Artificial Intelligence
The Global Cell-based Assays Market size is expected to reach $24.9 billion by 2028, rising at a market growth of 8.2% CAGR during the forecast period
New York, Nov. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Cell-based Assays Market Size, Share & Industry Trends Analysis Report By Application, By End User, By Products & Services, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06364393/?utm_source=GNW
Assays that are performed on living cells can reveal information on a cell’s viability, cytotoxicity, proliferation, senescence, as well as the death rate. These assays are based on reporter gene assays that have a high sensitivity due to the signal amplification that occurs during cell-signaling cascades.
Because of this, these assays are suitable for conducting an investigation of cell-signaling cascades. High-throughput screening, or HTS, formats typically make use of cell-based assays. Research and development expenditures have been boosted by a number of governmental and private organizations in an effort to find safer and more effective drugs.
In addition, developments in the technology of cell-based assays have made it possible for researchers to apply this method for drug discovery as well as investigations of toxicology. Cell culture processes, in which living cells are generated in vitro and utilized as model systems for analyzing the physiology and biochemistry of both healthy and diseased cells, serve as the foundation for the cell-based assay methodology, which is based on the idea of the cell-based assay.
In a regulatory environment, cell-based assays are frequently used for cytotoxicity screening, to evaluate the biological activity (potency) of drug substance and drug product, to determine the method of action, early-stage proof of primary studies, and in immunogenicity experiments to determine if antibodies produced by the person are neutralizing the drug product.
COVID – 19 Impact Analysis
The COVID-19 pandemic caused major clinical trials and the research processes involved in the creation of new drugs to be interrupted. Patients are now only treated symptomatically despite the fact that a number of vaccines or antiviral medications for COVID-19 have either been authorized or are currently in the development stage. When developing vaccines as well as treatments, it is necessary to evaluate the antibodies produced to determine the functional efficacy of the antibodies to inhibit the target virus. In order to decrease the amount of time required for these assays while also increasing their throughput, cell-based assays are used. Because of this, there has been a major rise in the demand for cell-based tests, which can give an early indication of the hazardous properties possessed by potential drug candidates.
Market Growth Factors
An increasing number of applications of cell-based assays within drug discovery applications
In the process of developing new drugs, cell-based assays are crucial components. In contrast to in vitro biochemical tests, cell-based assays offer a number of beneficial features. In contrast to biochemical assays, they provide responses that are tissue-specific and consistent while taking place in a microenvironment that is biologically relevant. A significant aspect that restricts the use of biochemical assays is the impossibility of preparing or purifying each and every target for biochemical measurement. This is one of the factors that contribute to the limitations of the applications of biochemical assays.
Rising adoption of novel and advanced approaches throughout developing economies
One of the major factors that are expediting the growth of the market is the significant number of developing countries all over the world. The low cost of labor and raw materials, the increased risk of infections, the growth in the number of research activities, and the technological advancements throughout the end-use sectors for cell-based assays in these emerging countries are anticipated to provide significant growth prospects for several major market players operating in the cell-based assays market.
Market Restraining Factors
High cost of maintenance and ownership of equipment
The incorporation of high-throughput screening (HTS) along with high-content screening (HCS) methods has expanded the reliability of cell-based assays. However, these innovations have significantly increased the price of instruments and devices that are required to conduct experiments. In addition, the time and expense associated with each HTS method are directly related to the complexity of the target molecule; hence, the greater the complexity, the larger the cost.
Application Outlook
By Application, the Cell-based Assays Market is segregated into Basic Research, Drug Discovery, and Other Applications. In 2021, the basic research segment acquired a significant revenue share of the cell-based assays market. The cell-based assays that make up the bulk of research in the life sciences are used with the goal of gaining a deeper comprehension of the myriad cellular processes that are involved in both health and illness. These assays are employed to identify an impact or event that occurred within a cell, examine the activities of genes, proteins, or the entire cell as well as the regulatory systems that control them, and screen for potential inducers or inhibitors for biological processes.
End-User Outlook
On the basis of End-user, the Cell-based Assays Market is categorized into Pharmaceutical and Biotechnology Companies, Academic & Research Institutes, and Contract Research Organizations. In 2021, the pharmaceutical and biotechnology companies garnered a substantial revenue share of the cell-based assays market. In the pharmaceutical business, cell-based assays have shown to be an efficient method for determining the influence that external stimuli or pharmacological compounds have on the overall activity of cells. In addition, cell-based drug screening assays have become increasingly popular in the field of drug discovery research.
Products & Services Outlook
Based on Products and Services, the Cell-based Assays Market is segmented into Reagents, Assay Kits, Microplates, Probes & Labels, Instruments & Software, and Cell Lines. In 2021, the assay kits segment acquired the largest revenue share of the cell-based assays market. The rapidly increasing growth of the segment is attributed to the fact that it is useful in a wide variety of applications within the biopharmaceutical industry. Additionally, analytical tests for the assessment of specific analytes are performed with the use of reagents that may be found in assay kits. These tests are utilized for a wide variety of applications in different industries. Because they provide diagnostics practitioners with results that can be relied upon, the particular assay kits in concern are in high demand because they significantly reduce ambiguity.
Regional Outlook
Region-Wise, the cell-based Assays Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the biggest revenue share of the cell-based assays market. The significant research that is carried out at a variety of research institutes all over the North American region and is jointly financed by university research institutes, as well as pharma giants across the region, is the primary factor that is bolstering the growth of the regional market. Furthermore, an increasing number of partnerships and collaborations within the region in order to boost the development of new and advanced approaches is fuelling the growth of the market in North America.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; F. Hoffmann-La Roche Ltd. are the forerunners in the Cell-based Assays Market. Companies such as Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation are some of the key innovators in Cell-based Assays Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Corning Incorporated, Charles River Laboratories International, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Lonza Group AG, Merck Group, Promega Corporation and Thermo Fisher Scientific, Inc.
Recent Strategies Deployed in Cell-based Assays Market
Partnerships, Collaborations and Agreements:
Aug-2022: BD came into an agreement with Labcorp, a leader in global life sciences. Under this partnership, the companies aimed to introduce a framework in order to innovate, develop, and market companion diagnostics based on flow cytometry with the aim to meet the requirements of patients for treatments for cancer as well as other diseases.
Mar-2022: Roche collaborated with Bristol Myers Squibb, an American multinational pharmaceutical company. With this collaboration, the companies aimed to further expedite two assays for clinical trial utilization through the introduction and deployment of two digital pathology algorithms.
Mar-2022: Promega came into an agreement with FUJIFILM Cellular Dynamics, a leader in providing human iPSC technologies. Under this agreement, the companies aimed to expedite the development of a new assay for drug discovery.
Feb-2022: Merck came into an agreement with Quris, an artificial intelligence company. Following this agreement, Merck aimed to evaluate the safety prediction platform of Quris in drug discovery projects.
Dec-2021: Lonza joined hands with Agilent, a leader in life sciences. This collaboration aimed to develop and deploy present as well as upcoming analytical technologies within patient-scale cell therapy production workflows through the Cocoon Platform.
Nov-2021: Thermo Fisher entered into an agreement with Cellenion, a BICO company. Through this agreement, the companies aimed to accelerate single-cell proteomics analyses with the integration of Cellenion’s proteoCHIPTM and cellenONE into TMT multiplexing technologies and Orbitrap Orbitrap mass spectrometers of Thermo Fisher. In addition, this integration would allow the companies to offer complete solutions ranging from automated sample preparation and single-cell isolation to mass spectrometry)-based proteomics analysis on single cells.
Oct-2021: Roche entered into a partnership with PathAI, an AI-powered technology leader in pathology. This acquisition aimed to develop and commercialize the AI-powered technology of PathAI via the uPath enterprise software of Roche. It would offer wide access to digital pathology diagnostics with the aim to support companion diagnostic programs and clinical research.
Jun-2021: Bio-Rad Laboratories entered into an agreement with Seegene, a leading biotechnology business. Following this agreement, Bio-Rad aimed to leverage the capabilities of Seegene in order to accelerate its penetration within the United States market by receiving FDA approvals for its clinical assays.
May-2021: Bio-Rad partnered with Roche, a Swiss multinational healthcare company. Under this partnership, the companies aimed to offer access to their customers to the complete range of Bio-Rad’s InteliQ products as well as Unity QC data management solutions. Moreover, this partnership would also allow customers to leverage the support and training services of the companies.
Jan-2021: Charles River partnered with Cypre, a biotechnology company. Under this partnership, Cypre would offer access to its proprietary Falcon-X 3D tumor model platform to Charles River’s customers. Moreover, it would also accelerate 3D in vitro testing services of Charles River to optimize immuno-oncological methods for its customers.
Product Launches and Product Expansions:
May-2022: BD rolled out BD COR MX, an analytic instrument option. This solution aimed to fulfill the requirements of laboratories for high-throughput testing owing to advanced and innovative automation and lowering staff interaction through maximizing efficiencies across laboratory workflow.
Mar-2022: BD unveiled the BD Rhapsody TCR/BCR Multiomic Assay, a range of reagents. Through this launch, the company aimed to offer a solution to researchers to simply as well as comprehensively evaluate key cells within the immune system. Moreover, it would help in the advancement of immuno-oncology, autoimmune disorders, and infectious diseases.
Aug-2021: BD released BD COR PX/GX System, a fully automated high-throughput diagnostic system. Through this launch, the company aimed to redefine the concept of automation in molecular testing of infectious diseases throughout key laboratories as well as other centralized laboratories across the United States.
Mar-2022: Danaher launched the CellMek SPS, a fully automated sample preparation system. The manual solution is a robust data management and sample preparation to address clinical flow cytometry challenges through its ability to process multiple sample types on-demand with the aim to aid laboratories in expanding their capabilities.
Dec-2021: Roche introduced NAVIFY Oncology Hub, a digital solution. Through this launch, the company aimed to improve workflow optimization and clinical decision support for oncologists as well as oncology care teams. This solution would address Oncology challenges by aggregating and organizing diverse patient data securely throughout the IT systems of an institution.
Jun-2021: Corning rolled out HepGo, an Assay-ready 3D liver spheroid kit. This solution aimed to offer a simple way for customers to leverage 3D PHH liver spheroids for numerous applications, such as hepatotoxicity assays. In addition, the kit would also support biochemical or imaging-based assays with its pre-plated nature.
Aug-2020: Promega launched the Promega Lumit Dx SARS-CoV-2 Immunoassay, a serological antibody test for COVID-19. This in vitro diagnostic test aimed to offer a PPA sensitivity of 93.5% while being utilized and evaluated with samples from patients with diverse disease levels as well as 100% sensitivity within hospitalized patients.
Acquisitions and Mergers:
Jun-2022: Charles River completed its acquisition of Explora BioLabs Holdings, a contract vivarium research services provider. This acquisition aimed to expand and support the operation of the company, which offers AAALAC-accredited.
Feb-2022: BD took over Cytognos, a Biotech company. Through this acquisition, the company aimed to expedite the strategy of BD to help in the management of chronic diseases by expanding its offerings, which include immune assessment tests, blood cancer diagnostics, and informatics with the aim to address the demands of clinicians, patients, and care providers.
May-2021: Roche took over GenMark Diagnostics, a leading vendor of multiplex molecular diagnostic solutions. This acquisition aimed to expand Roche’s molecular diagnostics offerings to incorporate solutions with the capability to offer lifesaving information to patients, as well as their healthcare providers, rapidly.
Feb-2021: Charles River Laboratories acquired Cognate BioServices, a cell, and gene therapy CDMO. This acquisition aimed to incorporate a comprehensive range of research and manufacturing support solutions for early-stage diagnosis and treatment of diseases. In addition, it would allow the company to complement its strategy of establishing an individual scientific partner intending to offer an integrated solution to biopharmaceutical customers with the aim to aid in expediting their gene and cell therapy programs for non-clinical development and discovery.
Apr-2020: Bio-Rad Laboratories took over Celsee, an instruments and consumables provider. With this acquisition, the company aimed to expand its reach throughout the world in order to meet the rising demands of customers for single-cell analysis and precision medicine in order to offer improved insight into the disease along with its diagnosis as well as treatment.
Approvals and Trials:
Aug-2021: Roche received the US FDA approval for its VENTANA MMR, the first companion diagnostic test. With this approval, the company aimed to help patients in diagnosing deficient solid tumors in DNA MMR. Moreover, this approval would also complement the goal of the company to offer personalized healthcare via a test in order to identify which patients would be benefitted from targeted and specific therapies.
Geographical Expansions:
Sep-2022: Thermo Fisher expanded its geographical footprint with the deployment of its dry-powder media production in Grand Island, New York. This geographical expansion aimed to aid the company in significantly reducing lead times for its customers to improve raw material supply assurance.
Scope of the Study
Market Segments covered in the Report:
By Application
• Drug Discovery
• Basic Research
• Others
By End User
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutes
• Contract Research Organizations (CROs)
By Products & Services
• Assay Kits
• Reagents
• Microplates
• Probes & Labels
• Instruments & Software
• Cell Lines
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc.
• Corning Incorporated
• Charles River Laboratories International, Inc.
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Lonza Group AG
• Merck Group
• Promega Corporation
• Thermo Fisher Scientific, Inc.
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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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