PUBLISHER: The Business Research Company | PRODUCT CODE: 1769587
PUBLISHER: The Business Research Company | PRODUCT CODE: 1769587
The pharma and biotech customer relationship management (CRM) software market refers to the specialized segment of CRM systems designed to address the unique needs of pharmaceutical and biotechnology companies. This software supports organizations in managing relationships with healthcare professionals, hospitals, distributors, research institutions, and regulatory bodies.
The pharma and biotech CRM software market consists of sales, by entities (organizations, sole traders, or partnerships), of customer relationship management solutions specifically designed for the pharmaceutical and biotech industries. These solutions enable companies to manage and analyze customer interactions, streamline sales and marketing activities, and maintain compliance with industry regulations.
The global pharma and biotech CRM software market was valued at $2,799.65 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 9.00%.
Expansion Of Telemedicine And Remote Healthcare
During the historic period, the expansion of telemedicine and remote healthcare supported the growth of the pharma and biotech CRM software market. Telemedicine has created new digital touchpoints between healthcare providers, patients, and pharmaceutical companies, requiring efficient management of communications, prescriptions, and follow-ups. Pharma CRM systems help collect and analyze patient data to enable personalized marketing and enhance patient engagement. They also support seamless multi-channel communication across virtual platforms, phone, and email, crucial for telemedicine's diverse interactions. With travel restrictions limiting in-person meetings, CRM tools facilitate remote sales and marketing through virtual detailing and webinars, maintaining effective stakeholder engagement. For instance, in August 2023, according to the Vivalink, a US-based healthcare technology company, a recent survey found that 81% of clinicians use remote patient monitoring (RPM), up from 20% in 2021, marking a 305% increase. Additionally, 84% of current RPM users plan to expand its use in 2024. Additionally, in April 2023, according to FAIR Health Inc., a US-based non-profit organization, National telehealth use increased by 7.3%, from 5.5% of medical claim lines in December 2022 to 5.9% in January 2023. Therefore, the expansion of telemedicine and remote healthcare drove the growth of the pharma and biotech CRM software market.
Integrating Electronic Health Records Into Pharma CRM Systems
Major companies operating in the pharma and biotech CRM software market are increasingly integrating artificial intelligence (AI) and machine learning into their platforms to meet the rising demand for advanced, industry-specific customer engagement tools. AI-powered personalized engagement allows companies to deliver highly targeted and relevant communications to healthcare professionals (HCPs), patients, and other key stakeholders. For example, in October 2023, Salesforce Inc, a US-based cloud software provider, introduced its new Life Sciences Cloud, a secure platform for pharmaceutical (pharma) and medical technology (medtech) organizations. This platform leverages data, automation, and trusted AI to enhance patient engagement, streamline clinical operations, and manage the commercial lifecycle. It supports organizations in delivering personalized stakeholder experiences throughout the drug and device development process. The Life Sciences Cloud integrates data from multiple sources, including electronic health records and clinical trial systems, to provide a unified view of patients and providers. It also offers compliance tools tailored to the regulatory requirements of the healthcare industry.
The global pharma and biotech CRM software market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 94.96% of the total market in 2023.
Pharma And Biotech CRM Software Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global pharma and biotech CRM software market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for pharma and biotech CRM software? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The pharma and biotech CRM software market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider pharma and biotech CRM software market; and compares it with other markets.