Commercial Pharmaceutical Analytics Market Business Outlook with COVID-19 Scenario by 2027

The global commercial pharmaceutical analytics market is growing at a rapid pace. The pharmaceutical industry globally is witnessing a major change due to the increasing adoption of analytics. Analytics plays an important role in helping the pharmaceutical and life-science industries in terms of sophistication of the process and the resulting business impact they create. Third-party analytic business services are proliferating rapidly and are expected to grow even faster with increasing adoption rates in the future.

According to Market Research Future (MRFR), the global commercial pharmaceutical analytics market is poised to reach USD 9,308.4 MN by 2027, registering 20.0% CAGR throughout the review period (2017-2027). The growing adoption of advanced technologies and analytical tools plays a causal role in the development of the market.  Besides, increasing usages of analytical tools to streamline the business process, act as major driving force for market growth.

Also, factors such as R&D regulations and the growing trend of big data in the pharma sector foster market growth.

Moreover, the increasing collaborations between technology providers and pharmaceutical companies are escalating the market on the global platform. Conversely, the lack of skilled professionals and high prices of commercial pharmaceutical analytics are the major factors obstructing the growth of the market.

Commercial Pharmaceutical Analytics Market – Competitive Analysis

Highly competitive, the commercial pharmaceutical analytics market appears fragmented with many well-established players along with the new entrants forming a competitive landscape. To gain a larger competitive share, mergers & acquisitions, product launch, and expansion remain key strategies of these players. Major players who are aggressively expanding their global footprint are making it difficult for local players to compete with them in terms of product differentiation, extensive technology portfolios, quality, and pricing. 

Major Players 

Players leading the global commercial pharmaceutical analytics market include International Business Machines Corporation, Tata Consultancy Services Limited, ORACLE, CitiusTech Inc., Wipro, Northwest Analytics, Inc., Statistical Analysis System, Scio Health Analytics, Trinity Pharma Solutions, and TAKE Solutions Ltd, among others.

Industry/Innovations/Related News:

April 07, 2020 ---- RTI International (the US), a nonprofit organization, announced the acquisition of a New Jersey-based provider of real-world evidence (RWE) Medical Data Analytics (MDA). The acquisition is expected to expand RTI’s existing services in its Health Solutions business unit and designing the conduct of observational research with MDA’s capabilities in data collection & management and physician & site recruitment. This acquisition perfectly aligns with RTI’s corporate strategy of investing in its pharmaceutical services and commercial research business lines.

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