Analytical tools are used nowadays widely across industries for mining huge amount of scattered data, and to process and align it to useful information. In the recent years, as the pharmaceutical industry is observing a tectonic shift, commercial pharmaceutical analytics is used extensively in the pharmaceutical and life science industry to ease down business processes and to support the overall business functions. A broad range of analytical solutions are used in the pharmaceutical industry, such as descriptive analytics, predictive analytics, and prescriptive analytics, which generate powerful insights in the business. The global commercial pharmaceutical analytics market was valued at around USD 1200 million in the year 2016 and 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 global commercial pharmaceutical analytics market is segmented by regions into North America, Europe, Latin America, Asia Pacific and Middle East & Africa. Among these regions, the market in Europe registered a significant share in the year 2016 and is primarily driven by countries such as Germany, France, U.K., Italy and others. The market is expected to expand continuously on account of the growing adoption of commercial pharmaceutical analytical technologies by the end users, backed by the need for quantitative and subjective analysis. The pharmaceutical industry in Europe is observing a shift in change from volume-based to esteem-based medicines and reimbursements. Additionally, increasing need amongst the pharmaceutical companies in the region to align their operational processes so as to increase efficiency and profitability and to lower their cost of expenses is also anticipated to raise the need for the increasing adoption of commercial pharmaceutical analytics, and in-turn the growth of the market in the region.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa)
The global commercial pharmaceutical analytics market is segmented by type into descriptive, predictive and prescriptive analytics, out of which, the descriptive analytics segment registered the largest market share close to 80% in the year 2016. The growth of the segment can be attributed to the increasing adoption of big data analytical techniques and the benefits offered by the technique in the analytical space. Descriptive analytics is the most common form of analytics used by most of the pharmaceutical organizations. This type of analytical technique analyzes the information that is coming progressively or from the past records, and further characterizes answers for questions such as “What has happened?”. The technique is also used to discover the explanations for valuable achievement or past failure. CLICK TO DOWNLOAD SAMPLE REPORT
The global commercial pharmaceutical analytics market is segmented by application into research & development, marketing & sales, supply chain optimization, internal reporting, and others, out of which, the research & development segment registered the largest market share in the year 2016. The growth of the segment can be attributed to the rapidly growing pharmaceutical industry globally, increasing demand for advanced therapies and drugs, along with the rising research and development expenditure by the government of nations worldwide. The segment is further anticipated to grow with a CAGR of nearly 20% during the forecast period.
The global commercial pharmaceutical analytics market is segmented by deployment into on-premises and web based/cloud based, out of which, the on-premises segment registered the largest market share in the year 2016 and is projected to grow by a CAGR of around 25% during the forecast period. The growth of the segment can be attributed to the growing availability and the widespread awareness of the on-premises commercial pharmaceutical analytics model, along with the increasing adoption of on-premises analytics by the end user industries. The cloud segment, on the other hand, is expected to grow rapidly in the years to come on account of the numerous benefits and features offered by the cloud-based models.
The global commercial pharmaceutical analytics market is segmented by component into software and services, out of which, the software segment registered the largest market share in the year 2016 on account of the availability of the various pharmaceutical analytics software in the market offered by different players and the convenience in the use of these software, which is also contributing to the increase in the adoption of these software by the end users. The segment is further anticipated to grow by a CAGR close to 20% during the forecast period.
Growing Adoption of New Technologies and Analytical Tools by Healthcare Operators to Drive Market Growth
Backed by the significant changes observed in the pharmaceutical industry in the recent years, there is a rising need for the adoption of advanced methods for managing the pharmaceutical records and management of the overall healthcare system. Pharmaceutical analytical tools, as a result, are adopted by the pharmaceutical organizations, as these tools enable the organizations to perform complex task at ease. Moreover, with the technological advancements, new analytical tools are being developed for more efficiency and effective results. The commercial pharmaceutical analytical tools are equipped with features that allow pharmaceutical organizations to enhance their efficiency for research, marketing, sales, and supply chain management. Additionally, these tools also allow to maintain the efficient workflow of the overall work processes and further help companies to focus on the trending aspects and on how to improve the health outcomes for their patients by optimizing costs. Such numerous benefits associated with the pharmaceutical analytical tools also allow for the greater adoption of these tools amongst the end users, which in turn is anticipated to drive the growth of the market during the forecast period.
Growing Need for Optimizing R&D Costs and Increasing Process Efficiency
Over the years, with the increasing stringent regulatory norms of the government, the cost of research and developments for developing drugs is increasing drastically. Lower rate of approvals of new formulations, drugs and therapies, along with the challenges observed in the health outcomes despite of increased supervision, are therefore raising the need amongst the healthcare providers and the pharmaceutical companies to identify cost optimization measures so as to reduce costs while delivering better healthcare outcomes. On the other hand, the use of commercial pharmaceutical analytical tools enables the pharmaceutical companies to optimize their research process and help in managing the R&D data and its workflow, which ultimately contributes to an increase in productivity and also reduction in the failure of FDA approvals.
Lack of Skilled Professionals to Hamper the Market Growth
Organizations can take the advantage of the commercial pharmaceutical analytical tools when they adapt to the various operability requirements. Although, the whole process can be very complicated as it involves numerous steps for its execution and limited support for understanding. With numerous framework interface and complex requirements, the level of complexity in the analytical tools sometimes grows out of control. Any unattended complexity in the operating of these tools can create huge setbacks in the daily process and thus can slow down the operating speed and therefore hamper process efficiency. As a result, it is very important for the organizations to have skilled professionals who can operate these analytical tools. The unavailability of such professionals creates a huge problem for the organizations, which is anticipated to hamper the growth of the global commercial pharmaceutical analytics market.
Some of the affluent industry leaders in the global commercial pharmaceutical analytics market are CitiusTech Inc., SAS Institute Inc., ExlService Holdings, Inc., Oracle, IBM, Northwest Analytics Inc., Navitas Life Sciences, Tata Consultancy Services Limited, SHYFT Analytics and Wipro Limited.
FREQUENTLY ASKED QUESTIONS
Growing adoption of new technologies and analytical tools by healthcare operators is one of the major factors that is driving the growth of the market.
The market is anticipated to attain a CAGR of around 20% over the forecast period, i.e., 2017-2027.
The major players in the market are CitiusTech Inc., SAS Institute Inc., ExlService Holdings, Inc., Oracle, IBM, Northwest Analytics Inc., Navitas Life Sciences, Tata Consultancy Services Limited, SHYFT Analytics and Wipro Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is majorly segmented by type, application, deployment, components and by region.
The descriptive segment, which is a sub-segment of the type segment, held the largest market share close to 80% in the year 2016 and is anticipated to display significant growth opportunities in the coming years.
Lack of skilled professionals is one of the major factors anticipated to act as a barrier towards the growth of the global commercial pharmaceutical analytics market.
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