- Soft Robotics is expected to grow at an astounding CAGR of 38.5% during the report's forecast period.
- When segmented by geography, Asia Pacific was the leading market and is expected to grow at the considerable market share during the forecast period.
- Exoskeletons are expected to impact market growth.
According to Stratistics MRC, the Global Soft Robotics Market is accounted for $308.05 million in 2017 and is expected to reach $5.8 billion by 2026 growing at a CAGR of 38.5% during the forecast period. Some of the key factors influencing the market growth include increasing use in the medical and health care industries and the need for human safety. However, the high cost of installation is restricting market growth.
Soft Robotics is the exact subfield of robotics commerce with constructing robots from extremely acquiescent equipment, similar to those established in alive organisms. It draws heavily from the way in which living organisms move and adapt to their surroundings. In contrast to robots built from rigid equipment, soft robots allow for increased suppleness and adaptability for accomplishing tasks, as well as improved safety when working around humans.
Among Robot Type, Wearables (Exoskeletons) segment is expected to grow at the significant market share during the forecast period. The exoskeletons have been commercialized and the market diffusion is comparatively better compared to the soft grippers and soft co-robots. This is due to the concentrated research in the medical devices sector owing to the need for human assistance.
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By Geography, Asia Pacific was the leading market and is expected to grow at the considerable market share during the forecast period due to increasing demand for latest technology and equipment such as the use of treatment robots, including exoskeletons, in private and public hospitals are expected to impact the market growth.
Some of the key players profiled in the Soft Robotics Market include ABB, Bionik Laboratories, Cyberdyne, Ekso Bionics Holdings, Empire Robotics, FANUC America Corporation, KUKA AG, Otherlab Orthotics, Pneubotics, Inc., ReWalk Robotics, RightHand Robotics, Inc., Soft Robotics Inc, SynTouch LLC, and Yaskawa Electric.