Soft Robotics Market Growth, Trends, Forecasts 2020-2025 - Market is Expected to Reach $4.7 Billion, at a CAGR of 40.5% - ResearchAndMarkets.com - Business Wire

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DUBLIN--(BUSINESS WIRE)--The "Soft Robotics Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The Soft Robotics Market was valued at USD 783.30 million in 2019 and is expected to reach USD 4707.11 million by 2025, at a CAGR of 40.5% over the forecast period (2020 - 2025).

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.

Factors driving the growth of the soft robotics market include the rising demand for safety across the various end-user industries, and the increasing need for automation in industries such as food processing, e-commerce, etc. Increased investments/funding in research and development across various nations fuels the growth of the soft robotics market.

Labor shortage in the manufacturing, warehousing and logistics industries is creating a productivity gap for companies globally. As per Sarcos Robotics, in these two industries, an estimated 50% to 70% of the warehousing budget is attributed to labor costs. Moreover, each back injury from a workers comp claim in logistics and warehousing is around USD 40,000 to USD 80,000.

Exoskeletons are an emerging technology that has the potential to protect warehouse and manufacturing workers from bad backs, shoulders, and neck injuries related to heavy and repetitive lifting. In November 2019, StrongArm Technologies reported that some 30 customers were using or testing its system, including Walmart and Toyota. They can also be utilized in the military.

However, many R&D projects were funded by various governments across the world despite Covid-19 crisis to support the contribution of robotics and automation to the industry as well as society. For instance, China's strategic plan of Made in China 2025 includes advanced robots among the top 10 core industries.

Key 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 robotic surgery market is expected to benefit from the growing incidence of chronic diseases such as urology, gynecology, orthopedic, and other chronic disorders worldwide. According to the latest World Health Organization (WHO) report, non-communicable diseases (NCDs), such as cardiovascular disease, cancer, diabetes, and chronic respiratory diseases are currently responsible for almost 71% of global deaths. It accounts for 41 million people dying each year of these NCDs.

Competitive Landscape

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.

Key Topics Covered:

1 INTRODUCTION

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

4.4 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 Lack of Single Centralized Regulatory Body & Low Awareness

4.7 Assessment of Impact of Covid-19 on the Market

5 TECHNOLOGY SNAPSHOT

6 MARKET SEGMENTATION

6.1 Application

6.1.1 Human-machine Interface and Interaction

6.1.2 Locomotion and Exploration

6.1.3 Manipulation

6.1.4 Medical and Surgical Applications

6.1.5 Rehabilitation and Wearable Robots

6.2 Geography

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.

7.1.10 Pneubotics Inc

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/msucpz

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Soft Robotics Market Growth, Trends, Forecasts 2020-2025 - Market is Expected to Reach $4.7 Billion, at a CAGR of 40.5% - ResearchAndMarkets.com - Business Wire
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