Pharma and Biotech CRM Software Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Global Pharma & Biotech CRM Software Market is estimated to witness a major jump in revenue from US$ 4,528.4 Mn in 2021 to US$ 10,830.2 Mn by 2027. The global marketplace is registering a CAGR of 15.2% over the projection period 2022-2027.

Market Snapshot

CRM software for pharmaceutical and biotech companies is a set of specialized capabilities that are part of the pharma selling model. CRM for pharma is optimized to inform a doctor and other stakeholders about the company’s products. CRM in Pharma and Biotech software helps an organization to give its customer a seamless and unique experience in order to build a better relationship and satisfies mutual objective. CRM software also helps users to manage competitive intelligence and can deliver several tactical benefits. The global pharma & biotech market has been evolving, the competition is growing and the companies are trying to capture a maximum share of the market

Market Dynamics

The increasing patient pool and growing need for client engagement are expected to boost the market growth. The prevalence of various chronic and acute diseases is increasing across the globe and as a result, such affairs are increasing the patient pool who are seeking treatment. Furthermore, the growing pharma and biotechnology sector and increasing competition will fuel the market growth. The pharma and biotechnology sector significantly stands amongst the CRM software end-users. A major revenue within the healthcare CRM domain is generated by this domain. Also, the growth and development of the healthcare IT sector are anticipated to drive the market growth. With such fast uptake of healthcare, IT is estimated to provide developmental backgrounds for Pharma & Biotechnology CRM software and thus provides ample background for the growth of the CRM software market. However, high implementation and related costs restrict the deployment of the CRM framework and thus inhibit the market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyses the Global Pharma & Biotech CRM Software Market for the study period of 2021-2027; where the base year is 2021 and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 14 chapters distributed across 131 pages with 42 lists of tables and 30 lists of figures.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes inputs, software development processes, output, marketing & distribution, and post-selling services.
• The competitive dashboard section includes analysis on the basis of the Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Pharma & Biotech CRM Software Market Report

• Based on deployment, the cloud-based segment is estimated to lead the market through the forecast period owing to its low up-front cost, increasing vendor support for customization, and lower maintenance costs. Cloud-based has the highest CAGR in the pharma & biotech CRM software market during the forecast period.
• On the basis of enterprise size, large enterprises hold the highest market share as they are most likely to adopt pharma & biotech CRM software. The small & medium enterprise segment is estimated to grow with a CAGR of 15.5% during the forecast period.
• In terms of industry, the pharmaceutical industry holds a major share of the market in 2021 owing to the increasing adoption of CRM software by pharma companies.
• Based on technology, conventional CRM holds a major share in the pharma & biotech CRM software market in 2021. However, AI CRM is projected to grow at a faster CAGR over the forecast period owing to the benefits of AI CRM, such as effective data management, enhanced customer satisfaction, optimized sales strategy, and customer confidence among others.
• On the basis of region, the Americas hold the highest market share in 2021. The presence of major pharmaceutical and biotechnology companies in the U.S. is expected to contribute to market growth. Whereas the Asia-Pacific biotech CRM software market is estimated to grow with the highest CAGR of 16.7% during the forecast period.

Competitive Insight

The key players in the Global Pharma & Biotech CRM Software Market are Oracle Corporation, Veeva Systems, QuintilesIMS, Salesforce, Aurea, Infonis International, Interactive Medica, Media-Soft Inc, and Synergistix among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Strategies Adopted by Key Market players

• In 2017, QuintilesIMS announced an alliance with Salesforce (a CRM company) and Intelligent Customer Success Platform in order to offer life science companies new capabilities to move treatments in a more efficient and effective manner from molecule to market. Also, in 2017, QuintilesIMS changed its name to IQVIA.
• In December 2019, Veeva announced an open API that provides online access to real-time HCP, HCO, and Compliance data. Veeva also announced free e-regulatory solutions for clinical research sites. They introduced quality risk management in Vault QMS in 2019.
• In December 2021, salesforce and vox media partnered for exclusive streaming of award-winning pivot on Salesforce+, a new streaming service that offers live experiences and on-demand original content for companies. industries and the people who power them. In June 2017, Salesforce Einstein Analytics delivered advanced analytics for millions of CRM users. Whereas, in March 2017, IBM and Salesforce announced a global strategic partnership to deliver joint solutions designed to leverage artificial intelligence and enable companies to make smarter decisions, faster than ever before.
• In 2018, Aurea Customer Relationship Management (ACRM) announced the launch of several product enhancements, including the release of a new mobile app called Aurea CRM. While in 2019, Aurea announced its new business model offering the unlimited enterprise software library.

Segmentation Overview 

Global Pharma & Biotech CRM Software Market is segmented based on deployment, enterprise size, industry, technology, and region. The industry trends in the global pharma & biotech CRM software market are sub-divided into different categories in order to get a holistic view of the global marketplace. 

Following are the different segments of the Global Pharma & Biotech CRM Software Market:

By Deployment Segment of the Global Pharma & Biotech CRM Software Market is Sub-Segmented into:

• On-Premise
• Cloud-Based (SaaS)

By Enterprise Size Segment of the Global Pharma & Biotech CRM Software Market is Sub-Segmented into:

• Large Enterprise
• Small & Medium Enterprise

By Industry Segment of the Global Pharma & Biotech CRM Software Market is Sub-Segmented into:

• Pharmaceuticals
• Biotech

By Technology Segment of the Global Pharma & Biotech CRM Software Market is Sub-Segmented into:

• AI CRM
• Conventional CRM

By Region Type Segment of the Global Pharma & Biotech CRM Software Market is Sub- Segmented into:

• Americas
  • North America
    • The U.S.
    • Canada
    • Mexico
  • South America
    • Brazil
    • Rest of South America
• Europe 
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Rest of Asia Pacific
• Middle East & Africa (MEA)