China to Lead Pharma Data Analytics Market with 25.9% Share by 2028

China is the biggest market for data and analytics in the pharmaceutical industry, accounting for about 20.2% of worldwide sales in 2022, rising to 25.9% by 2028. The global data and analytics market in pharmaceuticals is projected to grow at a compound annual growth rate (CAGR) of 9.5%, rising from $101 billion in 2022 to $190 billion by 2028. The data and analytics market comprises three technological segments: big data platforms, business intelligence and data discovery tools, along with data and content management.

A recent report by GlobalData, titled Big Data in Pharma, highlights the opportunity of leveraging valuable new insights from extensive, organized, and integrated datasets gathered from various sources within the pharmaceutical industry.

Between 10 July 2024 and 18 September 2024, GlobalData conducted a survey involving 313 individuals regarding their confidence in big data's potential to transform the pharmaceutical sector. Findings indicated that 68% of participants felt very/quite confident, 20.5% were very/quite unconfident, and 11.5% were neutral regarding the influence of big data.

In the same period, GlobalData conducted a survey with 306 people of different seniority levels regarding which part of the pharmaceutical value chain could gain the most from the use of big data. Target identification, along with preclinical and clinical trials, emerged as the two most significant elements of the pharmaceutical value chain, representing 27% and 21% in value, respectively.