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Impact Of Personalized Medicine On The Pharma And Biotech CRM Software Market: A Key Factor Shaping the Future of the Pharma And Biotech CRM Software Market in 2025
Pharma And Biotech CRM Software Market
The market size for pharma and biotech CRM software has seen a fast-paced expansion in the past few years. Its growth is projected to escalate from $7.39 billion in 2024 to $8.76 billion in 2025, with a compound annual growth rate (CAGR) of 18.5%. The notable growth in the historical timeframe is ascribed to a transition towards a customer-focused strategy, broadening sales and marketing avenues, heightened demand for data analytics, a pressing need for productivity and efficiency, and an emphasis on enriching the customer experience.
In the coming years, the pharmaceutical and biotechnology CRM software market is projected to experience a swift expansion. It is predicted to reach a worth of $17.06 billion by 2029, achieving a Compound Annual Growth Rate (CAGR) of 18.1%. The surge during this forecast period can be credited to an increased focus on AI-powered customer insights, emerging virtual engagement solutions, integration within the healthcare ecosystem, maintaining compliance and data security, and broadening mobile and remote access. The key trends anticipated during this period are AI-driven customer insights, predictive healthcare analytics, a patient-oriented strategy, virtual engagement methodologies, and a heightened focus on digital marketing.
What Are the Key Drivers Behind the Growth of the Pharma And Biotech CRM Software Market?
The escalating need for tailored medical treatments is predicted to boost the expansion of the pharma and biotech CRM software market. Tailored medicine refers to a healthcare methodology that adapts health decisions and interventions to each patient, considering their genetic structure, environmental circumstances, and lifestyle. The surging requirement for such medicines is spurred by increased cancer rates and the rising occurrence of chronic diseases in society. The necessity for personalized medicine calls for the use of pharma and biotech CRM software to effectively handle patient information, monitor treatment results, and support tailored healthcare services. For example, the Personalized Medicine Coalition, a professional membership organization based in the US, reported the approval of 12 tailored drugs in 2022, contributing to approximately 34% of all new treatment approvals - a substantial rise compared to previous years. Hence, the accelerated demand for customized medicine is fueling the pharma and biotech CRM software market's growth.
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Which Businesses Are at the Forefront of Pharma And Biotech CRM Software Market Development?
Major companies operating in the pharma and biotech CRM software market are Oracle Corporation, Salesforce.com Inc., IQVIA Holdings Inc., Trueblue Inc., Cirrius Solutions Inc., Veeva Systems Inc., Aurea Software Inc., Indegene Private Limited, Close-Up International Limited, Interactive Medica S.A., StayinFront Inc., Axtria Inc., Navicon Consulting LLC, Aktana Inc., Bpmonline, AKA Enterprise Solutions LLC, Anthill Agency Ltd., Media-Soft Inc., Zephyr Health Inc., Synergistix Inc., Euris S.A., Inova Software Inc., Prolifiq Software Inc., Infonis International Corp., Ivy Software Development Services Pvt. Ltd.
What Are the Latest Innovations in the Pharma And Biotech CRM Software Market?
Artificial intelligence (AI) and machine learning are being integrated into the CRM software of pharmaceutical and biotech industries increasingly by significant companies. These advanced customer relations tools, such as AI-powered personal engagement platforms, are tailored to meet the growing demand within these industries. The delivery of relevant and targeted messaging to healthcare professionals (HCPs), patients, and other stakeholders is made possible through personalized engagement powered by AI. For example, Salesforce, Inc, a reputed US-based company providing cloud-based software solutions, rolled out its new life sciences cloud in October 2023. This initiative allows pharmaceutical and medical technology organizations to smoothly manage patient engagement, clinical operations, commercial lifecycle management, and personalized experiences of stakeholders throughout the drug and device evolution process.
How Is the Pharma And Biotech CRM Software Market Segmented?
The pharma and biotech crm software market covered in this report is segmented -
1) By Technology: Artificial Intelligence Customer Relationship Management (CRM), Conventional Customer Relationship Management (CRM)
2) By Deployment: On-Premises, Cloud Based
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise (SMEs)
4) By Industry: Pharmaceuticals, Biotech
Subsegments:
1) By Artificial Intelligence Customer Relationship Management (CRM): AI-Powered Sales Automation, AI-Driven Customer Insights And Analytics, Predictive Analytics For Lead Scoring, Chatbots And Virtual Assistants, Natural Language Processing (NLP) For Customer Interaction, Personalized Marketing And Campaign Management, Sentiment Analysis And Customer Feedback Analysis, Machine Learning For Sales Forecasting
2) By Conventional Customer Relationship Management (CRM): Contact And Lead Management, Sales Pipeline And Opportunity Management, Marketing Automation And Campaign Management, Customer Service And Support Modules, Email Marketing And Communication Tools, Customer Segmentation And Targeting, Activity Tracking And Reporting, Integration With ERP And Other Business Systems
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Where Is the Pharma And Biotech CRM Software Market Growth Most Prominent?
North America was the largest region in the pharma and biotech CRM software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharma and biotech crm software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Pharma And Biotech CRM Software Global Market Report?
- Market Size Analysis: Analyze the Pharma And Biotech CRM Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Pharma And Biotech CRM Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Pharma And Biotech CRM Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Pharma And Biotech CRM Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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