Market Insights:
Market Research Report (MRFR)’s report has revealed that the global big data pharmaceutical advertising market is set to witness exponential growth and reach a valuation of USD 4477.3 Mn by the end of the forecast period. The growth is attributable to the strong value maintained by the pharmaceutical industry.
The intensified competitive landscape and the adoption of big data in the pharmaceutical industry for gaining an edge over competitors have accelerated revenue creation for the big data pharmaceutical advertising market players. The growing budgets for investments in advertising by the pharmaceutical companies are set to have a positive influence on the market proliferation. Furthermore, the increasing trend of digitalization has opened growth avenues for the market players.
Big data enhance the pathway to reach the targeted customers and optimizes costs associated with advertising. This has catalyzed its adoption in the pharmaceutical industry and is likely to augur well for the big data pharmaceutical advertising market expansion over the projection period. The market for big data pharmaceutical advertising resonates strong growth opportunities presently and is estimated to exhibit a steep rise in the market proliferation across the review period.
Market Segmentation:
By channel, the global big data pharmaceutical advertising market has been segmented into product website & e-commerce, social media, search engine, and mobile ads.
By application, the big data pharmaceutical advertising market is segmented into product & service targeting, customer targeting, and branding.
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Regional Analysis:
By region, the global big data pharmaceutical advertising market has been segmented into North America, Europe, Asia Pacific, and the Middle East & Africa. North America held the largest share of the market in 2015 which accounted for 42.3% share. It is likely to retain its prominence over the next couple of years and is estimated to reach a valuation of USD 1833.5 Mn by 2023. The growth is attributable to the developed healthcare sector, the presence of key players, intensified competition in the market, etc.
Europe is the second largest market for big data pharmaceutical advertising market currently. It is estimated to show positive growth throughout the forecast period. Meanwhile, Asia Pacific is projected to register a CAGR of 13% during the assessment period 2017 to 2023. The consolidation of fast-developing economies such as China and India are expected to boost the adoption of big data advertising in the pharmaceutical industry. However, the Middle East & Africa Big Data Pharmaceutical Advertising market is growing is expected to exhibit sluggish growth due to poor socio-economic conditions in the African countries.
Competitive Dashboard:
Some of the key players profiled in the report are International Business Machines Corporation (U.S.), Oracle (U.S.), Statistical Analysis System (U.S.), Tata Consultancy Services Limited (India), and TAKE Solutions Ltd (U.S.) among others.
Industry Developments:
In April 2018, Precisioneffect, the healthcare advertising agency has acquired Big Pink a leading European multichannel healthcare marketing agency.
In July 2018, Huntsworth Plc., the parent company of the Evoke Group of health and wellness marketing companies, acquired Giant Creative Strategy, focused on health care multi-channel marketing, backed by robust data and analytics offering.
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