Pharmaceutical Robots Market To Hit Value 7.9 Million By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on February 5th, 2024 San Francisco, 05 February 2024: The ReportPharmaceutical 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, 2023 - 2030 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 8.7% from 2023 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. 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 2023. 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 and easier 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. Request sample report of Pharmaceutical Robots Market@https://www.grandviewresearch.com/industry-analysis/pharmaceutical-robots-market/request/rs1 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. Pharmaceutical Robots Market Report Highlights
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. The growing need for automation in manufacturing units, coupled with the high costs of new drug discovery, is significantly increasing the demand for robotics in clinical trials, drug discovery, and laboratories for automating the procedures. In addition, key companies are introducing technologically advanced robotic machines, which has further led to the tremendous growth of the market. With rising demands for precision, output, and faster turnaround times, automation and robotics have gained traction in the pharmaceutical industry. Additionally, there are numerous benefits to speed when using robots in the pharmaceutical sector. Pharmaceutical drug inspection will become more and more necessary in Asia Pacific, North America, and Europe. Traditional robots like cartesian, SCARA, and articulated robots will continue to grow significantly over the forecast period, along with collaborative robots. Robots may be utilized 24 hours a day and can-do jobs about three to four times faster than humans can. Robots can also move with an accuracy greater than that of a sheet of paper and much greater than that of a human. Despite high initial investment for installation, the long-term benefits of robots have made them a cost-effective instrument in manufacturing processes, resulting in a higher return on investment (ROI). These machines are three to four times faster than humans and can operate for 24 hours. With the growing competition in the pharmaceutical industry, drug manufacturers are revolutionizing manufacturing processes with robotic technology. This technology has led to increased manufacturing efficiency and a growing ability to offer quality products at lower costs. These aforementioned factors are expected to raise the demand for pharmaceutical robots for manufacturing processes in the coming years. There is a major demand-supply gap as a result of the coronavirus disease outbreak, which has had a massive impact on the manufacturing industry, as there was a lack of raw materials from Chinese producers. Pharmaceutical Robots Market Report Scope
Due to the logistics sector having been severely hit by lockdown during COVID-19, it is also anticipated that manufacturers may be stranded on raw material orders. Due to a lack of manufacture and supply, all of this has had a negative impact on the industry and caused a slowdown in the market for pharmaceutical robots. On the other hand, the COVID-19 pandemic is encouraging the use of pharmaceutical robots to reduce labor costs, boost in-house manufacturing through automation rather than outsourcing, and overcome manpower shortages to reduce supply chain risks following the COVID-19 pandemic. The ongoing COVID-19 pandemic has significantly increased awareness regarding the benefits of automation in the pharma sector for maintaining and increasing production without compromising quality or safety. This, in turn, is aiding the market growth. According to the data published by CNBC, in June 2020, the cumulative unemployment rate in the U.S. decreased from 14.7% in April 2020 to 13.3% in May 2020, whereas 30% of manufacturers stated that they are seeking to hire new employees during the COVID-19 pandemic as the overall employment rate in the manufacturing sector is facing a sharp contraction, declining at a rate of 19.1% from January 2020 to April 2020. This is anticipated to drive the demand for these products to overcome labor shortages and expand automation in the country. List of Key Players in the Pharmaceutical Robots Market
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