Global Pharma and Healthcare Social Media Marketing Market – Overview
Pharma and healthcare social media marketing is an area that is extremely relevant to the modern, digital age, where stakeholders in the pharmaceuticals and healthcare industries are reaching out to their potential customers through digital, social media platforms.
Social media tools today enable one-to-one interactions among stakeholders and their target customers via content creation, sharing, along with exchange of new ideas and information about products through virtual communities and social networks.
Global Pharma and Healthcare Social Media Marketing Market – Notable Developments
Some of the recent developments in the global pharma and healthcare social media marketing market are given below:
- The United States Food and Drug Administration (FDA) released new guidelines in January 2014, for the pharmaceuticals and healthcare industries defining the regulatory requirements vis-a-vis the marketing submissions for human and animal drugs across social media platforms.
Digital Healthcare, Sermo, MomMD, Student Doctors Network, QuantiaMD, Doximity, Healthcare and Medical Software, Orthomind, WeMedUp, Medical Apps, DoctorsHangout, Nurse Zone, All Nurses, Medical Doctors, and Ozmosis
Global Pharma and Healthcare Social Media Marketing Market – Drivers and Restraints
There are multiple factors that are helping to drive the overall development of the global pharma and healthcare social media marketing market. One of the key factor for the market growth has been is the ability of leading players to adopt new and innovative marketing strategies to expand their consumer base and gain a better competitive advantage.
In recent years, social media platforms have come up as a great tool for the pharma and healthcare companies. These companies have used the social media platform with great innovation and as an effective tool to get amplified results of their marketing efforts. Social media platforms give these companies ability to expand their client base and ultimately dramatically boost the overall brand performance across global markets. All these factors are thus expected to help the overall development of the global pharma and healthcare social media marketing market.
However, there are some factors that are projected restrict the overall development of the global pharma and healthcare social media marketing market. One of the key restricting factors for the market growth has been the recent introduction of several users and regulations regarding the marketing of medical and pharmaceutical products. This also follows in the general planning of the respective social media marketing strategies for these companies.
Global Pharma and Healthcare Social Media Marketing Market – Geographical Outlook
In terms of geographical segmentation, the global pharma and healthcare social media marketing market, there are five key regions. These regions are North America, Latin America, Middle East and Africa, East Asia, South Asia, Oceania, and Europe. Social medial marketing has defied all traditional norms of geographical boundaries. However, the regional segment of North America is expected to remain aggressive in the coming years of the forecast period ranging from 2020 to 2030.
With the growing number of pharma and healthcare companies making a tectonic shift from conventional marketing platforms to the social media platforms, the demand for the pharma and healthcare social media marketing services are now growing in the North America region. A growing number of agencies are now jumping in to grab rising opportunities in the North America market for the pharma and healthcare social media marketing.
Europe, after North America is second in line in terms of growth. On the other hand, emerging players in the Asia Pacific region are expected to grab the development of pharma and healthcare social media marketing market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.