The key factors that are driving the growth of the significant benefits offered by robots in pharmaceutical manufacturing, growing awareness of robotic systems in the manufacturing process, increasing investments in pharmaceutical research and development are boosting the market over the years. In addition, the growth opportunities in emerging nations are likely to have a positive impact on the growth of the market in the coming years.
The global pharmaceutical robots market is expected to reach US$ 344.4 Mn in 2027 from US$ 110.8 in 2018. The market is estimated to grow with a CAGR of 13.6% from 2019-2027.
Some of the major primary and secondary sources included in the report for the pharmaceutical robots market are, Natural Sciences and Engineering Research Council of Canada, International Trade Administration (ITA), International Federation of Robotics (IFR), Agency for Medical Research and Development (AMRD), Centers for Disease Control and Prevention, Commonwealth Scientific and Industrial Research Organization (CSIRO) and others.
There are several conferences, workshops, and exhibitions being held across the globe in order to increase the awareness of robotic systems. For instance, 5th World Congress on Automation and Robotics was held in April 2018, at Las Vegas, USA. The conference aimed at growing awareness and share the knowledge of advanced technology amongst the professionals, industrialists, and students from the research area of Automation & Robotics. Furthermore, Pittcon 2018 was held in February 2018 at Orlando, Florida.
The conference focused on the latest developments in technology, assisting analysis and automation in pharmaceutical research. For instance, GlaxoSmithKline, who has collaborated with other pharmaceutical companies to assess the robotic platforms for precise, automated dispensing of solids and AstraZeneca has who have worked on combined efforts to improve the measurement and prediction of API solubility. Thus the growing conferences, workshops, and exhibitions for pharmaceutical robots drive the market growth during the forecast period.
The product segment was further divided as collaborative robots and traditional robots. On the basis of application, the market is segmented into the inspection of pharmaceutical drugs, laboratory applications, and picking and packaging. Based on the end user, the pharmaceutical robots market is segmented into pharmaceutical companies and research laboratories. The pharmaceutical companies held a major market share among the end user segment owing to the growing geriatric population across the globe.
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