Commercial Pharmaceutical Analytics Market registered a value of around USD 1200 million in the year 2016 and is anticipated to cross USD 9000 million By 2027
The global commercial pharmaceutical analytics market is anticipated to grow with a CAGR of close to 20% during the forecast period, i.e., 2017-2027. The market registered a value of around USD 1200 million in the year 2016 and is anticipated to cross USD 9000 million by the end of 2027. The market is segmented by type into descriptive, predictive and prescriptive analytics. Out of these segments, the descriptive segment registered the largest market share of nearly 80% in the year 2016 owing to the numerous benefits offered by descriptive analytics in the analytical space. Descriptive analytical processes answers questions such as “What has happened?” and also helps to discover the explanations for any past failure or an achievement.
Businesses in the recent era are trying to compete at a significant pace to stay ahead than its competitors and to expand their business horizons. In the pharmaceutical industry, organizations are increasingly adopting to analytical solutions to optimize their business processes. Commercial pharmaceutical analytical tools help businesses to perform complex task at ease, which ultimately contributes to greater business profits. These tools also help across different business functions, including research, marketing, sales, and supply chain management. The numerous benefits associated with these analytical tools also helps in the greater adoption of these tools amongst the end users, which in turn is anticipated to drive the market growth.
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Geographically, the global commercial pharmaceutical analytics market is segmented into five major regions, including North America, Europe, Latin America, Asia Pacific and Middle East & Africa. Out of these, the Europe commercial pharmaceutical analytics market registered a significant share in the year 2016. The growth of the market can be attributed to the volume-based to esteem-based medicine and reimbursement transformation observed in the pharmaceutical industry in Europe, coupled with factors such as the rising adoption of commercial pharmaceutical analytical technologies by the end users, and the need to lower their cost of expenses by increasing process efficiency and focusing on business profitability.
However, concerns regarding the complexities involved with the commercial pharmaceutical tools and the unavailability of skilled professionals to operate these analytical tools is anticipated to limit the growth of the global commercial pharmaceutical analytics market.
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This report also studies existing competitive scenario of some of the key players of the global commercial pharmaceutical analytics market, which includes profiling of CitiusTech Inc., SAS Institute Inc., ExlService Holdings, Inc. (NASDAQ: EXLS), Oracle (NYSE: ORCL), IBM (NYSE: IBM), Northwest Analytics Inc., Navitas Life Sciences, Tata Consultancy Services Limited (NSE: TCS), SHYFT Analytics and Wipro Limited (NSE: WIPRO).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Commercial Pharmaceutical Analytics Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall commercial pharmaceutical analytics industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global commercial pharmaceutical analytics market in the near future.