The best replacement for factory pattern is abstract factory pattern.

The best alternatives to factory pattern are rated as following:
★★★★★  abstract factory pattern
★★★★  factory method
★★★★  dependency injection
★★★  builder
★★★  strategy pattern
★★  service locator
★★  facade
★★  abstract factory
★★  inversion of control
★  builder pattern
★  factory method pattern
  decorator pattern
  factory pattern

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Speaking about factory pattern, one probably shouldn't forget about dependency injection.

Other search terms related to factory pattern and their ratings are:
★★★★★ dependency injection
★★★ singleton
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factory pattern
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