The main purpose of using a storage and material handling system is to ensure that the material in the right amount is carefully delivered to the desired destination at the right time. The growing demand for pharmaceutical storage and material handling systems is primarily attributed to a drug manufacturer‟s strong focus on quality, safety, and drug efficacy by reducing costs and improving manufacturing efficiencies. As a result, the global pharmaceutical storage and material handling systems market has experienced consistent growth over the years. “Meticulous Research” in its latest publication states that, the “global market for pharmaceutical storage and material handling systems is expected to grow at a CAGR of 8.6% from 2018 to 2023 to reach $1,597.4 million by 2023.”
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This growth is primarily driven by the rapid growth in pharmaceutical market, growing focus towards automation in pharmaceutical industry, increasing focus of manufacturers on reduction of production cost, government support to promote the pharmaceutical sector, and growing demand of single use systems.
Pharmaceutical manufacturers are focused, as never before, on reducing operational costs while ensuring compliance. Cost pressures are increasingly acute as many pharmaceutical manufacturers see a dwindling product pipeline, as well as greater competition from generics. To ensure that their bottom lines remain solid, pharmaceutical manufacturers are looking to increase the efficiency of their operational and manufacturing processes by optimizing resources, improving efficiency, reducing waste, and controlling inventory. In addition, the regulatory climate is, at last, conducive to focus on such changes, as the U.S. FDA as well as other regulatory bodies now support approaches that seek to reduce risk by building quality into the manufacturing process from the start, as opposed to relying on end-process testing. Hence, in order to reduce the manufacturing cost and time, pharmaceutical manufacturers drastically stirred the way of production. In the pharmaceutical industry, cost attributed to the manufacturing is major part of a company’s total expenses.
The cost of bringing new drug to the market place has been steadily increasing, with recent estimates (2014) projecting a required investment of over $2.5 billion to progress from a laboratory idea to successful commercialization. The rising costs of drug manufacture has also driven the high growth of Contract Manufacturing Organization‟s (CMOs), which offer outsourced manufacturing operations – allowing pharma companies to remain competitive and cost efficient. Material handling in the pharmaceutical industry has witnessed several changes over the years.
Owing to these changes, the production and output levels have scaled up nearly ten times over the past three decades. The major advantages of continuous manufacturing are that it results in more consistent products and processes, consumes fewer resources, minimizes waste, and lowers operating costs. In fact, incremental improvements not only improve quality and decrease costs immediately, but also better prepare pharmaceutical manufacturers for the more radical changes that will be required to compete in the future by providing better process understanding and technology experience on a smaller scale.
Thus, storage and material handling systems help to increase production efficiency and control manufacturing cost along with reducing energy consumption and operating cost, thereby driving the global pharmaceutical storage and material handling systems market.
The report provides meticulous analysis of pharmaceutical storage and material handling systems market on the basis of type (transport, storage, lifting equipment, stack systems), mode of operation (semi-automatic, automatic, manual), product form (solid, liquid, semi solid), and geography.
The key players analyzed in the Pharmaceutical Storage and Material Handling Systems 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.
Key Topics Covered in This Report:
- Research Methodology
- Executive Summary
- Market Share Analysis
- Market Insights
- Global Pharmaceutical Storage and Material Handling Systems Market, By Type
- Global Pharmaceutical Storage and Material Handling Systems Market, By Mode of Operation
- Global Pharmaceutical Storage and Material Handling Systems Market, By Product Form
- Geographic Analysis
- Competitive Landscape
- Company Profiles
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