Press release
Smart Life Sciences Manufacturing Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | Pfizer Inc., Johnson and Johnson, Siemens AG, General Electric Co., F. Hoffmann-La Roche AG
Smart Life Sciences Manufacturing Market Characteristics
The Business Research Company offers in-depth market insights through Smart Life Sciences Manufacturing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to advanced materials development, demand for flexible and wearable electronics, energy efficiency, increasing demand for iot devices. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML), RFID and sensor technologies, photovoltaic applications, display technologies.
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Market Segmentation:
The main components of smart life sciences manufacturing are solutions and services. A solution component refers to a distinct and essential part or element within a larger solution or system. It includes various technologies, such as augmented reality and virtual reality systems, the Internet of Things (IoT), artificial intelligence, cybersecurity, big data, and others. These are used for several applications, including pharmaceuticals, biopharmaceuticals, and medical devices.
Major Driver - Rising Automation Drives Growth In The Smart Life Sciences Manufacturing Market
Increasing adoption of automation is expected to propel the growth of the smart life sciences manufacturing market going forward. 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. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 3 million industrial robots are already in use in industries around the world, a 10% increase from 2021. Further, despite the global epidemic, new robot sales increased by 0.5%, with 384,000 units sold globally in 2020. In addition, global robot installations are predicted to rebound sharply in 2021, rising by 13% to 435,000 units. Therefore, the increase in industrial automation is driving the growth of the smart life sciences manufacturing market.
Competitive Landscape:
Major players 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, AbbVie Inc., Merck and Co. Inc., Novartis AG, Sophos Group PLC, Bristol Myers Squibb, Thermo Fisher Scientific Inc., GlaxoSmithKline PLC, Sanofi S.A., AstraZeneca PLC, Honeywell International Inc., ABB Ltd., Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Emerson Electric Co., Moderna Inc., Regeneron Pharmaceuticals, Biogen Inc., Vertex Pharmaceuticals, Rockwell Automation Inc., Bosch Rexroth AG, Alexion Pharmaceuticals, Fortinet Inc., Genentech Inc.
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Top Trend - Innovation In Smart Life Sciences Manufacturing
Major market players are concentrating their efforts on creating innovative AI (artificial intelligence) medical technologies to sustain their position in the market. AI-based advancements are needed in smart life science to analyze and interpret vast amounts of data, streamline processes and enable more personalized engagement. For instance, in May 2023, Google Cloud Platform LLC, a US-based technology company, launched two new AI-powered solutions to accelerate drug discovery and precision medicine. This innovative tool can help researchers discover new drugs faster and more efficiently. Additionally, these tools can help improve the accuracy of drug development and reduce the cost of bringing new drugs to market. Moreover, it has the potential to accelerate the growth of new drugs and improve patients' lives.
The Table Of Content For The Market Report 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. Smart Life Sciences Manufacturing Market Size And Growth
…..
27. Smart Life Sciences Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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