Bulletin
Investor Alert

New York Markets Open in:

June 22, 2020, 12:51 a.m. EDT

Pharma & Biotech CRM Software Market Size To Reach USD 8,069 million by 2025 | 15.9% CAGR

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

Jun 22, 2020 (Market Insight Reports) -- The global pharma & biotech CRM (Customer Relationship Management) software market is estimated to reach USD 8,069 million by 2025 from USD 3,333.8 million in 2019 with a CAGR of 15.9%.

CRM software in pharma and biotechnology sector provide a centralized platform which enables the management of manufacturers' data via web, email, mobile, social media, and other in-house channels. Pharma CRM is used in organizational works involving promotion of new medications & treatments, organizing work staff (for optimal productivity), and others.

Request Sample Pages: https://www.reportocean.com/industry-verticals/sample-request?report_id=BWC135

In recent years, the global pharmaceutical and biotechnology CRM software market has increased owing to increasing patient pool and 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, which increases the treatment seeking patient pool. This is paralleled by increasing customer base (for pharma and biotechnology industry). As a result, 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, CRM software can bridge the gap between poor service experience and a centralized platform to effectively manage the services . Thus, increasing patient pool and growing demand for client engagement is a major factor driving the market growth. Followed by this, development of healthcare IT sector and growth of the pharma & biotechnology sector also boosts the market growth.

However, high cost and difficulty in successful implementation followed by skeptical performance of CRM software is estimated to restraint the market growth during the forecast period. Most of the time CRM implementation cost comes along with hidden cost in the form of maintenance cost, training cost etc. The typical cost for applying on premise CRM software for a team of ten users is round USD 17,000. This cost includes selection, implementation, training, and others. Such high implementation cost of CRM is also coupled with uncertainties of success. This makes many firms to restrict the deployment of CRM framework, making the market to lag.

Segmentation

Under global scope, the pharma & biotech CRM software market has been segmented into deployment, enterprise size, industry, and region.

Based on deployment, the global pharma & biotech CRM software market is segmented into on-premise and cloud based (SaaS). The major difference between on-premise and cloud based (SaaS) is the way the information and software is kept. On site servers are utilized for information storage in on-premise CRM software deployment. Contrary to the same, cloud-based (SaaS) involves software storage on remote servers and can be accessed via internet connection. The cloud-based deployment is estimated to lead the market through the forecast period. Low up-front cost, increasing vendor support for customization, and lower maintenance cost are some of the advantages associated with cloud-based deployment.

Based on enterprise size, the global pharma & biotech CRM software market is segmented into large enterprise and small & medium enterprise. More than 50% of the large pharma & biotech companies are estimated to adopt the pharma & biotech CRM software market.

On the basis of industry, the global pharma & biotech CRM software market is segmented into pharmaceutical and biotech industries. It is analyzed that the pharmaceutical industry holds a major share of the market in 2019.

Regional Analysis

By region, the global pharma & biotech is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas is estimated to lead the global market in 2019 and is further segmented into North America and South America. North America is estimated to hold a major market share within the Americas owing to the presence of developed economies like US and Canada which spend huge amount into the healthcare sector including pharma & biotech industries. According to the Organization for Economic Co-operation and Development (OECD), in 2017, ~12% of all the US healthcare spending were for pharmaceutical. Moreover, North America has healthy presence of major pharmaceutical & biotech companies, providing suitable background for the market to grow and develop. Major players within the market including Veeva Systems, Oracle, and Salesforce have major operations within the Americas. Conclusively, high concentration of players within the region is followed by increasing demand/spending on healthcare. This is estimated to increase the competition amongst the pharma & biotech sector. Thus, growing the core need of competitive edge and client engagement. This is estimated to make the Americas lead the market in 2019 and during the forecast term. The North America market for pharma & biotech CRM is estimated to reach USD 3,025.8 million by 2025.

On the other hand, Asia-Pacific is estimated to be the fastest growing region for the global pharma & biotech CRM software market. Rapidly developing healthcare IT sector, growing pharma & biotech sector, and increasing penetration of the global players within the region is estimated to drive the regional market growth. According to the Indian Brand Equity Foundation, the Indian healthcare IT market is expected to increase from ~USD 1 billion in 2016 to ~USD 2.5 billion by 2020. Such growth in country level healthcare IT market is estimated to boost the regional market.

Competitive Landscape:

A large number of companies are operating in the global pharma & biotech CRM software market. Through extensive research, it is found that the market players have adopted competitive strategies such as product innovation, client retention, and acquisition for increasing their market share within the market.

Market players postulated into the report includes Oracle Corporation, Salesforce, Veeva Systems Inc., QuintilesIMS (IQVIA), Aurea, Creatio, Euris, Indegene, Infonis Interantional, Interactive Medica, Media-soft Inc., Navicon, Synergistix, TrueBlue, Pitcher Inc., Prolifiq, StayinFront, Cirrius, and others.

USP of the Report:

1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.