Market Trends of Global Pharmaceutical Customer Relationship Management Software Industry
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.
