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Pharmacy benefit management market
SOFT ROBOTICS MARKET REPORT OVERVIEW
The global soft robotics market size was USD 248.3 million in 2019 and the market is projected to touch USD 4031 million by 2026, exhibiting a CAGR of 49.5% during the forecast period.
A branch of robotics known as "soft robotics" is concerned with the development, assembly, and usage of robots and robotic systems made of flexible and pliable materials. Soft robots are composed of materials like elastomers, polymers, and flexible fabrics, which allow them to alter shape, deform, and adapt to their surroundings, in contrast to typical rigid robots built of metal and hard components. These robots seek to emulate the flexibility, agility, and adaptability of real animals by drawing inspiration from biological systems.
COVID-19 Impact: COVID-19 Being a Hurdle in the Manufacturing Sector Hampered the Market Growth
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 manufacturing industry is one of COVID-19's hardest-hit industries. The market's growth rate in 2020 was slowed by the development of COVID-19, and in 2021, growth is still occurring at a somewhat moderate pace. The availability of raw materials, contractual commitments, project delays or cancellations, and other challenges brought about by the COVID-19 epidemic in the logistics and manufacturing sector were the main factors affecting the soft robotics market. Because of the decline in consumption, the COVID-19 has had an impact on the expansion of the food and beverage production businesses. As a result, the demand for the worldwide soft robotics sector declined.
LATEST TRENDS
"Rising Need for Automation and Technological Advancements to Enlarge the Market Share"
Soft robotics adoption is being driven by the demand for automation in a variety of industries, including manufacturing, logistics, and agriculture. Soft robots are ideal for applications such as fragile item handling, picking and packaging in warehouses, and operating in unstructured situations because they can execute intricate and delicate jobs that typical rigid robots cannot. Constant progress in control systems and materials research is augmenting the capabilities of soft robots. Possibilities exist for creating novel materials that emulate biological tissues and enhancing soft robotic systems' control and sensory capacities to allow for the execution of ever more complex tasks.
SOFT ROBOTICS MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into soft griper, inflatable robots and exoskeletons.
Soft Grippers: Soft grippers are made to handle a variety of sized, shaped, and delicate things. They may adapt to the surface of the item and frequently employ flexible materials. Soft grippers are well-suited for fragile items or irregular forms. They don't require exact placement in order to handle items of various sizes. Manufacturing, pick-and-place operations, automation of warehouses, and other sectors for which conventional stiff grippers might not be appropriate.
Exoskeletons: Wearable robotic devices called soft exoskeletons are used to enhance or support human mobility. To assist and improve the wearer's strength and endurance, they employ soft materials. Soft exoskeletons are frequently lighter and more comfortable than conventional rigid exoskeletons. They can be applied to reduce tiredness in certain jobs, aid with physical duties, and facilitate recovery. Medical rehabilitation, physical therapy, industrial uses to aid with heavy lifting or repeated chores.
Inflatable Robots: Inflatable robots move and manipulate by using fluids such as air. Usually, they are constructed from pliable, soft materials that may alter shape when inflated or deflated. Robots that are inflatable are lightweight, flexible, and able to manoeuvre through small areas. They may be employed in unstructured contexts and are frequently safer for human-robot interactions. Tasks that conventional rigid robots would not be able to do, including as search and rescue missions, medical applications, and exploration in difficult terrain.
- By Application
Based on application the global market can be categorized into food, 3C, logistics, healthcare & medical and others.
Food Industry: To handle and package delicate or asymmetrically shaped food products without causing harm, soft grippers are utilized. To provide quality control, soft robotic systems may be used to sort and check fruits, vegetables, and other perishable items.
Medical & healthcare: Soft exoskeletons can help people with mobility problems regain strength and movement by providing support and therapy. In order to provide more flexibility and precision in delicate treatments, soft robotic systems are being investigated for use in minimally invasive surgery. Soft robotics is being utilized to create prosthetic devices that suit humans more naturally and comfortably.
Logistics and Warehousing: In logistics and warehouse automation, soft grippers are used to select and place objects, handling goods of different sizes and forms. In packaging applications where careful handling of items is necessary, soft robotic systems are employed.
Consumer Electronics (3C - Computers, Communications, Consumer Electronics): Soft grippers offer accurate and gentle manipulation while assembling small electrical components. When inspecting electrical equipment, soft robotic systems can be used to make sure that fragile parts are handled carefully.
Others: Adaptability to complicated settings is vital for undersea exploration, which is the application of soft robotic systems, such as inflatable robots. Because soft robotics must be flexible and adaptable, it is being investigated for use in space applications where standard rigid robots may encounter difficulties. In agriculture, soft robotic grippers are used to gather fruits and vegetables without harming the plants. Soft robotic devices can navigate around fields to undertake weeding and planting duties. Soft robotic systems are being investigated for 3D printing in the building industry, providing greater design freedom.
DRIVING FACTORS
"Increased demand in Healthcare Facilities to Raise High the Market Demand"
In the field of healthcare, soft robotics has become more popular, especially in the areas of minimally invasive surgery and rehabilitation. Soft robots are useful tools for surgeons because they can precisely regulate and interact with human tissues in a safe manner. The market is expanding primarily due to the increased demand for medical soft robots.
"Expanding Industrial Applications to Multiply the Market Share"
Soft robotics has several applications outside of the healthcare sector, such as in the food processing, automotive, and construction sectors. These robots can safely operate alongside human workers to increase productivity and safety. They can also adapt to a variety of activities, eliminating the need for specialist devices.
RESTRAINING FACTOR
"Cost, Scalability and Limited Durability to Deprive the Market Growth"
Soft robotics technology can be costly to create and produce, which prevents it from being widely used, particularly in startups and smaller enterprises. Achieving affordability while scaling up manufacturing is still difficult. Since soft materials can deteriorate or wear out over time, soft robots are often less durable than their rigid counterparts. In some situations, including industrial settings with significant wear and tear, this constraint may have an impact on dependability and cost of ownership. Hence, such factors are expected to hinder the soft robotics market growth during the forecast period.
SOFT ROBOTICS MARKET REGIONAL INSIGHTS
"Asia Pacific to Dominate the Market owing to Massive Adoption of Technology "
The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Asia Pacific to lead the soft robotics market share. Systems made of materials with mechanical characteristics similar to those of biological tissues are known as soft robots. It is thought from the outset that these robots are more inventive than traditional robots. Several cutting-edge advancements in the industry under study are being witnessed by the Asia Pacific area. Asia Pacific is one of the soft robotics markets with the greatest rate of growth, mostly because of the technology's widespread use and rising local manufacturing there. The innovation and development in the field of soft robotics is significantly influenced by regional suppliers as well. A group of MIT researchers made progress in May 2023 toward creating Soft Zoo, a bioinspired platform that enables engineers to learn about soft robot co-design. The framework enhances how users automatically produce outlines for possible machines by optimizing algorithms that include of design, which defines what the robot will look like, and control, or the system that permits robotic mobility.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to soft robotics to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.
List of Market Players Profiled
- Cyberdyne (Japan)
- Soft Robotics (U.S.)
- Ekso Bionics Holdings (U.S.)
- ReWalk Robotics (U.S.)
- RightHand Robotics (U.S.)
- Parker Hannifin (U.S.)
- Beijing Soft Robot Tech Co.,Ltd (China)
- Myomo (U.S.)
- Bionik Laboratories (U.S.)
- Panasonic (Japan)
INDUSTRIAL DEVELOPMENT
- June 2022: The FDA granted Ekso Bionics 510(k) approval for its EksoNR exoskeleton. For use with people suffering from multiple sclerosis, Ekso developed the EksoNR technology. The most recent iteration of the Ekso Bionics platform, the EksoNR, was previously cleared in 2016 for the rehabilitation of spinal cord injuries and strokes, as well as for acquired brain damage in 2020.
REPORT COVERAGE
The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 248.3 Million in 2019 |
Market Size Value By |
US$ 4031 Million by 2026 |
Growth Rate |
CAGR of 49.5% from 2019 to 2026 |
Forecast Period |
2022-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the soft robotics market expected to touch by 2026?
The global soft robotics market is expected to reach USD 4031 million by 2026.
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What CAGR is the soft robotics market expected to exhibit by 2026?
The soft robotics market is expected to exhibit a CAGR of 49.5% by 2026.
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Which are the driving factors of the soft robotics market?
Increased demand in healthcare facilities and extended industrial applications are the driving factors of the soft robotics market.
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What are the soft robotics market segments?
The soft robotics market segmentation that you should be aware of, which include, Based on type the market is classified as soft griper, inflatable robots and exoskeletons. Based on application the market is classified as medical & healthcare, food, 3C, logistics and others.