Artificial Intelligence
Wearable Medical Devices Market To Develop Strongly And Cross USD 165.5 Bn By 2032 | CAGR 19.1%
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New York, March 08, 2023 (GLOBE NEWSWIRE) — Market.us has published a new report on the wearable medical devices market was valued at USD 30.1 billion in 2022 and is estimated to exceed USD 165.5 Bn from 2023 to 2032, it is anticipated to expand at a CAGR of 19.1%. By evaluating our senses and providing numerical data, the market for wearable medical gadgets generates a market that will aid in tracking people’s health. PEMA and TENS usage increased as a result of chronic conditions, which helped determine, monitor, and maintain people’s health. The need for wearable medical technology is therefore very significant.
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Key Takeaway:
- By product type, the tracker has acquired the highest market share in the wearable medical devices market.
- By device type, diagnostic and monitoring devices has the largest market share, anticipated to grow by 10.6% throughout the forecast period.
- By Application, the largest market share is held by the home healthcare segment.
- In terms of distribution channels, the market for wearable medical gadgets has been dominated by pharmacies.
- In 2022, with 38.3% of the global market, North America holds the greatest market share.
Fitbits and smartwatches are only two examples of wearable technology that can be worn on the body. Also, it is simple to adapt to and has access to several existing technologies. Moreover, real-time data on a patient’s health and exercise routines is gathered and communicated using medical wearable technology.
Factors affecting the growth of Wearable Medical Devices industry?
- Surging Number of Lifestyle Diseases: The market for wearable medical devices is expected to develop significantly in the coming years due to the increasing prevalence of sedentary or inactive lifestyles and the consequent rise in lifestyle illnesses including hypertension and diabetes.
- Healthcare professionals provide personalised attention: Individualized treatment is provided by healthcare professionals, including constant remote patient monitoring. Also, wearing them for a full day won’t hinder regular tasks. Because of all the advantages it offers, wearable medical device demand is anticipated to rise over the forecast period.
- Increasing awareness of regional and national healthcare organizations: Regional and national healthcare organisations have actively pushed routine diagnosis through a variety of marketing and awareness initiatives. This has caused a rise in public awareness of products and equipment for diagnosing and keeping track of vital signs.
- Advancements in products: This market is expected to be fueled by advancements in products for monitoring several parameters, including heart rate, skin temperature, and activities like steps count.
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Top Trends in Global Wearable Medical Devices Market
The COVID-19 epidemic has highlighted the urgent need to put health first. It was noted that various market participants were pushing their wearable technology to aid in the fight against COVID-19 in the middle of 2020. Healthcare wearables are also becoming an essential tool to enhance bedside care as well as clinical mobility, particularly smartwatches. Several research estimates predict that over 30 million wearable devices with tracking and monitoring capabilities will be available to health organizations and patients by the end of 2020.
To meet the expanding needs of consumers, major industry participants are presently concentrating on releasing cutting-edge wearable medical gadgets onto the market. For instance, Koninklijke Philips N.V. obtained FDA and CE approval in May 2020 to use the Biosensor BX100 to monitor COVID-19 in hospitals. The biosensor is a wearable patch with a single-use design that was created to be linked with a scalable hub to monitor patients in various hospital rooms. Also, this solution can be added to current clinical workflows for mobile notifications and viewing.
Market Growth
It is anticipated that the market will develop in response to the expansion of sectors like home healthcare and remote patient monitoring devices. The market is also anticipated to be impacted by the growing emphasis on fitness and a healthy lifestyle attitude. Some of the key market drivers anticipated include an increase in product demand during the COVID-19 pandemic and rising consumer awareness of personal health monitoring.
Regional Analysis
With 38.3% of the global market, North America holds the greatest market share. Wearable medical technologies are becoming more necessary since diabetes, cancer, and cardiovascular problems are on the rise. The expansion of market share can be attributed in large part to the adoption of new companies using diverse technologies and a wide market penetration. The Asia-Pacific market will increase rapidly during the anticipated timeframe. Substantial growth as a result of the government initiative to promote medical devices and support health care spending. With the rise in demand for wearable medical devices, there is also an increase in the elderly population. Throughout the anticipated period, Europe’s growth rate will accelerate. European nations like Sweden, Iceland, and Finland have the most potential for wearable medical technology. Finland is one of these nations with the largest heart rate monitor markets.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Apple Inc., Xiaomi Inc., Samsung Electronics Co. Ltd., Medtronic PLC, Fitbit, Koninklijke Philips N.V., Omron Corporation, Basis Science, Covidien, Withings, Vital Connect, Polar Electro, Verist Genomics, Intelesens Ltd., Garmin Ltd., etc.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 30.1 Billion |
| Market Size (2032) | USD 165.5 Billion |
| CAGR (from 2023 to 2032) | 19.1% |
| North America Revenue Share | 38.3% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The considerable increase in the elderly population may lead to an increase in chronic diseases and a rise in the need for medical equipment. Governmental agencies are assisting in the management of expanding chronic diseases by raising death rates. Healthcare professionals use remote and ongoing patient monitoring to deliver individualized care.
As the market for medical equipment grows, people’s awareness of their health is rising. The market’s growing awareness of fitness has boosted demand, which has increased market share demand. Products for managing weight and fitness have come in a wide variety. Wearable Bands that are connected to phones monitor activities like jogging, walking, calorie burn, food intake, etc., in real time. Fitness clubs will therefore have up to 220 million users worldwide in 2022 due to their recent growth.
Market Restraints
The national governments contribute to the cost of reimbursing healthcare mobile medical devices. Federal regulations are required in European nations when verifying the presence of physicians and patients. Therefore, the limited uptake of healthcare wearables. High network bandwidth and real-time learning. As a result, even if they are not present at the same location, using AI and 5G can aid in providing care in real-time. Thus, a high growth rate in the market for wearable medical devices might be facilitated by advanced technology.
European and American businesses are opposing the revision of the patent rules. Patent trolls operate companies that receive payments in the form of royalties from parties engaging in patent fraud. Companies try to sue and receive legal settlements with diminishing losses requested in order to reduce losses. The key factor driving the market expansion of wearable medical devices is patent protection.
Market Opportunities
A patient’s identification or diagnosis may be aided by AI and 5G. Of these, artificial intelligence can assist in identifying potential difficulties following the procedure, which can assist in supplying interventions if necessary. Healthcare firms can offer real-time care using 5G networks at the same time. Thus, forthcoming cutting-edge technologies and tools like AI and 5G will greatly increase the market prospects for wearable medical devices.
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Report Segmentation of the Wearable Medical Devices Market
Product Type Insight
The wearable medical devices market is divided into watches, trackers, wristbands, earwear, smart clothing, and others based on product type. The tracker has the largest market share among these goods in the market for wearable medical devices. Trackers are mostly used to measure physical activity and fitness. Due to real-time tracking and smartphone connectivity, the number of healthcare gadgets is growing.
Device Type Insight
The market for wearable medical devices is divided into diagnostic and monitoring devices and therapeutic devices based on the kind of device. Diagnostic and monitoring devices have the largest market share of these device categories and are projected to grow by 10.6% during the projection period. The number of elderly people is rising, which causes a rise in chronic diseases and a rise in the demand for wearable medical devices. Health awareness and the use of technologies like ECG, Blood Pressure monitors, glucose monitoring devices, pulse oximeters, and others grew during the pandemic. Hence, there will be an increase in demand for wearable medical devices during the forecast period. A neuro-modulation device can diagnose and treat migraine illnesses, which affect 93% of people.
Application Insight
The wearable medical device market is divided into three categories based on application types: sports & fitness, home healthcare, and remote patient monitoring. The market share leader among these applications is the home healthcare industry. Daily increases in interest and understanding of health and fitness will lead to rapid expansion in the home healthcare market over the course of the projected period. Software and hardware for weight control and fitness are being developed to track activities linked to phones in real time. Among the activities displayed in real-time are calorie burn, running distance in kilometers, and calories consumed. Wearable medical gadgets will see increased market growth due to AI and 5G.
Distribution Channel Insight
The market for wearable medical equipment is divided into three categories based on the kind of distribution channel: pharmacies, superstores, and online channels. Pharmacy is a well-liked conventional technique of distributing medical equipment, thus it has accounted for the largest market share for wearable medical devices among these distribution channels. As a result of the high preference for self-checking and non-invasive checking equipment due to the growing senior population, internet distribution channels are seeing a surge in demand.
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Market Segmentation
By Product Type
- Watch
- Trackers
- Wristband
- Ear Wear
- Smart Clothing
- Other
By Device Type
- Diagnostic & Monitoring Devices
- Vital Sign Monitoring Devices
- Neuro-monitoring Devices
- Electrocardiographs Fetal and Obstetric Devices
- Sleep Monitoring Devices
- Therapeutic Devices
- Respiratory Therapy Devices
- Pain Management Devices
- Rehabilitation Devices
- Other Therapeutic Devices
By Application Type
- Sports & Fitness
- Home Healthcare
- Remote Patient Monitoring
By Distribution Channel Type
- Pharmacies
- Online Channel
- Hypermarkets
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Major Manufacturers:
To maintain the demand for various applications leading players are getting a higher quality product through acquisitions and mergers. Some of the key players include:
- Koninklijke Philips N.V.
- Fitbit
- Samsung electronics co. Ltd.
- Apple Inc. Company Profile
- Basis Science
- Covidien
- Withings
- Vital Connect
- Polar Electro
- Verist Genomics
- Intelesens Ltd.
- Lifesense
- Medtronic PLC
- Omron Corporation
- Xiaomi Inc.
- Sotera Wireless
- Garmin Ltd.
Recent Development of the Wearable Medical Devices Market
- In 2022, Noise Fit Buzz, the company’s newest wearable model, is offering 24-hour heart rate monitoring, a sleep-timer, and female health tracking. Nine different sports, including yoga, spinning, walking, climbing, jogging, and hiking, can all be tracked.
- Abbott Labs produced new wearables in 2022 that track ketone, lactate, glucose, and alcohol levels.
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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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