Commercial Pharmaceutical Analytics Market Research Report—Global Forecast till 2030

Commercial Pharmaceutical Analytics Market Information by Type (Descriptive Analytics, Predictive Analytics and Prescriptive Analytics), by Component (Software and Services), by Application (Data Analytics, Commercial Excellence, Data Management, R&D and Clinical), by Deployment (On-Premises and Web-Based/Cloud-Based) and by Region (Americas, Europe, Asia-Pacific and Middle East & Africa)—Forecast till 2030

ID: MRFR/HCIT/0332-CR | December 2022 | Region: Global | 162 Pages         

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Commercial Pharmaceutical Analytics Market

Commercial pharmaceutical analytics market is expected to show a high CAGR of 18.90% with value of USD 57,745.86 million from 2022-2030

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
Companies Profiled   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
Market Driving Forces   Increasing use of technology all across   Commercial pharmaceutical analytics tools
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Global Commercial Pharmaceutical Analytics Market Forecast


The commercial pharmaceutical analytics market is expected to reach USD 57,745.86 million by 2030 at 18.90% CAGR during the forecast period of 2022 to 2030.


Market Overview:


Analytical tools are utilized extensively throughout sectors to gather information from a vast quantity of dispersed data, analyze it, and align it with other relevant data. Commercial pharmaceutical analytics have been widely employed in the pharmaceutical and life science industries to speed up business operations and to assist with overall business activities in recent years as the pharmaceutical sector has undergone a major shift. The growing adoption of emerging technologies and analytical tools, regulation of R&D productivity, and the growing trend of big data advertising in the pharma sector are significantly driving market growth. Furthermore, the growing use of analytical tools to streamline business processes drives demand for commercial pharmaceutical analytics. However, the  market for commercial pharmaceutical analytics is likely to be restrained by the scarcity of labour, high labour costs, and conservative nature of the healthcare industry. In contrast, the growing trend of outsourcing is anticipated to provide significant growth opportunities for players operating in the commercial pharmaceutical analytics market.


Impact of COVID-19


The commercial pharmaceutical analytics market witnessed growth during the pandemic period. With the onset of a pandemic, COVID-19, there was a surge in the demand for various pharmaceutical analytics offered by this industry, for various applications such as R&D, manufacturing, and nonclinical services like data analytics and commercial excellence. Services like predictive analytics also come under the purview for the market key players of commercial pharmaceutical analytics market players, which saw a rise in demand owing to the pandemic situation in the world.


Commercial Pharmaceutical Analytics Market Dynamics


Market Drivers


  • Growing adoption of emerging technologies and analytical tools


Adoption of emerging technologies and analytical tools has the potential to transform the pharmaceutical industry by making operations faster and more efficient. Several tools, such as machine learning (ML), the Internet of Things (IoT), and Artificial Intelligence (AI), are helping pharmaceutical and biopharmaceutical manufacturers perform predictive analytics based on market research, chemical makeup, biological factors, and other variables. AI tools can automate and speed up much of the drug discovery process, thereby lowering the cost of drug manufacturing. AI-based decision-making has also helped key companies, such as Moderna, Inc. (US), in the development of their COVID-19 vaccine in record time. Likewise, IoT connectivity in the lab also lets researchers control or monitor machinery remotely. These emerging technologies and analytical tools also ensure better quality and compliance by reducing manual errors and variability to improve reliability and validity at an accelerated pace.



  • Regulation of R&D productivity

  • Growing trend of the big data advertisement in pharma sector

  • Increasing usage of analytical tools in streamlining business processes


Market Restraints



  • Scarcity of labour and high labour cost


The shortage of AI skills is seen as a major barrier to the pace of the technology’s adoption in the industry. There is an impending shortage of trained professionals available for AI in the pharmaceutical industry. The datasets from the medical industry are overly complex and require a highly skilled AI workforce. Thus, commercial pharmaceutical analytics requires highly skilled labour, and the dearth of skilled labour is a restraining factor for the commercial pharmaceutical analytics market.



  • Conservative nature of healthcare industry


Market Opportunities



  • Growing trend of outsourcing


Commercial pharmaceutical analytics services support pharmaceutical as well as biopharmaceutical companies in focusing on their core competencies by offering various solutions and services associated with overall operations. Commercial pharmaceutical analytics services are in high demand from pharmaceutical companies for outsourcing the services. This is due to the rising number of new and novel medicinal agents that are rapidly evolving. 


Value Chain Analysis


The commercial pharmaceutical analytics industry plays a very important role in the healthcare industry and generates extensive and multiplicative effects on the development of the healthcare industry. The value chain analysis for the commercial pharmaceutical analytics industry comprises five major components, which start with the input, followed by the software development process, outputs, marketing and distribution, and end with post-sale services. The value chain analysis of the commercial pharmaceutical analytics industry is very different from the normal industry as the products of this industry are software and services; it does not need any manufacturing units or specific raw materials in order to get the product.


Commercial Pharmaceutical Analytics Market Segmentation


The commercial pharmaceutical analytics market has been divided based on type, components, applications and deployment.


Type Insights


Based on type, the commercial pharmaceutical analytics market has been segmented into descriptive analytics, predictive analytics, and prescriptive analytics.


Global Commercial Pharmaceutical Analytics Market Share (%), by Type, 2021
Commercial Pharmaceutical Analytics Market Share (%), by Type, 2021



  • Descriptive Analytics


Descriptive analytics analyzes raw data and converts it into an interpretable format. It uses data mining techniques to get insight from historic data, and these insights help in critical decision-making. It involves the summarization of observations in the form of a visual or quantitative representation. These summaries may serve as the basis for more comprehensive statistical analysis.



  • Predictive Analytics


The consequent stride in pharmaceutical data reduction is predictive analytics. Pharmaceutical organizations can learn precisely about potential future events by studying examples and patterns of past information. This helps in setting sensible objectives for the pharmaceutical industry, ensuring successful planning, and limiting desires.



  • Prescriptive Analytics


Prescriptive analytics is the next step after predictive analytics and includes the desire to influence the future. Prescriptive analytics exhorts conceivable results and results in activities that are prone to expand key pharma business measurements. Typically, prescriptive analytics provides insights such as information regarding possible outcomes, past performance, and available resources and recommends a course of action or strategy to implement or change.


Components Insights


Based on components, the commercial pharmaceutical analytics market has been bifurcated into software and services.


 Software


The commercial pharmaceutical analytics market is growing majorly due to the development of analytical software and its implementation in the pharmaceutical industry for streamlining various clinical as well as administrative processes. Analytical software is used in big pharmaceutical companies as well as small-scale labs, companies, and clinical settings.



  • Services


The services are provided by third-party analytics business companies, which generate revenues through analytical tool subscriptions and assistance services. These services are used to reduce the workload of hospitals, laboratories, and pharmaceutical companies in a cost-effective way.


Application Insights


Based on application, the commercial pharmaceutical analytics market has been segmented into data analytics, commercial excellence, data management, R&D, and clinical.


Global Commercial Pharmaceutical Analytics Market Share (%), by Application, 2021
Commercial Pharmaceutical Analytics Market Share (%), by Application



  • Data Analytics


Data analytics is an important part of businesses because it enables them to manage, process, and streamline large datasets in real time, as well as improve their decision-making capabilities. In addition, the major objective of big data analytics is to help organizations get a better understanding of their customers and narrow down their target audience, thus improving their marketing campaigns.



  • Commercial Excellence


Commercial excellence is a series of steps that an organization can take to define its target consumers and plan the delivery of its value proposition to them, which is supported by effective sales and marketing execution. Commercial pharmaceutical analytics plays an important role in the sales force through effective and streamlined call planning arrangements for focused health care experts, preparing modified compensation plans for the field sales force, and customized item crusades and offerings on the basis of the region and portion of patients.



  • Data Management


Data management is the process of ingesting, storing, organizing, and maintaining the data collected by an organization. Effective data management is a key component of implementing IT systems that enable business applications and provide analytical information to aid in operational decision-making and strategic planning by corporate executives, business managers, and others.



  • R&D


Pharmaceutical industries are adopting pharma analytics in R&D to help in the discovery, interpretation, and implementation of R&D data to drive decision-making. Data development in the healthcare and pharmaceutical industries comes from a variety of sources, including the R&D process itself, retailers, patients, and parental figures. Pharmaceutical companies that effectively use this information will be better able to identify new potential medications and develop them more quickly.



  • Clinical


Commercial pharmaceutical analytics is used to identify and analyze numerous data points, such as the participants' demographic & historical information, remote patient monitoring data, and historical clinical trial outcomes, to lower costs and accelerate clinical trials. Pharma companies may employ pharmaceutical analytics to optimize this entire process and find test sites with high patient availability, which will help them diagnose diseases more quickly and create more effective clinical trials and control groups.


Deployment Insights


Based on deployment, the commercial pharmaceutical analytics market has been bifurcated into on-premises and web-based/cloud-based.


Global Commercial Pharmaceutical Analytics Market Share (%), by Deployment, 2021
Commercial Pharmaceutical Analytics Market Share (%), by Deploymen



  • On-premises


On-premises, the model refers to the complete installation of the software within the organization. This model can be accessed by the user by staying in the organization. On-premises model is mostly adopted by small pharmaceutical companies, organizations, and clinics where the data is relatively less. On-premises model is more beneficial in rural settings or where internet connectivity is low.



  • Web-based/Cloud-based


Web-based and cloud-based models are being adopted by the big clinics, hospitals, and pharmaceutical companies that serve too many patients and where the pharmaceutical data processed is very high. Most of the big pharmaceutical companies go for the web-based/cloud-based model because, compared to the on-premises model, this model provides lots of features such as large network access and more storage.


Regional Analysis


The commercial pharmaceutical analytics market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.


Global Commercial Pharmaceutical Analytics Market Share (%), by region, 2021
Commercial Pharmaceutical Analytics Market Share (%), by region



  • Americas


The Americas accounted for the largest market share in 2021, and this is attributed to the increasing use of commercial pharmaceutical analytical technologies such as artificial intelligence (AI), machine learning, data mining, and others to transform the pharma commercial function. Moreover, the region's well-established pharmaceutical sector and the high adoption rate of technologically advanced analytic solutions such as descriptive, predictive, & prescriptive analytics to support the overall business functions drive market growth in the region during the forecast period.



  • Asia-Pacific


Asia-Pacific is anticipated to register the highest growth rate over the forecast period. This is due to the factors such as improving healthcare infrastructure, government initiatives, and the increasing patient population suffering from chronic diseases such as cancer, arthritis, osteoporosis, chronic kidney disease, and heart diseases. Additionally, the availability of technical expertise, reduced cost of labor, and rising adoption of the latest technologies for ease of work have made Asia-Pacific the most favored region for outsourcing commercial pharmaceutical analytics services.


Competitive Landscape


Biological and biomedical data from the pharmaceutical industry, including healthcare facilities, research facilities, and pharmaceutical firms, are managed and analyzed using analytical software in commercial pharmaceutical analytics. Accelerating drug discovery and development, improving clinical trial efficacy, personalizing, and creating targeted medications, enhancing sales and marketing effectiveness, lowering costs, and increasing drug utilization are just a few advantages of using this technology. The growth of the pharmaceutical market is significantly influenced by pharmaceutical software.


There are several factors influencing the growth of the commercial pharmaceutical analytics market. For instance, changes in the pharmaceutical industry due to commercial pharmaceutical analytics help the life-science industries with the sophistication of the resulting business and process and create a positive impact. Additionally, third-party commercial pharmaceutical analytics are expanding quickly along with the adoption rate. However, pharmaceutical companies invest heavily in their sales force to provide the latest information and developments about their prescription drugs to physicians, as well as to promote the prescription of their medications.


Key Players


The prominent players in the commercial pharmaceutical analytics market are ExlService Holdings, Inc. (US), Oracle (US), IBM (US), Northwest Analytics, Inc. (US), Navitas Life Sciences (US), Tata Consultancy Services Limited (India), SHYFT Analytics (US), and Wipro Limited (India).


Recent Developments



  • In May 2022, ZS (US) acquired Intomics (Denmark), a Danish bioinformatics and systems biology company. By enabling sophisticated analysis of biomedical data, Intomic’s services and improves pharmaceutical drug discovery and development. ZS's commitment to finding new medicines for everyone is strengthened by the hiring of renowned researchers.

  • In January 2022, TheMathCompany (India)raised $50 million in a round led by Brighton Park Capital. The investment helps the start-up expand into European and American markets. It is also improving Co. dx, a proprietary platform.

  • In September 2021, Tact.ai Technologies, Inc. raised USD 33 million in a new round of equity financing led by Novartis (dRx Capital), Lilly, and McKesson Ventures. The round, which included participation from Microsoft's M12 and Salesforce Ventures, brought the company's total funding to USD 88 million. Tact.ai Technologies, Inc. benefited from these investments in the life sciences industry, which included pharmaceutical, medical device, and biotech firms.

  • In August 2021, Indegene acquired Medical Marketing Economics, LLC (US), a leader in pricing, reimbursement, and market access (PRMA) services. With the help of this acquisition, it has access to a larger customer base, a operations infrastructure, and numerous opportunities for expansion into related services.

  • In May 2021, Axtria received a USD 150 million growth investment from Bain Capital Tech Opportunities (US). The funding allowed the company to consolidate its strong position in cloud software and artificial intelligence (AI) by rapidly expanding its suite of life sciences-focused SaaS platforms.


Report Overview:


The study covers the existing short-term and long-term market effect, helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in Americas, Europe, Asia-Pacific, and Middle East & Africa. The report analyzes market drivers, restraints, opportunities, Porter's Five Forces, Value Chain, and the impact of COVID-19 on the market.


Scope of the Report


Type Outlook



  • Descriptive Analytics

  • Predictive Analytics

  • Prescriptive Analytics


Components Outlook



  • Software

  • Services


 Application Outlook



  • Data Analytics

  • Commercial Excellence

  • Data Management

  • R&D

  • Clinical


 Deployment Outlook



  • On-Premises

  • Web-Based/Cloud-Based


 Region Outlook



  • Americas

  • North America

  • Latin America

  • Europe


  • Western Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Rest of Western Europe



  • Eastern Europe


  • Asia-Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific




  • Middle East & Africa

    • Middle East



  • Africa



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 57,745.86 Million
  CAGR   18.90%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2018 to 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Component, Application, Deployment and Region
  Geographies Covered   Americas, Europe, Asia-Pacific, Middle East & Africa
  Key Vendors   ExlService Holdings, Inc. (US), Oracle (US), IBM (US), Northwest Analytics Inc. (US), Navitas Life Sciences (US), Tata Consultancy Services Limited (India), SHYFT Analytics (US), and Wipro Limited (India)
  Key Market Opportunities   â€˘ Growing trend of outsourcing
  Key Market Drivers   â€˘ Growing adoption of emerging technologies and analytical tools • Regulation of R&D productivity • Growing trend of the big data advertisement in pharma sector • Increasing usage of analytical tools in streamlining business process


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Frequently Asked Questions (FAQ) :

Commercial pharmaceutical analytics market projected to grow at approximately 18.90% CAGR during the assessment period (2022-2030).

The valuation of the global commercial pharmaceutical analytics market is estimated to increase to USD 57,745.86 million by the end of 2030.

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.