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Pharmaceutical Robots Market Size Worth $357.9 Million by 2030: Grand View Research, Inc.SAN FRANCISCO, July 6, 2022 /PRNewswire/ -- The global pharmaceutical robots market size is expected to reach USD 357.9 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. 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.  Key Industry Insights & Findings from the report:
Read 150-page market research report for more Insights , "Pharmaceutical Robots Market Size, Share & Trends Analysis Report By Product (Traditional Robots, Collaborative Robots), By Application (Picking & Packaging, Laboratory Applications), By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Pharmaceutical Robots Market Growth & Trends 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. The market is seeing opportunities due to the COVID-19 pandemic. Pharmaceutical companies looking to capitalize on prospects in North America and Europe are increasingly turning to robots. According to the Robotic Industries Association (IRA), orders for robots from North American life science companies increased by 69% in 2020 compared to 2019. The COVID-19 outbreak has prompted the pharmaceutical industry to increase its use of robots to optimize procedures. Robots will continue to be deployed in North America and Europe to cut the process's costs and complexity. It has recently gained interest as a solution to medicine shortages caused by production delays. Pharmaceutical companies are anticipated to form partnerships with robotics solution providers to incorporate robotics into manufacturing, medication development, and anti-counterfeiting procedures. As companies increase their investments in the pharmaceutical sector, the use of robots may grow in the coming years. In 2021, 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 are 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 efficiency to manufacturing processes. These machines are also cheaper andeasier to operate and maintain as compared to the traditional ones. In 2021, 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 2021, 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 2021, 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 Pharmaceutical Robots Market Segmentation Grand View Research, Inc. has segmented the global pharmaceutical robots market based on product, application, end-use, and region: Pharmaceutical Robots Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
Pharmaceutical Robots Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
Pharmaceutical Robots Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
Pharmaceutical Robots Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players of the Pharmaceutical Robots Market
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Browse through Grand View Research's Medical Devices Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
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