What is the current size and annual growth rate of the smart life sciences manufacturing market?
The smart life sciences manufacturing market size has grown rapidly in recent years. It will grow from $25.07 billion in 2024 to $28.76 billion in 2025 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to supply chain optimization, increasing remote monitoring, demand for precision medicine, increasing healthcare expenditure.
The smart life sciences manufacturing market size is expected to see rapid growth in the next few years. It will grow to $50.92 billion in 2029 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to advanced materials development, demand for flexible and wearable electronics, energy efficiency, increasing demand for iot devices. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML), RFID and sensor technologies, photovoltaic applications, display technologies.
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Which major factors have contributed to the expansion of the smart life sciences manufacturing market?
Increasing adoption of automation is expected to propel the growth of the smart life sciences manufacturing market going forward. Automation is creating software and systems to replace repeatable processes and reduce manual intervention, which involves using instructions to create a repeated process that replaces manual work. Automation plays a significant role in smart life sciences manufacturing, where it helps improve efficiency, quality, and safety in the production of pharmaceuticals, biotechnology products, medical devices, and other related goods. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 3 million industrial robots are already in use in industries around the world, a 10% increase from 2021. Therefore, the increase in industrial automation is driving the growth of the smart life sciences manufacturing market.
How is the smart life sciences manufacturing market segmented?
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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Who are the top competitors 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.
Which key trends are expected to influence the smart life sciences manufacturing market in the coming years?
Major market players are concentrating their efforts on creating innovative AI (artificial intelligence) medical technologies to sustain their position in the market. AI-based advancements are needed in smart life science to analyze and interpret vast amounts of data, streamline processes and enable more personalized engagement. For instance, in May 2023, Google Cloud Platform LLC, a US-based technology company, launched two new AI-powered solutions to accelerate drug discovery and precision medicine. This innovative tool can help researchers discover new drugs faster and more efficiently. Additionally, these tools can help improve the accuracy of drug development and reduce the cost of bringing new drugs to market. Moreover, it has the potential to accelerate the growth of new drugs and improve patients’ lives.
Which regional trends are influencing the smart life sciences manufacturing market, and which area dominates the industry?
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.
What Does The Smart Life Sciences Manufacturing Market Report 2025 Offer?
The smart life sciences manufacturing market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Smart life sciences manufacturing is a technology-driven strategy to monitor the production process in the life sciences business using Internet-connected gear. It is used to find opportunities for automating activities and to improve industrial performance through data analytics.
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