North America Smart Life Sciences Manufacturing Market Forecast to 2028 - Regional Analysis - by Component, Technology, End use industry

The North America Smart Life Sciences Manufacturing Market is expected to grow from US$ 6,101.89 million in 2023 to US$ 22,575.68 million by 2033. It is estimated to grow at a CAGR of 14.0% from 2023 to 2033.

Rising Adoption of Pharma 4.0 Fuel North America Smart Life Sciences Manufacturing Market

Technology has been playing a major role in the healthcare sector, wherein the biotechnology industry is the most benefited segment by recent technological advancements in data analytics, compared to other domains such as oncology, neurology, and immunology. Emerging data sciences technologies also assist in the growth of the bIoTechnology industry. The analysis of living organisms, research for novel drugs, etc., are the major roles played by bIoTechnology laboratories.

Modern data analytics tools have allowed bIoTechnology researchers to create predictive analytics models and eventually allow them to understand the most effective ways of achieving their desired goals and objectives. Big data, AI, virtual reality, data visualization, and data security are among the common technologies used in biotech laboratories. Tableau helped Novozymes cut the reporting times by more than 90%. It also assists in strategic decision-making within the company’s departments such as sales, raw material purchase, +planning, and finance. In addition, Tableau allows Novozymes’ sales force in sharing key insights with customers, thereby building relationships and enhancing revenue performance.

AstraZeneca, plc, a British-Swedish multinational pharmaceutical and bIoTechnology company, uses data and technology to minimize the time to discovery and delivery of potential new medicines. The company has data science and AI capabilities embedded in its R&D departments, which allows scientists to push the boundaries of science to deliver life-changing medicines. They apply AI throughout the discovery and development process, from target identification to clinical trials, to uncover new insights guiding the drug discovery and development process. Atomwise, a California-based company, also uses AI to advance small molecule drug discovery. The company partnered with Uconn to collaborate with UConn researchers on the investigation of drug targets against COVID-19.

North America Smart Life Sciences Manufacturing Market Overview

North America is one of the developed regions across the world. The US holds the largest share of the smart life sciences manufacturing in life science market owing to high adoption of advance technologies such as artificial intelligence (AI), Internet of Things (IoT), machine learning (ML), cloud computing, and big data analytics. The North American region has high adoption of such technologies along with the presence of various tech giants such as Microsoft Corporation and IBM Corporation. These tech companies provide technologies to the life sciences & healthcare industry. Additionally, the region houses various major manufacturers from the life science industry such as Pfizer and GE HealthCare. These manufacturers use smart manufacturing technologies to produce and manufacture pharmaceutical and medical devices. Moreover, during COVID-19 pandemic, the use of smart manufacturing technologies increased to automate the production units with limited contact among employees to ensure safety. For instance, in 2019 Phillips selected Atos to design and implement an IT transformation program to build a hybrid cloud model. The deal was done for four and a half years and is expected to help Philips in meeting the needs of their customers and provides flexibility to meet its evolving business and technology requirements. The IT transformation of Phillips is expected to drive healthcare innovation in the coming years.

North America Smart Life Sciences Manufacturing Market Revenue and Forecast to 2033 (US$ Million)

North America Smart Life Sciences Manufacturing Market Segmentation

The North America smart life sciences manufacturing market is segmented into technology, component, end use industry, and country.

Based on component, the North America smart life sciences manufacturing market is segmented into solutions and services. The solution segment held a larger share of the North America smart life sciences manufacturing market in 2023.

Based on technology segment is categorized into AR/VR Systems, Internet of things (IOT), Artificial Intelligence (AI), Cybersecurity, Big Data, and others. The Internet of things segment held the largest share of the North America smart life sciences manufacturing market in 2023.

Based on end use industry, the North America smart life sciences manufacturing market is segmented into pharma, bio-pharma, and medical devices. The medical device segment held the largest share of the North America smart life sciences manufacturing market in 2023.

Based on country, the North America smart life sciences manufacturing market is segmented into the US, Canada, and Mexico. The US dominated the North America smart life sciences manufacturing market in 2023.

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 are some of the leading companies operating in the North America smart life sciences manufacturing market.