The global CRM software for the pharma and biotech market held a market value of USD 3,827 Million in 2020 and is forecasted to reach USD 10,521 Million by the year 2027. The market is anticipated to register a CAGR of 15.9% during the projected period.
CRM software is a tool that is designed to assist an organization to offer its customers a seamless and unique experience for building better relationships by providing a complete picture for customer interactions. The increasing patient pool coupled with the growing need for client engagement is expected to boost the market growth. Furthermore, the growing pharma and biotechnology sector and the increasing competition are also estimated to fuel the market growth. Also, the growth and development of the healthcare IT sector are anticipated to drive the market growth.
Increasing patient pool and the growing need for client engagement
The growing importance of patient centricity in the healthcare environment leads to the fact that the patients voice is now in the middle of the vendor development and provider deployment efforts. With the winds of digital transformation, patients have started considering healthcare options as an online shopping experience. Pharma and biotechnology is an information-intensive industry that requires an organized patient relationship management system for creating a unified view of every patient. This is expected to fuel the market growth.
Growing pharma and biotechnology sector and increasing competition
The pharma and biotech companies have to compete for access, price, and part of the patient experience, and also have to meet increasing expectations in an increasingly consumer-centric ecosystem. Several trends have emerged amongst the pharma and biotech companies to pay attention to remain competitive. These include the acquisition of companies or molecules by pharma creates integration challenges, the rise of other stakeholders like specialty pharmacy & healthcare organizations which are striving to engage the same patient, continuous focus on bringing medicines to market faster or fail sooner through better R&D approaches, and rising focus on reaching both healthcare providers and patients at the time and manner they want. This is anticipated to drive the growth in the market.
The global CRM software for the pharma & biotech market is segmented based on the deployment, enterprise size, and industry.
The cloud segment is anticipated to grow at the fastest CAGR owing to the rising number of cloud-based CRM software used in the biotechnology and pharmaceutical sector.
By Enterprise Size
Small and Medium Enterprises
The large enterprises segment is anticipated to hold the largest market share of more than 52% owing to the higher use of CRM software in these enterprises. The small and medium enterprises segment is expected to grow at the fastest CAGR.
The biotech segment is anticipated to grow at the fastest CAGR owing to the growing biotechnology industry globally and the usage of CRM software in this industry.
On a regional basis, the global CRM software for the pharma & biotech market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South America.
The North American region held the largest market share of more than 38% in the global market. The presence of major pharmaceutical and biotechnology companies in the U.S. is expected to contribute to market growth.
The European market is expected to hold the second-largest market share owing to the presence of major market players in the region. The Asia Pacific and Latin American are also expected to demonstrate significant growth during the projected period.
Key players operating in the global CRM software for pharma & biotech market include Oracle Corporation, IQVIA, Veeva Systems, Salesforce, Aurea, bpm'online, Euris, Indegene, Infonis International, Interactive Medica, Media-soft Inc., Navicon, Synergistix, TrueBlue, Pitcher Inc., Prolifiq, StayinFront, Cirrius, and other such prominent players.
The cumulative market share of the three major players is near about 40%. The market is loosely oligopolistic or monopolistic. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in November 2020, Oracle Corporation collaborated with Tony Blair Institute to launch Africa Vaccine Management in the cloud.
The global CRM software for pharma & biotech market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global CRM software for pharma & biotech market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global CRM software for pharma & biotech market report answers questions such as:
What is the market size and forecast of the Global CRM software for pharma & biotech Market?
What are the inhibiting factors and impact of COVID-19 on the Global CRM software for pharma & biotech Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global CRM software for pharma & biotech Market?
What is the competitive strategic window for opportunities in the Global CRM software for pharma & biotech Market?
What are the technology trends and regulatory frameworks in the Global CRM software for pharma & biotech Market?
What is the market share of the leading players in the Global CRM software for pharma & biotech Market?
What modes and strategic moves are considered favorable for entering the Global CRM software for pharma & biotech Market?