Soft Robotic Technology Market Size, Share, Growth, and Industry Analysis, By Type (Soft Robot Gripper, Inflatable Robot and Exoskeleton Robot), By Application (Medical and Healthcare, Food and Beverage, Logistics, 3C Electronics and Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

SOFT ROBOTIC TECHNOLOGY MARKET REPORT OVERVIEW

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The global soft robotic technology market size was USD 548.9 million in 2022 and will touch USD 1204.9 million by 2029, exhibiting a CAGR of 14.0% during the forecast period.

Soft robotics is a specialized branch within the field of robotics that focuses on crafting robots using highly pliable materials akin to those found in living organisms. Drawing inspiration from nature, soft robotics aims to replicate the fluid movements and adaptability observed in biological systems. Unlike their rigid counterparts, soft robots boast enhanced flexibility and adaptability, making them safer to operate alongside humans and enabling them to effectively tackle a diverse range of tasks. This unique set of characteristics positions soft robotics as a promising technology with significant potential applications, particularly in domains such as medicine and manufacturing.

Soft robotic technology revolves around the utilization of materials with mechanical properties resembling those found in biological organisms. By leveraging these materials, soft robots can be designed to be reconfigurable, versatile, and responsive, seamlessly integrating sensing and action capabilities. The versatility of soft robotics extends its applications across various sectors, including healthcare, food and beverages, logistics, entertainment, gaming, automotive, and survey and exploration. The market for soft robotics is primarily fueled by escalating demands in e-commerce and automation, coupled with the distinct advantages that soft robots offer over their traditional rigid counterparts.

COVID-19 Impact: Market witnessed a swift adoption of robots significantly addressing pandemic challenges

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has expedited the integration of robotics and automation across diverse sectors, notably within healthcare. Robots have emerged as vital tools in the battle against the pandemic, finding applications in various capacities within the healthcare industry. Their deployment ranges from disinfection tasks to patient care and monitoring, aiding in minimizing human contact and reducing the spread of the virus. This rapid adoption of robotic technology underscores its pivotal role in addressing the challenges posed by the pandemic, while simultaneously driving innovation and efficiency in healthcare delivery systems worldwide.

LATEST TRENDS

"Increasing adoption of soft robots in the medical field is expected to drive the market"

Soft robotics technology is currently making remarkable progress in the medical field, particularly in revolutionizing surgical procedures and drug delivery mechanisms. These soft robots are intricately designed to navigate delicately within the human body, facilitating minimally invasive surgeries and precise administration of medications. Additionally, the emergence of soft robotic prosthetics is garnering attention due to their ability to offer enhanced comfort and natural movement, presenting a potential revolution in the domain of assistive technologies. This innovative technology holds promise in transforming healthcare practices, promising improved patient outcomes and shortened recovery periods. With their gentle yet highly effective approach, soft robots are poised to significantly elevate the standard of patient care and enhance the overall quality of life in the medical field.

SOFT ROBOTIC TECHNOLOGY MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Soft Robot Gripper, Inflatable Robot and Exoskeleton Robot.

• Soft Robot Gripper: Soft robot grippers are a significant segment of the soft robotics market, offering enhanced flexibility and adaptability for various applications such as food handling, packaging, and manufacturing. These grippers are designed to mimic the manipulation capabilities of human hands, allowing them to handle delicate objects and perform complex tasks with precision. The market for soft robot grippers is expected to witness substantial growth, driven by the rising demand for automation and the advantages offered by these grippers in terms of safe human-robot interaction.

• Inflatable Robot: Inflatable robots are another important type within the soft robotics market, characterized by their ability to change shape and size through the inflation and deflation of their components. These robots are well-suited for applications in constrained or sensitive environments, such as medical procedures and search and rescue operations, due to their soft and adaptable nature. The market for inflatable robots is expected to experience significant expansion, driven by the increasing adoption of these robots in various industries, including healthcare, entertainment, and exploration.

• Exoskeleton Robot: Exoskeleton robots represent a promising segment of the soft robotics market, offering wearable robotic systems that can enhance human strength, endurance, and overall performance. These robots find applications in healthcare, rehabilitation, and industrial settings, where they can assist individuals with mobility impairments and reduce the risk of work-related injuries. The market for exoskeleton robots is expected to witness significant growth, driven by the rising demand for assistive technologies and the potential benefits offered by these robots in terms of human augmentation.

By Application

Based on application the global market can be categorized into Medical and Healthcare, Food and Beverage, Logistics, 3C Electronics and Others.

• Medical and Healthcare: The medical and healthcare sector is a significant application area for soft robotic technology, with robots utilized for various purposes such as surgical procedures, rehabilitation, and patient care. Soft robots offer several advantages in this sector, including enhanced safety, adaptability, and precision, making them well-suited for use in sensitive environments. The market for soft robotics in the medical and healthcare sector is expected to witness significant growth, driven by the increasing demand for assistive technologies and the potential benefits offered by these robots in terms of human augmentation.

• Food and Beverage: The food and beverage industry is another significant application area for soft robotic technology, with robots utilized for tasks such as food handling, packaging, and processing. Soft robots offer several advantages in this sector, including enhanced flexibility, adaptability, and safety, making them well-suited for use in food handling and processing environments. The market for soft robotics in the food and beverage sector is expected to witness significant growth, driven by the increasing demand for automation and the advantages offered by these robots in terms of safe human-robot interaction.

• Logistics: The logistics industry is a significant application area for soft robotic technology, with robots utilized for tasks such as material handling, order picking, and warehouse automation. Soft robots offer several advantages in this sector, including enhanced flexibility, adaptability, and safety, making them well-suited for use in logistics and warehousing environments. The market for soft robotics in the logistics sector is expected to witness significant growth, driven by the increasing demand for automation and the advantages offered by these robots in terms of safe human-robot interaction.

• 3C Electronics: The 3C electronics industry is another significant application area for soft robotic technology, with robots utilized for tasks such as assembly, inspection, and testing. Soft robots offer several advantages in this sector, including enhanced flexibility, adaptability, and precision, making them well-suited for use in electronics manufacturing and testing environments. The market for soft robotics in the 3C electronics sector is expected to witness significant growth, driven by the increasing demand for automation and the advantages offered by these robots in terms of safe human-robot interaction.

• Others: Apart from the above-mentioned application areas, soft robotic technology finds applications in various other sectors, including entertainment, gaming, automotive, survey and exploration, and environmental monitoring. The market for soft robotics in these sectors is expected to witness significant growth, driven by the increasing demand for automation and the advantages offered by these robots in terms of flexibility, adaptability, and safety.

DRIVING FACTORS

"Surge in the need for automation and safety in organizations is expected to boost the market"

The global soft robotic technology market growth is experiencing a significant uptick across various sectors, including healthcare, food and beverages, and logistics. This surge is primarily driven by the pressing need for automation and safety measures within these industries. Simultaneously, the telecommunications sector anticipates a pronounced increase in the adoption of Open RAN (ORAN) technology in the forthcoming years, driven by similar imperatives for automation and safety. Additionally, the integration of Explainable Artificial Intelligence (XAI) into automation systems is gaining notable traction, ensuring enhanced accountability and transparency within AI and machine learning frameworks. These intertwined developments reflect a growing organizational mandate for elevated levels of automation and safety protocols. Consequently, there is a rapid acceleration in the adoption of a diverse array of cutting-edge technologies and systems, positioned as indispensable solutions to effectively address the evolving demands of various industries.

"Cost-effective and efficient solutions for various industrial applications are expected to expand the market"

Soft robotic technology presents organizations with cost-efficient and highly effective solutions for a multitude of industrial applications, making them an appealing choice for companies striving to streamline operations. This technology's cost-effectiveness stems from its ability to utilize flexible materials and innovative designs, reducing manufacturing expenses while enhancing functionality. Additionally, the inherent adaptability of soft robots allows them to perform a diverse range of tasks with optimal efficiency, further augmenting their attractiveness to organizations seeking to optimize resource utilization. Furthermore, their capacity to operate in dynamic environments and collaborate seamlessly with human workers contributes to improved productivity and overall operational efficiency. As a result, soft robotics emerges as a compelling option for businesses aiming to achieve cost savings and maximize productivity across various industrial sectors, positioning them as indispensable tools in the pursuit of operational excellence.

RESTRAINING FACTORS

"Material wear and degradation pose durability and longevity challenges in the market"

Soft robotic technology typically exhibits lower durability compared to rigid alternatives due to the inherent properties of soft materials, which are susceptible to wear and degradation over time. This drawback has implications for both the cost-effectiveness and reliability of soft robots, particularly in demanding environments such as industrial settings characterized by high levels of wear and tear. The propensity for soft materials to degrade can lead to increased maintenance requirements and reduced operational lifespans, impacting the overall cost of ownership. Furthermore, the reliability of soft robots may be compromised in applications where durability is paramount, potentially limiting their suitability for certain tasks. Addressing these challenges necessitates advancements in materials science and engineering techniques to enhance the durability and longevity of soft robotics solutions, ensuring their viability across a broader spectrum of applications and environments.

SOFT ROBOTIC TECHNOLOGY MARKET REGIONAL INSIGHTS

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"North America leads the market due to an abundance of players and the availability of skilled technical expertise"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The North American region dominates the global soft robotic technology market share, driven by its abundance of market participants and readily accessible skilled technical talent pool. Furthermore, the region's penchant for early technology adoption and escalating levels of research and development endeavours in the realm of robotics further bolster the remarkable market expansion across North America. These factors collectively underscore the robust growth trajectory within the region's robotics sector. Additionally, the concentration of expertise and resources facilitates swift innovation and advancement, positioning North America as a hub for cutting-edge developments in robotics technology. As a result, North America emerges as a pivotal player in driving the evolution and proliferation of robotics solutions on a large scale, capitalizing on its strategic advantages and conducive ecosystem for technological innovation.

KEY INDUSTRY PLAYERS

"Key industry players strive for standardization to expand the market through interoperability"

The key industry players are actively pursuing standardization efforts within the realm of soft robotics technology to address issues surrounding compatibility and interoperability. This strategic focus aims to ensure that these innovative solutions can seamlessly integrate with pre-existing systems. By establishing uniform standards, companies seek to streamline the integration process, fostering greater cohesion and efficiency across various platforms and applications. The emphasis on standardization underscores a concerted industry-wide initiative to overcome obstacles hindering the seamless interaction between different soft robotics technologies and complementary systems. Through collaborative endeavours and adherence to common protocols, companies strive to enhance the overall effectiveness and versatility of soft robotics solutions. Ultimately, the pursuit of standardization in soft robotics technology reflects a commitment to fostering a more interconnected and interoperable landscape, poised to unlock new avenues of innovation and productivity in diverse sectors.

List of Market Players Profiled

• RightHand Robotics (U.S.)
• Parker Hannifin (U.S.)
• SRT (U.S.)
• Myomo (U.S.)
• Soft Robotics (U.S.)
• Ekso Bionics Holdings (U.S.)
• Bionik Laboratories (U.S.)
• ReWalk Robotics (Israel)
• Panasonic (Japan)
• Cyberdyne (Japan)

INDUSTRIAL DEVELOPMENT

August 2023: Worcester Polytechnic Institute researcher Markus Nemitz secured a $599,815 Career Award from the NSF to create affordable, customizable 3D printable soft robots for search-and-rescue missions. These robots, mimicking living organisms' flexibility, aim to navigate challenging terrains such as the Tham Luang cave. Nemitz plans to integrate mechanical intelligence, fluidic circuits, and flexible electronics into the robots, leveraging 3D printing technology for production and evaluation.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.