Latest pharmaceutical industry robot news
The worldwide market for pharmaceutical robotic systems is expected to grow from USD64.37m in 2016 to USD119.46m by 2021. This represents a CAGR of 13.2% from 2016 to 2021.
The main driver for this growth are the benefits that have been offered by robotic systems within the industry.
As the demand for new drugs and medicines grows, the pharmaceutical industry is continuously looking for new ways to increase productivity, which leads to an increased reliance on automated equipment and robotics.
The wide range of benefits to pharmaceutical manufacturing - lesser space utilization, reduced production downtime, no labour turnover, enhanced health and safety, better waste management, increased production flexibility, improved production output and product quality, and lower operating costs - will continually boost demand for automated systems.
Another interesting factor is that conferences and exhibitions will raise the awareness of robotic systems in pharmaceutical manufacturing.
However, there are some negatives which will hold growth back. The initial cost of buying and installing systems still dissuade many companies from making the investment needed to automate. There is also the worry that there is a lack of skilled personnel to work in automated manufacturing units. And another concern that will manufacturing advanced robotic systems meet the requirements of consumers in the era of Industrial Internet of Things (IIoT).
Yet despite the concerns, the market is set to achieve significant growth.