The global data and analytics market in the pharmaceutical sector was valued at $1.1 billion in 2022 and is forecast to grow to $2.1 billion by 2028, driven by data and content management, according to GlobalData.
According to GlobalData’s latest report, “Market and Opportunity Forecast to 2028, Data and Analytics 2024,” the total global data and analytics market is forecast to increase at a compound annual growth rate (CAGR) of 9.5 per cent from $101 billion in 2022 to $190 billion by 2028. The three technology segments in the data and analytics market are big data platforms, business intelligence and data discovery tools, and data and content management.
China represents the largest market for data and analytics in the pharmaceutical sector, contributing roughly 20.2 per cent of global sales in 2022, increasing to 25.9 per cent in 2028.
GlobalData’s latest report, “Big Data in Pharma,” recognises the potential of utilising valuable novel insights from large, structured, and integrated datasets from a variety of sources within the pharmaceutical sector.
From July 10, 2024, to September 18, 2024, 313 individuals were surveyed by GlobalData on the level of confidence in the ability of big data to transform the pharmaceutical industry. 68 per cent of respondents were very/quite confident, 20.5 per cent were very/quite unconfident, and 11.5 per cent were neither confident nor unconfident in the impact of big data, respectively.
Gaffar Aga, Strategic Intelligence Analyst at GlobalData, comments: “As the pharmaceutical industry becomes more digitised with an increasing quantity of complex and vast dataset sources produced, big data becomes increasingly crucial for growth and innovation within the pharmaceutical industry.”
From July 10, 2024, to September 18, 2024, 306 individuals of varying seniority were surveyed by GlobalData on which component of the pharmaceutical value chain can benefit the most from the utilisation of big data. Target identification and preclinical and clinical trials were found to be the leading two components of the pharmaceutical value chain, with values of 27 per cent and 21 per cent, respectively.
Edits made by EP News Bureau
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