Pharma 4.0 Market Growth Accelerated by adoption of digital technologies

 

Pharma 4.0 Market

Pharma 4.0 refers to the digital transformation of various pharmaceutical processes and business operations with technologies like artificial intelligence, IoT, blockchain, 3D printing and others. These technologies enable faster drug discovery and development, improve supply chain operations, enhance patient engagement and safety. Pharma companies are increasingly adopting digital tools to streamline clinical trials by enrolling more volunteers, accelerating drug approvals and better monitoring drug supplies.

The global Pharma 4.0 Market is estimated to be valued at US$ 16.75 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rapid adoption of digital technologies like AI, IoT and 3D printing in the pharmaceutical industry has helped accelerate innovation and streamline operations significantly. As pharma companies digitally transform legacy systems, they are able to develop personalized drugs faster by leveraging real world data through AI and advanced analytics. By deploying IoT sensors and 3D printing technologies across manufacturing units and supply chains, they are improving efficiency as well as boosting drug production capacity. This widespread digital transformation trend is expected to drive exponential growth in the Global Pharma 4.0 Market over the forecast period.

Segment Analysis
In the global pharma 4.0 market, automation and robot assisted drug discovery is expected to remain the dominant segment during the forecast period. This is attributed to increasing adoption of automation in drug discovery processes to accelerate drug development while also reducing the costs. Automation also enables processing of large datasets much faster using machine learning and artificial intelligence algorithms. This has significantly increased the efficiency and productivity of researchers.

Key Takeaways
Global Pharma 4.0 Market Size is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America is projected to dominate the global Pharma 4.0 market during the forecast period. This is owing to presence of major pharmaceutical companies and advanced healthcare infrastructure in the region. Additionally, increasing R&D investments by market players as well as government support for development of digital healthcare is also driving the market in North America. Asia Pacific is expected to witness the highest growth rate during the forecast period owing rising generic drugs market and increasing focus of market players in emerging countries of the region.

Key players analysis: Key players operating in the global Pharma 4.0 market are Oracle, GE Healthcare, Optum, Inc., Honeywell International Inc., IBM Corporation, Cisco Systems, Inc., Siemens Healthcare GmbH. Oracle offers cloud-based ERP software solutions Tailored for Pharmaceutical industry to manage supply chain, finance, HR and manufacturing. GE Healthcare provide a suite of digital manufacturing and product lifecycle management software for pharmaceutical industry. 


Get More Insights on this Topic- https://www.trendingwebwire.com/pharma-4-0-market-size-share-and-outlook/ 

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