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Pharmaceutical Storage and Material Handling Equipment Market Worth $5.83 billion by 2030
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According to this latest publication from Meticulous Research®, the pharmaceutical storage and material handling equipment market is projected to reach $5.83 billion by 2030, at a CAGR of 9.8% from 2023 to 2030. The growth of this market is driven by the rapid growth in the pharmaceuticals market, rising focus on automation in the pharmaceutical industry, the focus of manufacturers to reduce production costs, and government support to promote the pharmaceutical sector. However, the cost of setting up efficient material handling systems in the pharmaceutical industry may restrain the growth of this market to a notable extent. Additionally, the shift toward the use of robotics, emerging economies, and the increasing adoption of generic drugs are creating opportunities for market growth.
Developing Economies to Offer Significant Opportunities for the Pharmaceutical Storage and Material Handling Equipment Market Growth
Developing countries worldwide consider producing pharmaceutical products locally as a key strategy. In addition to enabling high-quality production, it also offers economic benefits to the countries where the products are manufactured. Additionally, the recent COVID-19 pandemic has disrupted the global pharmaceutical supply chain as the nationwide lockdowns imposed in major pharmaceutical-producing countries such as China restricted the supply of APIs. Moreover, continued economic growth and demographic and epidemiological shifts in developing countries, such as India, China, and other Southeast Asian countries, have led to the expansion of public insurance schemes, further improving access to therapies, including pharmaceuticals, in these countries. In the Middle East & Africa, aggressive drug pricing negotiations and ad hoc price cuts are some of the approaches used by governments to increase people's access to pharmaceuticals. Thus, the growing access to healthcare in developing countries is driving the demand for pharmaceutical products leading to increased production. Hence companies are opening new manufacturing facilities to improve the production capacity of medicines to meet future demand. For instance, in August 2020, pharmaceutical company Catalent, Inc. (U.S.) expanded its pharmaceutical manufacturing site in Argentina. Also, Middle East & African countries have gained significant traction toward pharmaceutical manufacturing. The current focus of pharmaceutical production in these countries is on generic products. This directly impacts the adoption of pharmaceutical storage and material handling equipment. The emerging pharmaceutical manufacturing hotspots and strategies to boost onshore manufacturing are expected to boost the demand for pharmaceutical storage and material handling equipment.
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The pharmaceutical storage and material handling equipment market is segmented by Type (Transport Systems [Conveyors, Intermediate Bulk Containers (IBC), Drum Handlers, Other Transport Systems], Storage Systems [Silos, Containers and Drums, Racking and Shelving Systems, Other Storage Systems], Lifting and Positioning Systems [Cranes, Hoists, Lift Tables, Other Lifting and Positioning Systems], Stacking and Unit Formation Systems [Pallets, Crates, Palletizers, Other Stacking and Unit Formation Systems]), Mode of Operation (Semi-automatic, Automatic, Manual), Dosage Form (Solid, Liquid, Semi-Liquid), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, in 2023, the transport systems segment is expected to account for the largest share of the pharmaceutical storage and material handling equipment market. The transport systems segment is further segmented into Conveyors, Intermediate Bulk Containers (IBC), Drum handlers, and Other Transport Systems. The conveyors sub-segment is expected to account for the largest share of the transport systems market in 2023, as conveyors are the most common systems to transport material and are used widely for conveying products accurately in the pharmaceutical industry.
Based on mode of operation, in 2023, the semi-automatic segment is expected to account for the largest share of the pharmaceutical storage and material handling equipment market. The large market share of this segment is attributed to the increased adoption of semi-automatic systems due to their affordability and flexibility of use, leading to smooth processes. Also, the reduction in manual processes supports the large market share of this segment.
Based on dosage form, in 2023, the solid segment is expected to account for the largest share of the pharmaceutical storage and material handling equipment market. The solid dosage form includes tablets, capsules, granules, powders, sachets, reconstitute powders, dry powder inhalers, and chewable. The large market share of the solid dosage form segment is attributed to its high efficiency and the launch of new potent solid drugs.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Switzerland, Germany, Italy, U.K., France, Ireland, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the pharmaceutical storage and material handling equipment market, followed by Europe and Asia-Pacific. The huge pharmaceutical manufacturing sector, high adoption of advanced technologies in pharmaceutical manufacturing, and a large number of regulatory approvals for pharmaceuticals boost the growth of this market in North America.
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Key Players:
The key players operating in the pharmaceutical storage and material handling equipment market are Servolift GmbH (Germany), Müller Group (Switzerland), Hanningfield Process Systems Ltd. (U.K.), GEA Group Aktiengesellschaft (Germany), AZO GmbH & Co. KG (Germany), David Round Company, Inc. (U.S.), Flexicon Corporation (U.S.), Spirotech Group Ltd (U.K.), VAC-U-MAX (U.S.), Dec Group (Switzerland), Volkmann, Inc. (U.S.), Schenck Process Holding GmbH (Germany), Coperion GmbH (Germany), Matcon Limited (U.K.), Gough Econ, Inc. (U.S.), Guttridge Limited (U.K.), and Glatt GmbH (U.K.).
Key questions answered in the report-
Which are the high-growth market segments in terms of type, mode of operation, dosage form, and geography?
What was the historical market for pharmaceutical storage and material handling equipment across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the pharmaceutical storage and material handling equipment market?
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Related Reports-
Asia-Pacific Pharmaceutical Processing and Packaging Equipment Market by Mode of Delivery (Oral [Solid, Liquid], Parenteral, Topical), Secondary (Cartoning, Labelling, Serialization, Wrapping) and Tertiary (Palletizing, De-Palletizing) - Forecast to 2030- https://www.meticulousresearch.com/product/asia-pacific-pharmaceutical-processing-and-packaging-equipment-market-5614
Europe Pharmaceutical Processing & Packaging Equipment Market by Mode of Delivery (Oral, Parenteral, Topical), Secondary Packaging (Cartoning, Labelling, Serialization, Wrapping) and End-of-Line Packaging (Palletizing, Case Packaging) - Forecast to 2030- https://www.meticulousresearch.com/product/europe-pharmaceutical-processing-and-packaging-equipment-market-5548
Pharmaceutical Processing Equipment Market by Mode of Delivery (Oral [OSDs {Coating, Milling}, Oral Liquid Dosages {Filtration Units}], Parenterals [SIP, CIP, Process Systems], Topicals [Agitators, Homogenizers, Colloid Mills]) - Global Forecasts to 2029- https://www.meticulousresearch.com/product/pharmaceutical-processing-equipment-market-5296
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