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Smart Life Sciences Manufacturing Market to Reach $78.9 Billion by 2033
Smart Life Sciences Manufacturing Market
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The smart life sciences manufacturing market analysis in Europe is segmented into France, Germany, Russia, the UK, Italy, and the rest of Europe. Europe is one of the developed regions for smart life sciences manufacturing and has seen significant changes in life sciences manufacturing owing to the high implementation of smart solutions and collaborations among smart life sciences manufacturing market players. In May 2020, Adamed Group, one of the largest pharmaceutical manufacturers in Europe, partnered with Predica for the deployment of Microsoft Azure cloud platform, including security, data analytics, machine learning, and app development. Predica designed and developed a fully extensible platform based on Azure data services and Power BI that helped Adamed generate automated forecasts and optimize its supply chain and marketing decisions.
Additionally, in 2022, Hovione, a Contract Development and Manufacturing Organization (CDMO) from Portugal, collaborated with GEA to advance continuous tablet manufacturing. COVID-19 pandemic has increased the adoption and implementation of smart manufacturing technologies, especially for the production of ventilators, hospital beds, drugs, and vaccines. This led to a significant change in the regulatory policies of the region for the production and approval of medical devices and drugs. The changing regulatory scenario, high adoption rate of digital technology in life sciences manufacturing, and rising collaborations among market players are expected to augment the smart life sciences manufacturing market growth in Europe during the forecast period.
The smart life sciences manufacturing market analysis is segmented on the basis of component, technology, and application. Based on component, the market is bifurcated into solutions and services. By technology, the smart life sciences manufacturing market is segmented into Augmented Reality/Virtual Reality (AR/VR) systems, Internet of Things (IoT), artificial intelligence (AI), cybersecurity, big data, and others. Based on application, the smart life sciences manufacturing market is segmented into pharma, bio-pharma, and medical device. IoT segment commanded the largest smart life sciences manufacturing market share in 2022.
The top five smart life sciences manufacturing market players operating in 2022 were ABB Ltd, Emerson Electric Co, General Electric Co, Honeywell International Inc, and Siemens AG. The positioning of these "Five Key Players" is derived by giving weightage to the following key performance parameters-overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investments in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable smart life sciences manufacturing market players profiled in the global report are Rockwell Automation, Bosch Rexroth AG, Fortinet Inc, IBM Corporation, and Sophos Group plc.
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Key Findings of Market Study:
Companies in the life sciences sector are getting advanced day by day. They are embarking on solutions such as 3D technology and virtual reality to avoid risks. This explains how all these technologies connect people, processes, systems, and data, which is further characterized by predictive and adaptive facilities that leverage machine learning, 3D modeling, the Industrial Internet of Things (IIoT), digital twin, remote control, and AR. Many manufacturers focus on preventive and predictive approaches with the help of 3D experience and virtual reality tools. Increasing investments in the development of new technologies and the growing popularity of smart tools for manufacturing among well-known companies would create huge opportunities for companies in the smart life sciences manufacturing market. In September 2022, Boehringer Ingelheim officially deployed the Virtuosi VR education platform for employee training. Virtuosi is a cloud-based learning platform that incorporates 56 courses and 26 VR immersive experiences in more than 100 hours of educational content. Virtuosi is helping Boehringer Ingelheim to advance the skills and knowledge necessary in sterile manufacturing, using tech-forward innovation.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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