New York, March 06, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Smart Life Sciences Manufacturing Market Size, Share, Growth, Trends and Global Forecast to 2033 - COVID-19 Impact and Global Analysis by Component (Solutions and Services), Technology [AR/VR Systems, Internet of Things (IoT), Artificial Intelligence (AI), Cybersecurity, Big Data, and Others], and Application (Pharma, Bio-Pharma, and Medical Device)”, the global smart life sciences manufacturing market growth is driven by increasing use of technologies in biotechnology laboratories, rising adoption of pharma 4.0, adoption of virtual reality in smart factory and use of artificial intelligence in cancer research.
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Global Smart Life Sciences Manufacturing Market – Report Scope:
| Market Size Value in | USD 18.64 Billion in 2022 |
| Market Size Value by | USD 78.97 Billion by 2033 |
| Growth rate | CAGR of 14.4% from 2023 to 2033 |
| Forecast Period | 2023-2033 |
| Base Year | 2022 |
| No. of Pages | 212 |
| No. of Tables | 84 |
| No. of Charts & Figures | 66 |
| Historical data available | Yes |
| Segments covered | Component, Technology, and Application |
Global Smart Life Sciences Manufacturing Market: Competitive Landscape and Key Developments
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 profiled during this study. In addition, several other important smart life sciences manufacturing market players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.
In January 2023, Researchers at the University of Nottingham’s Centre for Additive Manufacturing (CfAM) in the UK received a US$ 7.4 million grant from the British government to develop a toolkit that will allow 3D printed medicines to be manufactured effectively. The project aims to create “smart products” on demand that are personalized and bespoke, driving innovations closer to commercial production. Examples of “smart products” include prosthetic limbs and bio drugs containing active ingredients such as biological molecules and living plasters or wound patches that can rebuild tissues damaged from chronic disease.
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Global Smart Life Sciences Manufacturing Market – Regional Overview:
The smart life sciences manufacturing market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Europe is pioneering digital transformation. The region has several large life sciences companies focusing on production optimization through advanced technologies while reducing expenditure. Manufacturers in the region are shifting toward the automation of production units by integrating different advanced technologies such as machine learning and artificial intelligence (AI) to enhance production capacity. For the integration of smart technologies, the manufacturers are collaborating with tech giants. Also, several key technology-based startups, coupled with many SMEs, are expected to provide great opportunities for the smart life sciences manufacturing market growth in the region during the forecast period.
In terms of revenue, North America accounted for the largest global smart life sciences manufacturing market share. North America is the most technologically advanced region, with major economies such as the US, Canada, and Mexico. Technological advancements have led to a highly competitive market in the region. North America has high adoption of technologies along with the presence of various tech giants such as Microsoft Corporation and IBM Corporation. These tech companies provide technologies to the life sciences & healthcare industry. Additionally, the region houses various major manufacturers from the life science industry such as Pfizer and GE HealthCare. These manufacturers use smart manufacturing technologies to produce and manufacture pharmaceuticals and medical devices. Moreover, during COVID-19 pandemic, the use of smart manufacturing technologies increased to automate the production units with limited contact among employees to ensure safety. Such factors are promoting the smart life sciences manufacturing market growth in the region.
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Global Smart Life Sciences Manufacturing Market Analysis: Application Overview
Biopharmaceuticals include biologics and biosimilars. Biologics manufacturers offer monoclonal antibodies, recombinant proteins, and vaccines. Biosimilars are a similar version of their reference biologics with no difference in clinical efficacy. The lack of alternatives and patent expiration of blockbuster drugs are prime factors propelling the demand for biosimilars. Personalized drugs, the tailored genome of the patient, new treatment options for both rare and widespread diseases, flexibility to make plants smarter and adaptable, and finally, utilizing digitalization to acquire a deep level of process understanding are some emerging trends driving smart biomanufacturing processes. The implementation of automated platforms replaces the manual processes in manufacturing; enhances the efficiency, quality, and flexibility of manufacturing; and leads to a faster time to market. Such factors are strongly boosting the smart life sciences manufacturing market growth for the bio-pharma segment.
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