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Smart Life Sciences Manufacturing Market 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)

Region: Global  |   Report Date: 02-Mar-2023  |   # of Pages: 212   |   Industry: Technology, Media and Telecommunication

The smart life sciences manufacturing market is projected to reach US$ 78,974.61 million by 2033, registering a CAGR of 14.4% from 2023 to 2033.

Technology has been playing a major role in the healthcare sector, wherein the biotechnology industry is the most benefited segment by recent technological advancements in data analytics, compared to other domains such as oncology, neurology, and immunology. Emerging data sciences technologies assist in the growth of the biotechnology industry. Analysis of living organisms, research for novel drugs, etc. are major roles played by biotechnology laboratories. Modern data analytics tools have allowed biotechnology researchers to create predictive analytics models and understand the most effective ways to achieve desired goals and objectives. Big data, AI, virtual reality, data visualization, and data security are among the common technologies used in biotech laboratories. Novozymes, a leading global biotechnology company headquartered in Bagsværd, just outside of Copenhagen, Denmark, has adopted Tableau, a data visualization tool, which revolutionized its approach to data analysis and collaboration. AstraZeneca, plc, a British–Swedish multinational pharmaceutical and biotechnology company, uses data and technology to minimize the time to discovery and delivery of potential new medicines. The company has data science and AI capabilities embedded in its R&D departments, which allows scientists to push the boundaries of science to deliver life-changing medicines. Such adoptions are expected to boost the smart life sciences manufacturing market growth during the forecast period.

China accounts for the largest share in the smart life sciences manufacturing market in Asia Pacific, followed by Japan and India. China has one of the fastest growing smart life sciences manufacturing markets globally. Chinese firms have been one of the keenest adopters of technology in APAC as they seek to gain a competitive edge through digitalization and innovation. The manufacturers have collaborated with each other for the successful deployment of advanced technologies. In March 2022, Triastek and Siemens Ltd., China signed a strategic collaboration agreement to provide digital technologies for the global pharmaceutical industry. Triastek is actively implementing a continuous manufacturing approach with advanced digital tools to streamline and improve its manufacturing processes and products. Such factors promote the revenue generation of smart life sciences manufacturing market players operating in China. Moreover, the country has flourishing biotechnology industry, which led to increased investments in biotech firms over the period. China-based biotech firms have seen 100 times increase in total market value to more than US$300 billion from 2016 to 2021. Biopharma companies are exploring China and other emerging markets for commercial expansion and for acquisition and partnership targets to boost innovation. Therefore, all the above-discussed factors will drive the smart life sciences manufacturing market growth in China during the forecast period.

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 market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global smart life sciences manufacturing market and its ecosystem.

The overall smart life sciences manufacturing market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the smart life sciences manufacturing market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the smart life sciences manufacturing market.
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