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(Publishing-NewsWire.com, August 04, 2022 ) According to the latest publication from Meticulous Research®, the global pharmaceutical storage and material handling equipment market is expected to grow at a CAGR of 8.6% from 2018 to reach USD 1,597.4 million in 2023. The growth of this market will be driven by factors such as rapid growth of the pharmaceutical industry, increasing focus of manufacturers on reduction of production cost, government support to promote the pharmaceutical sector, growing demand of single use systems, and increasing focus towards automation in the pharmaceutical industry. However, demand for refurbished machines hamper the growth of this market. As consolidations in the pharmaceutical industry occur and more and more machines are released within companies and in the market, the ability to use available pre-owned machines is becoming more prominent. Also, many major organizations return their pharmaceutical processing machines back to the vendor for various reasons like malfunctions, speed issue etc. These returned products are tested for functionality and defects; they are hence refurbished and resold to the small setups for the manufacturing and handling of pharma products.
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The transport systems market dominated the global pharmaceutical storage and material handling equipment market, mainly due to the increasing use of automated and semi-automated transport systems to meet GMP standards. This market is also expected to increase significantly during the forecast period with the growing demand for smaller lot sizes; shorter lead times; and higher quality products, especially in developing countries.
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Geographically, North America commanded the largest share of the global market, mainly due to its huge pharma manufacturing sector, high adoption rate of automation in the pharmaceutical industry, innovations and advancements in bulk material handling products and technologies, and implementation of some expansions and acquisitions plans by the leading pharmaceutical storage and material handling systems manufacturers to increase production capacity.
The major players operating in this market are SERVOLiFT GmbH, Mueller GmbH, Hanningfield Process Systems Ltd., GEA Group Aktiengesellschaft, AZO GmbH + Co. KG, David Round Company, Inc, FLEXICON Corporation, Spirotech-SRD Group Ltd., VAC-U-MAX, Dietrich Engineering Consultants S.A., Volkmann, Inc, Schenck Process Holding GmbH, Coperion Capital GmbH, Matcon Ltd., Gough Econ, Inc, Guttridge Limited, and Glatt GmbH.
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