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Medication Management System Market size to grow by USD 7.4 bn in 2032, North America to account for 49.6% of the global industry growth

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New York, May 10, 2023 (GLOBE NEWSWIRE) — In 2022, the global medication management system market accounted for USD 2.5 billion and is expected to reach USD 7.4 billion in 2032. This market is estimated to register a CAGR of 11.7% between 2023 and 2032.  The term “medication system market” refers to the administration, monitoring, and distribution of medications with the help of modern technology. These systems are designed to decrease medication errors, increase medication adherence and improve patient safety.

The market growth is driven by the continuing incidence of chronic disease, the aging population & the need to reduce healthcare expenditures. Market growth of medication management systems is also expected to continue in the becoming years. The market growth is driven by technological developments such as telemedicine, electronic health records (EHRs), and other innovations.

Medication Management System Market
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Key Takeaway:

  • Based on software, in 2022, the medication management system market was dominated by the inventory management software segment.
  • Based on services, in 2022, the medication analytics segment dominated the largest market share.
  • Based on the mode of delivery, in 2022 the cloud-based segment is the most lucrative in the medication management system market.
  • Based on end-use, in 2022, the hospital’s segment is dominated in the end-use segment of the medication management system market.
  • In 2022, North America dominated the market with the highest revenue share of 49.6%.
  • North America is expected to have the highest CAGR among all regions, owing to the adoption of AI for Medication Management Systems and differences in consumer mindsets.

Factors affecting the growth of the Medication Management System industry

There are several factors that can have an impact on the growth of the Medication Management System industry including:

  • Aging population: The demand for medication management systems is rising due to the world’s aging population. People generally need more prescriptions as they get older, and a medication management system can help them better manage their pharmaceutical regimens.
  • Increasing prevalence of chronic diseases: Globally, chronic illnesses including diabetes, heart disease, and cancer are on the rise. Medication management systems are necessary since these illnesses frequently call for long-term medication maintenance.
  • Technological advancements: Technological improvements including cloud computing, artificial intelligence, and mobile health are advantageous to the medication management system sector. These developments are simplifying medication management for patients and patient adherence monitoring for healthcare professionals.
  • Government initiatives: Governments are putting more of an emphasis on cutting costs and improving healthcare outcomes. By increasing drug adherence and lowering medication errors, medication management systems can aid in achieving these objectives.
  • Increasing healthcare costs: drug management systems can help cut expenses by increasing drug adherence and lowering medication mistakes. Healthcare prices are rising globally.

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Top Trends in Medication Management System Market

AI and machine learning technologies are increasingly being used in medication management systems in order to evaluate data and provide insights into medication use patterns, patient outcomes, and treatment efficacy. The COVID-19 pandemic has accelerated the use of medication management systems and telehealth platforms to provide remote medication management and monitoring. To increase patient involvement and medication adherence, pharmaceutical management systems are being developed with patient-centered features such as patient education materials and medication adherence reminders. A key component of medication management is patient engagement.

Market Growth

The need for effective medication management systems to lower medication errors the rising prevalence of chronic diseases & the expanding need for remote patient monitoring are some of the factors contributing to the market growth. Additionally, as healthcare practitioners explore strategies to treat patients remotely & lower the risk of infection transmission the COVID-19 pandemic has increased the demand for medication management systems. The market for medication management systems is anticipated to increase in the coming years as a result of the growing emphasis on personalized medicine and the rising adoption of electronic health records (EHRs).

Regional Analysis

North America is accounted as the most dominant market in the global medication management system market with a market share of 49.6%, during the forecasted period. North America has the largest market for medication management systems due to the expanding usage of healthcare IT solutions and the focus on patient safety. The United States is the region’s biggest market and the source of the majority of the profits.

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Scope of Report

Report Attribute Details
Market Value (2022) US$ 2.5 Billion
Market Size (2032) US$ 7.4 Billion
CAGR (from 2023 to 2032) 11.7%
North America Revenue Share 49.6%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Long-term pharmaceutical management is required for chronic diseases like diabetes, cancer, and heart disease. The rising incidence of chronic diseases is driving the demand for medication management systems to enhance patient safety and reduce medication mistakes. The world’s population is aging, and older people commonly have multiple chronic conditions that necessitate taking multiple medications. drug management initiatives are therefore essential for ensuring that seniors adhere to their recommended drug regimes. Medication errors and non-adherence are expensive for healthcare systems. Medication management systems can assist save healthcare costs by lowering medication errors, preventing hospitalizations, and improving patient outcomes.

Market Restraints

In healthcare settings with low resources, specifically, the cost of setting up and maintaining medication management systems may preclude their implementation. Medication management systems require a robust healthcare IT infrastructure, including electronic health records (EHRs) and computerized physician order entry (CPOE) systems. Drug management systems may not be widely used in many underdeveloped countries due to a lack of healthcare IT infrastructure. Systems for managing medications retain private patient data, including health information and prescription history. The security and privacy of this data must be ensured.

Market Opportunities

Medication management systems that integrate with EHRs are highly sought after in order to assist healthcare practitioners in managing prescription orders, administration, and paperwork more successfully. The increased incidence of chronic diseases like diabetes and cardiovascular disease is driving the demand for medication management systems that can help medical professionals manage complex prescription regimens and improve treatment outcomes. There is an increasing need for medication management systems as more elderly people develop various chronic conditions and are more likely to require complicated prescription regimens.

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Report Segmentation of the Medication Management System Market

Software Insight

With the greatest revenue share of 29.2% and a predicted CAGR of 11.2% during the forecast period. Inventory management software is anticipated to be the most profitable in the worldwide pharmaceutical management system market. Inventory management software, a crucial component of pharmaceutical management systems, makes a substantial contribution to waste reduction and medication safety. To ensure that pharmaceuticals are available when needed, healthcare professionals can monitor medication usage, keep an eye on medication expiration dates, and maintain the proper inventory levels in medication management systems.

Services Insight

The Medication Management System Market share is dominated by the medication analytics segment with a share of 51.2%. Medication analytics involves analyzing, gathering & interpreting information about the management and use of medications. This data can be used to identify trends and patterns to evaluate the efficiency of medication regimens and to improve patients’ outcomes. To decrease medication errors, increase drug adherence also to increase patient safety, and optimize prescription regimens medication analytics can be utilized in the market for medication management systems.

Mode of Delivery Insight

The Medication Management System Market, with the largest revenue share of 46.8% and a projected CAGR of 10.6% during the forecast period. Cloud-based distribution refers to a delivery technique in which software applications and services are hosted on remote servers and accessed through the Internet as opposed to being installed on a user’s local device. The market for medication management systems is seeing an increase in popularity for cloud-based distribution because of its many benefits including cost-effectiveness, security, accessibility, cooperation, and scalability.

End-Use Insight

the hospitals are expected to be the most lucrative in the global medication management system market, with the largest revenue share of 52.6% and a projected CAGR of 11.6% during the forecast period. Medication management systems let hospitals administer medications more precisely and effectively. Hospitals that use medication management systems benefit in a number of ways including, better communication increased productivity and patient safety, regulatory compliance, and lower costs.

Recent Developments of the Medication Management System Market

  • In 2020, Pharmaceutical Strategies Group (PSG), a provider of data analytics and pharmacy consulting services, has been acquired by Omnicell, a top provider of prescription management solutions. The acquisition was made with the intention of enhancing Omnicell’s analytical capabilities and growing its clientele.
  • In 2020, BD announced the debut of BD HealthSight, a brand-new drug management platform. In order to increase pharmaceutical safety and lower medication errors, the platform combines the ordering, dispensing, and administration of medications into a single system.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/medication-management-system-market/request-sample/

Market Segmentation

Based on Software

  • Computerized Physician Order
  • Clinical Decision Support System Solutions
  • Inventory Management Software
  • Administration Software
    • Electronic Medication Administration Record
    • Barcode Medication Administration
  • Decentralized
    • Pharmacy-based ADS
    • Ward-based ADS
    • Automated Unit-Dose Dispensing
  • Automated Dispensing Systems
  • Centralized
  • Assurance System Software
  • Other Software’s

Based on Services

  • Medication Analytics
  • Point-of-Care Verification
  • ADE Surveillance

Based on Mode of Delivery

  • On-premises
  • Web-based
  • Cloud-based

Based on End-Use

  • Hospitals
  • Pharmacy
  • Other End-Uses

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
  • APAC
    • 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

Competitive Landscape

The market for medication management systems is quite competitive with a number of significant firms & a large number of smaller businesses present. Becton, Dickinson and Company, Omnicell, McKesson Corporation, Allscripts & Cerner Corporation are a few of the prominent companies in the market for medication management systems. These companies provide a wide range of medication management record (eMAR) systems, medication dispensing systems, medication synchronization platforms, automated dispensing cabinets & other solutions.

Key Market Players:

Listed below are some of the most important Medication Management System industry players.

  • Becton Dickinson and Company
  • GE Healthcare
  • McKesson Corporation
  • QuadraMed Affinity Corporation
  • Omnicell, Inc.
  • Allscripts
  • Cerner Corporation
  • Other Key Players

Browse More Related Reports:

  • Acne Medication Market is expected to grow at a CAGR of 4.5% over the next ten years and will reach USD 9.9 Billion in 2033.
  • Pharmacy Market size is expected to be worth around USD 1,750 mn by 2032 from USD 1,108 mn in 2022, growing at a CAGR of 4.8%
  • ePharmacy Market is projected to achieve a valuation of USD 2,07,117.88 Mn by 2032 at a CAGR of 16.2%, from USD 46,148.37 Mn in 2022.
  • Internet of Medical Things market was valued at US$ 48.7 billion in 2022 and is expected to grow to US$ 370.9 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 23.15%.
  • Behavioral Health Market size is expected to be worth around USD 227.5 Bn by 2032 from USD 140.1 Bn in 2022, growing at a CAGR of 5.1% during the forecast period from 2022 to 2032.
  • Artificial Intelligence in the Healthcare Market was valued at USD 9.81 billion in 2022. It is projected to reach USD 258.5 billion at a CAGR of 38.73% between 2023 to 2032.
  • mHealth Market is estimated to be worth USD 50,890 million in 2022. This number will increase at a compound annual growth rate of 11.8% between 2023-2032.

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Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.

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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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Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

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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
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258
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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Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

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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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251064253
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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