It is anticipated that the global pharma and healthcare social media marketing market will be worth US$11,060.0 Million. In the current, digital era, when stakeholders in the pharmaceutical and healthcare sectors are interacting with potential clients through digital, social media platforms, pharma and healthcare social media marketing is a field that is very relevant.
The global demand for pharma and healthcare social media marketing is anticipated to reach around US$ 55,500.0 Million by 2032, growing at a CAGR of 17.5% between 2022 and 2032. Sales increased significantly between 2016 and 2021, with a 13.2% CAGR. In the information era, the demand for social media marketing services for the pharmaceutical and healthcare industries is rising.Social Media Marketing Strategies to Help Strengthen Customer Relationships
Leading players in the pharmaceuticals and healthcare sector have always been experimenting with innovative ways to expand their customer base and gain a competitive advantage, while there are multiple restrictions on the advertising and marketing of pharmaceuticals and medical products.
However, social media platforms have emerged as a useful tool for pharma and healthcare companies to implement effective marketing campaigns that can give amplified results to their efforts of improving engagement, expanding their customer base, and ultimately, dramatically boosting brand performance in global markets.
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Global leaders in the pharmaceuticals and healthcare markets are leveraging the modern social media platforms to establish a new brand identity and creating brand awareness among their existing as well as potential customer bases.
This enables them to create a personal bond with each one of their audience on social media, which further strengthens their customer relationship management operations, and it is expected to further highlight the importance of social media marketing among pharma and healthcare companies in the coming years.
In addition to this, social media marketing is also giving a completely different perspective to pharma and healthcare marketing, as it can also contribute to the end users’ efforts not only in building but also in improving corporate communication and investor relations.
It has also helped them improve their customer services even on corporate levels through the implementation of creative social media marketing campaigns.
Involvement of Regulatory Bodies may Restrict the Scope of Social Media Marketing for Pharma and Healthcare Companies
The pharma and healthcare sector is subjected to various rules and regulations regarding the marketing of medical and pharmaceutical products, and this scenario also follows in the planning of social media marketing strategies for these companies.
Governing bodies are modifying their traditional regulatory restrictions on the advertising of drugs and other marketing innovations in the pharma and healthcare industries.
Involvement of regulatory bodies in the global market for pharma and healthcare social media marketing is mainly in the areas of crafting and issuing guidelines in advertising of drugs and biologists through interactive media.
Various policies along with laws and regulations play an instrumental role in deciding the importance and effectiveness of social media in the marketing of pharma and healthcare products, though it restricts the scope of marketing campaigns.
For instance, 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.
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Key Segments Covered in the Pharma and Healthcare Social Media Marketing Industry Analysis
By Social Media Platform:
- YouTube
By End User:
- Healthcare Professionals
- Hospitals
- Biotechnology Companies
- Patients/Consumers
By Region:
- North America Pharma and Healthcare Social Media Marketing Market
- Latin America Pharma and Healthcare Social Media Marketing Market
- Europe Pharma and Healthcare Social Media Marketing Market
- Asia Pacific Pharma and Healthcare Social Media Marketing Market
- Middle East & Africa Pharma and Healthcare Social Media Marketing Market
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