Meticulous Research® – leading global market research company published a research report titled “Pharmaceutical Storage and Material Handling Equipment Market by Type (Transport, Storage, Lifting Equipment, Stack Systems), Mode of Operation (Semi-Automatic, Automatic, Manual), Product Form (Solid, Liquid, Semi Solid), and Geography – Global Forecast to 2023”.
According to this latest publication from Meticulous Research®, the global pharmaceutical storage and material handling equipment market is expected to grow at a CAGR of 8.6% from 2018 to reach USD 1,597.4 million by 2023. The growth of this market will be driven by factors such as rapid growth in pharmaceutical market, growing focus towards automation in pharmaceutical industry, increasing focus of manufacturers on the reduction of production cost, government support to promote the pharmaceutical sector, and growing demand of single use systems. Moreover, shift towards the use of robotics and booming pharmaceutical industry in the developing economies further propels the growth of this market. However, need of high initial investment for automated storage and handling systems and demand for refurbished machines hinders the growth of this market to some extent.
The global pharmaceutical storage and material handling equipment market study presents historical market data in terms of values (2016 and 2017), estimated current data (2018), and forecasts for 2023-by type (transport, storage, lifting equipment, stack systems), mode of operation (semi-automatic, automatic, manual), and product form (solid, liquid, semi solid). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of type, transport systems market commanded the largest share of the global pharmaceutical storage and material handling systems market in 2017 with the increasing use of automated and semi-automated transport systems to meet GMP standards, particularly in the developed economies. The use of transport systems for pharmaceutical material handling is further expected to increase significantly during the forecast period mainly due to customer’s demand for smaller lot sizes; shorter lead times; and higher quality products, especially in developing countries.
On the basis of product form, storage and material handling systems market for solid pharmaceutical products dominated the global market in 2017 as solid dosage manufacturing segment is the largest segment of pharmaceutical formulations among all types of pharmaceutical formulations. Moreover, this segment is also expected to witness a rapid growth during the forecast period.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (Switzerland, Germany, Italy, U.K., France, Ireland, and RoE), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global pharmaceutical storage and material handling systems market in 2017, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to huge pharma manufacturing sector, high adoption rate of automation in pharmaceutical industry, innovations and advancements in bulk material handling products and technologies, and implementation of some expansions and acquisitions plans by the leading pharmaceutical storage and material handling systems manufacturers to increase their production capacity. However, owing to the global shift of manufacturing from North America & Europe to Asia-Pacific region and related rise in the use of storage and material handling systems in the pharmaceutical products manufacturing, rising industrialization, and growing government investments in the pharmaceutical manufacturing sector, Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period.
The major players operating in the global pharmaceutical storage and material handling equipment market are SERVOLiFT GmbH, Mueller GmbH, Hanningfield Process Systems Ltd., GEA Group Aktiengesellschaft, AZO GmbH + Co. KG, David Round Company, Inc, FLEXICON Corporation, Spirotech-SRD Group Ltd., VAC-U-MAX, Dietrich Engineering Consultants S.A., Volkmann, Inc, Schenck Process Holding GmbH, Coperion Capital GmbH, Matcon Ltd., Gough Econ, Inc, Guttridge Limited, and Glatt GmbH among others.
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