Pharma and Biotech CRM Software Market Size: Key Tactics By Companies To Consolidate Presence | IBM Watson, Oracle Corporation, QuintilesIMS (IQVIA)

The global pharma and biotech CRM software market held a market value of USD 4,528.4 million in 2021 and is estimated to reach USD 10,830.2 million by the year 2027. The market is anticipated to register a CAGR of 15.2% during the forecast period.

The pharmaceutical and biotechnological industry has been growing tremendously, and the increasing number of companies investing in this sector is causing direct growth and demand of CRM software in the field. In addition to that, CRM software is highly beneficial in different subsectors, such as hospitals, healthcare payer systems, public clinics, private clinics, and research labs. Moreover, the rigorous growth in the healthcare IT sector and inclusion of artificial intelligence in management processes is boosting the growth of the pharma and biotech CRM software industry throughout the world.

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Furthermore, the rising awareness is driving the market growth. For instance, in February 2022, Veeva Systems announced that NTC Srl will deploy multichannel Veeva CRM in Italy and Spain. Veeva CRM will enable NTC's commercial teams to engage with healthcare professionals (HCPs) more effectively, both in person and across digital channels. Such measures boost the growth of the industry. On the other hand, the high costs related to implementation and management curbs the market growth to a certain extent.

Growth Influencers:

Increasing patient pool and growing need of client engagement
The increasing prevalence of diseases such as cancer, CVD, and neurological disorders are creating huge demand for the adoption of innovative systems, which in turn increases the demand for advanced CRM tools. with the ever-increasing demand, healthcare managers need to acquire, retain, as well as engage with patients to provide personalized services. thus, the necessity of CRM software has been increasing tremendously.

Growth and development of healthcare IT sector

The extensive capacity of digital health applications and the potential in healthcare industry is attracting investment flows in health technology (health-tech). Globally, in 2018, the health tech deals were valued at USD 14.8 billion consisting of 789 deals which was slightly decreased USD 13.8 billion in 2019. However, the number of deals and deal value has increased significantly over the past decade. That is portraying the growth prospectus available in the market and increased focus of market players to capture the potential within the market.

Segments Overview:

The global pharma and biotech CRM software market is segmented into deployment, enterprise size, industry, and technology.
By Deployment,
? On-Premises
? Cloud Based (SaaS)

The cloud based (SaaS) segment is likely to hold the highest CAGR of 18.2%.

By Enterprise Size,

? Large Enterprise
? Small & Medium Enterprise

The large enterprise segment is projected to hold an opportunity of more than USD 3500 million during 2021 to 2027.

By Industry,
? Pharmaceuticals
? Biotech

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The pharmaceuticals segment held the highest share of more than 60% in 2021 owing to the increased use of CRM software in this industry.

By Technology,
? AI CRM
? Conventional CRM

The AI CRM segment is expected to hold the highest CAGR of 18.4% over the forecast period.

Regional Overview

By region, the global pharma and biotech CRM software market is divided into Europe, Americas, Asia Pacific, Middle East & Africa. The America pharma and biotech CRM software market held the largest market share of more than 45% in 2021. In 2018, AI based funding in digital health funding in U.S.-based health-tech companies have raised over USD 2 billion in funding. Such statistics point out to lucrative growth opportunities.

The Asia Pacific region is expected to hold a substantial market share owing to the presence of nations, such as China and Japan. The European region is anticipated to grow at the steady rate owing to the rising awareness.

Competitive Landscape

Key players operating in the global pharma and biotech CRM software market include IBM Watson, Oracle Corporation, QuintilesIMS (IQVIA), Salesforce, Veeva Systems, Aurea, Euris, bpm'online, Indegene, Interactive Medica, Infonis International, Media-soft Inc., Navicon, Synergistix, TrueBlue, Pitcher Inc., Prolifiq, StayinFront, Cirrius, Aktana, among others.

The prominent three players in the market hold approximately 35% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in November 2021, Veeva Systems showcased its latest enhancements to Veeva CRM at the European Veeva Commercial and Medical Summit Connect. Moreover, in 2018, Navicon upgraded bpm?online CRM Solution at Merz Russia.

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The global pharma and biotech CRM software market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Pharma and biotech CRM software market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing
? Manufacturing Cost Analysis: Cost-share of various components in pharma and biotech CRM software, cost analysis of pharma and biotech CRM software, unit cost analysis of pharma and biotech CRM software
? Consumer Behavior for CRM
o Buying Behavior, By Functionality
o Buying Parameters for Pharma & Biotech CRM Software Market

The global pharma and biotech CRM software market report answers questions such as:

? What is the market size and forecast of the global pharma and biotech CRM software market?
? What are the inhibiting factors and impact of COVID-19 on the global pharma and biotech CRM software market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the global pharma and biotech CRM software market?
? What is the competitive strategic window for opportunities in the global pharma and biotech CRM software market?
? What are the technology trends and regulatory frameworks in the global pharma and biotech CRM software market?
? What is the market share of the leading players in the global pharma and biotech CRM software market?
? What modes and strategic moves are considered favorable for entering the global pharma and biotech CRM software market?

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