Artificial Intelligence
iBio Announces Financial Results for Fiscal Year Ended June 30, 2020
BRYAN, Texas, Oct. 13, 2020 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, today announced its financial results for the fiscal year ended June 30, 2020, which included record revenues of over $1.1 million in the fiscal fourth quarter.
2020 Fiscal Year and Recent Business Developments:
CDMO Services
- In July 2019, iBio entered into an agreement with Lung Biotechnology PBC, a subsidiary of United Therapeutics Corporation, to produce recombinant human collagen to be used as a bioink for 3D-bioprinted organs.
- In September 2019, the Company entered into an initial Statement of Work (“SoW”) with AzarGen Biotechnologies (Pty.) Ltd. (“AzarGen”), pursuant to which iBio will manufacture research quantities of a plant-made rituximab for AzarGen using iBio’s proprietary FastPharming® System. iBio CDMO is performing bioanalytical services for the project as well.
- In December 2019, the Company introduced its Glycaneering Development Service™, which includes an array of new glycosylation technologies for engineering high-performance recombinant proteins.
- In December 2019, iBio entered into a collaboration with EdgePoint AI to deploy EdgePoint’s proprietary artificial intelligence / blockchain-driven vision system for pharmaceutical manufacturing, known as TrustPoint Fabric.
- In March 2020, the Company entered into a second SoW with AzarGen for development and manufacturing services.
Research & Bioprocessing
- In August 2019, iBio granted CC-Pharming Ltd. (“CC-Pharming”) a research license to iBio’s FastPharming System and know-how for the evaluation of multiple product opportunities.
- In October 2020, iBio entered into an agreement with Safi Biosolutions, Inc. (“Safi”) to evaluate iBio’s FastPharming System for the expression of key proteins to be used in the bioprocessing of Safi blood cell therapy products. iBio will also work to commercialize cytokines and growth factors not designated as custom products for use in the Safi bioprocess as part of its new standard catalog offering of proteins for research and further manufacturing uses.
Vaccines
- In March 2020, iBio announced the development of proprietary SARS-CoV-2 Virus-Like Particle (“VLP”)-based vaccine candidates using its FastPharming System and filed four related provisional patent applications with the U.S. Patent and Trademark Office.
- In March 2020, the Company announced that immunization studies for its SARS-CoV-2 VLP program (“IBIO-200”) were proceeding at Texas A&M University System laboratories.
- In April 2020, the Company signed agreements with the Infectious Disease Research Institute in support of iBio’s COVID-19 vaccine development program.
- In June 2020, the Company initiated preclinical immunization studies for its second SARS-CoV-2 vaccine candidate, IBIO-201, which combines antigens derived from the SARS-CoV-2 spike protein fused with iBio’s patented LicKM™ booster molecule.
- In June 2020, iBio was selected by IBM Watson Health to receive 18 months of use of the IBM Clinical Development solution, free-of-charge, to help support clinical COVID-19 vaccine candidates.
- In August 2020, the Company announced that IBIO-201 demonstrated an ability to elicit an anti-SARS-CoV-2 immune response in preclinical studies.
- In September 2020, iBio selected IBIO-201 as its leading candidate for the prevention of SARS-CoV-2 infection.
Therapeutics
- In August 2019, iBio expanded the scope of its business venture with CC-Pharming by granting it an exclusive, royalty-bearing commercial license to iBio’s bio-better rituximab product candidates for the territory of China.
- In August 2020, iBio entered into an exclusive worldwide license agreement with Planet Biotechnology Inc. for the development of a COVID-19 therapeutic candidate based upon an ACE2-Fc immunoadhesin.
“Fiscal 2020 was a pivotal period for iBio, marked by the launch of our Glycaneering Development Service; new collaborations leveraging the FastPharming System; and most notably, our transition from a business model focused on CDMO services to one that also includes the development of our own, proprietary products,” said Tom Isett, Chairman & CEO of iBio. “We developed two SARS-CoV-2 vaccine candidates, in-licensed a COVID-19 therapeutic candidate, and reinvigorated our work on IBIO-100 for fibrotic diseases.”
2020 Fiscal Year Corporate Developments:
- In December 2019, iBio joined the Advanced Regenerative Manufacturing Institute, which is leading the Advanced Tissue Biofabrication initiative on behalf of the U.S. Department of Defense.
- In March 2020, iBio appointed Tom Isett as its Co-Chairman and CEO, and subsequently, appointed him Chairman in June 2020.
- In March 2020, the Company joined the Alliance for Biosecurity.
- In April 2020, iBio expanded its involvement in the Manufacturing USA® Network, joining the National Institute for Innovation in Manufacturing Biopharmaceuticals.
Financial Results:
For the fiscal year ended June 30, 2020, iBio reported revenues of approximately $1.6 million, a decrease of $380,000 from approximately $2.0 million for the fiscal year ended June 30, 2019. The decrease is primarily attributable to the timing of service revenues from CC-Pharming. Revenue earned from CC-Pharming totaled approximately $1.3 million in 2020, compared with approximately $1.8 million in 2019. Revenue earned from third-party customers in 2020 increased approximately 118% to $371,000 versus $170,000 in 2019. iBio recorded revenues of over $1.1 million in the fiscal fourth quarter.
Total operating expenses, consisting primarily of research and development (“R&D”) and general and administrative (“G&A”) expenses, for the fiscal year ended June 30, 2020 were approximately $15.6 million, compared with approximately $17.8 million in 2019.
R&D expenses for the 2020 fiscal year were approximately $3.2 million, compared with approximately $5.5 million in 2019. The decrease in R&D expense of approximately $1.6 million was primarily related to decreases in third-party R&D costs of approximately $1.4 million, R&D personnel and consulting costs of approximately $963,000 and grant income of $37,000; offset by an increase in R&D project related costs of $112,000.
G&A expenses for the 2020 fiscal year were approximately $12.4 million, compared with approximately $12.3 million in the 2019 fiscal year. The increase is primarily attributable to higher depreciation and amortization expense of $492,000, professional fees of $508,000, personnel costs of $380,000 and board of directors’ fees of $168,000; offset by decreases in repairs and maintenance costs of approximately $817,000, rent of $409,000, recruiting fees of $131,000, and travel of $212,000.
Other expense for the 2020 and 2019 fiscal years was approximately $2.4 million and $1.8 million, respectively. The increase resulted primarily from higher interest expense related to the adoption, effective July 1, 2019, of ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) (“ASC 842”) and other associated standards using the modified retrospective approach for all leases entered into before the effective date.
Net loss attributable to iBio stockholders for the 12 months ended June 30, 2020 was approximately $16.4 million, or $0.61 per share, compared with a net loss of approximately $17.6 million, or $0.94 per share, in the 2019 fiscal year.
iBio has continued to strengthen its balance sheet:
- In March, iBio entered into an agreement to sell common stock to Lincoln Park Capital and raised net proceeds of approximately $25.2 million prior to concluding the agreement.
- Through utilization of at-the-market (“ATM”) offerings during 2020, iBio raised net proceeds of approximately $42.2 million.
As of June 30, 2020, iBio had cash of approximately $55.1 million, compared with approximately $4.4 million as of June 30, 2019. Subsequent to fiscal year end, the Company completed additional ATM offerings, resulting in it having approximate cash and cash equivalents of $83.1 million on September 30, 2020.
About iBio, Inc.
iBio is a global leader in plant-based biologics manufacturing. Its FastPharming® System combines vertical farming, automated hydroponics, and glycan engineering technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. The Company’s subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services. iBio’s Glycaneering Development Service™ includes an array of new glycosylation technologies for engineering high-performance recombinant proteins. Additionally, iBio is developing proprietary products, which include IBIO-100 for the treatment of fibrotic diseases, and vaccines for COVID-19 disease. For more information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding leveraging the FastPharming® System, manufacturing research quantities of a plant-made rituximab for AzarGen using iBio’s proprietary FastPharming System and the Company commercializing cytokines and growth factors not designated as custom products for use in the Safi bioprocess as part of its new standard catalog offering of proteins for research and further manufacturing uses. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, including its COVID-19 vaccines, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, its ability to maintain its license agreements, the continued maintenance and growth of its intellectual property portfolio, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities, competition, its ability to retain its key employees or maintain its NYSE American listing, and the other risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contacts:
Stephen Kilmer
iBio, Inc.
Investor Relations
(646) 274-3580
[email protected]
iBio, Inc. | |||||||
Condensed Statement of Operations | |||||||
(amounts in thousands, except per share amounts) | |||||||
Twelve Months ended June 30, | |||||||
2020 | 2019 | ||||||
Revenues | $ | 1,638 | $ | 2,018 | |||
Operating Expenses | |||||||
R&D Expenses | 3,213 | 5,474 | |||||
SG&A Expenses | 12,428 | 12,332 | |||||
Total Operating Expenses | 15,641 | 17,806 | |||||
Operating Loss | (14,003 | ) | (15,788 | ) | |||
Total Other Income/(Expense) | (2,441 | ) | (1,809 | ) | |||
Consolidated Net Loss | (16,444 | ) | (17,597 | ) | |||
Net Loss Attributable to Noncontrolling Interest | 5 | 4 | |||||
Deemed Dividends – Series A Preferred and Series B Preferred | (21,560 | ) | – | ||||
Preferred Stock Dividends | (261 | ) | (260 | ) | |||
Net Loss Available to iBio, Inc. | (38,260 | ) | (17,853 | ) | |||
INCOME/(LOSS) PER COMMON SHARE | $ | (0.61 | ) | $ | (0.94 | ) | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 62,795 | 18,926 | |||||
iBio, Inc. | |||||
Condensed Balance Sheet Data | |||||
(amounts in thousands) | |||||
June 30, | June 30, | ||||
2020 | 2019 | ||||
Assets | |||||
Cash and Cash Equivalents | $ | 55,112 | $ | 4,421 | |
Other Current Assets | 6,636 | 387 | |||
Property, Plant and Equipment | 31,273 | 24,380 | |||
Other Noncurrent Assets | 1,168 | 1,398 | |||
Total Assets | $ | 94,189 | $ | 30,586 | |
Liabilities and Equity | |||||
Current Liabilities | $ | 5,236 | $ | 3,458 | |
Noncurrent Liabilities | 32,346 | 24,671 | |||
Total Stockholders’ Equity | 56,607 | 2,457 | |||
Total Liabilities and Equity | $ | 94,189 | $ | 30,586 | |
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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