Ottawa, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global pharma 4.0 market size was valued at USD 12.05 billion in 2022, According to Precedence Research. North America led the global market with the largest market share in 2022.
The Pharma 4.0 market is driven by the growing digital transformation, the emergence of advanced technologies such as AI, IoT and big data analytics and rising technological advancements. Additionally, the growing investment in the pharmaceutical industry is expected to propel the market expansion during the forecast period.
Pharma 4.0 refers to the application of the fourth industrial revolution (industry 4.0) technologies and principles in the pharmaceutical industry. It represents the integration of advanced digital technologies to enhance and optimize various aspects of pharmaceutical manufacturing, distribution, and healthcare. The goal of Pharma 4.0 is to create a more interconnected, data-driven, and flexible pharmaceutical ecosystem. This approach can lead to increased efficiency, reduced costs, improved quality control and faster development and delivery of pharmaceutical products.
Download the Sample Pages@ https://www.precedenceresearch.com/sample/3187
Additionally, Pharma 4.0 has the potential to enhance regulatory compliance, traceability, and overall patient safety within the pharmaceutical industry. The growing partnership in the industry is expected to propel market revenue growth during the study timeframe. For instance, in July 2022, with the help of Red Hat's industry-leading enterprise platforms and application services, which are based on Red Hat Enterprise Linux, ABB and Red Hat announced a worldwide cooperation that would allow industries utilizing ABB's process automation and industrial software to grow quickly and adaptably.
Enhancing operational efficiency while meeting safety, security, and productivity requirements necessitates the gathering, organizing, and evaluation of industrial plant data. This aligns with ABB's approach to process automation advancement. Through the collaboration, Red Hat OpenShift and automation software may be virtualized and containerized to offer enhanced hardware deployment flexibility that is tailored to the requirements of the application. Additionally, it offers effective system orchestration, facilitating data-driven decision-making in real-time at the edge and additional processing in the cloud.
You can place an order or ask any questions, please feel free to contact us at
sales@precedenceresearch.com | +1 650 460 3308
Key Insights:
- The cloud computing segment is expected to dominate the market during the forecast period.
- The drug discovery and development segment is expected to capture a significant market share over the forecast period.
- The pharmaceutical companies are expected to hold the dominating position in the market over the forecast period.
Regional Stance
North America is expected to dominate the market during the forecast period. The growth in the North American region is attributed to the presence of major pharmaceutical companies including Pfizer, Sanofi, Johnson & Johnson, AbbVie, AstraZeneca and others. These companies are involved in the production of various disease medicines. To efficiently manage the production of the medicine and its value chain, these companies utilize advanced automation software which is expected to drive the industry penetration.
For instance, in December 2023, BigHat Biosciences and AbbVie Inc. established a research partnership to find and create next-generation therapeutic antibodies in the fields of neurological and cancer. BigHat will work closely with AbbVie to assist in the creation and selection of high-quality antibodies for a variety of therapeutic targets. It will do this by utilizing its Milliner TM platform, a suite of machine learning technologies coupled with a high-speed wet lab. This partnership is yet further evidence of their dedication to incorporating AI/ML-based methods into drug research and development, as they work to quicken their pipeline for cancer and neurology and produce better medications more quickly.
Furthermore, the broader trend of digital transformation in healthcare, including electronic health records, telemedicine, and patient engagement, has set the stage for the adoption of Pharma 4.0. The convergence of digital technologies across the healthcare continuum supports a more connected and data-driven approach. Thus, this is expected to propel the market growth during the forecast period.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The regional growth is attributed to the growing healthcare expenditure. The increasing healthcare expenditure in countries like China and India has led to a growing emphasis on the quality and efficiency of healthcare delivery. Pharma 4.0 technologies play a crucial role in improving pharmaceutical manufacturing processes and healthcare services. Moreover, the governments in the region have been actively promoting digital transformation and industry 4.0 initiatives, including in the pharmaceutical sector. Supportive policies and initiatives can incentivize pharmaceutical companies to invest in advanced technologies. Thus, this is expected to propel the market expansion in the Asia Pacific region.
Report Highlights:
Technology Insights
The cloud computing segment is expected to dominate the market during the forecast period. Cloud computing provides scalable and secure data storage solutions. In Pharma 4.0, where large volumes of data are generated from various sources, including IoT devices and manufacturing processes, cloud storage facilitates efficient data management and accessibility. In addition, these platforms enable real-time collaboration among stakeholders, including pharmaceutical companies, suppliers, and regulatory bodies. This collaborative environment supports the seamless sharing of data, research findings, and insights, fostering innovation and efficiency.
Application Insights
The drug discovery and development segment is expected to capture a significant market share over the forecast period. Pharma 4.0 leverages advanced analytics, artificial intelligence and machine learning to analyze vast datasets in real time. In drug discovery, this means more efficient analysis of biological data, identification of potential drug targets, and prediction of compound activities, thereby accelerating the drug discovery process. In addition, Pharma 4.0 enables the implementation of virtual drug development processes. This includes virtual clinical trials, where technologies like telemedicine, wearables and remote monitoring are utilized to gather data from participants in a more decentralized and patient-friendly manner. Thereby, driving the market growth.
End User Insights
The pharmaceutical companies segment is expected to hold the dominating position in the market over the forecast period. Pharma 4.0 emphasizes data-driven decision-making processes. Pharmaceutical companies leverage advanced analytics to analyze large datasets generated during drug development, manufacturing and distribution. This data-driven approach enhances decision accuracy and efficiency. Additionally, cloud computing, IoT, and blockchain technologies enhance visibility and traceability in the pharmaceutical supply chain. The company can track the movement of materials and products in real-time, reducing the risk of counterfeit drugs and improving overall supply chain efficiency.
Customize this study as per your requirement@ https://www.precedenceresearch.com/customization/3187
Pharma 4.0 Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 14.22 Billion |
| Market Size by 2032 | USD 63.17 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 18.02% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 To 2032 |
| Segments Covered | By Technology, By Application, and By End-User |
Market Dynamics:
Driver
Improved supply chain management
Medicine with the use of Pharma 4.0 technologies, supply chain monitoring can be done in real-time, improving distribution and inventory tracking and management. A medication that uses RFID or NFC technology integrated into the primary packaging can be tracked step-by-step from the manufacturing facility to its destination. Each step is recorded in an unchangeable manner in the blockchain, making it impossible for a counterfeit to exist—even if the secondary packaging is replicated. This is an example of an improved supply chain or blockchain. Therefore, one of the key drivers of the Pharma 4.0 market throughout the projected time will be enhanced supply chain management.
Restraint
High cost and intellectual property protection
Software, hardware, and human resources must all be heavily invested in before Pharma 4.0 technologies can be implemented. For smaller pharmaceutical businesses or those with fewer resources, cost is a major barrier. In addition, concerns about intellectual property protection are developing as digital technologies are used more and more in the pharmaceutical industry. Making sure that intellectual property is sufficiently safeguarded is a big task that needs constant care. Applications for patents are available for AI system algorithms and the hardware parts that make them work. Where the output of such a system might be covered by copyright law.
Opportunities
Growing Collaboration
The increasing collaboration is expected to offer a lucrative opportunity for market revenue development over the forecast period. For instance, in March 2022, a partnership agreement was initiated by Siemens Ltd., China and Triastek, Inc. to supply digital technology to the pharmaceutical business worldwide. It is anticipated that combining Siemens' automation and digitization experience with Triastek's 3D printing and digital pharmaceutical technology would result in novel and revolutionary approaches to the development and production of medications. Through this partnership, Triastek and Siemens will make use of each other's technical advantages, competencies, and skills to meet the demands of the pharmaceutical business and enhance patient outcomes. While combined with Siemens' cutting-edge automation and digital technologies, Triastek's unique pharmaceutical MED (Melt Extrusion Deposition) 3D printing platform technology for mass production and research and development will speed up the development of new products and make continuous manufacturing approaches, paperless production, real-time product release, and equipment and facility maintenance easier. It is anticipated that these advances would increase manufacturing line throughput while preserving the highest standards of product quality. Furthermore, Triastek intends to create an intelligent pharmaceutical production center in partnership with Siemens, where digital twins, smart factories, and virtual laboratory technologies will be integrated into every facet of pharmaceutical operations.
Related Reports:
- Healthcare Cloud Computing Market: The global healthcare cloud computing market size reached USD 11.27 billion in 2021 and is expected to hit around USD 62.47 billion by 2030, poised to grow a CAGR of 21.4% from 2023 to 2032.
- Artificial Intelligence (AI) in Biopharmaceutical Market: The global artificial intelligence (AI) in biopharmaceutical market size was valued at USD 0.86 billion in 2022 and is predicted to surpass around USD 14.07 billion by 2032 with a registered CAGR of around 32.3% from 2023 to 2032.
- Internet of Things (IOT) in Healthcare Market: The global internet of things (IoT) in healthcare market size is projected to hit around USD 962.21 billion by 2032 from USD 180 billion in 2022 and is growing at a CAGR of 18.3% from 2023 to 2032.
- Generative AI in Biology Market: The global generative AI in biology market size was estimated at USD 74 million in 2022 and it is projected to reach around USD 363.37 million by 2032, growing at a CAGR of 17.3% from 2023 to 2032.
- Generative AI in Life Sciences Market: The global generative AI in life sciences market size was estimated at USD 160.23 million in 2022 and it is expected to hit around USD 1,059.38 million by 2032, growing at a CAGR of 20.78% from 2023 to 2032.
Recent Developments:
- In May 2023, the leading pharmaceutical business in Indonesia, PT Holi Pharma, announced a partnership with SAP and IBM to quicken its digital transformation and support national growth. Holi Pharma has successfully moved its mission-critical ERP workloads and processes to the cloud with the aid of IBM Consulting's RISE with SAP deployment. Holi Pharma will benefit from quicker operational insights as a result, which should have a big influence on the manufacturing capacity and overall efficiency of the firm.
- In March 2022, the world's top pharmaceutical and biotech companies, Aizon, a provider of enterprise AI software, and aggity, a Spanish company that specializes in business digital transformation, announced a partnership program agreement to work together on accelerating digital transformation within manufacturing operations. This cooperative effort is built on Aizon's SaaS platform, which uses Industry 4.0 technologies like artificial intelligence (AI) and machine learning to enhance manufacturing operations for the biopharmaceutical sector. Additionally, Aggregity's unique domain expertise—which blends cutting-edge technological solutions with best practices and operating models to optimize enterprise processes throughout—is combined with Aggregity's unique domain expertise.
Market Key Players:
- Microsoft Corporation
- Oracle Corporation
- ABB
- Honeywell International Inc.
- Cisco Systems, Inc.
- Siemens Healthcare GmbH
- GE Healthcare
- IBM Corporation
- Amazon Web Services, Inc.
- Aspen Technology Inc
Market Segmentation
By Technology
- Cloud Computing
- Artificial Intelligence (AI)
- Big Data Analytics
- Internet of Things (IoT)
By Application
- Drug Discovery and Development
- Clinical Trials
- Manufacturing
By End User
- Pharmaceutical Companies
- Biotechnology Companies
- CROs and CMOs
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/3187
You can place an order or ask any questions, please feel free to contact us at
sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
To Access our Premium Real-Time Data Intelligence Tool, Visit:
www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Web: https://www.precedenceresearch.com/
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
Linkedin | Facebook | Twitter
