Increased used of analytics in the pharmaceutical industry in the driving the popularity of commercial pharmaceutical analytics. Such tools pace up procedures with high accuracy in results. Such factors make commercial pharmaceutical analytics high marketable.
Moreover, analytical tools are also gaining traction in life science and pharmaceutical industries as they are able to reduce workload. Companies are availing analytical services either by setting up inhouse infrastructure or through third party service providers.
The commercial pharmaceutical analytics market is expected to remain highly attractive over the next couple of years. As per the analysis conducted by Market Research Future (MRFR), the market will demonstrate a compound annual growth rate (CAGR) 20% between 2016 and 2027. The market is expected to surpass a valuation of USD 9,000 Mn towards the end of forecast period.
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Commercial pharmaceutical analytics allow streamlining of vast unstructured data according to the given barometer. It is a platform that enables retrieval of best result using innovative data analytics. Pharmaceutical companies are using such as analytical tools to optimise workflow and simplify procedures. These tools operate on on-premise model or client-based/web-based models.
Commercial pharmaceutical analytics enable companies to take result-oriented measures, with emphasis being placed on prescriptive and predictive analysis. Nevertheless, commercial pharmaceutical analytics is a highly complex and sophisticated technology that require skilled professionals to operate.
Global Commercial Pharmaceutical Analytics Market: Segmental Analysis
The segmental analysis of the market has been conducted based on deployment, type and application.
On the basis of deployment, the market has been segmented into web-based and cloud-based deployment.
On the basis of type, the market has been segmented into predictive analytics, prescriptive analytics and descriptive analytics. The descriptive analytics segment accounts for the lion’s share of the market in term of revenue.
On the basis of application, the market has been segmented into marketing & sales, research and development (R&D), internal reporting, supply chain optimizations and others. The R&D segment is expected to remain high attractive during the forecast period. Currently, the segment accounts for more than one-third share of the market in terms of revenue.
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Global Commercial Pharmaceutical Analytics Market: Regional Analysis
On the basis on region, the market has been segmented into Europe, North America, Asia Pacific (APAC), Latin America and the Middle East & Africa (MEA). Of these, North America represent the standout market share. North America, led by the U.S. is expected retain it top position over the assessment period. Presence of a vast and established healthcare sector coupled with a robust pharmaceutical industry is supporting the market growth in the region.
Moreover, favourable reimbursement policy in countries such as the U.S. and Canada has facilitated a market uptake of the advanced healthcare technologies in these countries. For instance, patient-centric healthcare policies such as Affordable Care Act (PPACA) and Patient Protection in the U.S. are booting the efficiency of pharmaceutical organizations. Many of the pharmaceutical companies operating in the region are partnering with technology companies, which is influencing commercial pharmaceutical analytics in many ways.
APAC also hold tremendous market potentials. Growth of the pharmaceutical sector and a faster uptake of latest healthcare technologies is supporting the market growth in APAC. During the forecast period, the APAC commercial pharmaceutical analytics market is projected to exhibit a CAGR of 20.8%.
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Global Commercial Pharmaceutical Analytics Market: Competition Analysis
Key companies operating in the global commercial pharmaceutical analytics market include Microsoft (U.S), Statistical Analysis System (U.S), International Business Machines Corporation (U.S), Citiustech INC (U.S), Take Solutions LTD (U.S), Fuzzy Logix INC (U.S), Allscripts (U.S), Northwest Analytics, INC. (U.S), Cerner Corporation (U.S), Wipro Limited (U.S), Trinity Pharma Solutions (U.S), Scio Health Analytics (U.S) and ORACLE (U.S).
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