The four stages of manufacturing evolution have led us to Pharma 4.0. The phrase "Industries 4.0" was coined by the German federal government as part of a national effort to boost industry computerization. It is the fourth industrial revolution on the route to the Internet of Things (IoT), data, and services. Decentralized intelligence contributes to intelligent object networking and autonomous process management, with the interface of the real and virtual worlds being an important new feature of the manufacturing and production process.
The core idea is that connecting machines and systems can develop intelligent networks that control each other along the value chain. Machines, for example, would be able to detect faults and initiate repair processes on their own, as well as self-organized logistics that respond to changes in production. Pharma 4.0 technologies include big data, advanced analytics, virtual reality, cloud, the Internet of Things (IoT), and machine-to-machine communication (M2M).
COVID-19 Impact Analysis:
The COVID-19 pandemic has had a substantial impact on the major countries that are contributing to the industry 4.0 market. Various regions continue to be affected, and governments in these areas are responding to the pandemic in a variety of ways. The manufacturing industry is experiencing enormous hurdles as the COVID-19 pandemic rages in North America and developing Asian countries. Since the third quarter of 2020, the U.S. automotive sector, one of the world's largest, has been stagnant. Due to the decline in demand, several automobile companies reduced their manufacturing activities globally, rendering automation technologies such as the IoT, artificial intelligence, and blockchain utilized in these manufacturing units obsolete.
Top Impacting Factors:
- The increase in the geriatric population causes a surge in chronic diseases such as cardiac disorders lead to the high demand for monitoring devices (ECG, BP, and glucose), which propels the growth of the pharma 4.0 market.
- The rapid increase in the number of hospitals and clinical centers need rapid fault/mistake detection and also withdrawal of the technical drawback boost the market growth.
- Moreover, healthcare systems based on the IoT help doctors to better control illnesses, track patients, and improve medical outcomes that boost the market.
- The increase in demand for personalized medicine surges the pharma 4.0 market.
- In addition, the rapid adoption of Artificial Intelligence (AI) and Internet of Things (IoT) in the manufacturing sector because IoT in health care helps to reduce an item of expenditure, reduce time and effort, remote monitor patients to various physiological parameters, which fuel the pharma 4.0 market.
- However, the lack of a skilled workforce conversant with new developments in AI and IoT technologies is expected to restrain the market growth.
New Product Launches to Flourish Pharma 4.0 Market
In June 2019, CherryCircle Software announced significant new features, including process capability analytics, expanded support for Contract Development and Manufacturing Organizations (CDMOs and CMOs) and consultants, and data import capabilities for faster project setup and data ingestion. The company provides the QbDVision platform to accelerate the development of manufacturing processes for the pharmaceutical industry, which is the first-of-its-kind cloud solution for risk-based management of pharmaceutical process development. The platform captures and aggregates drug development knowledge over time for smarter development within a single, validated solution.
In September 2018, Vifor Pharma Group announced that the company and partner Goodly Innovations were awarded the 2018 Pharma 4.0 Award for the innovation of the year in manufacturing execution systems in the pharma industry.
The number of deaths due to chronic and cardiovascular illnesses (CVDs) is increasing globally. According to the WHO, CVDs cause 17.9 million deaths per year. The IoT-powered electrocardiogram monitoring has the potential to significantly improve safety and well-being while also providing high-quality medical care. Aside from that, with the use of the IoT, it can knowingly cut the expense, travel, and also time in the remote and electrocardiogram monitoring. Therefore, CVDs will drive the pharma 4.0 market growth in the forecast period.
Key Benefits of Report:
- This study presents the analytical depiction of the pharma 4.0 along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the pharma 4.0 market share.
- The current market is quantitatively analyzed to highlight the pharma 4.0 market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed pharma 4.0 market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in Pharma 4.0 Market Report:
- Who are the leading market players active in the pharma 4.0 market?
- What current trends will influence the pharma 4.0 market in the next few years?
- What are the driving factors, restraints, and opportunities in the pharma 4.0 market?
- What future projections would help in taking further strategic steps?
- What is pharma 4.0?
- What is pharma 4.0 market prediction in the future?
- Who are the leading global players in the pharma 4.0 market?
- What are the current trends and predicted trends?
- What are the key benefits of the pharma 4.0 market report?
Pharma 4.0 Market Report Highlights
By End User
Key Market Players
Glatt GmbH, Boston Scientific, GlaxoSmithKline plc., Johnson & Johnson, Abbott Laboratories, GE Healthcare, Medtronic Plc., Pfizer Inc, Lonza Group AG, Koninklijke Philips N.V., Vertex