How Has the Smart Life Sciences Manufacturing Market Evolved Historically and What is its Current Size?
The smart life sciences manufacturing market has seen considerable growth due to a variety of factors.
• The market size for smart life sciences manufacturing has seen significant growth in the recent past. It's anticipated to expand from $25.07 billion in 2024 to $28.76 billion in 2025, with a compound annual growth rate (CAGR) of 14.7%.
Key factors driving the growth during the historic period include optimization of the supply chain, a surge in remote monitoring, the rising demand for precision medicine, and an increase in healthcare spending.
What Is The Projected Growth Of The Smart Life Sciences Manufacturing Template Market?
The smart life sciences manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for smart life sciences manufacturing is projected to witness a swift expansion in the coming years, reaching a value of $50.92 billion in 2029 with a compound annual growth rate of 15.4%.
This growth during the predicted period can be credited to the advancement in material development, the rising demand for wearable and flexible electronics, enhanced energy efficiency, and a growing interest in IoT devices. During the forecast timeframe, significant trends such as artificial intelligence (AI) and machine learning (ML), RFID and sensor technologies, photovoltaic uses, and display technologies are expected to dominate.
What Are The Key Drivers Fueling Growth In The Smart Life Sciences Manufacturing Market?
The proliferation of automation systems is predicted to push the smart life sciences manufacturing market's growth forward. Automation entails creating software systems that substitute repetitive procedures and minimalize manual handling. These systems are particularly beneficial in smart life sciences manufacturing, as they can improve productivity, quality, and safety when producing pharmaceuticals, biotech products, medical devices, and similar commodities. As an example, data from the International Federation of Robotics in February 2022 denotes that industrial robots are presently being utilized by various industries globally, a 10% increase from 2021. This overall surge in industrial automation is a crucial growth driver for the smart life sciences manufacturing market. Subhead: An Upward Trend in the Demand for Customized Medicine Fuels the Growth of the Smart Life Sciences Manufacturing Market
What Are The Principal Market Segments In The Global Smart Life Sciences Manufacturing Industry?
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
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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How Are Emerging Trends Reshaping The Dynamics Of The Smart Life Sciences Manufacturing Market?
Key market players are focusing their energies on developing innovative AI (artificial intelligence) medical technologies to maintain their market positioning. AI-based improvements in smart life science are essential for analysing and interpreting large data quantities, streamlining processes and enabling more personalised interactions. For example, Google Cloud Platform LLC, a technology company based in the U.S., introduced two new AI-enabled solutions in May 2023 to speed up drug discovery and precision medicine. This novel tool has the capacity to facilitate researchers in finding new drugs more rapidly and efficiently. Furthermore, these tools can help enhance accuracy in drug development and lower the costs associated with introducing new drugs to the market. Not to mention, they have the capability to expedite the production of new drugs and positively enhance patients' lives.
Who Are the Key Players In The Smart Life Sciences Manufacturing Market?
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.
What Are The Regional Insights Into 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.
