Dublin, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The "Digital Twin Technology in Pharmaceutical Manufacturing Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
World revenue for the Digital Twin Technology in Pharmaceutical Manufacturing Market is set to surpass US$300 million in 2024, with strong revenue growth through to 2034.
This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics. It will be useful for companies that would like to expand into different industries or to expand their existing operations in a new region.
Increasing Adoption of Healthcare IoT and Advancements in Pharmaceutical Manufacturing Technology are Key Factors Propelling Market Growth
Significant drivers include the integration of AI in healthcare and the expanding utilization of digital twins within pharmaceutical supply chains. In life sciences, the incorporation of technologies such as natural language processing (NLP), graph databases, and APIs to develop digital twins contributes to enhanced medical outcomes and reduced healthcare costs by offering data-driven feedback, data gathering capabilities, and interventions. Digital technology plays a crucial role throughout the vaccine development process, facilitating faster and safer vaccine production, from pathogen identification to human clinical trials. Advances in data-driven digital twins specifically enhance vaccine manufacturing processes.
Market growth is further spurred by the entry of major players and the rise of startups, such as Sim&Cure in France, offering solutions like Sim&Size for virtual treatment of brain aneurysms, which can lead to brain clots and strokes. Increased investment in these technologies is anticipated to drive widespread adoption and market expansion. Government initiatives also play a pivotal role in promoting digital twin technologies. For instance, the European Government's DigiTwins project aims to revolutionize healthcare through advanced technologies like omics, computing, communication, and sensing, with substantial funding support. Similarly, initiatives by organizations like the UK Research and Innovation Agency continue to support innovative healthcare technologies, including digital twins and digital hubs.
The adoption of advanced technologies like machine learning, AI, cloud computing, IoT, and big data analytics by major market players enables the creation of robust digital twin solutions, facilitating realistic digital replicas of physical assets. This technological advancement replaces manual systems with industrial and automation solutions, enhancing factory productivity and flexibility
Interoperability Challenges and Data Theft Concerns Likely to Hamper Industry Growth
Industry growth faces challenges such as interoperability issues and concerns over data security breaches, which require significant investment in infrastructure maintenance. Costs associated with implementing virtual twins for large-scale industrial facilities also pose financial barriers to market expansion. Addressing these challenges through continuous product innovation, education, and technological upgrades in pharmaceutical manufacturing processes can significantly accelerate the adoption and growth of digital twin technology within the pharmaceutical manufacturing market.
Key Questions Answered
- How is the digital twin technology in pharmaceutical manufacturing market evolving?
- What is driving and restraining the digital twin technology in pharmaceutical manufacturing market?
- How will each digital twin technology in pharmaceutical manufacturing submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each digital twin technology in pharmaceutical manufacturing submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading digital twin technology in pharmaceutical manufacturing markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the digital twin technology in pharmaceutical manufacturing projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of digital twin technology in pharmaceutical manufacturing projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the digital twin technology in pharmaceutical manufacturing market?
- Where is the digital twin technology in pharmaceutical manufacturing market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Segments Covered in the Report
Component Outlook
- Software
- Service
Applications Outlook
- Asset and Process Management
- Personalized Medicine
- Drug Discovery
- Others
End-use Outlook
- Pharma & Bio-pharma Companies
- Research & Academics
- Others
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 20 leading national markets.
The report also includes profiles for some of the leading companies in the Digital Twin Technology in Pharmaceutical Manufacturing Market, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- ANSYS, INC.
- Atos
- Dassault Systems (3DS System)
- Faststream Technologies
- GE Healthcare
- Microsoft
- NVIDIA
- Oracle
- Philips Healthcare
- PTC
- Siemens Healthineers AG
- ThoughWire
- Twin Health
- Verto Healthcare
The report provides you with the following knowledge:
- Revenue forecasts to 2034, with forecasts for component, application, end-use each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for five regional and 20 key national markets.
- Prospects for established firms and those seeking to enter the market - including company profiles for 14 of the major companies involved in the Digital Twin Technology in Pharmaceutical Manufacturing Market.
For more information about this report visit https://www.researchandmarkets.com/r/bpactx
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