Soft Robotics Market Forecast 2023 - 2030

By Type :

Based on the type, the market is bifurcated into soft grippers, inflated robots, wearable robots, and others. The wearable robots segment accounted for the largest revenue share of 45.4% in the year 2022. Wearable robots refer to a particular type of wearable device that are designed to enhance a person's motion or physical abilities. Moreover, wearable robots are optimized for providing assistance to impaired limbs, boost human ability, or help with the rehabilitation of neuromuscular impairments. Additionally, wearable robots offer several benefits including lightweight, ease of wear and removal, increased functionality and mobility, and continuous adaptability to evolving consumer needs. The aforementioned benefits of wearable robots are key aspects for driving its adoption in healthcare and other industrial sectors.

In September 2019, Hyundai launched its new wearable robot, vest exoskeleton that is particularly designed for assisting industrial workers spending long hours working in overhead environments. The wearable robot helps in enhancing productivity and reducing fatigue of industrial workers by imitating the movement of human joints to augment mobility and load support. Therefore, the rising advancements associated with wearable robots is among the key factors driving the growth of the market.

The soft grippers segment is anticipated to register the fastest CAGR growth during the forecast period. Soft robotic grippers are designed for handling delicate objects without causing damage. Moreover, soft grippers have considerable flexibility that enables it to grasp a variety of objects. The high flexibility and dexterity soft grippers are primary determinants for increasing its application in food & beverage, logistics, and retail & e-commerce sectors among others.

For instance, according to the U.S. Census Bureau of the Department of Commerce, the retail e-commerce sector in the United States was valued at USD 265.95 billion during the third quarter of 2022, representing a significant growth of 10.8% in comparison to USD 239.97 billion during the third quarter of 2021. Soft grippers are often used in retail warehouses for automating the processes involved in picking, handling, and packaging of retail goods and products. Hence, the growth of the retail & e-commerce sector is anticipated to drive the market growth during the forecast period.

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By End-User :

Based on the end-user, the market is segregated into healthcare, retail & e-commerce, food & beverage, logistics, and others. The healthcare segment accounted for the largest revenue share in the year 2022. Factors including the growth trend in healthcare expenditure, increasing incidence of chronic diseases, rising incidence of surgical procedures, and advancements in medical equipment are crucial prospects driving the growth of the healthcare segment.

For instance, according to the European Commission, the total government healthcare expenditure in the EU reached up to USD 202.7 billion in 2021, accounting for 8.1% of the total GDP. Hence, the growth of healthcare industry is driving the adoption of soft robotics for utilization in rehabilitation, diagnostic, and surgical procedures among others, in turn proliferating the growth of the market.

Food & beverage segment is expected to witness fastest CAGR growth during the forecast period. The growth of food & beverage segment is attributed to several factors including increasing consumer demand for packaged and processed food products, growing investments in expansion of food & beverage manufacturing facilities, and rising demand for automation in food processing solutions.

For instance, in March 2022, Kerry Group, a food and beverage company, launched its new food manufacturing facility worth USD 137 million in Georgia, United States. Therefore, the rising development of food processing facilities is projected to drive the adoption of soft robotics for applications ranging from handling, picking to packaging of food products, in turn driving the market growth during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 305.73 Million in 2022 and is expected to reach USD 3,381.44 Million by 2030, registering a CAGR of 35.3% during the forecast period. In addition, in the region, the U.S. accounted for the maximum revenue share of 65.7% in the same year. The adoption of soft robotics in the North American region is primarily driven by its usage in food & beverage, logistics, healthcare, and other sectors. Additionally, the increasing application of soft robotics in food & beverage plants for picking, moving, assembling, and packing of finished products is among the significant factors driving the market growth in the region.

For instance, in August 2021, Tyson Foods, invested USD 300 million to build a food processing facility in Virginia, U.S. The facility is scheduled to be operational in 2023. The above factors are further propelling the growth of the soft robotics market in the North American region. Further, the increasing investment in retail & e-commerce and logistics sectors is a vital factor expected to drive the market growth in North America during the forecast period.

Asia-Pacific is expected to register the fastest CAGR growth of 35.5% during the forecast period. The growing pace of industrialization and development is creating lucrative growth prospects for the market in the region. Additionally, factors including the growth of multiple industries such as retail & e-commerce, healthcare, and others are fostering the market growth for soft robotics in the Asia-Pacific region.

For instance, in April 2022, the Indian Government announced the launch of an online retail network across 100 cities in India, with the aim of providing consumers with an alternative to multinational platforms including Amazon and Flipkart. Hence, the growing retail & e-commerce sector is anticipated to drive the utilization of soft robotics in retail warehouses for automating the processes involved in picking, handling, and packaging of retail goods and products, thereby, fueling the market growth in the Asia-Pacific region during the forecast period.