The global pharmaceutical data and analytics market is poised for significant growth, projected to reach $2.1 billion by 2028. This expansion will be fueled by the increasing importance of data content management in handling the industry’s growing data volume and complexity.
Table Content:
According to a 2024 GlobalData report, the global data and analytics market will experience a 9.5% compound annual growth rate (CAGR) from 2022 to 2028, rising from $101 billion to $190 billion. This growth underscores the vital role of data-driven insights in the pharmaceutical industry. Within this market, three key technology segments stand out: big data platforms, business intelligence and data discovery tools, and data and content management.
Data Content Management: The Engine of Growth
GlobalData, the parent company of Pharmaceutical Technology, identifies data and content management as the largest and most crucial of these segments. While business intelligence and data discovery tools are predicted to exhibit faster revenue growth (13.1% CAGR) between 2023 and 2028 compared to data and content management (9.7% CAGR), the report highlights the interconnectedness of these segments. The report states that the sale of big data platforms significantly drives revenue for business intelligence and data discovery tools, emphasizing the foundational role of robust data management.
China’s Dominance in the Pharma Data Analytics Landscape
The report also highlights China’s leading position in the pharmaceutical data and analytics market. In 2022, China accounted for 20.2% of global sales, and this figure is expected to rise to 25.9% by 2028. This growth reflects the increasing investment in pharmaceutical research and development within China.
A GlobalData survey conducted between July and September 2024, involving 313 industry professionals, reinforces the significance of big data. 68% of respondents expressed confidence in big data’s transformative potential for the pharmaceutical industry, while only 20.5% were unconfident. This positive sentiment underscores the widespread recognition of data’s crucial role in driving innovation and growth.
Big Data: Essential for Pharma’s Digital Future
Gaffar Aga, a strategic intelligence analyst at GlobalData, emphasizes the vital role of big data in the increasingly digitized pharmaceutical landscape. The growing volume and complexity of datasets necessitate robust data analytics capabilities to fuel growth and innovation. Effective data management is essential for extracting actionable insights from this complex information.
Conclusion: Data as a Competitive Advantage in Pharma
The pharmaceutical industry’s reliance on data and analytics will only intensify in the coming years. The projected growth of the market to $2.1 billion by 2028 underscores the critical role of data-driven decision-making in drug discovery, development, and commercialization. Investing in robust data content management systems will be crucial for pharmaceutical companies seeking to maintain a competitive edge in this rapidly evolving landscape. As data becomes increasingly central to pharmaceutical operations, companies that effectively leverage its power will be best positioned for success.
