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.
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. 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.
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.