CRM software for pharma and biotech was estimated to have a market of US$ 3,827 Mn in the year 2020. CAGR of the market is projected to be 15.9% during the forecast period. Increasing customer base and implementation of electronic health record (EHR) in the hospitals and clinics are some of the major drivers for the market.
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Increasing patient pool and growing need of client engagement
The prevalence of various chronic and acute diseases is increasing across the globe. The Centers for Disease Control and Prevention (CDC) estimates that every six in ten adults within the US have chronic diseases including cancer. Moreover, it is postulated that four out of every ten adults within the country lives with more than one chronic condition. Such affairs are increasing patient pool seeking treatment. This is paralleled by increasing customer base (for pharma and biotechnology industry) and the demand for client management has increased several folds. It is established that more than 30% of the customers consider switching providers due to poor service experience. In such prevalent conditions the answer to the gap is client relationship management (CRM) software. Thus, increasing patient pool and growing demand or client engagement is a major factor driving the market growth.
The pharma and biotechnology sector significantly stands amongst the CRM software end users. A major revenue within the healthcare CRM domain is generated by this domain. According to the International Federation of Pharmaceutical Manufacturers & Associations, the global pharmaceutical market is estimated to reach USD 1,430 billion by 2020 and the US market is estimated to hold a market share of approximately 41%. Such growth trends are estimated to be witnessed across the globe, providing significant revenue generating opportunities for the CRM software market. Moreover, the pharma & biotech industries are fiercely competitive, sales & marketing forms the core of business. Thus, there is a need of unique approach for competitive edge. The era of medical representative is passing, and the companies are relying on responsive CRM software to reduce the paperwork. Conclusively, growing pharma and biotechnology sector provides ample background for the growth of the CRM software market.
Healthcare IT services is being increasingly adopted in the developed as well as developing economies. The sector has been showing progress and it is reportable that the US healthcare IT will grow at a CAGR of ~9% during 2015-2020. Such fast uptake of healthcare IT is estimated to provide developmental backgrounds for Pharma & Biotechnology CRM software. Thus, the market is estimated to grow along with increasing adoption of healthcare IT services.
A majority of the pharmaceutical and biotech companies are aware of the benefits of implementing the CRM software. However, the skeptical performance is the major challenge for the market growth. Various studies focused on the CRM software failure suggests the same. An article published by the Harvard Business Review in 2018 suggested that one-third of all the Customer Relationship Management (CRM) projects fails. Another study published in Science Direct in 2018 suggested that successful implementation of the CRM is complex. The study further postulated that 70% of all the CRM implementation projects fail to achieve the expected objective. Such results generate negative perception and marketing for CRM software, restricting its application in the pharma & biotechnology sector. However, if tackled appropriately the challenge can efficiently be turned into a whitespace for new business operations.
Key players operating in the global CRM software for pharma & biotech market are Oracle Corporation, QuintilesIMS, Veeva Systems, Salesforce, Aurea, Euris, Indegene, Infonis International, Interactive Medica, Media-soft Inc., Navicon, Synergistix, TrueBlue, Pitcher Inc., Prolifiq, StayinFront, Cirrius. Companies are introducing applications with customer friendly UI in order to attract larger customer base.
- By Deployment
- By Enterprise size
- Small & Medium Enterprises
- Large Enterprises
- By Industry
- By Region
- North America
- The U.S.
- South America
- Rest of South America
- North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
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