Commercial Pharmaceutical Analytics Market Size & Share, by Type (Descriptive, Predictive, Prescriptive Analytics); Application (R&D, Marketing & Sales, Supply Chain Optimization, Internal Reporting); Deployment (On-Premises, Web-Based/Cloud Based); Components (Software, Services) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 2834
  • Published Date: Mar 15, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Commercial Pharmaceutical Analytics Market size is expected to cross USD 45 Billion by the end of 2035, witnessing around 15% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of commercial pharmaceutical analytics was USD 25 Billion. The growth of the market can be attributed to the increasing development and approval of new drugs and medicines across the globe. With the launch of these drugs in the market, the need for better distribution has emerged which requires the assistance of commercial pharmaceutical analytics to handle their marketing and sales. Therefore, the surge in the approval of new drugs and medicines is estimated to be a major growth factor in the market over the forecast period. For instance, the Food and Drug Administration (FDA) was estimated to approve around 35 drugs every year.

Analytical tools are used nowadays widely across industries for mining huge amounts of scattered data, and to process and aligning it to useful information. In 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 overall business functions. A broad range of analytical solutions is used in the pharmaceutical industry, such as descriptive analytics, predictive analytics, and prescriptive analytics, which generate powerful insights into the business. Although, the whole process of commercial pharmaceutical analytics can be very complicated as it involves numerous steps for its execution and limited support for understanding.

 


Commercial-Pharmaceutical-Analytics-Market-scope
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Commercial Pharmaceutical Analytics Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Competition among Pharmaceutical Companies – the competition among pharmaceutical companies is projected to escalate over the forecast period where they are noticed to pay enormous amounts of money to leverage commercial pharmaceutical analytics. The requirement for commercial pharmaceutical analytics is rising since they provide deep business insights to help pharma companies boost their sales. For instance, it was estimated that the average growth rates of organizations were noticed to grow by 2x more than without implementing commercial pharmaceutical analytics.

  • Rising Customer Pool of Pharmaceutical Companies – there are thousands of pharma companies are working with a significant customer pool across the globe, therefore, the demand to implement commercial pharmaceutical analytics emerges to manage their customers and drive the production and distribution of pharma products in a more effective way. As of 2020, around 45 Americans stated to have a fair amount of trust in pharmaceutical companies to get their best interests fulfilled.

  • Increasing Sales Volume of Over-the-Counter Medicines – the pharmaceutical companies making OTC drugs are observed to utilize commercial pharmaceutical analytics to boost their sales. For instance, it was anticipated that nearly 450 U.S. dollars are spent by people in the United States on over-the-counter medicines every year.

  • Growing Inclination of Pharma Companies towards Advertising – pharma companies are now investing a significant amount of money in advertising where commercial pharmaceutical analytics becomes quite useful to give better insights for the profit of pharma companies. For instance, in the USA, around USD 6.5 billion were spent by pharmaceutical companies on advertising in 2020 while in 2019, around USD 80 billion were spent on research and design by the industry. 

Challenges

  • Lack of Skilled Professionals
  • Any unattended complexity in the operation of these tools can create huge setbacks in the daily process
  • Possibility of Pharmaceutical fraud
  • Lack of Awareness among the Pharma Manufacturers

Commercial Pharmaceutical Analytics Market: Key Insights

Base Year

   2022

Forecast Year

   2023-2035

CAGR

   ~15%

Base Year Market Size (2022)

   ~ USD 25 Billion

     Forecast Year Market Size (2035)

   ~ USD 45 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Pharmaceutical Analytics Segmentation

Type (Descriptive, Predictive, Prescriptive Analytics)

The global commercial pharmaceutical analytics market is segmented and analyzed for demand and supply by type into descriptive, predictive, and prescriptive analytics. Out of these segments, the descriptive analytics segment is estimated to gain the largest market share in the year 2035. 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 pharmaceutical organizations. This type of analytical technique analyzes the information that is coming progressively or from past records. The technique is also used to discover explanations for valuable achievements or past failures. Additionally, descriptive analytics is also considered to be beneficial to check drug efficiency, therefore, the surge in the development of novel drugs is also anticipated to propel the market growth over the forecast period. For instance, the Center for Drug Evaluation and Research (CDER), approved more than 35 drugs in 2022, 50 drugs in 2021, and 60 drugs in 2018.

Application (R&D, Marketing & Sales, Supply Chain Optimization, Internal Reporting)

The global commercial pharmaceutical analytics market is also segmented and analyzed for demand and supply by application into R&D, marketing & sales, supply chain optimization, and internal reporting. Amongst these segments, the R&D segment is expected to garner a significant share in the year 2035. The growth of the segment can be ascribed to the rapidly growing pharmaceutical industry globally coupled with increasing demand for advanced therapies and drugs, along with the rising research and development expenditure by the government of nations worldwide. The surge in clinical trials across the globe to find a cure for various types of diseases and disorders is also anticipated to hike the growth of the R&D segment during the forecast period.

Our in-depth analysis of the global market includes the following segments:

         By Type

  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics

         By Application

  • R&D
  • Marketing & Sales
  • Supply Chain Optimization
  • Internal Reporting

          By Deployment

  • On-Premises
  • Web-Based/Cloud Based

          By Components

  • Software
  • Services

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Commercial Pharmaceutical Analytics Industry - Regional Synopsis

North American Market Forecast   

The North American commercial pharmaceutical analytics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing pharmaceutical sales in the region. As pharmaceutical sales are rising in the region, the demand for commercial pharmaceutical analytics is also projected to escalate. For instance, around 50% of pharmaceutical sales are generated in the United States. Additionally, the presence of a robust pharmaceutical industry in the North American region coupled with heavy government funding is also anticipated to boost the regional market growth over the forecast period. For instance, in 2021, the total revenue generated by the U.S. pharmaceutical industry was projected to be around USD 500 billion. Furthermore, the surge in the spending on medicine owing to the higher prevalence of cardiovascular and chronic diseases is further anticipated to expand the market size in the North America Region over the forecast period. As of 2021, approximately USD 600 billion were spent by Americans on medicine while in the United States alone, the total spending on medicine is projected to hit around USD 650 billion by 2025.

APAC Market Statistics

The Asia Pacific commercial pharmaceutical analytics market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the growing geriatric population with severe chronic and acute diseases in the region which was projected to spur the demand for medicines triggering higher medicine production. Hence, such a higher demand for medicines by geriatrics is anticipated to hike the market growth. For instance, nearly 34% of the population in Eastern Asia is projected to be above 65 by 2060. Additionally, it is also expected that 1 in every 4 people in Asia Pacific, one will be above 60 years by 2050.

Research Nester
Commercial-Pharmaceutical-Analytics-Market-Regional
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Companies Dominating the Commercial Pharmaceutical Analytics Landscape

top-features-companies
    • CitiusTech Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • SAS Institute Inc.
    • ExlService Holdings, Inc.
    • Oracle Corporation
    • International Business Machines Corporation
    • Northwest Analytics, Inc.
    • Navitas Life Sciences
    • TATA Consultancy Services Limited
    • Dassault Systèmes S.E.
    • Wipro Limited

In-the-news

In The News

  • CitiusTech Inc. announced that the SCORE+ platform of the organization has launched support for Out-of-Area (OOA) record collection projects. The support is specific to Blue Health Plans, a recently launched pilot program by the Blues Association.

  • SAS Institute Inc. announced that by using its analytics platform, it had been able to benefit the COPD Foundation, which used the data to help chronic obstructive pulmonary disease (COPD) patients to navigate COVID-19. The COPD Foundation measured the impact of COVID-19 to develop critical resources and programs for its patients.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 2834
  • Published Date: Mar 15, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing inclination of pharma companies towards advertising and increasing sales volume of over-the-counter medicines are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2023-2035.

The possibility of pharmaceutical fraud and lack of awareness among pharma manufacturers are estimated to be the growth-hindering factors for market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are SAS Institute Inc., ExlService Holdings, Inc., Oracle Corporation, International Business Machines Corporation, Northwest Analytics, Inc., Navitas Life Sciences, TATA Consultancy Services Limited, Dassault Systèmes S.E., and others.

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 segmented by type, application, deployment, components, and by region.

The descriptive analytics segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Commercial Pharmaceutical Analytics Market Report Scope
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