Global Pharma 4.0 Market to Hit $54.43 Billion by 2031 at 18.3% CAGR: Coherent Market Insights

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Jan 15, 2024, 22:03 ET

BURLINGAME, Calif, Jan. 15, 2024 ./PRNewswire/ -- Coherent Market Insights has recently published a report, titled, Global Pharma 4.0 Market, By Component (Hardware, Software, and Services), By Technology (Cloud Computing, Artificial Intelligence, Big Data Analytics, and Internet of Things), By Application (Research and Development, Manufacturing, Supply Chain Management, and Others), By End User ): Global Opportunity Analysis and Industry Forecast, 2024-2031". According to the report, the global artificial intelligence in oncology market generated $16.75 billion in 2023, and is anticipated to generate $54.43 billion by 2031, witnessing a CAGR of 18.3% from 2024 to 2031.

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The key market players are focused on adopting various business development activities, such as product launches and others, which in turn is expected to propel market growth over the forecast period. For instance, on March 28, 2023, Fujitsu Limited, a pharmaceutical company, announced the launch of new cloud-based platform for healthcare sector in Japan, promoting personalized healthcare and drug development

Market Drivers:

The global pharmaceutical industry is facing immense pressure to reduce production costs and improve efficiency. At the same time, regulations are becoming more stringent requiring higher precision and quality in manufacturing. This has led to an increased need for automation technologies across the pharma value chain from drug discovery to packaging. Robots, AI, IoT, and other smart technologies are being adopted by pharma companies to automate repetitive and hazardous tasks, improving quality, yields and meeting compliance standards. The driver for automation is expected to further propel the growth of pharma 4.0 market in the coming years.

Advances in digital technologies are allowing the development of innovative digital therapeutics and connected healthcare solutions. Digital technologies such as smartphones, wearable devices, AI and big data analytics are being utilized to develop novelapps, software, and devices integrated with traditional healthcare delivery. These digital solutions can help improve patient outcomes, reduce healthcare costs, and enable remote patient monitoring. The growing focus on digital therapeutics and connected care is one of the major growth drivers as these technologies will stimulate further investments and innovations in pharma 4.0.

Market Key Takeaways:

The global pharma 4.0 market is expected to exhibit a CAGR of 18.3% during the forecast period. Market players are adopting strategies such as technology launches, which in turn are expected to fuel market growth over the forecast period. For instance, on May 16, 2023, Google Cloud, a software company, announced that it had launched two new AI-powered solutions that aim to help biotech and pharmaceutical companies accelerate drug discovery and advance precision medicine.

Among technology, artificial intelligence is expected to be the dominant segment in the global pharma 4.0 market due to the increasing launches of new products by market players. For instance, on November 28, 2023, Koninklijke Philips N.V., a healthcare company, launched a helium-free mobile magnetic resonance imaging system, BlueSeal MR Mobile, which is designed to enhance diagnostic imaging and requires only seven liters of liquid helium, offering cost and up-time advantages. The company introduced HealthSuite Imaging, an artificial intelligence (AI)-enabled cloud-based picture archiving and communication system, which offers high-speed remote diagnostic reading, integrated reporting and AI-powered workflow orchestration, thereby enhancing operational efficiency and patient care.

Major players operating in the global pharma 4.0 market include Oracle,GE Healthcare, Optum, Inc., Honeywell International Inc., IBM Corporation, Cisco Systems, Inc., Siemens Healthcare GmbH, POLARISqb, Google Cloud, Optibrium, Syntekabio, Fujitsu Limited, SAS Health, Microsoft and Lotte Healthcare

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Market Key Developments:

On September 27, 2023, SAS Health, the healthcare company, announced that it had launched a new analytical healthcare platform that will simplify health data and management, improve data governance, and accelerate patient insights. The end-to-end enterprise solution for analytics and data automation will provides health providers, insurers, and public health agencies with the flexibility and speed needed to drive health innovations that can improve patient experience and outcomes.

In May 2020, Microsoft, a software company, announced the launch of a cloud service designed specifically for healthcare, the first of many industry-specific cloud offerings. The cloud service will focus on what Microsoft has identified as important needs in healthcare, such as patient engagement, health team collaboration, and improving operational efficiencies.

Market Opportunity:

Advancements in fields such as genomics, data science, AI and 3D printing are opening up opportunities for development of truly personalized medicines. Pharma 4.0 technologies provide tools to gain deeper understanding of an individual's molecular profile, disease condition as well as response to therapies. This knowledge when combined with digital health data can help design and manufacture customized drugs, dosages and delivery systems tailored for each patient. The opportunity to develop highly targeted personalized medicines leveraging pharma 4.0 solutions is attracting significant R&D investments and commercialization efforts from industry players.

Market Trend:

Digital health has emerged as one of the hottest areas attracting investments from pharmaceutical companies, venture capital firms and other financial investors. The enthusiasm from investors is driven by the potential of digital technologies to disrupt and transform the entire healthcare industry. Pharma giants are partnering and funding several digital health startups focused on areas like pharmaceutical research, clinical trials, remote care delivery, diagnostic tools, wearables etc. This rising interest in digital health startups promoting innovative solutions aligned with the vision of pharma 4.0 is an important market trend that will support the future growth trajectory of the market.

Market Restrain:

While the pharmaceutical industry is recognizing the transformative benefits of Industry 4.0 technologies, their implementation requires significant upfront capital investments. Establishing fully automated and digital manufacturing facilities and R&D setups require expensive machinery, equipment, software, technological infrastructure and specialized skill workforce. The high initial investment costs pose a major challenge, especially for smaller pharma companies with limited budgets. The lack of funds acts as a restraining factor for widespread adoption of pharma 4.0 solutions in the short-term.

Read complete market research report," Global Pharma 4.0 Market, By Component, By Technology, By Application, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.

Detailed Segmentation:

By Component:

Hardware
Software
Services

By Technology:

Cloud Computing
Artificial Intelligence
Big Data Analytics
Internet of Things

By Application:

Research and Development
Manufacturing
Supply Chain Management
Others

By End User:

Biopharmaceutical Companies
Contract Manufacturing Organizations
Contract Research Organizations

By Region:

- North America
  - U.S.
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
- Europe
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
- Asia Pacific
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - Rest of Asia Pacific
- Middle East & Africa
  - South Africa
  - GCC Countries
  - Rest of Middle East & Africa

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