Pharmaceutical Robots Market Size Worth $297.4 Million By 2028 Grand View Research, Inc.
SAN FRANCISCO, March 4, 2021 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 150 page research report with ToC on "Pharmaceutical Robots Market Size, Share & Trends Analysis Report By Product (Traditional Robots, Collaborative Robots), By Application, By End-use, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/pharmaceutical-robots-market