Commercial Pharmaceutical Analytics Market Size

Commercial Pharmaceutical Analytics Market size was valued at USD 28.88 Billion in 2023 and is expected to exceed USD 187.97 Billion by the end of 2036, registering over 15.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of commercial pharmaceutical analytics is evaluated at USD 32.91 Billion. The growth of the market can be attributed to the increasing development and approval of new drugs and medicines across the globe. With the launch of these drugs in the market, the need for better distribution has emerged which requires the assistance of commercial pharmaceutical analytics to handle their marketing and sales. Therefore, the surge in the approval of new drugs and medicines is estimated to be a major growth factor in the market over the forecast period. For instance, the Food and Drug Administration (FDA) was estimated to approve around 35 drugs every year.

Analytical tools are used nowadays widely across industries for mining huge amounts of scattered data, and to process and aligning it to useful information. In recent years, as the pharmaceutical industry is observing a tectonic shift, commercial pharmaceutical analytics is used extensively in the pharmaceutical and life science industry to ease down business processes and to support overall business functions. A broad range of analytical solutions is used in the pharmaceutical industry, such as descriptive analytics, predictive analytics, and prescriptive analytics, which generate powerful insights into the business. Although, the whole process of commercial pharmaceutical analytics can be very complicated as it involves numerous steps for its execution and limited support for understanding.