Publication Month: Mar 2023 | Report Code: TIPRE00029832 | No. of Pages: 212 | Category: Technology, Media and Telecommunications | Status: Published
The life sciences manufacturing process has changed significantly over the past ten years. Life science manufacturing is a complex process. A smart factory concept that interconnects machinery and system on the production site can simplify the manufacturing process. The system is also connected to the client, partner, and production site. After COVID-19 pandemic, many pharma and medical device manufacturers started to adopt pharma 4.0 esp. due to rising regulations and inspection concerns. Smart life sciences manufacturing, often known as Pharma 4.0, aims to provide practical guidance, embed regulatory best practices, and accelerate Pharma 4.0 transformations. The main goal is to allow organizations participating in the pharmaceutical product lifecycle to control the full potential of digitalization and provide faster therapeutic innovations & improved production processes for the benefit of end-users. These changes will bring huge opportunities to life science manufacturers in the coming years. Modern data analytics tools have allowed biotechnology researchers to create predictive analytics models and understand the most effective ways to achieve their goals and objectives. Big data, AI, virtual reality, data visualization, and data security are among the common technologies used in biotech laboratories. Such factors are expected to boost the smart life sciences manufacturing market size strongly in the coming years.
|Market Size Value in||US$ 18,649.50 million in 2022|
|Market Size Value by||US$ 78,974.61 million by 2033|
|Growth rate||CAGR of 14.4% from 2023 to 2033|
|No. of Pages||212|
|No. of Tables||84|
|No. of Charts & Figures||66|
|Historical data available||Yes|
|Segments covered||Component, Technology, and Application|
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The pharmaceutical segment is a key contributor to the global industrial sector. Moreover, the demand and sales of medicine are increasing every day. Thus, pharmaceutical manufacturing businesses invest huge amounts of economic resources in R&D for bringing innovations to markets. Technology upgrades are the key to tackling future manufacturing problems. With this, the Pharma 4.0 market is gaining huge attention worldwide. In June 2022, GSK, a British Big Pharma, inaugurated its new aseptic smart manufacturing plant in Barnard Castle, England. This fully automated plant leverages digitalization to streamline the manufacturing process. This, in turn, would allow GSK to accelerate the launch of new medicines while cutting down on waste. In December 2020, Bayer AG announced the launch of a Cell and Gene Therapy Platform within its Pharmaceuticals division. This platform will combine multiple backbone functions for providing support across the entire value chain of the research and development of cell and gene therapies. In November 2020, the UK started building a “factory of the future” to renovate small-molecule drug production. Drugmakers, academic institutions, healthcare providers, and regulators are expected to come together at the facility to test and improve new technologies, including continuous, digital, and autonomous manufacturing. Hence, the growing adoption of digital transformation is expected to boost the smart life sciences manufacturing market size.
The smart life sciences manufacturing market, by component, is bifurcated into solutions and services. The solutions segment is expected to hold a larger smart life sciences manufacturing market share during the forecast period, despite recording slower growth rates than the services segment. The pharmaceutical industry is rapidly adopting digital transformation as digitalization brings flexibility and efficiency to processes. With the growing complexity of production systems and processes, establishing interconnectivity and deploying robust smart factory solutions in line with good manufacturing practices (GMP) have become a strategic priority for life sciences companies. Moreover, Industry 4.0 has simplified the process of accessing operations data, along with enabling businesses to meet targeted key performance indicators (KPIs). Smart manufacturing solutions assist in quality management by monitoring the temperature and humidity of inventory, monitoring end-to-end process visibility, enhancing product consistency, and identifying specific issues related to batch manufacturing. The life science industry engages in developing novel, effective, quality, and precise treatments. Pioneers in the industry are exploring new therapeutic areas and approaches by harnessing the latest technological advancements to gain a competitive edge. Such factors drive the smart life sciences manufacturing market growth for the solutions segment.
The smart life sciences manufacturing market 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. IoT segment commanded the largest smart life sciences manufacturing market share in 2022. Based on application, the smart life sciences manufacturing market is segmented into pharma, bio-pharma, and medical device. Based on geography, the smart life sciences manufacturing market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). ABB Ltd, Bosch Rexroth AG, Emerson Electric Co, Fortinet Inc, General Electric Co, Honeywell International Inc, IBM Corporation, Rockwell Automation, Siemens AG, and Sophos Group plc are among the key smart life sciences manufacturing market players.
Smart life sciences manufacturing market players mainly focus on partnerships to create customer value.