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Rising Automation Drives Growth In The Smart Life Sciences Manufacturing Market Emerges as a Core Driver of the Smart Life Sciences Manufacturing Market in 2025
Smart Life Sciences Manufacturing
Smart Life Sciences Manufacturing Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Recent years have seen a swift expansion in the smart life sciences manufacturing market. The market, currently valued at $25.07 billion in 2024, is projected to escalate to $28.59 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.0%. The staggering growth during the historical period can be credited to factors such as supply chain optimization, a rise in remote monitoring, a surge in demand for precision medicine, and an increase in healthcare expenditure.
Smart Life Sciences Manufacturing Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the smart life sciences manufacturing market is slated to experience a robust expansion, projecting to reach a valuation of $50.62 billion in 2029, equating to a compound annual growth rate (CAGR) of 15.4%. This significant increase during the forecast period is predicted to be catalyzed by factors such as the development of sophisticated materials, the rising demand for adaptable and wearable electronics, efficiency in energy use, and an expanding demand for iot devices. Key trends anticipated in the market throughout the forecast period include the implementation of artificial intelligence (AI) and machine learning (ML), RFID and sensor technologies, photovoltaic applications, and advancements in display technologies.
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What Are the Drivers Transforming the Smart Life Sciences Manufacturing Market?
The smart life sciences manufacturing market is expected to experience significant growth as automation becomes more widely adopted. Automation replaces repetitive tasks with software and systems, thus minimizing manual labor. It functions by reproducing a process that typically requires manual work based on a set of instructions. Automation is particularly integral to smart life sciences manufacturing as it enhances output efficiency, quality, and safety across several goods including pharmaceuticals, biotechnology products, and medical devices. Evidence of this can be seen in the International Federation of Robot's February 2022 report. This Germany-based non-profit organization reported that industries across the globe have already implemented 3 million industrial robots - a 10% rise from the previous year. This growing reliance on industrial automation is fuelling the expansion of the smart life sciences manufacturing market.
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What Long-Term Trends Will Define the Future of the Smart Life Sciences Manufacturing Market?
Dominant entities in the industry are focusing their energies on developing cutting-edge AI medical technologies to maintain their market dominance. Innovations based on AI are essential in the field of smart life science for assimilating and interpreting tremendous data volumes, enhancing procedures, and facilitating more personalized interactions. For example, in May 2023, Google Cloud Platform LLC, an American technology corporation, introduced two novel solutions powered by AI to expedite drug discovery and precision medicine. This groundbreaking device can aid scientists in uncovering new medications more rapidly and efficiently. Besides, these solutions can enhance the precision of drug development and minimize the costs associated with introducing new drugs to the market. Furthermore, it possesses the potential to speed up the introduction of new medications and enhance patient wellbeing.
Which Segments in the Smart Life Sciences Manufacturing Market Offer the Most Profit Potential?
The smart life sciences manufacturingmarket 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
Subsegments:
1) By Solution: Manufacturing Execution Systems (MES), Quality Management Systems (QMS), Automation and Control, Data Analytics And Reporting, Digital Twin Technology, Supply Chain Management
2) By Services: Consulting Services, Integration And Implementation, Maintenance and Support, Training And Education, Managed Services
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Which Firms Dominate the Smart Life Sciences Manufacturing Market by Market Share and Revenue in 2025?
Major companies operating 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.
Which Regions Offer the Highest Growth Potential in the Smart Life Sciences Manufacturing Market?
North America was the largest region in the smart life sciences manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart life sciences manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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