Pharmaceutical Market 4.0 to Grow at 17.7% CAGR During Forecast Period 2023 to 2031: TMR Study

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

The ongoing collaborations between pharmaceutical and technology companies have created important market opportunities for the pharmaceutical sector 4.0 for the operators of the sector. However, the 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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The increasing use of AI and big data analytics in drug discovery and development is one of the key drivers of Pharmaceutical Market 4.0 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 points of the market report

• Global Pharmaceutical Market 4.0 will generate absolute dollar opportunities worth $46.9 billion through 2031.
• The global pharmaceutical market 4.0 is currently valued at $10.9 billion in 2022.
• The global pharmaceutical market 4.0 stood at $11.2 billion in 2023.
• The market value of global pharmaceutical market management 4.0 from 2018 to 2022 is 16.7%
• North America Reported to Expand at 10.2% CAGR
• The Asia Pacific market region is estimated to have a market share of 21.3%

Global pharmaceutical market 4.0: growth driver

• 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-premises 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 allows pharmaceutical companies to harness the power of digital technologies in a flexible, scalable and cost-effective way. Pharmaceutical companies can accelerate innovation, improve patient outcomes, and increase competitiveness in a rapidly changing marketplace by adopting cloud-based solutions.
• Pharmaceutical companies are 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, characterized by the integration of advanced digital technologies into the drug development and manufacturing processes. Pharmaceutical companies are increasingly adopting Pharmaceutical 4.0 technologies to improve the efficiency, quality and safety of drug development and manufacturing. These technologies can help pharmaceutical companies streamline their manufacturing processes and accelerate drug development timelines.
• The pharmaceutical industry is highly regulated, and Pharmaceutical Technologies 4.0 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 pharmaceutical products.

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Global Pharmaceutical Market 4.0: Regional Landscape

• North America is expected to account for a significant share during the forecast period. The presence of a well-established healthcare infrastructure and pharmaceutical sector and a strong focus on R&D are boosting the market in the region.

The increase in the adoption of digital technologies in the pharmaceutical sector and the increase in government initiatives to promote the adoption of Pharmaceutical Technologies 4.0 are also fueling the growth of the Pharmaceutical 4.0 market in North America. Growing digitization trend in pharma is likely to drive the development of pharma market 4.0 in the region

• The Asia Pacific region accounts for nearly 21.3% of global manufacturing output. Other 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 key priority in business operations.
• Most government agencies and industry players expect Industry 4.0 goals to be achieved within the next five years. This will be based on effective regulatory frameworks, such as making new spectrum available for better 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 healthcare. The acquisition aims to enhance Microsoft’s artificial intelligence and cloud offerings for healthcare professionals and accelerate the delivery of new solutions for clinical documentation, patient engagement and other healthcare scenarios.
• Web Services Amazon, Inc. announced a partnership with Novartis, a Swiss-based pharmaceutical company, to develop and implement artificial intelligence and machine learning solutions for drug discovery and development

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