Commercial Pharmaceutical Analytics Market Size

Global Commercial Pharmaceutical Analytics Market Overview

The Commercial pharmaceutical analytics Market Size was valued at USD 13.8 Billion in 2022 and is projected to grow from USD 16.4 Billion in 2024 to USD 65.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.04% during the forecast period (2024 - 2032). The demand for commercial pharmaceutical analytics is being driven by the expanding use of analytical technologies to streamline business processes. In contrast, it is projected that the market driver would offer substantial development prospects for participants in the commercial pharmaceutical analytics market. Pharma data analytics plays a pivotal role in improving drug discovery, optimizing clinical trials, and enhancing patient outcomes through data-driven insights.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Commercial Pharmaceutical Analytics Market Trends

• Growing use of new technology and analytical tools to drive the market growth

The pharmaceutical sector may change due to the adoption of cutting-edge technologies and analytical tools that will speed up and improve the efficiency of operations. Predictive analytics based on market research, chemical composition, biological characteristics, and other variables are being performed by pharmaceutical and biopharmaceutical producers with the assistance of a number of techniques, including machine learning (ML), the Internet of Things (IoT), and Artificial Intelligence (AI). Many drug discovery processes can be automated and accelerated using AI techniques, reducing the cost of producing pharmaceuticals. Several significant businesses, including Moderna, Inc. (US), have benefited from AI-based decision-making in rapidly developing COVID-19 vaccines. Researchers can also remotely control or keep an eye on equipment in the lab due to IoT connectivity. These new technologies and analytical tools also guarantee greater quality and compliance by lowering manual errors and variability and advancing dependability and validity more quickly. Data analytics in the pharmaceutical industry has revolutionized drug development by harnessing the power of data to make informed decisions at every stage of the process.

Additionally, to effectively manage their consumers and advance the manufacture and distribution of pharmaceutical products, thousands of pharma businesses with a sizable customer base worldwide are working. As a result, there is a demand for commercial pharmaceutical analytics. In 2020, about 45 Americans claimed to have a reasonable amount of faith in pharmaceutical corporations to look out for their best interests. The size of the pharmaceutical industry has experienced significant growth over the past decade.

Furthermore, by providing a range of solutions and services related to overall operations, commercial pharmaceutical analytics services assist pharmaceutical and biopharmaceutical firms in concentrating on their core capabilities. Pharmaceutical businesses are highly interested in outsourcing commercial pharmaceutical analytics services. This results from the increasing quantity of brand-new, innovative, and swiftly evolving therapeutic substances. Thus, driving the commercial pharmaceutical analytics market revenue.

Commercial Pharmaceutical Analytics Market Segment Insights

Commercial Pharmaceutical Analytics Type Insights

The commercial pharmaceutical analytics market segmentation, based on type includes descriptive analytics, predictive analytics and prescriptive analytics. The prescriptive analytics segment dominated the market. The urge to change the future is a component of prescriptive analytics, which comes after predictive analytics. Prescriptive analytics recommends actions and outcomes likely to increase important pharma business metrics. Prescriptive analytics typically offers insights, including knowledge about potential outcomes, prior results, and available resources, and then suggests a course of action or plan to implement or adjust.

Commercial Pharmaceutical Analytics Application Insights

The commercial pharmaceutical analytics market segmentation, based on application, includes R&D, marketing & sales, supply chain optimization and internal reporting. The R&D category generated the most income. The pharmaceutical industry is adopting pharma analytics for use in research and development to aid in identifying, analyzing, and using research and development data. Data is developed from a range of sources in the healthcare and pharmaceutical businesses, including the R&D process itself, retailers, patients, and parental figures. It will be easier for pharmaceutical companies to find new potential drugs and develop them more swiftly if they utilize this information efficiently.

Commercial Pharmaceutical Analytics Deployment Insights

The commercial pharmaceutical analytics market segmentation, based on deployment, includes on-premise and web-based/cloud-based. The on-premise category generated the most income. The term "on-premises" refers to the full software installation within the company. The user can access this model by remaining within the organization. Small pharmaceutical businesses, organizations, and clinics where the data is relatively low typically use the on-premises option. On-premises models are more advantageous in areas with poor internet connectivity or in rural areas.

Figure 1 Commercial Pharmaceutical Analytics Market, by Deployment, 2024 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Commercial Pharmaceutical Analytics Components Insights

The commercial pharmaceutical analytics market segmentation, based on components, includes software and services. The software category generated the most income. The development of analytical software and its application in the pharmaceutical sector for streamlining various clinical and administrative processes is a major factor driving the growth of the commercial pharmaceutical analytics market. Large pharmaceutical corporations, small businesses, and clinical settings use analytical software.

Commercial Pharmaceutical Analytics Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American commercial pharmaceutical analytics market area will dominate this market. This is ascribed to the transformation of the pharmaceutical commercial function through the application of commercial pharmaceutical analytical technologies including artificial intelligence (AI), machine learning, data mining, and others.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 COMMERCIAL PHARMACEUTICAL ANALYTICS MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe commercial pharmaceutical analytics market accounts for the second-largest market share. Throughout the projected period, market growth in the region will be fueled by the region's well-established the size of pharmaceutical industry and the high adoption rate of technologically cutting-edge analytic solutions like descriptive, predictive, and prescriptive analytics to support overall company activities. Further, the German commercial pharmaceutical analytics market held the largest market share, and the UK commercial pharmaceutical analytics market was the fastest growing market in the European region

The Asia-Pacific Commercial pharmaceutical analytics Market is expected to grow at the fastest CAGR from 2024 to 2032. This is a result of factors like expanding healthcare infrastructure, government programmes, and a growing number of patients with chronic illnesses like cancer, arthritis, osteoporosis, chronic renal disease, and cardiac disorders. The Asia-Pacific area is the most popular for outsourcing commercial pharmaceutical analytics services due to the accessibility of technical competence, the lower cost of labour, and the growing acceptance of the newest technologies for convenience of work. Moreover, China’s commercial pharmaceutical analytics market held the largest market share, and the Indian commercial pharmaceutical analytics market was the fastest growing market in the Asia-Pacific region.

Commercial Pharmaceutical Analytics Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the commercial pharmaceutical analytics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, commercial pharmaceutical analytics industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the commercial pharmaceutical analytics industry to benefit clients and increase the market sector. In recent years, the commercial pharmaceutical analytics industry has offered some of the most significant advantages to market. Major players in the commercial pharmaceutical analytics market attempting to increase market demand by investing in research and development operations include TRINITY PHARMA SOLUTIONS, TAKE Solutions Ltd., Statistical Analysis System, SCIO HEALTH ANALYTICS, Northwest Analytics Inc., International Business Machines Corporation, CitiusTech Inc., Wipro, ORACLE and IBM.

A leader in health information technology, CitiusTech is headquartered in Mumbai, India. Healthcare technology services are offered by CitiusTech Inc. The business provides services for developing healthcare applications as well as for implementing and monitoring products and moving data.  consumers are served by CitiusTech. CitiusTech plays a significant and profound role in enabling the future of healthcare, serving more than 130 healthcare organisations.

The Austin, Texas-based Oracle Corporation is a multinational American company that specialises in computer technology. According to sales and market capitalization, Oracle was the third-largest software firm in the world in 2020. The company sells enterprise software products like human capital management (HCM) software, enterprise performance management (EPM) software, enterprise resource planning (ERP) software, customer relationship management (CRM) software (also known as customer experience), and supply chain management (SCM) software, as well as database software and technology (especially under its own brands).

Key Companies in the commercial pharmaceutical analytics market include

• TRINITY PHARMA SOLUTIONS


• TAKE Solutions Ltd.


• Statistical Analysis System


• SCIO HEALTH ANALYTICS


• Northwest Analytics Inc.


• International Business Machines Corporation


• CitiusTech Inc.


• Wipro


• ORACLE


• IBM

Commercial Pharmaceutical Analytics Industry Developments

March 2022:Danish systems biology and bioinformatics business Intomics was purchased by ZS (US). Intomic's services advance the discovery and development of pharmaceutical drugs by providing comprehensive analysis of biomedical data. The hiring of famous experts has increased ZS's dedication to discovering breakthrough medications for everyone.

January 2022:Brighton Park Capital served as the round's lead investor, helping TheMathCompany (India) raise $50 million. The start-up's entry into the European and American markets is made possible by the investment. Co. dx, a unique platform, is also being improved.

August 2021:Medical Marketing Economics, LLC (US), a pioneer in pricing, reimbursement, and market access (PRMA) services, was purchased by Indegene. It now has access to a bigger client base, an operations backbone, and several potential for growth into adjacent services thanks to this acquisition.

Commercial Pharmaceutical Analytics Market Segmentation

Commercial Pharmaceutical Analytics Type Outlook (USD Billion, 2018-2032)

• Descriptive Analytics


• Predictive Analytics


• Prescriptive Analytics

Commercial Pharmaceutical Analytics Application Outlook (USD Billion, 2018-2032)

• R&D


• Marketing & Sales


• Supply Chain Optimization


• Internal Reporting

Commercial Pharmaceutical Analytics Deployment Outlook (USD Billion, 2018-2032)

• On-Premise


• Web-Based/Cloud-Based

Commercial Pharmaceutical Analytics Components Outlook (USD Billion, 2018-2032)

• Software


• Services

Commercial Pharmaceutical Analytics Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America