CRM in Pharma and Biotech Software Market Growth Size [2031]

Report Description

CRM in Pharma and Biotech Software Market Outlook 2031

The global CRM in pharma and biotech software market size was USD XX Bn in 2022 and is likely to reach USD XX Bn by 2031, expanding at a CAGR of XX% during 2023–2031. The software helps pharma and biotech companies organize patient data and track interactions for better customer engagement. These factors are driving the market. 

CRM software plays a vital role in the pharma and biotech industry. It provides solutions for effective management of customer relationships, enhancing communication, and streamlining marketing and sales opportunities. This software helps manufacturing companies maintain a competitive edge by improving sales opportunities and improving customer engagement.

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This software is a specialized solution that is developed to assist pharma and biotech companies in managing their interaction with consumers, including patients, medical professionals, doctors, and other stakeholders. This innovative solution provides a comprehensive platform to drive strategic decisions, and advanced analytics to reveal insights that unleash opportunities for the growth of the market. For instance,

• In July 2023, Epic Cheers was introduced as an innovative CRM solution. It helps organizations automate and personalize their current processes to improve patient experiences.

Covid-19 Analysis

The COVID-19 hindered the healthcare system globally. The government had imposed lockdowns during that period, which resulted in the shutdown of small businesses. The lack of manpower, due to social distancing, hampered the manufacturing industries. The supply chain was disrupted, due to restrictions on the import and export facilities of raw materials and components. Hence, the use of CRM software registered a surge in that period.

The adoption of CRM software accelerated digitization and automation of sales to adapt to the changing business landscape. It increased the focus on remote healthcare services and patient engagement with a growing demand for online communication channels. Manufacturing companies are focusing on the integration of CRM software to ensure health and safety through digital communication. These factors affected the growth of the market.  For instance,

• In September 2021, Salesforce launched a Health Cloud 2.0 connected platform to deliver help and safety. It enables scalable and robust COVID-19 safety protocols for in-person attendees, including managing proof of vaccination.

Impact of Artificial Intelligence on CRM in Pharma and Biotech Software Market

The key benefit of employing artificial intelligence in the pharmaceutical industry is to improve drug discovery design. It takes comparatively less time to test a drug. This leads to significant lowering of prescription expenses for the patients.

It also provides diagnostic assistance and empowers medical professionals to deliver personalized treatment. Moreover, it helps pharma companies to sell and market biomedical and clinical data for interpretation. This provides an efficient way to examine the data from various sources. AI acts as a big time-saver for researchers in the pharmaceutical industry. For instance,

• In November 2021, GlaxoSmithKline used AI to track the eye movement of consumers and retailers. The AI-powered tool captures key images during the shopping process and provides analysis for Areas of Interest (AOI).

CRM in Pharma and Biotech Software Market Dynamics

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Drivers

Increasing adoption of customer relationship management in healthcare organizations is driving the market, due to its ability to streamline processes and provide insights for better decision-making. Integration of CRM with systems benefits the pharma and biomedical companies as well as aids healthcare providers to improve patient communication and patient interactions.

Growing demand for personalized medicine is leading to tailored treatments and services to individual patients, which is boosting the market. It includes patient biodata such as lifestyle, genetic makeup, and other factors to develop a personalized treatment plan. Using CRM solutions, healthcare processes track and analyze patient data for personalized care. Moreover, CRM solutions help healthcare providers identify the required treatments, leading to better patient outcomes. For instance,

• In April 2022, the Cured launched the next evolution of its digital marketing and customer relationship management platform built for healthcare. This software includes analytics capabilities, providing easy access to metrics and performance.

Restraints

High initial investments and maintenance costs associated with CRM software are hampering the market. The cost of implementing CRM in pharma and biotech software is high, due to the complexity, leading to an increase in investments.

The lack of skilled professionals and expertise is limiting the growth of the market. Knowledgeable personnel who understand the complexities of the pharmaceutical industry are highly needed.

Opportunities

Rising integration of technologies such as machine learning is expected to create lucrative opportunities in the market. Pharma and biomedical organizations use machine learning techniques to speed up the creation of drugs. Researchers are making efforts to integrate AI to visualize the conditions of patients and suggest treatment by utilizing biological information. The adoption of such technologies helps to gain a deep understanding of a patient's condition and realize the importance of personalized medicine.

Growing demand for mobile CRM applications such as the ePharma app and mHealth app is boosting the market.  Pharma and biotech organizations are investing in app development to provide better services to their customers. For instance, according to a published report, the online pharmacy is expected to reach USD 52 billion by 2027, from approximately USD 27 billion in 2022. It is aiding mobile app developers to enable better customer interaction. Thus, it allows pharmacies to deliver 24/7 online medicine to the consumer's doorstep, which improves scalability. These factors tend to boost the market in the coming years.
For instance,

• In January 2022, Qpharma launched the Ti CRM application. The Ti CRM 2.0 is the next-generation solution that provides data to daily healthcare professionals.

Scope of the CRM in Pharma and Biotech Software Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Deployment Mode Segment Analysis

Based on deployment mode, the CRM in pharma and biotech software market is divided into on-premises and cloud-based. The cloud-based system segment is expected to dominate the market.  It is ideal for multisite clinical studies, as it stores all the critical information. The cloud-based system is a centralized location managed by a third-party service provider. The cloud platform makes the CRM software extremely flexible in terms of scalability. However, it simplifies storage resources to reduce costs and enhance workflow. For instance,

• In February 2022, Salesforce, expanded the Safety Cloud to help businesses and communities for managing testing solutions and protocols to create safe in-person experiences at events and in the workplace.

The on-premise segment is anticipated to expand at a significant growth rate in the forecast period. This type of CRM software is installed on an organization's computer hardware. The data is accessed through the local and shared networks. It includes various features such as customer relationship sales, inventory and warehouse management, and others. These features offer pharma and medical organizations with the ability to track customer activity, manage data, and conduct various other tasks.

Enterprise Size Segment Analysis

On the basis of enterprise size, the global market is segregated into large enterprises and small & medium enterprises. The large enterprises segment is expected to dominate the market. The CRM in pharma and biomedical software in large enterprises is designed to manage the customer relationship across the entire lifecycle. It enables organizations to enhance performance and capture customer data through multiple channels. Furthermore, it generates individual or group-oriented data campaigns to analyze the requirements of the customer and pricing patterns to facilitate sales and pipeline management. These factors tend to fuel the segment.

The small & medium size enterprises segment is projected to expand at a considerable CAGR during the forecast period. The software is designed to provide specialized solutions that facilitate customized CRM operations, such as tracking customer engagement activities and marketing strategies. These solutions include reporting tools and analytics to help organizations gain insights into customer behavior.

Deployment Mode Segment Analysis

In terms of deployment mode, the CRM in pharma and biotech software market is segmented into hosted and installed. The hosted segment is expected to dominate the market. It provides a systematic and streamlined approach to operation management. It enhances the workforce through high efficiency and productivity. It is generally hosted on an external server and comes with a monthly subscription or one-time fee. This approach allows organizations to outsource their CRM implementation, which removes the need to maintain and install software and hardware.

The installed segment is anticipated to expand at a robust growth rate during the forecast period. It provides solutions to the pharma and biotech industry by installing it on the organization’s server. This type of software requires a lengthy setup and configuration process as well as high maintenance. Thus, it benefits the organization by keeping its customer data on the server, which is only accessible by the company's employees.

End-user Segment Analysis

Based on end user, the global market is segregated into pharmaceutical companies, medical device companies, biotechnology companies, and others. The pharmaceutical companies segment is expected to dominate the market. This software is used to create a streamlined operation by capturing data from different channels such as websites, contact forms, email, and others. It helps in identifying the potential customer to target ads, analyze customer data to gain competitive insights, and track sales performance. These factors tend to fuel the segment.

The biotechnology companies segment is projected to expand at a considerable CAGR during the forecast period. CRM software helps biotechnology companies in managing their customer lifecycle effectively. These companies use this software to build customer loyalty and expectations. It helps to analyze the preferences and needs of the customer through various platforms. Hence, it tracks the campaign and customer status to reach out to target-oriented clients.

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Regional Analysis

In terms of region, the global CRM in the pharma and biotech software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market. Rising demand for better customer engagement and solution-oriented platforms is boosting the pharmaceutical industry. Additionally, CRM software is increasing in demand, due to the rise in chronic diseases among consumers. For instance, according to the report published by the Centers for Disease Control and Prevention (CDC), chronic diseases such as cardiac arrest are the major reason for death in the US. Increase in the high ratio of cardiac disease is boosting the demand for client management platforms. These factors tend to boost the usage of CRM in the pharma and biomedical industries.

Asia Pacific is expected to dominate the global market during the projection period. The region consists of key manufacturing companies in the pharma and biomedical industry. Growing demand for cost-effective solutions is driving the need for CRM software to manage customer requirements and preferences. The region is registering a surge in the number of small-scale industries and startups that are capitalizing on CRM software to streamline customer management, which eases scalability. Thus, the innovative solutions are projected to boost the regional market.

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