surgery system designed for orthopedic, neurological, and spinal disorders. This integration of technologies has the potential to improve the precision and accuracy of surgical procedures and improve patient outcomes.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In November 2022, Bioservo signed a distributor agreement with Hidrex for the sales of Bioservo Carbonhand in Germany. Carbonhand helps people with impaired hand function.
• In June 2022, EksoNR became the first exoskeleton device to receive FDA clearance for rehabilitation use in patients suffering from multiple sclerosis (MS), significantly expanding the use of device to a broader group of patients.
• In March 2022, RightHand Robotics launched partner integrator program with Element Logic as its first member. The companies jointly creates automation for resilient, predictable, and cost-effective handling of goods at scale.