Press release
Pharmaceutical Storage and Material Handling Equipment Market Poised to Surpass $5.83 Billion by 2030-Meticulous Research® Unveils Exclusive Report
Market Dynamics
The global consumption of pharmaceuticals is witnessing an upsurge driven by factors such as the aging population and the escalating prevalence of chronic diseases. This surge in demand necessitates the adoption of cutting-edge methods, technologies, and machinery in the pharmaceutical industry, thereby fueling the demand for advanced storage and material handling systems.
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Market Growth Drivers
The market's growth is propelled by the burgeoning pharmaceutical sector, increasing automation in pharmaceutical manufacturing, manufacturers' focus on cost reduction, and governmental support to bolster the pharmaceutical industry. However, the initial setup costs associated with efficient material handling systems pose a challenge to market growth. Nevertheless, opportunities such as the shift towards robotics, growth in developing economies, and the rising adoption of generic drugs are expected to further augment market expansion.
Impact of COVID-19 Pandemic
The COVID-19 pandemic disrupted the global pharmaceutical supply chain, prompting policymakers worldwide to prioritize supply chain resilience. Despite initial setbacks due to temporary plant closures during lockdowns, the pandemic ultimately spurred increased reliance on local pharmaceutical production, thereby driving the demand for storage and material handling equipment. Initiatives such as advanced manufacturing frameworks and support from organizations like the United Nations Industrial Development Organization further boosted local production and equipment demand.
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Market Segmentation
The report provides a comprehensive segmentation of the pharmaceutical storage and material handling equipment market based on type, operation mode, product form, and geography, offering insights into industry competitors and regional market dynamics.
Key Players and Strategic Developments
Leading players in the market include Servolift GmbH, Müller Group, Hanningfield Process Systems Ltd., GEA Group Aktiengesellschaft, AZO GmbH & Co. KG, David Round Company, Inc., Flexicon Corporation, Spirotech Group Ltd, VAC-U-MAX, Dec Group, Volkmann, Inc., Schenck Process Holding GmbH, Coperion GmbH, Matcon Limited, Gough Econ, Inc., Guttridge Limited, and Glatt GmbH.
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