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Pharmaceutical Storage and Material Handling Equipment Market Projected to Surpass $5.83 Billion by 2030

02-22-2024 06:21 AM CET | Health & Medicine

Press release from: Meticulous research

/ PR Agency: Meticulous Research
Pharmaceutical Storage and Material Handling Equipment Market

[Redding, California , 22-02-2024] - Meticulous Research®, a distinguished leader in market research, has unveiled its latest 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'. This comprehensive analysis forecasts the pharmaceutical storage and material handling equipment market to soar to $5.83 billion by 2030, registering a robust CAGR of 9.8% from 2023 to 2030.

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The market's remarkable growth trajectory is attributed to several factors, including the exponential expansion of the pharmaceutical sector, heightened emphasis on automation within the industry, manufacturers' concerted efforts to curtail production expenses, and governmental initiatives aimed at bolstering the pharmaceutical domain. However, challenges such as the initial setup costs for efficient material handling systems may impede market growth to some extent. Nevertheless, burgeoning opportunities lie in the adoption of robotics, the emergence of new economies, and the increasing utilization of generic drugs, propelling the market forward.

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Developing Economies Present Lucrative Prospects

Developing nations worldwide are strategically prioritizing local pharmaceutical production, not only to ensure high-quality output but also to reap economic advantages domestically. The recent disruption in the global pharmaceutical supply chain due to the COVID-19 pandemic underscored the necessity for localized production, as witnessed in countries like China, where nationwide lockdowns impeded active pharmaceutical ingredient (API) supply. Moreover, sustained economic growth coupled with demographic shifts in regions such as India, China, and Southeast Asia has spurred the expansion of public healthcare schemes, enhancing therapeutic accessibility and fueling pharmaceutical demand. In the Middle East & Africa, governments are resorting to aggressive pricing negotiations and policy interventions to widen pharmaceutical access. Consequently, the escalating demand for pharmaceutical products has spurred the establishment of new manufacturing facilities, exemplified by Catalent, Inc.'s expansion of its pharmaceutical manufacturing site in Argentina. Additionally, the Middle East & African regions are emerging as significant hubs for pharmaceutical production, with a predominant focus on generic products, thereby driving the adoption of pharmaceutical storage and material handling equipment.

Market Segmentation and Analysis

The pharmaceutical storage and material handling equipment market is segmented by Type, Operation Mode, Product Form, and Geography, offering a granular understanding of industry dynamics. Notably, the transport systems segment, comprising Conveyors, Intermediate Bulk Containers (IBC), Drum handlers, among others, is poised to dominate the market, with conveyors emerging as the primary choice for material transport owing to their precision and widespread utilization in the pharmaceutical sector. Similarly, the semi-automatic operation mode segment is expected to command a significant share, driven by its affordability and operational flexibility, which streamlines processes and minimizes manual intervention. Furthermore, solid dosage forms, encompassing tablets, capsules, and powders, are projected to lead the market, buoyed by their efficacy and the introduction of potent solid drugs.

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Regional Outlook

Geographically, North America is anticipated to maintain its market supremacy, closely followed by Europe and Asia-Pacific. The dominance of North America can be attributed to its robust pharmaceutical manufacturing sector, extensive adoption of advanced technologies, and a plethora of regulatory approvals, fostering market growth.

Key Players

Key players in the pharmaceutical storage and material handling equipment market include Servolift GmbH, Müller Group, Hanningfield Process Systems Ltd., among others, who are at the forefront of driving innovation and meeting the evolving demands of the pharmaceutical industry.

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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.

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