February 08, 2023 09:00 ET | Source: Meticulous Market Research Pvt. Ltd. Meticulous Market Research Pvt. Ltd.

Redding, California, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, ‘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,’ published by Meticulous Research®, the pharmaceutical storage and material handling equipment market is projected to reach $5.83 billion by 2030, at a CAGR of 9.8% from 2023 to 2030. Electric Chain Fall

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The consumption of pharmaceuticals is increasing worldwide, not only in terms of expenditure but also in the volume or quantity of drugs consumed. This demand is associated with an increasingly aging population and the high prevalence of various chronic diseases. As demand for medicines increases along with the growing incidence of diseases, it implies significant demand to adopt new methods, technologies, and machinery in the pharmaceutical industry, which ultimately drives the demand for various pharmaceutical equipment, including storage and material handling systems.

The growth of this market is driven by the rapid growth in the pharmaceuticals market, rising focus on automation in the pharmaceutical industry, the focus of manufacturers to reduce production costs, and government support to promote the pharmaceutical sector. However, the cost of setting up efficient material handling systems in the pharmaceutical industry may restrain the growth of this market to a notable extent. Additionally, a shift toward the use of robotics, developing economies, and the increasing adoption of generic drugs are creating opportunities for market growth.

COVID-19 Pandemic Impact on the Pharmaceutical Storage and Material Handling Equipment Market

The COVID-19 pandemic has significantly disrupted the global pharmaceutical supply chain. Policymakers around the globe are focused on increasing supply chain resiliency. The pharmaceutical storage and material handling equipment industry has been positively and negatively affected by the COVID-19 pandemic. The negative impact was only witnessed initially, with shortages in the supply of pharmaceutical storage and material handling equipment caused due to the temporary closure of local manufacturing plants during the lockdown.

The overall impact on the market has been positive as the COVID-19 pandemic resulted in increased reliance on the local production of pharmaceuticals, boosting the demand for pharmaceutical storage and material handling equipment. In developed countries such as the U.S., advanced manufacturing facilities were implemented to boost domestic production and avoid further disruptions. For instance, in January 2021, the U.S. FDA partnered with the National Institute of Standards and Technology (NIST) and created an advanced manufacturing regulatory framework that increased domestic drug manufacturing and supply chain resiliency. Such developments propelled the demand for pharmaceutical storage and material handling equipment. In developing countries, organizations such as the United Nations Industrial Development Organization supported local production by providing technical cooperation and advisory services to ensure pharmaceutical access, positively impacting the demand for pharmaceutical storage and material handling equipment.

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The pharmaceutical storage and material handling equipment market is segmented by Type (Transport Systems [Conveyors, Intermediate Bulk Containers (IBC), Drum Handlers, Other Transport Systems], Storage Systems [Silos, Containers and Drums, Racking and Shelving Systems, Other Storage Systems], Lifting and Positioning Systems [Cranes, Hoists, Lift Tables, Other Lifting and Positioning Systems], Stacking and Unit Formation Systems [Pallets, Crates, Palletizers, Other Stacking and Unit Formation Systems]), Mode of Operation (Semi-automatic, Automatic, Manual), Dosage Form (Solid, Liquid, Semi-liquid), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on product, the transport systems segment is projected to register the highest CAGR during the forecast period due to increasing customer demand for smaller lot sizes and shorter lead times and the increasing demand for higher quality products, especially in developing countries. Transport systems are further segmented into conveyors, intermediate bulk containers (IBC), drum handlers, and other transport systems. Of these, IBC is projected to register the highest CAGR during the forecast period as its efficient and flexible material handling features are widely appreciated and applied in modern facilities for continuous processing.

Based on mode of operation, in 2023, the semi-automatic segment is expected to account for the largest share of the pharmaceutical storage and material handling equipment market. The large market share of this segment is attributed to the increased adoption of semi-automatic systems due to their affordability and flexibility of use, leading to smooth processes. Also, the reduction in manual processes supports the large market share of this segment. However, the automatic systems segment is expected to register the highest CAGR during the forecast period. Automatic systems meet the dynamic needs of the pharmaceutical industry, such as careful production monitoring, automatic tracking of individual loads, no human errors, effective cleaning, and no cross-contamination. Automatic systems can also lower labor costs, boosting their demand in the future.

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Based on dosage form, in 2023, the solid form segment is expected to register the highest CAGR during the forecast period. The upgradation of manufacturing from batch to continuous processing of solid form of drugs and solid dosage forms being the most popular dosage form across the patient group contribute to the high growth of this segment.

Based on geography, in 2023, North America is expected to dominate the global pharmaceutical storage and material handling equipment market, followed by Europe and Asia-Pacific. Advanced healthcare infrastructure in the U.S. and Canada, the high adoption of advanced technologies, a well-established pharmaceutical industry, and the launch of new drugs in the region contribute to this market’s large share. However, Asia Pacific is expected to register the fastest CAGR during the forecast period.

The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market players during 2020–2023. In recent years, the pharmaceutical storage and material handling equipment market has witnessed several organic and inorganic strategic developments.

The key players profiled in this market study are 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.), Flexicon Corporation (U.S.), Spirotech Group Ltd (U.K.), VAC-U-MAX (U.S.), Dec Group (Switzerland), Volkmann, Inc. (U.S.), Schenck Process Holding GmbH (Germany), Coperion GmbH (Germany), Matcon Limited (U.K.), Gough Econ, Inc. (U.S.), Guttridge Limited (U.K.), and Glatt GmbH (U.K.). To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/pharmaceutical-storage-and-material-handling-equipment-market-4364

Pharmaceutical Storage and Material Handling Equipment Market, by Type

Other equipment include trucks and trolleys, vacuum grippers, carts, and feeders.

 Other storage systems include refrigerated storage systems, bulk bags, boxes, and kegs.

 Other lifting and positioning systems include trolleys, lift trucks, and manipulators.

 Other stacking and unit formation systems include tote pans, cartons, and skids.

Pharmaceutical Storage and Material Handling Equipment Market, by Mode of Operation

Pharmaceutical Storage and Material Handling Equipment Market, by Dosage Form

Pharmaceutical Storage and Material Handling Equipment Market, by Geography

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