Global Pharmaceutical Customer Relationship Management Software Market Size

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.