The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Pharma And Biotech CRM Software Global Market Report 2024, the pharma and biotech CRM software market is expected to show promising growth in the forecast period.

The pharma and biotech CRM software market has witnessed significant growth in recent years and is poised for continued expansion. This blog will delve into the factors driving this growth, the impact of personalized medicine, and major market trends.

Market Growth and Projections

Recent Growth

• Market Size in 2023: $6.26 billion.
• Market Size in 2024: $7.39 billion.
• CAGR: 18.1%.

The rapid growth from 2023 to 2024 can be attributed to:

• Customer-Centric Approach: Shift towards understanding and meeting customer needs.
• Expanded Sales and Marketing Channels: Broadening the reach and effectiveness of sales strategies.
• Increased Demand for Data Analytics: Leveraging data to make informed decisions.
• Need for Efficiency and Productivity: Streamlining operations to boost productivity.
• Enhanced Customer Experience: Focusing on providing a superior customer experience.

Future Projections

• Market Size in 2028: $14.46 billion.
• CAGR: 18.3%.

The anticipated growth from 2024 to 2028 will be driven by:

• AI-Powered Customer Insight: Utilizing AI for deeper customer understanding.
• Growing Virtual Engagement Solutions: Increasing use of virtual tools to engage with stakeholders.
• Integration with the Healthcare Ecosystem: Seamlessly connecting with other healthcare systems.
• Compliance and Data Security: Ensuring adherence to regulations and safeguarding data.
• Mobile and Remote Access: Expanding access to CRM tools on mobile and remote platforms.

View More On The Pharma And Biotech CRM Software Market Report 2024 – https://www.thebusinessresearchcompany.com/report/pharma-and-biotech-crm-software-global-market-report

Impact of Personalized Medicine

Driving Demand

Personalized medicine is playing a crucial role in propelling the CRM software market forward:

• Customized Healthcare: Tailoring treatments based on genetic, environmental, and lifestyle factors.
• Cancer and Chronic Diseases: Rising rates of cancer and chronic conditions necessitate personalized approaches.
• Data Management: Efficiently managing patient data and treatment outcomes.
• Industry Example: In 2022, 12 new personalized medicines were approved, representing 34% of all new treatments, highlighting the growing trend.

Major Market Players

Prominent companies in the market include:

• Oracle Corporation
• com Inc.
• IQVIA Holdings Inc.
• Veeva Systems Inc.
• Aurea Software Inc.
• Indegene Private Limited
• Interactive Medica S.A.
• StayinFront Inc.
• Axtria Inc.
• Navicon Consulting LLC

AI-Powered Personalized Engagement

Incorporating AI and Machine Learning

Leading companies are integrating AI to enhance CRM capabilities:

• AI-Powered Platforms: Deliver targeted and relevant messaging to healthcare professionals and patients.
• Salesforce Example: In October 2023, Salesforce launched its life sciences cloud to streamline patient engagement and clinical operations with data, automation, and trusted AI.

Notable Acquisition: Nomadia and Nomadvantage

Expanding Cloud Solutions

• Acquisition: In January 2024, Nomadia acquired Nomadvantage.
• Strategic Alignment: Enhancing Nomadia’s cloud-based SaaS solutions portfolio.
• Focus: Specializing in CRM for healthcare and pharmaceutical industries.

Market Segmentation

The market is segmented by:

• Technology: Artificial Intelligence CRM, Conventional CRM.
• Deployment: On-Premises, Cloud-Based.
• Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs).
• Industry: Pharmaceuticals, Biotech.

Regional Insights

• Largest Region in 2023: North America.
• Fastest-growing region: Asia-Pacific (forecast period).

The pharma and biotech CRM software market is on a robust growth trajectory, driven by technological advancements, personalized medicine, and strategic acquisitions. Companies that leverage AI and prioritize customer-centric strategies are set to lead the market in the coming years.

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