Commercial Pharmaceutical Analytics Market 2020 Global Share, Trend, Segmentation, Analysis and Forecast to 2026

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PUNE, MAHARASTRA, INDIA, September 22, 2020 /EINPresswire.com/ --

Commercial Pharmaceutical Analytics Market 2020

Analytics refers to a software solution used for the mining of huge amounts of scattered data and processing the data to transform it into useful information that can be further analyzed to generate useful insights. This processed data can be used in different processes. Analytics alleviates the workload in an organization. Analytic solutions can be enforced using multiple software services provided over on-demand cloud-based models and on-premise model.

The term pharmaceuticals analytics refers to the use of data analytics software and services to extract, store, analyze and manage biological and biomedical data from life science industries like pharmaceutical enterprises, hospitals, and laboratories. According to the research report published in Market Research Future, the global commercial pharmaceutical analytics market was valued at US$1.0 billion in the year 2015 and is anticipated to prosper at a CAGR of about 20% during the forecast period.

The top players covered in Commercial Pharmaceutical Analytics market are:
Tata Consultancy Services Limited (India)
ORACLE (U.S.)
Northwest Analytics, Inc. (U.S.)
Wipro Limited (India)
Microsoft (U.S.)
Allscripts (U.S.)
Cerner Corporation (U.S.)
Fuzzy Logix, Inc. (U.S.)

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This timely growth is primarily attributed to the rising adoption of modern technologies & advanced analytical tools in process streamlining, as well as the growing numbers of pharmaceutical enterprises, especially in developing countries like India and China. However, the factors like scarcity of skilled professionals and increased software cost are main obstacles impeding Commercial Pharmaceutical Analytics market growth.

Market segmentation
According to the research report published in Market Research Future, the global commercial pharmaceutical analytics market can be forecasted on the basis of the following segments-

Based on the mode of deployment, the commercial pharmaceutical analytics market can be segmented into-
On-premise deployment
Web-based or Cloud-based deployment
With revenue of US$630.0 million, the on- premise deployment segment held the highest market share of around 60% in the year 2015.

Based on the type, the commercial pharmaceutical analytics market can be segmented into-
Descriptive analytics
Predictive analytics
Prescriptive analytics

Research confirms that the descriptive analytics segment of the market accounted for US$817.9 million in the year 2015. The segment held more than 75% of the overall market share in 2015.

The predictive analytics segment is the fastest prospering market segment and is anticipated to reach US$1.5 million, growing at a CAGR of about 20.4% during the forecast period.
Major application areas-
Research & Development
Marketing & Sales
Supply chain optimization
Internal reporting
Other applications

Sales & marketing is the rapidly developing application segment and is foreseen to prosper at a CAGR of about 20.5% between the forecast period of 2016 and 2027.

Based on regions, the global commercial pharmaceutical analytics market can be segmented into-
North America
Europe
Asia-Pacific

The Middle East & Africa
The United States of America is expected to conquer the global commercial pharmaceutical analytics market during the forecast span. The market for commercial pharmaceutical analytics in Europe is anticipated to be the second-largest. The growth in the region is supported by the rising demand for advanced pharmaceutical analytics technology, which utilizes the information for subjective and quantitative analysis.
The regional market of Asia-Pacific is expected to register a CAGR of about 20.8% during the forecast period on account of the excellent adoption rate of the advanced analytic solutions.

Facts
In the year 2016, Chilmark Research integrated SCIO Health Analytics in its organizations, driving the transition to 'Total Active Risk' prototype that strengthened patient outcomes and reduces irrelevant operational expenses.
In the year 2016, Pfizer employed Oracle Health Science for delivering its cloud-based service and Oracle clinical trial management software solutions to help monitor and maintain the clinical trials.

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Wise Guy Reports
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