DUBLIN--(BUSINESS WIRE)--The "Soft Robotics Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Soft Robotics Market was valued at USD 645.45 million in 2019 and is expected to reach USD 4,965.06 million by 2025, at a CAGR of 40.5% over the forecast period 2020-2025.
Soft Robots have provided the end-user industries with the ability to automate over the past few years. Though soft robotics is still in its early stages, with the variety of benefits offered by soft robots compared to the traditional robots, the penetration of the soft robots is expected to grow dramatically over the forecast period.
- The increasing need for automation in industries like food processing, e-commerce, etc. Increased investments/funding in research and development across nations fuels the growth of the soft robotics market.
- The reduction in the cost of sensors and the popularity of the existing robots are significant signs that indicate the field of robotics is going through significant transformation and development. With the advent of self-learning soft robots through AI, the soft robotics market is expected to witness drastic change over the forecast period.
- The need for human safety in manufacturing units is also boosting the growth of the market.
Major Market Trends
Medical and Surgical Applications to Register Highest Growth
- Soft robots inherently have the advantage of being compliant with the natural tissues of human and living organisms. Minimally invasive surgery (MIS) is one of the research areas with the big potential of adopting soft robotics. This is because it overcomes the limitation of traditional MIS methods such as a low degree of freedom.
- The limitations involved in open surgeries and laparoscopic procedures coupled with increasing advantages of robotic surgery systems are expected to boost the adoption rates of robot-assisted surgeries worldwide. For instance, the advantages such as smaller incision size, fewer complications, minimization of infection rates, and shorter recovery times are driving surgeons to adopt these robotic systems to perform various surgeries.
- The increasing popularity of surgical robots in emerging countries such as South Africa and India have a positive impact on market growth. The market is dominated by the North Americas, followed by Europe and APAC.
North America to Hold Significant Share
- Rise in per capita income in the United States has led to an increased need for durable and non-durable goods, thus driving the need for a safe and effective manufacturing process. Therefore, companies manufacturing both durable and non-durable goods are increasingly adopting extensive assembly lines in their manufacturing process to meet the demand for these goods.
- Also, the safety factor in regional manufacturing and processing sector is also forcing companies to invest in soft robotics. The U.S. Occupational Safety and Health Administration (OSHA) alone lists 39 major industrial accidents under the keyword robot, ranging from dismemberment to death.
- The growth in warehousing and distribution centers also plays a significant role. According to the US Commerce Department, online sales represented 11.3% of total retail sales, up from 10.9%. This will further grow the need for warehouse management to enhance efficiency, hence developing space for the studied market.
The market has seen huge investments in the technical front and new entrants are expected to emerge in the market. Currently, soft robot manufacturers have very specific solutions and the market is moderately competitive. However, with the advent of big players in the robotics market venturing into the soft robotics is expected to increase the competition.
- January - 2019 Soft Robotics Inc. launched mGrip, the company's first on-demand, modular automation system. This will enable the rapid proliferation of soft robotics, and allow users to leverage the company's technology to build, validate, and install production-ready systems quickly.
- April 2018 - Rewalk Robotics launched its clinical study of the ReStore soft exo-suit system (ReStore) for the rehabilitation of individuals with lower limb disability due to stroke. This launch is aimed at offering the ReStore as a commercial product for the rehabilitation of stroke survivors worldwide.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Introduction to Market Drivers and Restraints
4.5 Market Drivers
4.5.1 Need for Safer Automation Solutions
4.5.2 Need for Human Safety in Manufacturing Units
4.5.3 Increased R&D From Various Countries
4.6 Market Restraints
4.6.1 Approval From Multiple Regulatory Bodies for Commercialization
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1.1 Human-machine Interface and Interaction
6.1.2 Locomotion and Exploration
6.1.4 Medical and Surgical Applications
6.1.5 Rehabilitation and Wearable Robots
6.2.1 North America
6.2.4 Latin America
6.2.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Soft Robotics Inc.
7.1.2 Righthand Robotics Inc.
7.1.3 Ekso Bionics Holdings Inc.
7.1.4 Rewalk Robotics Ltd.
7.1.5 Yaskawa Electric Corporation
7.1.6 Bioservo Technologies AB
7.1.7 Festo AG
7.1.8 Roam Robotics
7.1.9 ABB Ltd.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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