According to GlobalData’s recent 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% 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% of global sales in 2022, increasing to 25.9% in 2028.
Another recent report from GlobalData, 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 10 July 2024 to 18 September 2024, 313 individuals were surveyed by GlobalData on the level of confidence in the ability of big data to transform the pharmaceutical industry. Results showed that 68% of respondents were very/quite confident, 20.5% were very/quite unconfident, and 11.5% were neither confident nor unconfident in the impact of big data.
During the same timeframe, 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% and 21%, respectively.
Gaffar Aga, Strategic Intelligence Analyst at GlobalData, commented: “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.”
A 2024 survey found that UK women are struggling to access required healthcare treatment.