Pharmaceutical Robots Market Analysis By Application and End-use

Pharmaceutical Robots Market Analysis By Application and End-use

A Chapter by Markets Insights
"

The global pharmaceutical robots market size was valued at USD 142.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028.

"

The global Pharmaceutical Robots Market size is expected to reach USD 297.4 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.3% from 2021 to 2028. The growing pharmaceutical industry and numerous benefits offered by robotic systems in product manufacturing, such as improved production output and product quality, increased production flexibility, lesser space utilization, no labor turnover, low operating costs, enhanced health and safety, reduced production downtime, and better waste management, are driving the adoption of these products, thereby aiding the market growth. According to an article published by Mint in April 2020, the adoption and usage of robotic technology are expected to increase in India across all types of healthcare settings, despite their high prices, owing to the availability of a smaller number of healthcare professionals for more than 1.3 billion population.


In 2020, the traditional robots product segment accounted for the largest revenue share owing to its increasing adoption in material handling, picking and packaging, palletizing, and inspection. Collaborative robots are anticipated to register the fastest growth rate during the forecast period. Many companies are replacing traditional with collaborative robots or cobots, which is a combination of humans and robotics. The adoption of cobots is significantly increasing as they combine repetitive tasks of robots and the individual skills of humans to bring in efficiency in manufacturing processes. These machines are also cheaper and easier to operate and maintain as compared to the traditional ones.


In 2020, the picking and packaging application segment accounted for the largest revenue share and is anticipated to witness the fastest growth during the forecast period. This growth can mainly be attributed to the high demand for personalized packaging and benefits associated with this segment, including high speed, efficient track and trace, and optimum utilization of the floor space. In addition, all the traditional robotic solutions are mainly used for picking and packaging. For instance, 6-axis articulated robots such as VP-6242G and VS-068A2 developed by Denso Wave Incorporated enable picking and packaging.


In 2020, the pharmaceutical companies end-use segment accounted for the largest revenue share and is anticipated to register the fastest growth rate during the forecast period. This is attributed to the increasing usage of robotics in drug discovery and development. In addition, pharmaceutical companies are involved in developing personalized medicine, which further supports the growth of the segment. Research laboratories are anticipated to witness significant growth during the forecast period owing to the ability of these automated solutions to perform repetitive tasks, such as moving test tubes and fluids, during drug discovery-related activities, facilitating a high rate of consistency and accuracy.


In 2020, Asia Pacific dominated the market and is anticipated to register the fastest growth rate during the forecast period. The rise in the demand for the production of drugs and the development of robotic machines for performing tasks with high speed, reduced risk of contamination, accuracy, and optimum utilization of space among pharmaceutical companies is boosting the regional market growth. Moreover, a rise in the number of initiatives undertaken by the government to increase the adoption of industrial robots is further aiding the regional market growth. For instance, in 2016, the Chinese government launched the Robotics Industry Development Plan (2016-2020), aimed at promoting robot applications to a wider range of fields and attracting foreign investment, to develop 100,000 industrial robots produced by domestic technology annually by 2020.


Related Press Release @ Pharmaceutical Robots Market Report


Pharmaceutical Robots Market Report Highlights

  • The market growth is attributed to various technological advancements and increasing investments in the robotics sector
  • In terms of product, traditional robots dominated the market in 2020 owing to the availability of different types of traditional products for specific applications
  • Based on application, the picking and packaging segment dominated the market in 2020 owing to a rise in demand for personalized packaging
  • By end use, pharmaceutical companies dominated the market in 2020 owing to the rapid rate of drug discovery and high investments by the companies
  • Asia Pacific dominated the market in 2020 owing to the booming pharmaceutical and industrial robotics market in the region


© 2021 Markets Insights


My Review

Would you like to review this Chapter?
Login | Register




Request Read Request
Add to Library My Library
Subscribe Subscribe


Stats

21 Views
Added on July 9, 2021
Last Updated on July 9, 2021
Tags: Pharmaceutical Robots Market

Market Research Reports


Author

Markets Insights
Markets Insights

Felton, CA



About
About Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..

Writing