Press release
Smart Life Sciences Manufacturing Global Market Analysis, Trends, Growth, Research And Forecast 2033
Smart Life Sciences Manufacturing Global Market
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.
Market Overview -
Smart life sciences manufacturing is a technology-driven strategy to monitor the production process in the life sciences business using Internet-connected gear. It is used to find opportunities for automating activities and to improve industrial performance through data analytics.
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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.
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.
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Key Segments -
The smart life sciences manufacturing market covered in this report is segmented -
1) By Component: Solution; Services
2) By Technology: Augmented Reality And Virtual Reality Systems; Internet of Things (IoT); Artificial Intelligence; Cybersecurity; Big Data; Other Technologies
3) By Application: Pharma; Bio-Pharma; Medical Device
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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