Insights Into The Smart Life Sciences Manufacturing Market’s Growth Potential 2024-2033
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The smart life sciences manufacturing market has witnessed a rapid surge, escalating from $21.83 billion in 2023 to a projected $25.07 billion in 2024, boasting an impressive Compound Annual Growth Rate (CAGR) of 14.8%. The growth in the historic period can be attributed to key factors such as supply chain optimization, increasing remote monitoring, a burgeoning demand for precision medicine, and a significant upswing in healthcare expenditure.
Outlook for the Future: Rapid Expansion
The trajectory continues to ascend, with the smart life sciences manufacturing market poised for substantial growth, reaching $43.75 billion by 2028 at a CAGR of 14.9%. Anticipated drivers of this growth include advanced materials development, a surging demand for flexible and wearable electronics, energy efficiency considerations, and an increasing appetite for IoT devices. Notable trends in this forecast period encompass artificial intelligence (AI) and machine learning (ML), RFID and sensor technologies, photovoltaic applications, and display technologies.
Personalized Medicine as a Driving Force
Understanding Personalized Medicine
The burgeoning demand for personalized medicine is set to be a pivotal driver for the growth of the smart life sciences manufacturing market. Personalized medicine tailors medical decisions, interventions, and therapies to individual patients, fostering a more precise and efficient healthcare approach.
Impact on the Industry
This rising demand has led the life sciences industry to embrace smart manufacturing technologies, facilitating the efficient, precise, and flexible production of customized pharmaceuticals and therapies. Notably, in October 2022, reports indicated over 75,000 genetic testing products and 300 personalized medicines. Moreover, the FDA approved personalized medicines for 34% of new drugs in 2022, showcasing a substantial integration of personalized approaches in healthcare.
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Market Dynamics: Major Players and Innovations
Key Players in the Arena
Major players shaping the smart life sciences manufacturing market include Pfizer Inc., Johnson and Johnson, Siemens AG, General Electric Co., and F. Hoffmann-La Roche AG. These industry giants are instrumental in steering the market’s trajectory.
Innovation Takes Center Stage
Innovation remains a focal point for market players, with a specific emphasis on creating advanced AI-based medical technologies. For instance, Google Cloud Platform LLC launched AI-powered solutions in May 2023 to accelerate drug discovery and precision medicine, promising faster and more efficient drug development processes. This not only enhances drug discovery but also holds the potential to reduce costs associated with bringing new drugs to market.
Strategic Acquisitions: A Game-Changer
Burke Porter Group’s Strategic Move
In October 2022, Burke Porter Group (BPG) made a strategic move by acquiring D&K Engineering Inc., a provider of smart life sciences manufacturing services. This acquisition aimed to expand BPG’s life sciences capabilities, strengthen manufacturing capacities, and tap into D&K’s engineering expertise.
Market Segmentation Insights
The smart life sciences manufacturing market is segmented based on:
- By Component: Solution, Services
- By Technology: Augmented Reality And Virtual Reality Systems, Internet of Things (IoT), Artificial Intelligence, Cybersecurity, Big Data, Other Technologies
- By Application: Pharma, Bio-Pharma, Medical Device
Regional Dynamics
North America dominated the smart life sciences manufacturing market in 2023, with Asia-Pacific emerging as the fastest-growing region in the forecast period.
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The Smart Life Sciences Manufacturing Global Market Report 2023 provides an overview of the smart life sciences manufacturing market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart life sciences manufacturing market forecast analyzes smart life sciences manufacturing market size, smart life sciences manufacturing market share, leading competitor and their market positions.
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