Big Data Pharmaceutical Advertising Market Highlights
The global big data pharmaceutical advertising market is reported to witness a period of high growth in the forthcoming years according to the recently published in-depth report by the team of Market Research Future (MRFR), The market is expected to reach a valuation of USD 4477.3 million by the end of the review period. The growth can be primarily attributed to the strong value maintained by the pharma industry.
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The heightened level of cut-throat competition and the continuous adoption of big data into the pharmaceutical industry to gain an upperhand in the competition battle has helped accelerate the revenue pool of the big data pharmaceutical advertising players in the market. The increasing budget level for investments in advertising by various pharmaceutical organizations is expected to have an impactful influence over the proliferation of the market. Moreover, the growing trend surrounding digitization is also aiding in opening new growth avenues for the market players. The market echoes strong opportunities at present and is calculated to exhibit a striking rise during the review period.
Big Data Pharmaceutical Advertising Market Segmentation
The global big data pharmaceutical advertising market segmentation is classified on the basis of channel and application.
By channel, the market includes social media, product website & e-commerce, mobile advertisements, and search engine.
By application, the market segments into customer targeting, product & service targeting, and branding.
Big Data Pharmaceutical Advertising Market Regional Analysis
The global big data pharmaceutical advertising market is geographically segmented into four major regions, namely North America, Middle East & Africa, Europe, and Asia Pacific.
The North American market holds a majority of the market share with approximately 42.3% under its name in 2015. The regional market is projected to reach a valuation of USD 1833.5 million by the end of the forecast period in 2023. The growth of the North American market can be attributed to the developed healthcare industry herein, the presence of various key players, and an intense competition existing in the market.
Europe stands second as the second largest market in the global big data pharmaceutical advertising market. The region is also expected to garner the fastest market growth during the forecast period. The Asia Pacific region is projected to attain a CAGR of 13% during the forecast period between 2017 and 2023. Lastly, the Middle East and Africa region is expected to grow at a steady pace in the forthcoming years. The sluggish growth of the market can be attributed to the poor socio-economic conditions in this region, especially in the African nations.
Rapidly developing economies like China and India are projected to be major contributors in boosting the adoption and market growth of big data advertising in the pharmaceutical industry.
Big Data Pharmaceutical Advertising Market Competitive Landscape
The global big data pharmaceutical advertising market comprises of various leading players. Some of the noteworthy companies identified in the report are Statistical Analysis System (U.S.), Oracle (U.S.), Business Machines Corporation (U.S.), Tata Consultancy Services Limited (India), TAKE Solutions Ltd (U.S.) among others. The players are coming up with new ideas and developments to steer the usage of big data in the pharmaceutical industry.
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March 11th, 2019, it was announced in a release by Regeneron, a leading biotech company in the US, and UK Biobank about human sequencing data resource for global research purpose in order to influence an enhanced patient care system through outcome algorithms.
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