Pharma 4.0 Market to Grow at a CAGR of 17.7% during the 2023 to 2031 Forecast Period: TMR Study

Wilmington, Delaware, United States, July 14, 2023 (GLOBE NEWSWIRE) — The global pharma 4.0 market stood at US$ 10.9 billion in 2022 and the global market is projected to reach US$ 46.9 million in 2031. Global pharma 4.0 market is anticipated to expand at a CAGR of 17.7% between 2022 and 2031.

Collaborations taking place between pharmaceutical and technology companies have made important pharma 4.0 market opportunities for industry players. However, complex regulatory environment, limited access to healthcare facilities in developing countries, and resistance to change and adoption of new technologies are hampering market growth.

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Increase in the usage of AI and big data analytics in drug discovery and development is one of the key drivers of the pharma 4.0 market where AI can be used to analyze large amounts of data, such as genomic data and clinical trial data, in order to identify potential drug candidates and optimize clinical trial design.

Key Takeaways of Market Report

• Global pharma 4.0 market to generate absolute dollar opportunity worth US$ 46.9 billion until 2031.
• The global pharma 4.0 market is currently valued at US$ 10.9 billion in 2022.
• Global pharma 4.0 market stood at US$ 11.2 billion in 2023.
• Market value of the global pharma 4.0 market management from 2018 to 2022 is 16.7%
• North America is said to expand at a CAGR of 10.2%
• Asia Pacific market region is estimated to have a market share of 21.3%

Global Pharma 4.0 Market: Growth Drivers

• Cloud computing is a key technology that supports the implementation of digital tools and facilitates their integration and scalability in the pharmaceutical sector. Cloud computing allows pharmaceutical companies to store and process large amounts of data securely and efficiently, without the need for expensive on-premise hardware. It also enables remote access to data and applications, which can improve collaboration and productivity across different departments, teams, and locations.
• Cloud computing technology enables pharmaceutical companies to leverage the power of digital technologies in a flexible, scalable, and cost-effective manner. Pharmaceutical companies can accelerate innovation, improve patient outcomes, and enhance competitiveness in a rapidly evolving market by adopting cloud-based solutions.
• Pharmaceutical companies is estimated to account for a major share of the global landscape during the forecast period. Pharma 4.0 refers to the fourth industrial revolution in the pharmaceutical sector, which is characterized by the integration of advanced digital technologies into drug development and manufacturing processes. Pharmaceutical companies are increasingly adopting pharma 4.0 technologies to improve the efficiency, quality, and safety of drug development and manufacturing. These technologies can help pharmaceutical companies optimize their manufacturing processes and accelerate drug development timelines.
• The pharmaceutical sector is highly regulated, and pharma 4.0 technologies can help companies comply with regulatory requirements by providing real-time monitoring and control of manufacturing processes as well as end-to-end traceability of drug products.

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Global Pharma 4.0 Market: Regional Landscape

• North America is expected to account for a significant share during the forecast period. Presence of a well-established healthcare infrastructure and pharmaceutical sector, and a strong focus on research and development are augmenting the market in the region.

Increase in the adoption of digital technologies in the pharmaceutical sector and the rise in government initiatives to promote the adoption of pharma 4.0 technologies are also fueling pharma 4.0 market growth in North America. Growth in the trend of digitalization in the pharmaceutical sector is likely to propel pharma 4.0 market development in the region

• Asia Pacific region accounts for nearly 21.3% of the worldwide manufacturing output. More countries in the region are developing advanced manufacturing capabilities to grow Industry 4.0. These emerging technologies also play a crucial role in helping us achieve our decarbonization goals, as sustainability becomes a core priority in business operations.
• Majority of government agencies and industry players expect Industry 4.0 objectives to be delivered within the next five years. This will rely on effective regulatory frameworks, such as making new spectrum available for enhanced connectivity and increasing innovations in new solutions.

Global Pharma 4.0 Market: Key Players

• Microsoft Corporation announced the acquisition of Nuance Communications to expand its capabilities in the healthcare sector. The acquisition is aimed at enhancing Microsoft’s AI and cloud offerings for healthcare providers and accelerating the delivery of new solutions for clinical documentation, patient engagement, and other healthcare scenarios.
• Amazon Web Services, Inc. announced a partnership with Novartis, a Switzerland-based pharmaceutical company, to develop and deploy AI and machine learning solutions for drug discovery and development

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Global Pharma 4.0 Market: Segmentation

Technology

• Artificial Intelligence (AI)
• Big Data Analytics
• Cloud Computing
• Internet of Things (IoT)
• Others

Application

• Drug Discovery and Development
• Clinical Trials
• Manufacturing
• Others

End User

• Pharmaceutical Companies
• Biotechnology Companies
• CROs and CMOs
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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