Pharmaceutical Customer Relationship Management (CRM) Software Market Rapid Growth Until and Forecast 2018-2026
Customer Relationship Management (CRM) is a strategy adopted by organizations to manage relationship with existing customers and develop interaction with potential ones. CRM software solution is engaged by pharmaceutical companies to streamline business processes, manage relationship with customers, and reduce expenditures incurred in managing customer services.
CRM software can record individual customer information, such as phone number, email id, social media status, etc. It can also register the recent activities of targeted companies and provide detailed information about the customers.
The global pharmaceutical customer relationship management (CRM) software market is primarily driven by rising number of pharmaceutical companies across the world and their increasing R&D and sales activities. However, lack of awareness about CRM software solutions, high price, stringent regulatory conditions, etc. are likely to restrain the growth of the global pharmaceutical customer management software market in the next few years. Nonetheless, increasing research funding, rising number of mergers and acquisitions among major market players, and technological advancements are expected to boost the global pharmaceutical customer relationship management software market during the forecast period.
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In terms of activity, the global pharmaceutical customer relationship management software market can be segmented into sales and marketing, customer service, supply chain and procurement, human resources, and others. By mode of delivery, the global pharmaceutical customer relationship management software can be classified into on-premise and cloud. Although the on-premise segment accounted for the leading market share in 2017, the cloud segment is anticipated to expand at a higher rate during the forecast period. By cloud mode of delivery, the global pharmaceutical customer relationship management software market can be classified into public, private, and others. By end-user, the global pharmaceutical customer relationship management software market can be categorized into pharmaceutical organizations, contract research organizations, and others. The pharmaceutical organizations segment held the dominant share of the market in 2017, while the contract research organizations segment is anticipated to expand at a significant rate during the forecast period.
Geographically, the global pharmaceutical customer relationship management software market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The U.S. is the leading market for the global pharmaceutical industry. Pharmaceutical companies in the U.S. conduct more than 50% of the total pharmaceutical research and development activities in the world. Robust research and development activities, increasing number of pharmaceutical companies, high rate of adoption of the customer relationship management software in health care, presence of major market players, and significant expenditure on the health care IT industry are expected to propel the pharmaceutical customer relationship management software market in North America. Europe held the second-leading share of the global pharmaceutical customer relationship management software market in 2017. The market in the region is anticipated to grow at a significant rate during the forecast period, owing to the emergence of contract research organizations in Eastern Europe, strong pharmaceutical research activities, presence of leading companies, technological advancements, and high rate of adoption of information technology in the pharmaceutical sector in Western Europe. Asia Pacific accounted for the third dominant share of the global pharmaceutical customer relationship management software market in 2017.
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The market in the region is estimated to exhibit the highest growth rate during the forecast period. Emerging economy, increasing number of generic pharmaceutical companies, and emergence of contract research organizations are likely to boost the pharmaceutical customer relationship software management in the region during the forecast period. Lack of awareness regarding pharmaceutical customer relationship management software and high price of the product are anticipated to hinder the growth of the customer relationship management software market in Latin America and Middle East and Africa during the forecast period.
Key companies operating in the global pharmaceutical customer relationship management software market include Adjetter, Medismo Technologies, Actis Sales Technologies, Synergistix, SoftDent, bpm’online, Avidian Technologies Veeva Systems, CRMNXT, and StayinFront, Inc.
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