Global Soft Robotics Market Report and Forecast 2024-2032

Global Soft Robotics Market Outlook

The global soft robotics market attained a value of about USD 2,580.35 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 34.9% to reach about USD 38,173.02 million by 2032.

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Versatility and Flexibility of Soft Robots to Augment the Market Growth

The soft robotics industry is being driven by the new possibilities offered by these robots against rigid robotic technology and the need to evolve human-friendly machinery. Soft robots are versatile in nature, in opposition to the traditional, metallic robots, which are rigid, thus, providing lucrative future growth prospects for the market. As soft robots are made from flexible and soft materials, including nanomaterials, they can perform biological functions as that of human muscles. This characteristic of soft robots is expected to pave their adoption in a variety of applications, including medical, industrial, and locomotive, thus, boosting the market growth. Developments in soft robotics technology are expected to introduce robots, which will be able to lift heavy products, will have to ability to heal themselves, and have the climb to significant heights. Such specifications, when integrated with human-like flexibility, is anticipated to provide further momentum to the market growth, especially due to their growing use in construction and related activities.

Soft robots derive their flexibility from squishy materials like polymers, gels, and fluids. These soft materials allow the robots to bend and turn with high curvatures, allowing them to navigate through closed spaces, making them helpful in disaster scenarios like earthquakes or fires, thereby driving the market growth of soft robotics by propelling their adoption during emergency situations. Since soft robots handle the environment with delicacy, their growing applicability in sensitive environmental locations like the coral reefs or in snow-covered land is expected to further invigorate the market growth of soft robotics.

Soft Robotics: Market Segmentation

Soft robotics are a sub-division of robotics, with soft robots being made from flexible materials like polymers, gels, and fluids. They have excellent flexibility, which allows them to adapt to their environment and change their shape, if needed. They are a form of biomimicry as soft robots are sophisticated models that imitate humans, animals, and plant lives, in addition to their mechanical functions.

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On the basis of application, the market is segmented into:

• Human-Machine Interface and Interaction
• Locomotion and Exploration
• Manipulation
• Medical and Surgical Applications
• Rehabilitation and Wearable Robots

The EMR report looks into the regional markets of soft robotics like North America, Europe, Latin America, the Asia Pacific and the Middle East and Africa.

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Growing Medical and Surgical Applications of Soft Robots to Boost the Market Growth of Soft Robotics

The growing demand for soft robots in medical and surgical applications is expected to drive the market growth in the coming years. Amidst the COVID-19 pandemic, the requirement for devices that eliminate human involvement has been significantly rising, thus, it is further projected to catalyse the soft robotics industry growth. The rising demand for minimally invasive surgeries (MIS) is also anticipated to drive the market growth. Additionally, research projects in the healthcare sector may lead to new manufacturing techniques, which can develop disposable, patient-specific, low cost, and rapidly manufactured devices for MIS, providing lucrative growth prospects for the soft robotics industry. The ability of soft robots to interact with humans, building on their ability to deal with unstructured environments and compliance with human tissue, is expected to provide further impetus to the market growth. Technological growth has also made possible the increased use of magnetically navigable and vacuum-powered endoscopic single-site soft robots. This is expected to further invigorate the market growth in the coming years.

The easy availability of soft, compliant materials for soft robots that are economical and easy to handle are further expected to add to the market growth of soft robotics. The added advantage of being cost friendly as compared to traditional robots is also expected to propel their adoption, thus, aiding the market growth. Thus, soft robots are projected to be widely available in a multitude of medical services in coming years, as a result, driving the market growth. Advancements in biotechnology have introduced these robots in dental application as the conventional bulky machinery is being gradually replaced with soft bracing machines. The growing popularity of soft robots in dentistry is broadening due to their compact structure and cost-effectiveness, hence, providing further future growth prospects to the market.

Key Industry Players in the Global Soft Robotics Market

The report presents a detailed analysis of the following key players in the global soft robotics market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

• Ekso Bionics Holdings Inc.
• ReWalk Robotics Ltd. 
• Soft Robotics Inc.
• Righthand Robotics, Inc.
• BioServo Technologies AB
• Pneubotics Inc
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report