ALBANY, New York, May 30, 2018 /PRNewswire/ --
The global pharmaceutical robots market was valued at US$ 92.73 Mn in 2017 and is projected to expand at a cumulative annual growth rate (CAGR) of more than 12.1% from 2018 to 2026, according to a new report titled 'Pharmaceutical Robots Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026' published by Transparency Market Research (TMR) in May 2018. The report states that high adoption of robots, robust pharmaceutical industry across the globe, increase in funding for robotics research, and launch of newer therapies etc. are expected to spur the expansion of the pharmaceutical robots market during the forecast period from 2018 to 2026. Asia Pacific and Europe are projected to dominate the global pharmaceutical robots market in the near future, primarily due to rise in the number of domestic robot companies, blooming pharmaceutical sector, and rise in the number of conferences and exhibitions, and increase in funding in the industrial robots industry in these regions.
Asia Pacific is estimated to dominate the global pharmaceutical robots market by the end of 2026. This is due to the presence of a large number of local pharmaceutical companies, robot strategy adopted by countries such as China and Japan, and various initiatives undertaken by governments and non-profit organizations to promote awareness regarding the benefits offered by robotics. The pharmaceutical robots market in Asia Pacific is expected to expand at a CAGR of more than 13% from 2018 to 2026.
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Technological Advancements and Significant Penetration of Robotics to Fuel the Global Market
Pharmaceutical robots are adept at performing tasks at rates that far exceed human capability. These robots are capable of functioning in perilous settings in proximity to biological dangers such as threat of radioactive contamination and toxic chemotherapy compounds. Robots are used in applications such as drug discovery, pharmaceutical and medical device manufacturing, and performing blood sample testing. Moreover, pharmaceutical companies are utilizing robots on large scale for scientific research. Factors such as rise in awareness about robotic machines and their increasing usage are leading to generation of large revenue for pharmaceutical robots market segment. The ability of these robots to inspect as well as pack drugs in pharmaceutical companies and laboratories is fuelling the market. The newest updated robots are included in the collaborative robots segment, which is expected expand at a high CAGR over the forecast period. These robots offer new and advanced technology and permit interaction between humans and robots. Also, these robots are economical and offer easy maintenance.
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Collaborative Robots to be an Attractive Product Segment
The report offers detailed segmentation of the global pharmaceutical robots market based on type, application, and end-user. In terms of type, the collaborative robots segment is anticipated to expand at a significant CAGR during the forecast period. Collaborative robots are widely used in the life sciences sector owing to the accuracy, efficiency, and reproducibility offered by them. Moreover, collaborative robots can work alongside humans. Collaborative robots are economical, lightweight, and require minimum skills to be operated upon. These factors are expected to propel the collaborative robots segment in the coming years.
Picking and Packaging Segment Dominates the Market
In terms of application, the picking and packaging segment is projected to dominate the global pharmaceutical robots market during the forecast period and is estimated to expand at a CAGR of more than 12% from 2018 to 2026. There has been a tremendous rise in demand for personalized packaging leading to the increased usage of robots. The advantages offered by robotic machines in the field of pharmaceuticals include speed, accurate track and trace, and optimal floor space utilization. A large number of traditional robots such as VS-068A2 and VP-6242G produced by Denso Wave Incorporated are used for picking and packaging. Thus, picking and packaging is regarded as the most apt usage of robots.
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Pharmaceutical Companies are Prominent End-users in the Market
In terms of end-user, the pharmaceutical companies segment is projected to hold a dominant share of the global pharmaceutical robots market during the forecast period. The segment is likely to expand at CAGR of 12.8% from 2018 to 2026. Factors such as rise in adoption of robots in the pharmaceutical sector owing to rise in drug discoveries and development are fuelling the expansion of the segment. Moreover, there has been an increase in development of personalized medicine and clinical trials in the pharmaceutical sector, which is further propelling the market.
Significant Incremental Opportunity in Asia Pacific Region
In terms of value, Asia Pacific dominated the global pharmaceutical robots market in 2017. The market share of the region is estimated to rise by the end of 2026. The dominance of the Asia Pacific region can be primarily attributed to the presence of a large number of local pharmaceutical companies in countries such as Japan and China. The local presence of leading pharmaceutical companies with large manufacturing units in these countries is expected to propel expansion of this region. The pharmaceutical robots market in Asia Pacific is anticipated to expand at a rapid rate during the forecast period.
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Key Trend of Mergers and Acquisitions and New Product Development in the International Market is Observed among Leading Players
The report also provides profiles of the leading players operating in the global pharmaceutical robots market. Kawasaki Heavy Industries, Ltd., FANUC America Corporation, ABB Ltd., Yaskawa Electric Corporation, Denso Wave Inc., and Universal Robots A/S are some of the prominent players in the market with proprietary products and technologies. The major growth strategies adopted by these companies include mergers & acquisitions, new product development, as well as regional expansions. For instance, in 2016, FANUC America Corporation opened four new facilities, relocated three facilities, and added three new regional training centers. In 2017, Universal Robots launched Universal Robots Academy that offers free online training in robot programming in order to raise awareness about automation.
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