Commercial Pharmaceutical Analytics Market Insights, Share, Trends, Future Scope Analysis
Global Commercial Pharmaceutical Analytics Market - Overview
Analytics is basically a tool for the mining of huge amount of scattered data, processing the data in order to align it into a useful information. This processed data can then be used in various processes. Analytics eases the workload in an organization and enables us to maintain the efficient workflow. Analytics can be implemented through various software, services provided over web based/ Client based model & on-premise model.
Pharmaceutical industry is going through the tectonic shift as analytics is playing a key role in helping the pharmaceutical and life science industry in terms of sophistication of process and resulting business impact they create. The commercial pharmaceutical analytics market size is expected to show a high CAGR of 20% to account for a market value of USD 9,308 million by the end of the forecasted period from 2017 to 2027.
While adoption of analytics in Pharmaceutical industry is relatively new, third party analytic business services are growing rapidly and are likely to grow even faster with increasing adoption rate in the future. Wide range of analytic solutions are being deployed in the pharma space and advanced predictive and prescriptive analytics are generating powerful insights in the business.
Further there are various factors which support the growth of the market, these include growing adoption of new technologies and analytical tools, increasing usage of analytical tools in streamlining business process, rapidly growing pharmaceutical industry. On the other hand, there are certain limitations in the industry such as lack of skilled professionals which can hinder the growth of the market to an extent.
Key Players: CitiusTech Inc., International Business Machines Corporation, Northwest analytics, Inc., ORACLE, Scio Health Analytics, Statistical Analysis System, TAKE Solutions Ltd, Tata Consultancy Services Limited, Trinity Pharma Solutions, Wipro Limited and others are some of the major players in the Global Commercial Pharmaceutical Analytics Market. European Commercial Pharmaceutical Analytics market is the second largest market after Americas. The European market for Commercial Pharmaceutical Analytics majorly comprises of Western Europe, and Eastern Europe. Western Europe made up from countries like Germany, France, U.K., Italy, Spain and Rest of Western Europe