At 14.0% CAGR, the North America Smart Life Sciences Manufacturing Market is projected to be worth US$ 22,575.68 million by 2033, says Business Market Insights

According to Business Market Insights research, the North America Smart Life Sciences Manufacturing Market was valued at US$ 6,101.89 million in 2023 and is expected to reach US$ 22,575.68 million by 2033, registering a CAGR of 14.0% from 2023 to 2033. Rising adoption of Pharma 4.0 and increasing use of technologies in biotechnology laboratories are the critical factors attributed to the North America smart life sciences manufacturing market.

Pharma 4.0, the fourth industrial revolution, is a holistic approach to the manufacturing of medicinal products. It was introduced by the International Society for Pharmaceutical Engineering (ISPE) in 2017. Advanced automation solutions, modern cloud-based manufacturing execution systems, augmented reality (AR), and cybersecurity are among the major aspects of Pharma 4.0. The goal of Pharma 4.0 is to achieve safer pharmaceutical production with greater efficiency along the whole value chain. It is a highly efficient automated process driven by an integrated manufacturing control strategy.

Artificial intelligence (AI), big data, and machine learning (ML) technologies contribute to highly integrated and autonomous manufacturing systems. The COVID-19 pandemic underlined the insufficiency of paper-based processes in the manufacturing sector across the world. Companies in this sector are looking for having real-time visibility into production processes. The pharmaceutical industry has noticed improvements after the implementation of digital and automation technologies. Many examples have been found in which the process is quite free flow after companies adopting Pharma 4.0. The primary aim of the collaboration was to enable real-time analytics, make better business decisions, and increase efficiencies across manufacturing processes and supply chains. Additionally, single-use bioprocessing requires low maintenance and has lower operational expenditures. This signifies all biotechnology companies are expected to invest heavily in automation and modern analytics technologies to build technologically advanced smart factories.

The pharmaceutical segment is a key contributor to the industrial sector. Moreover, the demand and sales of medicine are increasing every day. Thus, pharmaceutical manufacturing businesses invest huge amounts of economic resources in R&D for bringing innovations to markets. Technology upgrades are the key to tackling future manufacturing problems. Thus, the growing adoption of Pharma 4.0 is a key factor driving the progression of the North America Smart Life Sciences Manufacturing Market

On the contrary, presence of skill gap and need for high initial investment hampers the North America smart life sciences manufacturing market.  

Based on component, the North America smart life sciences manufacturing market is bifurcated into solutions and services. The solutions segment held 66.4% share of North America smart life sciences manufacturing market in 2023, amassing US$ 4,053.30 million. It is projected to garner US$ 14,435.89 million by 2033 to expand at 13.5% CAGR during 2023–2033.

Based on technology, the North America smart life sciences manufacturing market is segmented into AR/VR Systems, Internet of Things (IoT), Artificial Intelligence (AI), Cybersecurity, Big Data, and others. The Internet of Things (IoT) segment held 60.1% share of North America smart life sciences manufacturing market in 2023, amassing US$ 3,667.03 million. It is projected to garner US$ 12,636.71 million by 2033 to expand at 13.2% CAGR during 2023–2033.

Based on type, the North America Smart Life Sciences Manufacturing Market is bifurcated into IT Cybersecurity, and OT Cybersecurity. The OT Cybersecurity segment held 56.9% share of North America Smart Life Sciences Manufacturing Market in 2023, amassing US$ 722.65 million. It is projected to garner US$ 2,899.82 million by 2033 to expand at 14.9% CAGR during 2023–2033.

Based on application, the North America smart life sciences manufacturing market is segmented into pharma, bio-pharma, and medical device. The medical segment held 46.8% share of North America smart life sciences manufacturing market in 2023, amassing US$ 2,858.41 million. It is projected to garner US$ 10,610.85 million by 2033 to expand at 14.0% CAGR during 2023–2033.

Based on country, the North America smart life sciences manufacturing market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 70.0% share of North America smart life sciences manufacturing market in 2023. It was assessed at US$ 4,269.50 million in 2023 and is likely to hit US$ 16,170.92 million by 2030, exhibiting a CAGR of 14.2% during 2023-2033.      

Key players operating in the North America smart life sciences manufacturing market are ABB Ltd, Bosch Rexroth AG, Emerson Electric Co, Fortinet Inc, General Electric Co, Honeywell International Inc, International Business Machines Corp, Rockwell Automation Inc, Siemens AG, and Sophos Ltd, among others.

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