Pharmaceutical CRM Software Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pharmaceutical CRM Software Market Analysis
The Pharmaceutical Customer Relationship Management Software Market is expected to grow at a significant CAGR of 10.5% during the study period (2022-2027).
The emergence of the COVID-19 pandemic harmed the world economy and the healthcare system. There is a need to streamline the healthcare process during the COVID-19 times. A CRM software streamlines rapid point-of-care and Polymerase Chain Reaction (PCR) testing for laboratories, private employers, government agencies, and COVID-19 testing centers and offers a system that expedites vaccine administration, distribution, and reporting indicating the benefits of CRM software during the COVID-19 times. For instance, in September 2021, Salesforce launched Health Cloud 2.0, a technology designed to empower businesses and governments to deliver better health and safety for their employees, customers, and communities. It enables robust and scalable COVID-19 safety protocols for in-person attendees, including managing proof of vaccination, integrating with testing vendors, and delivering automated personalized communications throughout the process to help ensure a safer environment for attendees, staff, and the community. Thus, COVID-19 has surged the demand for CRM software, thus significantly impacting the market growth.
The factors propelling the studied market growth are the rising patient pool associated with the growing burden of chronic and acute diseases, the rise in client engagement activities, and the growing pharmaceutical industry. Additionally, CRM software launches and strategic initiatives by key market players are expected to contribute to significant market growth.
The growing burden of chronic diseases such as cancer, HIV, and cardiac diseases is increasing the demand for CRM software, which helps prepare healthcare organizations to take action for a given service or procedure. For instance, According to a study published by the British Heart Foundation in July 2020, there were approximately 7.5 million people with heart disease in the United Kingdom and nearly 170,000 deaths each year, an average of 460 fatalities each day or one death every three minutes happen in the United Kingdom due to cardiovascular disorders (CVDs). Due to the high burden of chronic diseases, pharmaceutical companies need to bring targeted medicine based on the data pool generated by CRM software. Therefore, the benefits of CRM software for the pharmaceutical industry are expected to boost the studied market globally.
According to the article 'Validity Launches 2022 State of CRM Data Health Report, Finds Data Confidence Does Not Match Reality,' published in February 2022, a survey was conducted for more than 1,200 CRM users and stakeholders across the United States, United Kingdom, and Australia. They reported that 57% expect their company to increase data management budgets in 2022, while 56% of those who do not currently have a full-time employee(s) dedicated to CRM data quality have active plans to make hires in the next 6 months. This trend indicates that there will be an increasing demand for CRM software as organizations are finding the benefits of the data pool generated by CRM software, thus, expecting the market to be highly driven during the study period.
Additionally, strategic initiatives by key market players enhancing CRM software implementation for the pharmaceutical industry will also boost the studied market growth. For instance, in February 2022, Customer times has recently undertaken projects with three global consumer health organizations in Western Europe to increase their existing OTC and prescription drug business segments and facilitate expansion into new, rapidly growing markets. For the streamlined workflow for these projects, Customertimes will be implementing CRM solutions for multichannel pharmacy and HCP engagement, thus increasing the demand for CRM software and driving the market.
Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, limited awareness about CRM software among healthcare professionals and the high price associated with this software is expected to hinder the market growth during the forecast period.
Pharmaceutical CRM Software Market Trends
This section covers the major market trends shaping the Pharmaceutical CRM Software Market according to our research experts:
Cloud Segment is Expected to Account for the Largest Market Share During the Forecast Period
Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost of this software is lower than the on-premise systems. Moreover, this software eradicates the need for in-house maintenance, which is likely to be the primary factor driving their increasing demand.
Cloud-based systems are ideal for complex, multisite clinical studies because all information (study protocols, patient data, outcomes, etc.) are stored in a central location and maintained by a third-party service provider. The cloud-based delivery model makes the software extremely flexible regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow by eliminating departmental silos of clinical information.
The launch of new CRM software for the pharmaceutical industries is expected to drive the studied market growth during the forecast period. For instance, in April 2022, Cured launched the next evolution of its digital marketing and customer relationship management (CRM) platform built for healthcare, further enabling the company to deliver on its mission to bring care full circle. This software includes a robust suite of in-application dashboarding and analytics capabilities, providing easy access to metrics and performance across curations. Thus, the launch of new software with added advantages of implementing them will increase their demand, thus, bolstering the market.
Additionally, in February 2022, Salesforce, a vendor for CRM software, expanded the Safety Cloud to help people get together safely. Safety Cloud helps businesses and communities better manage testing, health, and entry protocols to create safer in-person experiences at events and in the workplace. Safety Cloud supports integrations with at-home, pharmacy, and on-site testing options, including CVS Health, eMed, Cue Health, Ixlayer, and Senneca DX. These supported testing options can be connected directly to Safety Cloud, making the testing experience easier. Thus, such expansion of existing offerings expands the product capabilities and geographical footprints, which drives the studied market growth.
Thus, due to the abovementioned factors, the studied segment is expected to contribute to the significant growth of the market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The primary driving factors for the North American pharmaceutical customer relationship management software market growth are the increasing patient pool, rising demand for client engagement, and the growing pharmaceutical industry. In addition, rising CRM software launches, a rise in the burden of chronic diseases, and other strategic initiatives such as mergers and acquisitions and partnerships are also expected to drive the market growth.
The United States within North America is expected to hold a significant share of the studied market during the study period. For instance, according to the Centers for Disease Control and Prevention (CDC)'s Article titled 'Heart Disease Facts,' updated in September 2020, Heart disease is one of the leading causes of death in the United States. The same source also reports that about 805,000 Americans have a heart attack every year. Due to the high burden of cardiac disease, there is an increasing demand for client engagement activities to identify the symptoms of fatal conditions and guide the patients accordingly. Therefore, the demand for customer relationship management software in the pharmaceutical industry is expected to boost the market's growth.
Additionally, rising research and development expenditure in the pharmaceutical industry within the United States will also empower the deployment of CRM software in healthcare organizations, thus driving the market. For instance, Additionally, as per the US Research and Development Funding and Performance: Fact Sheet, 2020, the R&D expenditures in the United States in 2018 were estimated at USD 580 billion, of which USD 96.5 billion was invested in basic research, USD 115.0 billion on applied research, and USD 368.5 billion was employed in the development sector. The R&D expenditure is expected to increase during the study period leading to more targeted therapy approvals, which will require a high amount of patient data generated by CRM software, thus increasing the demand for CRM software and driving the market.
Additionally, strategic initiatives such as partnerships, mergers, and acquisitions by market players enhancing the use of CRM in the pharmaceutical industry will also drive the studied market growth. For instance, in March 2022, SDG group and Snowflake partnered to launch the Healthcare and Life Sciences Data Cloud to bring better patient care and business results. As part of the Healthcare and Life Sciences portfolio, the companies include SDG Eagle Pharma solution, which combines performance, activity, and market share data from sources such as Veeva CRM and IQVIA to better understand products and healthcare professionals' performance. This factor indicates that CRM software is expanding its use in the country, propelling the market's growth during the forecast period.
Therefore, due to the abovementioned factors, the studied market is expected to lead to lucrative growth of the market in North America.
Pharmaceutical CRM Software Industry Overview
The studied market is fragmented and moderately competitive. The key market players readily adopt strategies such as partnerships, mergers, and acquisitions, boosting the studied market growth. The key players in the market are Kapture, Medsimo technologies, Actis Sales Technologies, Synergistix Inc., SoftDent, and Others.
Pharmaceutical CRM Software Market Leaders
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Kapture
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Medsimo Technologies
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Actis Sales Technologies
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Synergistix Inc.
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SoftDent
*Disclaimer: Major Players sorted in no particular order
Pharmaceutical CRM Software Market News
- In March 2022, Epic launched a customer relationship management system, Cheers, for health systems which sends proactive messages to patients who use Epic's MyChart portal if they need a particular type of care, such as a cancer screening.
- In January 2022, QPharma, launched Ti CRM, a CRM for fast implementations. Ti CRM 2.0 is the next generation of QPharma's popular Ti CRM application, which thousands of Pharma reps employ daily to capture healthcare professionals (HCPs) sample requests in compliance with 21 CFR Part 11 and PDMA guidelines.
Pharmaceutical CRM Software Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increaisng Patient Pool and Demand for Client Engagement
- 4.2.2 Growing Pharmaceutical Industry
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4.3 Market Restraints
- 4.3.1 High Price and Lack of Awareness about CRM Software
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD Million)
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5.1 By Product Type
- 5.1.1 On-Premise
- 5.1.2 Cloud
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5.2 By Size
- 5.2.1 Large Enterprises
- 5.2.2 Medium and Small Enterprises
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle-East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle-East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Kapture
- 6.1.2 Medsimo Technologies
- 6.1.3 Actis Sales Technologies
- 6.1.4 Synergistix Inc.
- 6.1.5 SoftDent
- 6.1.6 Creatio
- 6.1.7 Veeva Systems
- 6.1.8 CRMNEXT
- 6.1.9 Zoho Corporation Pvt. Ltd.
- 6.1.10 Avenga
- 6.1.11 SalesBabu Business Solutions Pvt. Ltd
- 6.1.12 Vtiger
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pharmaceutical CRM Software Industry Segmentation
As per the scope of the report, CRM is a technology used to manage an organization's interactions with current and potential clients. A CRM tool helps companies streamline processes and improve profitability, most often organizing specific areas like contact management, sales management, agent productivity, and more. The Pharmaceutical Customer Relationship Management Software Market is Segmented by Product Type (On-Premise and Cloud), Size (Large Enterprises and Medium and Small Enterprises), and Geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
| By Product Type | On-Premise | |
| Cloud | ||
| By Size | Large Enterprises | |
| Medium and Small Enterprises | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle-East and Africa | GCC |
| South Africa | ||
| Rest of Middle-East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Pharmaceutical CRM Software Market Research FAQs
What is the current Global Pharmaceutical Customer Relationship Management Software Market size?
The Global Pharmaceutical Customer Relationship Management Software Market is projected to register a CAGR of 10.5% during the forecast period (2024-2029)
Who are the key players in Global Pharmaceutical Customer Relationship Management Software Market?
Kapture, Medsimo Technologies, Actis Sales Technologies, Synergistix Inc. and SoftDent are the major companies operating in the Global Pharmaceutical Customer Relationship Management Software Market.
Which is the fastest growing region in Global Pharmaceutical Customer Relationship Management Software Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Pharmaceutical Customer Relationship Management Software Market?
In 2024, the North America accounts for the largest market share in Global Pharmaceutical Customer Relationship Management Software Market.
What years does this Global Pharmaceutical Customer Relationship Management Software Market cover?
The report covers the Global Pharmaceutical Customer Relationship Management Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Pharmaceutical Customer Relationship Management Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pharma CRM Industry Report
Statistics for the 2024 Pharma CRM market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pharma CRM analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
