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Impact Of Personalized Medicine On The Pharma And Biotech CRM Software Market: Key Factor Driving The Growth In The Pharma And Biotech CRM Software Market
Pharma And Biotech CRM Software Market
What Is the Expected Pharma And Biotech CRM Software Market Size During the Forecast Period?
The pharma and biotech CRM software market has seen rapid growth in recent years. It is expected to grow from $7.39 billion in 2024 to $8.76 billion in 2025, reflecting a CAGR of 18.5%. This expansion can be attributed to a shift toward customer-centric approaches, the expansion of sales and marketing channels, the increasing demand for data analytics, a greater focus on efficiency and productivity, and an enhanced customer experience.
The pharma and biotech CRM software market is anticipated to experience rapid growth, reaching $17.06 billion by 2029 at a CAGR of 18.1%. Factors driving growth include a focus on AI-powered customer insights, the rise of virtual engagement solutions, integration with healthcare ecosystems, enhanced compliance and data security, and expanded mobile and remote access. Major trends include predictive analytics for healthcare providers, a patient-centric approach, AI-driven customer insights, virtual engagement solutions, and digital marketing strategies.
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What Are the High-Growth Segments in the Pharma And Biotech CRM Software Market?
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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What Key Drivers Are Expected to Influence Future Pharma And Biotech CRM Software Market Growth?
The growing demand for personalized medicine is expected to fuel the growth of the pharma and biotech CRM software market. The rise in chronic diseases and cancer has led to an increased demand for personalized treatments tailored to individual patients' needs. This trend is driving the need for pharma and biotech CRM software, which helps in managing patient data, tracking treatment outcomes, and delivering personalized healthcare efficiently. According to the Personalized Medicine Coalition, in 2022, 12 new personalized medicines were approved, accounting for 34% of newly approved treatments, further fueling the growth of the pharma and biotech CRM software market.
Which Companies Hold the Largest Share Across Different Pharma And Biotech CRM Software Market Segments?
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 Trends Are Expected to Dominate the Pharma And Biotech CRM Software Market in the Next 5 Years?
Companies in the pharma and biotech CRM software market are increasingly adopting artificial intelligence (AI) and machine learning to meet the rising demand for advanced customer relationship management tools specific to the pharmaceutical and biotech industries. AI-powered personalized engagement platforms help companies deliver targeted messaging to healthcare professionals, patients, and other stakeholders. For instance, in October 2023, Salesforce, Inc., a US-based company, launched a life sciences cloud to optimize patient engagement and clinical operations using data, automation, and trusted AI. This platform helps streamline operations, commercial lifecycle management, and personalized stakeholder experiences throughout the drug and device development process.
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What Are the Emerging Geographies for The Pharma And Biotech CRM Software Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pharma And Biotech CRM Software Market?
2. What is the CAGR expected in the Pharma And Biotech CRM Software Market?
3. What Are the Key Innovations Transforming the Pharma And Biotech CRM Software Industry?
4. Which Region Is Leading the Pharma And Biotech CRM Software Market?
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