Global Wearable Soft Robotics Market – Industry Trends and Forecast to 2029

Global Wearable Soft Robotics Market, By Components (Hardware, Software), Applications (Human-Machine Interface and Interaction, Locomotion and Exploration, Manipulation, Medical and Surgical Application, Rehabilitation and Wearable Robots, R&D of Humanoids), End-Users (Logistics, Medical and Healthcare, Automotive, Food and Beverages, Advanced Manufacturing, E-Commerce and Retail, Others) – Industry Trends and Forecast to 2029.

Wearable Soft Robotics Market Analysis and Size

Wearable soft robotics is more readily used in locomotion and exploration applications and rehabilitation and medical sectors. The wearable soft robots are designed to focus on sensors and actuators of motion and are made up of hyper-elastic materials such as gels and elastomers. The increasing number of research and development activities across various economies will create significant lucrative growth opportunities for the wearable soft robotics market over the forecasted period.

Global wearable soft robotics market was valued at USD 534.20 million in 2021 and is expected to reach USD 7530.40 million by 2029, registering a CAGR of 39.20% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Wearable Soft Robotics Market Scope and Segmentation

Market Definition

The rheological and elastic properties of the soft robots allow them to adapt the desired shape, withstand obstacles, and perform a broad range of tasks even in harsh environmental conditions. The wearable soft robots are designed to focus on sensors and actuators of motion.

Global Wearable Soft Robotics Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rising demands in healthcare sector

Rising medical and healthcare demands are the primary factor driving the market's growth over the forecasted period. The main purposes include actuation and transmission while interacting with the human body in the place of defective muscles or skeleton systems. The wearer experiences the actuation between the rigid exoskeleton and the exosuits and helps the wearer to perform varied tasks. The applications of wearable soft robotics in the healthcare sector include physical human-robot interaction, hip-exoskeleton, design, modeling, control and others. All these factors are expected to drive the growth of the wearable soft robotics market over the forecasted period.

• Increasing need for safer automation solutions

Safer automation solutions and safe and dynamic interaction with humans are paramount to collaborative robots. Automation technologies can help in safer solutions and enable users to work efficiently without human intervention. It also reduces accidents during the manufacturing processes. The new guidelines and regulations initiated by the government for the safer automation solutions and usage of the automation technologies will further drive the growth of the market during the forecasted period. 

Opportunities

• Growing Penetration and R&D activities

The growing penetration of wearable soft robotics market among various sectors across the globe and the rising modernization are the factors estimated to generate lucrative opportunities for the market, which will further expand the wearable soft robotics market's growth rate in the future. The main purposes include actuation and transmission while interacting with the human body in the place of defective muscles or skeleton system. The growing investments in the research and development activities across various manufacturers is also the factor expected to generate lucrative opportunities for the market over the forecasted period.

Restraints/Challenges

• High costs and maintenance

The installation cost and increased maintenance are the major factors expected to obstruct the market's growth over the forecasted period. These factors are projected to create challenges for the wearable soft robotics market over the forecast period.

• Lack of awareness

Lack of awareness regarding the soft robotics and its applications in developing countries is also a major factor hindering the growth of the wearable soft robotics market over the forecasted period.

This wearable soft robotics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wearable soft robotics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Wearable Soft Robotics Market

The covid-19 has led to severe crises across the world and several causalities. Supply chain disruptions were created due to lockdown that was being imposed in several regions. The rheological and elastic properties of the soft robots allow them to adapt the desired shape, withstand obstacles, and perform a broad range of tasks even in harsh environmental conditions. Hence, an imbalance in the demand and supply was witnessed, leading to companies not manufacturing to their complete capacity. However, in the third quarter of 2020, lockdowns were lifted, leading to the market's steady recovery with the significant increase in the demands.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Wearable Soft Robotics Market Scope

The wearable soft robotics market is segmented on the basis of components, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components

• Hardware
• Software

Applications

• Human-Machine Interface and Interaction
• Locomotion and Exploration
• Manipulation
• Medical and Surgical Application
• Rehabilitation and Wearable Robots
• R&D of Humanoids

End-Users

• Logistics
• Medical and Healthcare
• Automotive
• Food and Beverages
• Advanced Manufacturing
• E-Commerce and Retail
• Others

Wearable Soft Robotics Market Regional Analysis/Insights

The wearable soft robotics market is analyzed and market size insights and trends are provided by components, application and end-user as referenced above.

The countries covered in the wearable soft robotics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the wearable soft robotics market because of the development of data center along with introduction of 5G network within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising demand of high speed connectivity devices within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Wearable Soft Robotics Market Share Analysis

The wearable soft robotics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wearable soft robotics market.

Some of the major players operating in the wearable soft robotics market are

• CYBERDYNE INC. (Japan)
• Ekso Bionics (U.S.)
• FANUC CORPORATION (Japan)
• FRANKA EMIKA GmbH (Germany)
• GLI Technologies (Germany)
• Piab AB (Sweden)
• ReWalk Robotics (U.S.)
• RightHand Robotics, Inc. (U.S.)
• Rolls-Royce (U.K.)
• SynTouch Inc. (U.S.)
• Ubiros (U.S.)
• Universal Robots (Denmark)
• TECHMAN ROBOT INC. (Taiwan)
• ABB (Switzerland)
• KUKA AG (Germany)
• YASKAWA ELECTRIC CORPORATION. (Japan)
• AUBO (BEIJING) ROBOTICS TECHNOLOGY CO., LTD (Beijing)
• INDIA KAWASAKI MOTORS PVT. LTD. (Japan)
• Ekso Bionics (U.S.)
• F&P Robotics AG (Switzerland)
• Kawada Industries Inc. (Japan)