Press release
Smart Life Sciences Manufacturing Market 2024 - By Industry Size, Driving Factors, Business Trends, Growth And Forecast By 2033
Smart Life Sciences Manufacturing Market
The Business Research Company's Smart Life Sciences Manufacturing Global Market Report 2023 identifies increasing adoption of automation as the major driver for the Smart Life Sciences Manufacturing market's growth in the forecast period. Automation is creating software and systems to replace repeatable processes and reduce manual intervention, which involves using instructions to create a repeated process that replaces manual work. Automation plays a significant role in smart life sciences manufacturing, where it helps improve efficiency, quality, and safety in the production of pharmaceuticals, biotechnology products, medical devices, and other related goods.
The smart life sciences manufacturing market size has grown rapidly in recent years. It will grow from $21.83 billion in 2023 to $25.07 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to supply chain optimization, increasing remote monitoring, demand for precision medicine, increasing healthcare expenditure. The smart life sciences manufacturing market size is expected to see rapid growth in the next few years. It will grow to $43.75 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.
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Major competitors in the Smart Life Sciences Manufacturing market are Pfizer Inc., Johnson and Johnson, Siemens AG, General Electric Co., F. Hoffmann-La Roche AG, International Business Machines Corporation.
A key trend in the Smart Life Sciences Manufacturing market includes rising demand for personalized medicine. Personalized medicine refers to an approach to medical treatment and healthcare that tailors medical decisions, practices, interventions, and therapies to individual patients. Rising demand for personalized medicine is pushing the life sciences industry to adopt smart manufacturing technologies and processes to enable efficient, precise, and flexible production of customized pharmaceuticals and therapies and improve treatment outcomes. For instance, in October 2022, according to reports published by STAT, a US-based health-oriented news company, there were more than 75,000 genetic testing products and 300 personalized medicines. Furthermore, in 2023, according to the Personalized Medicine Coalition, a US-based representative organization, in 2022, the FDA approved personalized medicines for 34% of new drugs, and during the previous eight years, they had been approved for at least 25% of new drugs. Therefore, the rising demand for personalized medicine is driving the growth of the smart life sciences manufacturing market.
Read More On The Global Smart Life Sciences Manufacturing Market Report Here:
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The Smart Life Sciences Manufacturing market is segmented -
• By Component: Solution, Services
• By Technology: Augmented Reality And Virtual Reality Systems, Internet of Things (IoT), Artificial Intelligence, Cybersecurity, Big Data, Other Technologies
• By Application: Pharma, Bio-Pharma, Medical Device
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Smart Life Sciences Manufacturing market.
The Business Research Company's "Global Smart Life Sciences Manufacturing Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Smart Life Sciences Manufacturing Market Include:
1. Executive Summary
2. Smart Life Sciences Manufacturing Market Characteristics
3. Smart Life Sciences Manufacturing Market Trends And Strategies
4. Smart Life Sciences Manufacturing Market - Macro Economic Scenario
5. Global Smart Life Sciences Manufacturing Market Size and Growth
………………………………………………………………
32. Global Smart Life Sciences Manufacturing Market Competitive Benchmarking
33. Global Smart Life Sciences Manufacturing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Life Sciences Manufacturing Market
35. Smart Life Sciences Manufacturing Market Future Outlook and Potential Analysis
36. Appendix
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