Pharmaceutical Storage and Material Handling Equipment Market Set to Surge, Expected to Reach $5.83 Billion by 2030

In a groundbreaking research report titled 'Pharmaceutical Storage and Material Handling Equipment Market by Type (Transport [Conveyor, IBC], Storage, Lifting [Crane, Hoist], Stacking System [Pallet, Crate]), Operation Mode (Automatic, Manual), Product Form (Solid, Liquid) - Global Forecast to 2030,' Meticulous Research®, a trailblazing market research company, projects the pharmaceutical storage and material handling equipment market to soar to $5.83 billion by 2030, exhibiting a compelling CAGR of 9.8% from 2023 to 2030.

The unprecedented growth in this market can be attributed to the surge in the pharmaceuticals sector, a heightened emphasis on automation within the pharmaceutical industry, manufacturers' focus on reducing production costs, and government initiatives fostering the pharmaceutical sector. However, the notable cost associated with setting up efficient material handling systems poses a potential challenge to the market's growth. Despite this, the shift towards robotics, emerging economies, and the increasing adoption of generic drugs present lucrative opportunities for market expansion.

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Developing Economies Spearhead Opportunities for Growth

As developing nations embrace local pharmaceutical production as a strategic initiative, it not only facilitates high-quality production but also bestows economic benefits upon the manufacturing countries. The recent disruptions in the global pharmaceutical supply chain, exacerbated by the COVID-19 pandemic, have intensified the urgency for self-reliance in pharmaceutical production. Economic growth and demographic shifts in developing countries, including India, China, and Southeast Asian nations, coupled with expanded public insurance schemes, contribute to increased demand for pharmaceutical products. To meet this escalating demand, companies are establishing new manufacturing facilities, exemplified by Catalent, Inc.'s (U.S.) expansion of its pharmaceutical manufacturing site in Argentina in August 2020. The focus on generic pharmaceuticals in the Middle East & Africa further drives the adoption of pharmaceutical storage and material handling equipment, creating a fertile ground for market growth.

Segmentation and Market Dynamics

The pharmaceutical storage and material handling equipment market is meticulously segmented by type, operation mode, product form, and geography. In 2023, the transport systems segment, including conveyors, IBCs, drum handlers, and other transport systems, is anticipated to dominate the market. Conveyors, known for their accuracy in material transportation, are expected to hold the largest share within the transport systems category.

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The semi-automatic mode of operation is projected to lead the market in 2023, driven by increased adoption owing to affordability and operational flexibility. The solid dosage form, encompassing tablets, capsules, powders, and more, is forecasted to command the largest market share, attributing its efficiency and the introduction of potent solid drugs.

Regional Outlook

North America is poised to claim the largest share of the pharmaceutical storage and material handling equipment market in 2023, followed by Europe and Asia-Pacific. The robust pharmaceutical manufacturing sector, widespread adoption of advanced technologies, and numerous regulatory approvals position North America at the forefront of market growth.

Key Players in the Industry

Leading players in the pharmaceutical storage and material handling equipment market include 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.), and Flexicon Corporation (U.S.), among others.

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Key Insights and Queries Addressed in the Report:

Identification of high-growth market segments by type, operation mode, dosage form, and geography.
Historical market analysis of pharmaceutical storage and material handling equipment worldwide.
Market forecasts and estimates for the period 2023-2030.
Major drivers, restraints, opportunities, and challenges shaping the market.
Key players and the competitive landscape in the pharmaceutical storage and material handling equipment market.

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This release was published on openPR.