Commercial Pharmaceutical Analytics Market Research Report - Forecast till 2027

Commercial Pharmaceutical Analytics Market Research Report: Information by Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), Application (R&D, Marketing & Sales, Supply Chain Optimization and Internal Reporting), Deployment (On-Premise and Web-Based/Cloud-Based), Components (Software and Services) - Forecast till 2027

ID: MRFR/HCIT/0332-CR | August 2019 | Region: Global | 137 pages         

Commercial Pharmaceutical Analytics Market

Commercial pharmaceutical analytics market is expected to show a high CAGR of 20% with value of USD 9,308 million from 2020 to 2027

Segmentation

By Type Descriptive Analytics Predictive Analytics Prescriptive Analytics
By Application R&D Marketing & Sales Supply Chain Optimization and Internal Reporting
By Deployment On-Premise and Web-Based/Cloud-Based
By Components Software and Services

Key Players

  • TRINITY PHARMA SOLUTIONS
  • TAKE Solutions Ltd.
  • Statistical Analysis System
  • SCIO HEALTH ANALYTICS
  • Northwest Analytics
  • Inc.
  • International Business Machines Corporation
  • CitiusTech Inc.
  • Wipro
  • ORACLE
  • IBM

Drivers

  • Increasing use of technology all across
  • Commercial pharmaceutical analytics tools
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Commercial Pharmaceutical Analytics Market Overview:


The mining of massive amounts of scattered data along with the processing of data for aligning into useful information with the use of various commercial pharmaceutical analytical tools. These tools are used in various processes. To costs organization efficient workflow in the organisation for easing the workload of the organizations, commercial pharmaceutical analytics tools are used. These can be implemented in various software services for multiple services like client-based model/ web-based model and on premise-based model. Owing to change in the pharmaceutical industry due to commercial pharmaceutical analytics helps in life-science industries for the sophistication of resulting business and process by creating a positive impact. Owing to the increasing adoption rate, third-party commercial pharmaceutical analytics is also growing at a fast rate.

The commercial pharmaceutical analytics market is expected to show a high CAGR of 20% to account for a market value of USD 9,308 million by the end of the forecasted period from 2017 to 2027.

COVID 19 Analysis

Owing to the global pandemic of the COVID 19 situation, the businesses have affected abruptly. Owing to the outbreak of COVID 19 there were serious issues of hospital infrastructure and owing to the increasing demand for bedding it affected the healthcare facilities and because of this many manufacturing and IT, units were shut down due to which commercial pharmaceutical analytics industry showed a downfall in the market share.

But after the lockdown situation there was increasing demand for the commercial pharmaceutical analytics market and hence expected to recover at the end of the first quarter of the coming year during the forecasted period from 2016 to 2027.

Global Commercial Pharmaceutical Analytics Market Size, by Application, 2016 (USD Million)  Commercial Pharmaceutical Analytics Market


Source: MRFR Analysis


Market Dynamics


Drivers


Owing to the increasing use of technology all across the globe and now almost 80% of the population has internet access and it is used to search information regarding symptoms of diseases and their treatment and the effects and side effects of the drugs acting on it. Owing to this, commercial pharmaceutical analytics tools are in great use and hence drives commercial pharmaceutical analytics in the global market. It will help in providing customers with product information and pricing of their applications. This way of advertising is very commonly used and hence drives the commercial pharmaceutical analytics market.


Opportunities


Growing demand and use of smartphones and using this technology for advertisement are possible because of the commercial pharmaceutical analytics industry for reaching a specific consumer pool that will help in enhancing the business and helps in generating various growth opportunities for the growth of the commercial pharmaceutical analytics market in the global market. Also, it will reduce the burden on hospital staff and doctors.


Restraints


The commercial pharmaceutical analytics market has gained a lot of familiarity in the recent past and is growing tremendously but some factors restrain the growth of the commercial pharmaceutical analytics industry in the global market like the conservative nature of the healthcare industry and the lack of skilled professionals hampers the growth of commercial pharmaceutical analytics in the global market. Also, the framework is very complex as analytical tools go out of control.


Value Chain Analysis


The commercial pharmaceutical analytics market is growing at a fast speed owing to a growing need for optimizing research and development cost and hence increases the process efficiency in the working of the organisation. In the case of an emergency, if there is a lack of transportation it helps in providing the treatment for the time being before reaching the hospital. It also helps in reducing the overall workload in all the organisation that is using the commercial pharmaceutical analytics industry.


Asia-Pacific Commercial Pharmaceutical Analytics Market Share, by Country, 2016 (%)  Commercial Pharmaceutical Analytics Market


Source: MRFR Analysis


Market Segmentation


The commercial pharmaceutical analytics market in the global market is divided based on type, application, deployment, and components.


Based on the Type


The commercial pharmaceutical analytics market in the global market is divided based on type into perspective analytics, predictive analytics, and descriptive analytics.


Based on the Application


The commercial pharmaceutical analytics in the global market is divided based on application into internal reporting, supply chain optimization, marketing and sales, and research and development. Under this marketing and sales dividend accounts for the largest market share by USD 231.4 million by 2016.


Based on the Deployment


The commercial pharmaceutical analytics in the global market is divided based on deployment into web-based or cloud-based deployment and on premise-based deployment type.


Based on the Components


The commercial pharmaceutical analytics market in the global market is divided based on components into software and services.


Regional Analysis


The commercial pharmaceutical analytics in the global market is divided based on region into the America region, the Europe region, the Asia-Pacific region, and the Middle East and Africa region. The largest share in the commercial pharmaceutical analytics in the global market is held by the American region as this region has developed various commercial pharmaceutical analytics solutions and its application. The second-largest share is held by the European region owing to the increasing demand for commercial pharmaceutical analytics for various quantitative and subjective analyses.


In the global market, the Asia-Pacific region is the fastest-growing region owing to high growth opportunities in the various untapped market in the commercial pharmaceutical analytics industry. Many countries like China, India, Japan, and South Korea have high growth opportunities during the forecasted period. Owing to the slow growth rate, the commercial pharmaceutical analytics industry holds the least share in the global market.


Competitive Landscape


The most prominent major key players in the commercial pharmaceutical analytics market in the following market are as follows:



  • TRINITY PHARMA SOLUTIONS

  • TAKE Solutions Ltd.

  • Statistical Analysis System

  • SCIO HEALTH ANALYTICS

  • Northwest Analytics, Inc.

  • International Business Machines Corporation

  • CitiusTech Inc.

  • Wipro

  • ORACLE

  • IBM

  • Tata Consultancy Services Limited


These key players in the commercial pharmaceutical analytics market use various strategies like acquisition, product development, innovation, and expansion to increase the potential customer base in the global market that will increase the market share of these countries.


Recent Developments



  • In March 2017, Brilliant Service Co. Ltd. (Japan) has been acquired by Cognizant (U.S.), because of the increase in the adoption of the internet of things (IoT) for expanding the capabilities for digital strategy, engineering, and product design for enterprise mobility.

  • In July 2017, LabAnswer (U.S.) has been acquired by Accenture (Ireland) for strengthening the product portfolio of Accenture’s in digital technologies.

  • In February 2019, Linguamatics has been acquired by IQVIA for helping organizations portfolio of machine learning technologies and Artificial Intelligence (AI).

  • In May 2019, SAS Cloud offering has been developed by SAS Institute (U.S.) in Singapore in an Amazon Web Services Data Center.

  • In February 2020, Avacare Clinical Research Network had been launched by IQVIA for providing various opportunities and patient options in a global-based site network for clinical trials.


Report Overview


This global commercial pharmaceutical analytics market research report consists of the following aspects:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This global commercial pharmaceutical analytics market research report contains various driving factors as well as various restraining factors that affect the commercial pharmaceutical analytics market in the global market. This report also contains the impact of the global pandemic on the market share. This future market share of the commercial pharmaceutical analytics market is also estimated and mentioned.


Users


Pharmaceutical companies, regulatory agencies, hospitals and clinics, government research organizations, medical device manufacturers and distributors, and many others.



Report Scope:
Report Attribute/Metric Details
  Market Size   9,308 Million
  CAGR   20%
  Base Year   2017
  Forecast Period   2027
  Historical Data   2016
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application, Deployment and Components
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   TRINITY PHARMA SOLUTIONS, TAKE Solutions Ltd., Statistical Analysis System, SCIO HEALTH ANALYTICS, Northwest Analytics, Inc., International Business Machines Corporation, CitiusTech Inc., Wipro, ORACLE, IBM, Tata Consultancy Services Limited
  Key Market Opportunities   Smartphones and technology for advertisement in specific consumer pool
  Key Market Drivers

  • Increasing use of technology all across
  • Commercial pharmaceutical analytics tools


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    Frequently Asked Questions (FAQ) :

    Commercial pharmaceutical analytics market projected to grow at approximately 20.0% CAGR during the assessment period (2020-2027).

    The valuation of the global commercial pharmaceutical analytics market is estimated to increase to USD 9,308 million by the end of 2027.

    Spurting rise in the pharmaceutical and life science industry and the adoption of analytics in these industries are major tailwinds pushing the growth of the global commercial pharmaceutical analytics market.

    North America holds the largest share in the global commercial pharmaceutical analytics market, followed by Europe and the Asia Pacific, respectively.

    International Business Machines Corporation, Wipro Limited CitiusTech Inc., Northwest analytics, Inc., Scio Health Analytics, Trinity Pharma Solutions, ORACLE, Statistical Analysis System, Tata Consultancy Services Limited, and TAKE Solutions Ltd., are some of the top players operating in the global commercial pharmaceutical analytics market.