Nowadays, companies use advanced strategies and technologies that help them in managing and analyzing customer interaction. This is known as Pharmaceutical Customer Relationship Management (CRM) Software Market. It also helps in managing customer data throughout their lifecycle with the aim to improve customer service relationship and assist in retaining the customers. The use CMR is widely seen in pharmaceutical companies as it helps in organizing business processes, reduces expenditure incurred through managing customer services, and helps in maintain relationship with the customers.
Increasing Demand for Bioanalytical Services to Boost Market Growth in North America
North America is playing a significant role in the growth of pharmaceutical customer relationship management software market as the pharmaceutical companies in the U.S. accounts of 50% of the total pharmaceutical research and development activities globally. Moreover, growing expenditure in healthcare sector, rising research and development activities, and inclusion of healthcare IT industry will likely escalate the market growth. Favorable government initiatives such as health connect and e-health and the employment of Affordable Healthcare Act (2010) are likely to drive the industry growth. In 2017, Europe held the second position the global pharmaceutical customer relationship management software market because of technological advancements taking place in the region, high adoption rate of information technology in pharmaceutical sector, and emergence of contract research organizations in various part of Europe.
Additionally, Asia Pacific is also projected to grow significantly during the forecast tenure. Healthcare schemes offered by governments in this region, growing medical tourism, and increasing development of healthcare infrastructure in this region are acting the crucial growth drivers for this market. Moreover, governments in this region are seen investing millions on EMR/EHR system that will benefit the pharmaceutical companies in this region as well as benefit the pharmaceutical CRM software market.