Research Nester published a report titled “Commercial Pharmaceutical Analytics Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global commercial pharmaceutical analytics market in terms of market segmentation by type, application, deployment, components and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Commercial pharmaceutical analytical tools are used widely in the healthcare industry to optimize business processes and to increase overall efficiency. The global commercial pharmaceutical analytics market, which registered a value of around USD 1200 million in the year 2016, is anticipated to cross USD 9000 million by the end of 2027 by growing at a CAGR of around 20% during the forecast period, i.e., 2017-2027. The market is segmented by type into descriptive, predictive and prescriptive analytics. Among these segments, the descriptive analytics segment registered the largest market share close to 80% in the year 2016 on account of the numerous benefits that are associated with the use of descriptive analytics, along with the growing adoption of big data analytical techniques. By using descriptive analytics, one can discover the explanations for valuable achievement or past failure and also answer the questions such as “What has happened?”.
Regionally, the global commercial pharmaceutical analytics market is segmented into five major regions including North America, Europe, Latin America, Asia Pacific and Middle East & Africa, out of which, the market in Europe registered a significant share in the year 2016 owing to the increasing need amongst the end users for quantitative and subjective analysis, lowering their operational costs and to increase their process efficiency, which in turn is raising the adoption of commercial pharmaceutical analytical tools among the end users. The Europe commercial pharmaceutical analytics market is primarily driven by nations such as Germany, France, U.K., Italy and others.
Increasing Need Amongst Organizations in the Healthcare Industry to Adopt to New and Advanced Analytical Tools and Technologies to Drive Market Growth
In the recent years, the healthcare and pharmaceutical industry has observed numerous changes in its operations and work processes. With the expanding business horizons, there is also a rising need amongst these organizations for the adoption of advanced methods for managing the pharmaceutical records and management of the overall healthcare system. The commercial pharmaceutical analytical tools, which enables an organization to perform complex task at ease, are also equipped with several features that help these organizations to increase their process efficiency, and ultimately their business profits. Such a factor is anticipated to drive the market growth during the forecast period.
However, concerns for the lack of availability for skilled professionals to operate the commercial pharmaceutical analytical tools is anticipated to hamper the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global commercial pharmaceutical analytics market, which includes company profiling of CitiusTech Inc., SAS Institute Inc., ExlService Holdings, Inc. (NASDAQ: EXLS), Oracle (NYSE: ORCL), IBM (NYSE: IBM), Northwest Analytics Inc., Navitas Life Sciences, Tata Consultancy Services Limited (NSE: TCS), SHYFT Analytics and Wipro Limited (NSE: WIPRO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global commercial pharmaceutical analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.