Commercial Pharmaceutical Analytics Market is likely to register double digit CAGR during 2020 to 2027
Fitness / by Vinit Sawant / 279 views
Global commercial pharmaceutical analytics market is growing at a rapid pace. The pharmaceutical industry globally is witnessing a major change due to the increasing adoption of analytics. Analytics plays an important role in helping the pharmaceutical and life-science industries in terms of sophistication of the process and resulting business impact they create. Third-party analytic business services are proliferating rapidly and are expected to grow even faster with increasing adoption rates in the future.
According to Market Research Future (MRFR), the global commercial pharmaceutical analytics market is poised to reach USD 9,308.4 MN by 2027, registering 20.0% CAGR throughout the review period (2017-2027). The growing adoption of advanced technologies and analytical tools plays a causal role in the development of the market. Besides, increasing usages of analytical tools to streamline the business process, act as major driving forces for the market growth.
Moreover, the increasing collaborations between technology providers and pharmaceutical companies are escalating the market on the global platform. Conversely, the lack of skilled professionals and high prices of commercial pharmaceutical analytics are the major factors obstructing the growth of the market.
Global Commercial Pharmaceutical Analytics Market – Segmentations
For a better understanding, the report has been segmented into five key dynamics: –
By Type : Predictive Analytics, Descriptive Analytics, and Prescriptive Analytics.
By Application: Marketing & Sales, R&D, Supply Chain Optimization, Internal Reporting, and others.
By Deployment: On-Premise and Web-Based/Cloud-Based.
By Components : Software and Services.
By Regions: Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Commercial Pharmaceutical Analytics Market – Regional Analysis
North America leads the global commercial pharmaceutical analytics market. The largest market share attributes to the presence of major players and increasing deployments of commercial pharmaceutical analytics solutions & its application in various segments. Besides, factors such as rapid technological advancements in pharmaceutical analytics and the growing adoption of healthcare IT drive the regional market.
Additionally, factors such as rising government initiatives to reduce errors in the manufacturing of pharmaceutical products and the use of big data solutions in the pharmaceutical sector bolster the growth of the regional market. The North American commercial pharmaceutical analytics market is estimated to retain its leading position throughout the assessment period.
Europe stands second in the global commercial pharmaceutical analytics market. Moreover, the increasing demand for advanced pharmaceutical analytics technology, alongside the wise adoption of commercial pharmaceutical analytics drives the regional market growth. Factors such as rising government support and the presence of well-established pharma sector foster market growth in the region.
The pharmaceutical industry in the region is experiencing a major shift from volume-based medicine and reimbursement to esteem-based medications and reimbursement, which promotes uses of information for quantitative and subjective analysis. The commercial pharmaceutical analytics market in Europe is expected to witness remarkable growth during the review period.
The Asia Pacific commercial pharmaceutical analytics market is emerging as a profitable market globally. The market is driven by the widening adoption of advanced analytical technologies in increasing numbers of pharmaceutical companies in emerging countries such as India, China, and Japan. India, backed by the rising awareness of applications of new pharmaceutical analytics and the presence of untapped markets, offers high growth opportunities for the commercial pharmaceutical analytics market.
Commercial Pharmaceutical Analytics Market – Competitive Analysis
Highly competitive, the commercial pharmaceutical analytics market appears fragmented with many well-established players along with the new entrants forming a competitive landscape. To gain a larger competitive share, mergers & acquisitions, product launch, and expansion remain key strategies of these players. Major players who are aggressively expanding their global footprint are making it difficult for local players to compete with them in terms of product differentiation, extensive technology portfolios, quality, and pricing.
Major Players
Players leading the global commercial pharmaceutical analytics market include International Business Machines Corporation, Tata Consultancy Services Limited, ORACLE, CitiusTech Inc., Wipro, Northwest Analytics, Inc., Statistical Analysis System, Scio Health Analytics, Trinity Pharma Solutions, and TAKE Solutions Ltd, among others.
Industry/Innovations/Related News:
April 07, 2020 —- RTI International (the US), a nonprofit organization, announced the acquisition of a New Jersey-based provider of real-world evidence (RWE) Medical Data Analytics (MDA). The acquisition is expected to expand RTI’s existing services in its Health Solutions business unit and designing the conduct of observational research with MDA’s capabilities in data collection & management and physician & site recruitment. This acquisition perfectly aligns with RTI’s corporate strategy of investing in its pharmaceutical services and commercial research business lines.
- Listing ID: 1281