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Global Soft Robotics Market to Reach USD 6334.1 Million by 2026, Driven by the Increased Use of Soft Robots in Minimally Invasive Surgery (MIS)

According to a new report by EMR titled, ‘Global Soft Robotics Market and Forecast 2021-2026', the global market for soft robotics attained a value of about USD 1051.1 million in 2020. The industry is further expected to grow at a CAGR of 34.9% during the forecast period of 2021-2026 to reach a value of nearly USD 6334.1 million by 2026.

The soft robotics industry is being driven by the multiple applications of soft robots in medical and surgical uses. The rising adoption of medical robots using soft or flexible actuators conforming to human needs is bolstering the soft robotics industry. The rising demand for soft robots in minimally invasive surgeries (MIS) is expected to further accelerate the market in the coming years owing to the product’s adaptive nature to the external environment and its ability to eliminate patient trauma and pain.

Soft robots are made from flexible materials that are cost-effective, readily available, and are easy to handle, thus, augmenting the market growth. The rising use of soft robots in prosthetics is also anticipated to boost the market growth of soft robotics. The growing adoption of soft robotics to enable elderly or rehabilitating patients with movement disorders that occur due to Parkinson’s disease or accidents is driving the market growth of soft robotics. The rising development of soft robotic prosthetics that can grip, pinch, and function similar to a human hand is providing future growth prospects for the soft robotics industry.

ReWalk Robotics Ltd. and Soft Robotics Inc. are some of the major players in the industry.  In April 2021, Soft Robotics Inc. announced the expansion of its mGrip Modular Gripping System and IP69K to enable safe food handling of proteins and dairy products. The improved specifications in mGrip Modular Gripping System are projected to increase the use of soft robots in the food industry, hence, positively impacting the industry growth of soft robots. The new compact finger modules enable tighter grip spacing to aid in picking up small objects. The small and lighter finger modules result in improved productivity, faster performance, and reduced system wear over time, offering further growth opportunities to the soft robotics industry. The fingers are designed to pick up flat surfaces like poultry and meat patties without causing surface damage, providing further impetus to the market growth. The adoption of soft robotics in the food industry is continuing to gain momentum due to hygiene requirements and their ability to perform in extreme environments. The mGrip technology by Soft Robotics Inc. is a breakthrough in the food sector to provide clean, no-contact consumables, especially amidst the COVID-19 pandemic. With the introduction of such technology, the soft robotics industry is projected to accelerate in the coming years.

Market Analysis by Application and Region:

  • Based on application, the soft robotics industry is segmented into human-machine interface and interaction, locomotion and exploration, manipulation, medical and surgical applications, and rehabilitation and wearable robots. 
  • The major regional markets for soft robotics are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The soft robotics industry is being driven by innovations in materials used, offering superior versatility and flexibility to robots.
  • Technological advancements may allow soft robots to perform construction activities, including climbing and lifting, and placing heavy objects in designated positions, thereby providing further impetus to the market growth. 
  • Soft materials used in soft robots are economical, readily available, easy to handle, and offer a compact, easy-to-use design to robots, hence, augmenting the industry growth.
  • Research and development in the field of soft robotics to make these machines more flexible for use in disaster scenarios like floods, earthquakes, and fires and to navigate through small spaces is expected to positively impact market growth in the coming years.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for soft robotics for the periods (2016-2020) and (2021-2026) 
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for the applications and major regions of soft robotics. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global soft robotics market are Ekso Bionics Holdings Inc., ReWalk Robotics Ltd., Soft Robotics Inc., Righthand Robotics, Inc., BioServo Technologies AB, and Pneubotics Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansion of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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