What’s Driving Growth in the Pharma And Biotech CRM Software Market? Insights into Key Trends and Opportunities
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How has the pharma and biotech crm software market grown over the years?
There has been significant rapid expansion in the size of the pharma and biotech CRM software market in recent years. The market is projected to increase from $7.39 billion in 2024 to $8.76 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 18.5%. The surge witnessed in the historic period can be linked to several factors such as the shift towards a more customer-centric approach, the enlargement of sales and marketing channels, the escalating demand for data analytics, the growing need for efficiency and productivity, and emphasis on an improved customer experience.
What Is the forecasted market size and growth rate for the pharma and biotech crm software market?
The market size of CRM software in pharmaceutical and biotechnological sectors is predicted to experience a swift expansion over the coming years, proliferating to a robust $17.06 billion by 2029, with an estimated compound annual growth rate (CAGR) of 18.1%. Several factors contributing to this projected market escalation for the specified time frame incorporate the emphasis on AI-backed customer insights, increasing demand for virtual communication solutions, synchronization with healthcare networks, guaranteeing data security and compliance, and widening remote and mobile access. Key trends to look out for within the forecast period include the augmentation of AI-driven customer data, predictive analytics targeted at health service providers, patient-focused strategies, virtual engagement tools, and a stress on digital marketing initiatives.
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What are the major factors driving growth in the pharma and biotech crm software market?
The increasing requirement for personalized medicine is projected to drive the expansion of the pharma and biotech CRM software market. This approach to medical care adjusts healthcare choices and treatments based on a patient’s unique genetic makeup, environment, and lifestyle. Factors impelling the rise in demand for personalized medicines include elevated cancer rates and a higher prevalence of chronic diseases. The need for personalized medicine requires the use of pharma and biotech CRM software to efficiently handle patient information, keep track of treatment results, and aid the delivery of personalized healthcare. For instance, the Personalized Medicine Coalition, a professional association based in the US, reported the approval of 12 new customized medicines in 2022, representing about 34% of all novel treatments. This marked a significant uptick from previous years. As such, the mounting demand for personalized medicine is fueling the surge in the pharma and biotech CRM software market.
What key areas define the segmentation of the global pharma and biotech crm software Market?
The pharma and biotech crm software market covered in this report is segmented –
1) By Technology: Artificial Intelligence Customer Relationship Management (CRM), Conventional Customer Relationship Management (CRM)
2) By Deployment: On-Premises, Cloud Based
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise (SMEs)
4) By Industry: Pharmaceuticals, Biotech
Subsegments:
1) By Artificial Intelligence Customer Relationship Management (CRM): AI-Powered Sales Automation, AI-Driven Customer Insights And Analytics, Predictive Analytics For Lead Scoring, Chatbots And Virtual Assistants, Natural Language Processing (NLP) For Customer Interaction, Personalized Marketing And Campaign Management, Sentiment Analysis And Customer Feedback Analysis, Machine Learning For Sales Forecasting
2) By Conventional Customer Relationship Management (CRM): Contact And Lead Management, Sales Pipeline And Opportunity Management, Marketing Automation And Campaign Management, Customer Service And Support Modules, Email Marketing And Communication Tools, Customer Segmentation And Targeting, Activity Tracking And Reporting, Integration With ERP And Other Business Systems
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What are the top market players propelling the growth of the pharma and biotech crm software industry?
Major companies operating in the pharma and biotech CRM software market are Oracle Corporation, Salesforce.com Inc., IQVIA Holdings Inc., Trueblue Inc., Cirrius Solutions Inc., Veeva Systems Inc., Aurea Software Inc., Indegene Private Limited, Close-Up International Limited, Interactive Medica S.A., StayinFront Inc., Axtria Inc., Navicon Consulting LLC, Aktana Inc., Bpmonline, AKA Enterprise Solutions LLC, Anthill Agency Ltd., Media-Soft Inc., Zephyr Health Inc., Synergistix Inc., Euris S.A., Inova Software Inc., Prolifiq Software Inc., Infonis International Corp., Ivy Software Development Services Pvt. Ltd.
What key trends are currently impacting the pharma and biotech crm software market’s development?
Leading firms in the pharmaceutical and biotech CRM software industry are progressively integrating artificial intelligence (AI) and machine learning features into platforms such as the AI-fueled personalized engagement platform. This is in response to the rising demand for sophisticated customer relationship management tools specifically designed for the pharmaceutical and biotech sectors. AI-backed personalized engagement facilitates firms in delivering relevant and targeted communication to healthcare providers, patients, and other relevant parties. For example, Salesforce, Inc., a US-based cloud software solution provider, rolled out a new life sciences cloud platform in October 2023. This platform streamlines patient interactions and clinical procedures, using data, automation, and reliable AI. It allows pharmaceutical and medical technology firms to simplify patient engagement, clinical processes, commercial lifecycle management, and customize stakeholder experiences throughout the drug and device development process.
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What regions are dominating the pharma and biotech crm software market growth?
North America was the largest region in the pharma and biotech CRM software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharma and biotech crm software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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