Soft Robotics Market Size (2024 – 2030)

The Soft Robotics Market was valued at USD 1.51 billion in 2023. It is projected to reach a market size of USD 12.15 billion by the end of 2030. The market is anticipated to experience a Compound Annual Growth Rate (CAGR) of 34.7% over the forecast period from 2024 to 2030.

The soft robotics industry has come a long way since its inception. Its origins can be traced back to the work of curious researchers exploring naturalistic materials and designs. In the present day, it has evolved into a thriving and burgeoning field. This modern version has impressive features such as increased resistance to danger, malleability, and versatility, making it perfect for complex tasks and collaborating seamlessly with humans. The boundaries of creativity are being pushed by the integration of soft robotics into medical devices, rehabilitation tools, and collaborative robots. An upcoming era of human-machine cooperation and automation is being anticipated, indicating the need for soft robotics in multiple industries. Advancements in control systems, materials science, and artificial intelligence will open up more opportunities for this promising sector.

Key Market Insights:

Soft robotics aids in treating cardiovascular issues, aortic stenosis, and limb disabilities. With the projected 19.1 million cases of heart disease in India's senior citizens by 2050, the demand for these devices is set to rise.

The robotic surgery market is poised for growth due to rising chronic diseases globally, with non-communicable diseases causing 71% of global deaths, as per the latest WHO report.

Rising healthcare prices create growth potential for the Soft Robotics market, particularly in applications like Minimally Invasive Surgery (MIS), where soft robots excel by overcoming the limitations of traditional approaches.

A May 2022 IEEE study highlights the transition from open surgery to Soft Robot-Assisted Minimally Invasive Surgery (RAMIS) due to the advent of laparoscopic surgery. RAMIS, employing robots and an intuitive interface, allows surgeons to perform complex procedures, resembling the accessibility of open surgery.

Soft Robotics Market Drivers:

Medical Advancements and Healthcare Applications are driving the demand for soft robotics globally:

The increasing demand for minimally invasive surgical procedures and rehabilitation aids propels the soft robotics market. Soft robotic devices offer enhanced flexibility and adaptability, making them ideal for medical applications such as surgery and patient assistance. The growing focus on improving patient outcomes and reducing recovery times contributes to the adoption of soft robotics in the healthcare sector.

Soft Robotics Enhances Human-Robot Collaboration for Efficient Manufacturing:

Soft robotics facilitates safer and more efficient human-robot collaboration on manufacturing floors. The ability of soft robots to work alongside human workers without the need for extensive safety measures contributes to increased productivity. This collaborative approach is particularly valuable in industries requiring dexterity and precision, fostering the integration of soft robotics in manufacturing processes.

Growing Enthusiasm for Bioinspired Design Fuels Innovation in the Soft Robotics Market:

The trend towards bioinspired design principles in robotics drives innovation in the soft robotics market. Mimicking natural movements and structures, soft robots find applications in environments where rigid robots may struggle. It includes tasks such as search and rescue operations, exploration in challenging terrains, and delicate handling in agricultural processes.

Surge in Assistive Technologies Drives Demand for Soft Robotics in Enhancing Quality of Life:

The increasing aging population and the need for assistive technologies propel the demand for soft robotics in creating devices that enhance the quality of life for individuals with mobility issues. Soft exoskeletons and prosthetics, designed for comfort and natural movement, contribute to the market's expansion by addressing the specific needs of an aging and diverse population.

Soft Robotics Restrains and Challenges:

Complexity in Control and Programming is slowing down market growth:

Soft robotics introduces complexities in control and programming, stemming from the inherently deformable nature of soft materials. Achieving precise and consistent control over soft robotic movements poses a challenge, impacting their efficiency and adaptability in various applications. Developing intuitive and reliable control systems remains an ongoing challenge for the widespread integration of soft robotics.

Soft Robotics Grapples with Inherent Limitations in Durability, Posing Challenges in Industrial Applications:

Soft robots face inherent limitations in durability compared to their rigid counterparts, given the tendency of soft materials to wear out or degrade over time. This drawback can impact the overall cost of ownership and reliability, particularly in applications with high wear and tear, such as industrial settings.

Soft Robotics Market Opportunities:

A bright future is ahead in the field of soft robotics as the industry prepares for significant expansion. This trend is guided by the continuous stream of technology developments that push the boundaries of what soft robotic devices can do. These advancements open the door for fresh uses in a variety of sectors while also improving the functionality and performance of these robotic technologies.

The inherent potential for large cost reductions is a major factor driving the soft robotics market. The increased efficiency and decreased operational expenses offered by these modern technologies are drawing in an increasing number of businesses. As soft robotics becomes more cost-effective, the market anticipates a broader and more enthusiastic embrace from industries seeking to optimize their processes and stay ahead in the competitive landscape.

In essence, the confluence of technological breakthroughs and the promise of cost efficiency positions the soft robotics market as a pivotal player in shaping the future of automation. As these robotic systems become increasingly attractive for businesses across various sectors, we witness not just a market poised for growth but a transformative force driving efficiency and operational excellence.

SOFT ROBOTICS MARKET REPORT COVERAGE:

Soft Robotics Market Segmentation: By Type

• Soft grippers

• Co-robots

• Inflated robots

• Wearable robots

• Edible robots

• Others

In the Soft Robotics market segmentation, the wearable robots (Exoskeletons) category is projected to dominate, holding the largest market share. Wearable robots, specifically exoskeletons, are also the fastest growing in the market. This surge is attributed to heightened research focus in the healthcare industry, emphasizing the need for human involvement. The significant advantages associated with wearable robots are expected to propel the expansion of the control valves segment throughout the forecast period from 2024 to 2030.

Soft Robotics Market Segmentation: By Application

• Medical and Healthcare

• Food and Beverages

• Logistics

• Entertainment & Gaming

• Automotive

• Survey & Exploration

• Others

Anticipated to exhibit a higher Compound Annual Growth Rate (CAGR) in the forecast period from 2024 to 2030, the medical and healthcare segment is poised to be the fastest-growing within the global Soft Robotics market. Notably, within this timeframe, minimally invasive surgery (MIS) stands out as a prime area of exploration for soft robots, offering considerable potential. The attractiveness of MIS applications lies in the capacity of soft robots to overcome limitations associated with traditional approaches, particularly addressing issues related to limited flexibility.

Soft Robotics Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

North America is set to maintain its dominance in the global soft robotics market, propelled by the presence of major industry players, and this trend is expected to persist throughout the forecast period from 2024 to 2030. The demand for both durable and non-durable items is rising, with the United States leading the way in this trend. This surge underscores the necessity for secure and efficient manufacturing methods, leading companies involved in the production of such items to progressively integrate large assembly lines into their processes to meet market demands. On the other hand, Asia-Pacific is forecasted to exhibit the highest Compound Annual Growth Rate (CAGR) during the same period at 35.5%, surpassing North America's 35.3%. This growth is attributed to the expanding automotive industry and the burgeoning healthcare and life sciences sector in the region.

COVID-19 Impact Analysis on the Soft Robotics Market:

Conducting a comprehensive analysis of the repercussions of the COVID-19 pandemic on the Soft Robotics Market, it is anticipated that the Soft Gripper type will attain a value of USD million by 2028, demonstrating a revised Compound Annual Growth Rate (CAGR) post-pandemic. Examining specific applications, the Medical & Healthcare sector, which dominated with over a percent market share in 2021, is poised to sustain a Percent CAGR throughout the entire forecast period. Despite the formidable challenges introduced by the global health crisis, governments worldwide have initiated extensive research and development initiatives, underscoring the critical importance of robotic systems across various industries.

Latest Trends/ Developments:

According to a recent Protolabs report, 32 percent of experts in the robotics industry believe that the most significant impact on the development of robotics manufacturing in the next five years will come from soft robotics and new materials. At the same time, 29 percent view the material supply chain as a critical obstacle to progress. The report, titled "2023 Robotics Manufacturing Status Report," derives insights from a survey of key figures in the robotics field, offering an engineer's guide to the current state and upcoming trends in hardware, materials, and innovation in robotics manufacturing. Emphasizing sustainability and speed, the report underscores these as pivotal factors for innovation and product development in emerging applications. Furthermore, the increasing adoption of industrial automation driven by Industry 4.0 is anticipated to create opportunities for the growth of the soft robotics market. The capacity of soft robotic systems to provide high accuracy, precision, enhanced worker safety, expedited industrial processes, and improved operational efficiency stands out as a key factor driving their deployment in industrial automation.

Key Players:

1. Parrot Drones SAS (France)

2. GeckoSystems Intl. Corp. (U.S.)

3. KUKA AG (Germany)

4. DJI (China)

5. OMRON Corporation (Japan)

6. Lely (Netherlands)

7. Honda Motor Co., Ltd. (Japan)

8. KONGSBERG (Norway)

9. DeLaval Inc. (Sweden)

10. iRobot India. (U.S.)

• In May 2022, Cyberdyne Inc. reported that Kanagawa Prefecture had selected their Cleaning Robot CL02 Wiper Cleaning Type for its initiative to financially support robot installations.

• September 2022 saw FandP Robotics AG and Ostertag DeTeWe enter into a significant technology partnership, solidifying their collaboration.

• Rewalk Robotics Ltd. joined the Human-Robot Interaction (HRI) Consortium in February 2022 as part of the Israel Innovation Authority's MAGNET incentive program, showcasing their commitment to advancing human-robot interaction.