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

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.

Request Sample of the Report – https://www.coherentmarketinsights.com/insight/request-sample/6542

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

Buy Now & Get Exclusive Discount on this Business Complete Report- https://www.coherentmarketinsights.com/insight/buy-now/6542 

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:

HardwareSoftwareServices

By Technology:

Cloud ComputingArtificial IntelligenceBig Data AnalyticsInternet of Things

By Application:

Research and DevelopmentManufacturingSupply Chain ManagementOthers

 By End User:

Biopharmaceutical CompaniesContract Manufacturing OrganizationsContract Research Organizations

 By Region:

North AmericaU.S.CanadaLatin AmericaBrazilMexicoRest of Latin AmericaEuropeGermanyU.K.SpainFranceItalyRussiaRest of EuropeAsia PacificChinaIndiaJapanAustraliaSouth KoreaRest of Asia PacificMiddle East & AfricaSouth AfricaGCC CountriesRest of Middle East & Africa

Ask for Customization: https://www.coherentmarketinsights.com/insight/request-customization/6542 

Find more related trending reports below:

Global Mobile Stroke Unit Market, By Type (Frazers Mobile Stroke Unit, Demers Mobile Stroke Unit), By Product (Computed Tomography Scanner, Conventional Emergency Equipment, Telemedicine System, Automated Image Analysis, Others), By Application (Mobile Healthcare Industry, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Global AI in Omics Studies Market, By Offering (Software, Services), By Technology Platform (Sequencing, Epigenomics, Proteomics, Metabolomics, thers), By Application (Oncology, Infectious Diseases, Neurology, Cardiovascular Diseases, Immunology, Others), By End User (Academic and Research Institutes, Biopharmaceutical Company, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Global Artificial Intelligence in Oncology Market, By Component (Software/Platform, Hardware, Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Others), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Biopharmaceutical Companies, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

Global Medical Exoskeleton Market, By Type (Lower Body Exoskeletons, Upper Body Exoskeletons, Full Body Exoskeletons,  Others (Soft Exoskeletons, Active Exoskeletons, Passive Exoskeletons)), By Mobility(Mobile Exoskeletons, Stationary Exoskeletons, Fixed Exoskeletons), By End User (Rehabilitation Centers, Hospitals, Long Term Care Centers, Homecare Settings,  Others (Industrial Sites, Military)), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

Contact Us:
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone: 
US: +1-206-701-6702
UK: +44-020-8133-4027
Japan: +81-050-5539-1737
India: +91-848-285-0837
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/902389/Coherent_Market_Insights_Logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/global-pharma-4-0-market-to-hit-54-43-billion-by-2031-at-18-3-cagr-coherent-market-insights-302034736.html