Commercial Pharmaceutical Analytics Market Scope
Adoption of analytics in pharmaceutical industry is relatively new, and is likely to grow even faster with increasing adoption rate in the future. Commercial Pharmaceuticals Analytics refers to the use of analytical software to analyze and manage biomedical and biological data from life science industries like hospitals, pharmaceutical companies, and laboratories. The pharmaceutical analytics is enabling the pharmaceutical industry to adapt to the rapidly changing business environment and better manage the forth coming challenges in the industry. Further, factors like growing adoption of new technologies and analytical tools, increasing usage of analytical tools in streamlining business process, rapidly growing pharmaceutical industry are driving the Global Commercial Pharmaceutical Analytics Market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Allscripts (United States), Microsoft (United States), Wipro Limited (United States), Northwest Analytics, Inc. (United States), International Business Machines Corporation (United States), ORACLE (United States), CitiusTech Inc. (United States), Sanofi (France), Fuzzy Logix, Inc. (United States) and Exscientia Limited (United Kingdom) |
CAGR | 20.0% |
The market is fragmented with numerous players. With the growing competition and increasing regulatory frameworks, the major players in the market are taking recourse to Big Data Analytics and other advanced data analytics solutions. Companies are increasingly collaborating with technology companies, especially start-ups in this area. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Commercial Pharmaceutical Analytics market throughout the predicted period.
Allscripts (United States), Microsoft (United States), Wipro Limited (United States), Northwest Analytics, Inc. (United States), International Business Machines Corporation (United States), ORACLE (United States), CitiusTech Inc. (United States), Sanofi (France), Fuzzy Logix, Inc. (United States) and Exscientia Limited (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Cerner Corporation. (United States), Take Solutions Limited (United States), SHYFT Analytics (United States), ProGen Business Solution (India), NUVISAN GmbH (Germany), Eurofins Scientific (Belgium) and Anapharm Bioanalytics (Spain).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Commercial Pharmaceutical Analytics market by Type , by Application (Research & Development, Marketing & Sales, Supply Chain Optimizations, Internal Reporting and Others) and Region with country level break-up. On the basis of Type, Predictive Analytics are dominating the market in the year 2023
On the basis of geography, the market of Commercial Pharmaceutical Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
February 2019, Sanofi and Exscientia entered into USD 283 strategic research collaboration agreement aimed at developing new therapies for diabetes and other metabolic diseases. and Drug developers are relying on Artificial Intelligence for multiple uses i.e. to develop better biomarkers, to identify drug targets, to design new drugs as well as for re-purposing drugs.
August 2018, Report by The Parenteral Drug Association’s (PDA) , PDA Technical Report 80 (TR 80) was published which involves Data Integrity in Laboratory Systems. TR 80 was developed by Global Pharmaceutical industry and regulatory agencies is aimed to provide the framework and tools necessary to establish a data integrity management system for pharmaceutical laboratories.
In 2016, the European Union parliament passed the delegated regulation to the Falsified Medicines Directive (FMD) 2011/62/EU, which was implemented from February 2019. and This regulation is aimed at improving the security of both the manufacture and delivery of medicines throughout Europe i.e pharmaceutical manufacturers will need to implement specific safety features on all medicines packaging and invest in software that meets the data exchange and compliance reporting requirements.
Influencing Trend:
Growing Demand for Commercial Pharmaceutical Analytics technology in the Medical Device and Pharmaceutical Industry
Market Growth Drivers:
Adoption of New Technologies and Analytical Tools Such as Hadoop, Big Data Analytics, Increase in Data Generated from Social Media Platforms and Development of Smart Analytic Software and High-End Computers
Challenges:
Legal Restrictions, Data Security & Privacy Concerns, Problems with Data Collection and Processing and Integration of Multi-Point and Multi-Sectorial Cross Channel Data
Restraints:
Lack of Skilled Professionals and High Cost of Software Used For Pharmaceutical Analytics
Opportunities:
Emergence of Advanced-analytics Platforms such as Statistical Approaches and Machine Learning, Natural-language Processing etc.
Key Target Audience
Healthcare & Life Science Analytics Software Companies, Contract Research Organizations (CROs), Research and Development (R&D) Companies, Government and Independent Regulatory Authorities, Market Research and Consulting Service Providers, Academic Medical Institutes and Universities, Hospitals & Clinics, Medical Devices & Pharmaceutical companies and Software development & IT firms