Transparency Market Research (TMR) has predicted that the global pharmaceutical robots market is set to witness high adoption of regional expansion, new product development and merger and acquisition as key business strategies, bagging $250.46 million by the end of 2026.
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In its report, TMR forecasted that the global pharmaceutical robots market will post a 12.1% CAGR during the forecast period 2018–2026 — which held a valuation of $92.73 million in 2017.
Amongst end users, pharmaceutical companies could secure a lion’s share as their market expands at a CAGR of 12.8%. When looking at each region, TMR found that Asia Pacific is prognosticated to take the driver’s seat of the market — particularly when considering its $42.53 million valuation that was secured in 2017.
Growth in the sector is being propelled by numerous factors, such as the fact that pharmaceutical robots are capable of performing tasks more adeptly than humans and can operate in risky settings with biological dangers. Additionally, research could be a lucrative opportunity for vendors in the market and pharmaceutical robots may find use in blood sample testing, pharmaceutical and medical device manufacturing, and drug discovery.
However, challenges such as a lack of skilled personnel in automated manufacturing units and high costs associated with robots could threaten market demand. Cost-effective solutions being introduced are anticipated to create rewarding business prospects in the market. Furthermore, reductions in production cost, increasing technological developments, and swelling demand from the pharmaceutical industry could help the market to increase demand in the coming years.
Within the pharma industry, robots are being used on a large scale for the inspection and packaging of drugs. Novel developments in collaborative robots is anticipated to set the tone for valuable growth in the global pharmaceutical robots’ market.