New market research suggests the global pharmaceutical robot market is expected to value $296.4 million by 2028, registering a compound annual growth rate of 9.3 percent in the forecast period (2021-2028). According to the analysts, the growing need for automation in manufacturing units, coupled with the high costs of new drug discovery, is significantly increasing the demand for robotics in clinical trials, drug discovery and laboratories will promote growth.
According to the report the numerous advantages offered by robotic systems in product manufacturing are driving their adoption and therefore promoting the growth of the market. Some of the benefits include improved production output and product quality, increased production flexibility, utilisation of less space, no labour turnover, low operating costs, enhanced health and safety, reduced production downtime and better waste management. The report states, as a result, that the long-term benefits of robots make them a cost-effective instrument in manufacturing processes, resulting in a higher return on investment, despite high initial investment for installation.
The authors also wrote that the COVID-19 pandemic has prompted the adoption of pharmaceutical robots, enabling companies to overcome labour shortage, decrease manufacturing costs and increase in-house manufacturing through automation rather than outsourcing. This is likely to continue post-COVID-19 as companies continue to work to mitigate the risks exposed by the pandemic in the global supply chain.
Additionally, the analysts suggest technological advancements and increasing investment will also drive the growth of the market.
Pharmaceutical robots by product
According to the authors, traditional robots held 64.1 percent of the market share in 2020, because of their increasing adoption in material handling, picking and packaging, palletising and inspection. However, collaborative robots or cobots, which work alongside humans rather than substituting them, are anticipated to grow the fastest during the forecast period, since they are cheaper and easier to handle and maintain than traditional solutions. The authors also suggest that cobots being lightweight and requiring minimum skills to handle is revolutionising manufacturing units. According to the report, many pharmaceutical companies have been replacing traditional robots with cobots to increase flexibility and efficiency.
Robotic systems market by end-user
Pharmaceutical companies accounted for 66.9 percent of the market by end-user in 2020 and is anticipated to grow the fastest over the forecast period. According to the report this is because of the wide range of applications for robot-assisted activities, including picking and packaging, inspection of drugs and in-house laboratory applications. In addition, the increasing application of robotics in pharmaceutical manufacturing is aiding repeatability and reproducibility, while reducing human errors. The rise in the demand for new drugs has resulted in an increase demand for automated equipment to facilitate productivity.
Their application in research laboratories is also growing, as laboratory automation has revolutionised the R&D sector and facilitated rapid test analysis. In addition, robotic machines offer benefits such as higher consistency, better record-keeping, product integrity and traceability in laboratory applications. The authors of the report cite a rise in demand for efficient workflow management in research laboratories and the rise in the number of initiatives being undertaken by private and public players to promote automation as key factors boosting the adoption of pharmaceutical robot solutions, aiding market growth.
Market by application
The analysts reported that the picking and packing segment was the largest in 2020, accounting for 54.9 percent of the market, and is also anticipated to witness the fastest growth during the forecast period. According to the report, pick and place allowing conservation of floor space thereby leading to optimum utilisati...
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