The Global Healthcare Contract Management Software Market reach USD 2.54 Billion in 2022 and is expected to exhibit a CAGR of 21.54% over the forecast period 2023 to 2032.
In order to efficiently handle contract generation and healthcare processes, the healthcare industry uses protected web browser-based software called healthcare contract management software. Using this software, lawyers can visually display similar library contracts in the Microsoft Word, PowerPoint, and Excel formats for reference reasons. This shortens the time for analysis and motivates businesses to uncover gaps in their system.
Drivers:
- Growing demand among healthcare players to reduce various regulatory compliance risks.
- Rising medical insurance claims and the increasing adoption of could-based contract management solution.
- Increasing support of contract management for self-service features is also expected to accelerate the demand for healthcare contract management software in the market.
- The necessity of preserving comprehensive contract documents in the contract repository for all contracts and optimising contract lifecycle procedures has grown over the past few years
- Growing requirements to ensure operational efficiency of healthcare organizations, maintaining compliance with regulatory mandates, ensuring high return on investment are some of the factors that will fuel the growth of the healthcare contract management software market.
Restrains:
- Unfriendly users and modification in payment term are factors that restrain the growth of Healthcare Contract Management Software
- Regulations and behavioural restrictions have restrained market expansion over the last few years.
Opportunity:
- As a tool to assist healthcare payers in the effective management of reimbursements and claims processing, contract management software is gaining popularity.
- it is anticipated that in the next years, the market for healthcare contract management software would expand due to the rise in demand for reducing operational expenses.
- Adverse reimbursement policies, along with increasing competition among health care payers, will further expand opportunities
Challenges:
- Increased demand for software with high level of data security.
- it is anticipated that in the next years, the market for healthcare contract management software would expand due to the rise in demand for reducing operational expenses. To procure large market share due to rising the demand will be the major challenge for healthcare contract management software market.
Impact of COVID 19 on Healthcare Contract Management Software Market:
COVID-19 is expected to have a significant long-term impact on the healthcare industry. Countries and major players would have to make major changes in health care until the crisis subsides.
- The near future will see significant advancements in technology, cost control, and expanded accessibility in healthcare reforms.
- In the ongoing outbreak, telemedicine and digital health have assumed a prominent role. The significance of remote diagnosis, care, and consultation was re-emphasized in COVID-19.
- Social distancing measures also mandated online consultation for patients with mild illness. Considering these factors, COVID-19 is expected to have a significant impact on the healthcare contract management software market.
TABLE 1: GLOBAL HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET OVERALL SNAPSHOT
Market Segmentation
The global market report has been segmented by product and services, end user and regional analysis
Healthcare Contract Management Software Market, By Product and Services
Based on the product and services, Healthcare Contract Management Software market is divided into software (contract lifecycle management, contract repository/ document management) and services (support and maintenance, implementation and integration, training and education)
On the basis of software, contract lifecycle management software is expected to grow during forecast period because of boosting the use of contract lifecycle process simplifying and keeping all contracts' complex contract documents in the contract repository.
Healthcare Contract Management Software Market, By End user
Based on the end user, Healthcare Contract Management Software market is divided into healthcare provider (hospital, physician clinics, other healthcare providers), healthcare payers, medical device manufacturers and pharma and biotechnology companies, research organizations.
Healthcare players is expected to grow during the forecast period. The need for healthcare payers to reduce regulatory compliance risks is what is driving this segment's rapid growth. Additionally, healthcare payers must employ contract management software since it aids in the efficient management of claim processing and reimbursements.
Healthcare Contract Management Software Market, By Region
Based on the region, Healthcare Contract Management Software market is divided into Asia Pacific, Middle East & Africa, North America, Europe, and South America.
In APAC, the market for healthcare contract management software is anticipated to develop at the highest CAGR. The growing demand for efficient contract management software, comprehensive transparency requirements, quick return on investment (ROI), high levels of data protection, and other factors account for the majority of this rise. There is a growing need for contract management software to maintain records of patient contracts and patient transfer agreements as a lot of healthcare companies in Asia aggressively move toward digitization to optimise their whole process and assure patient care and safety.
TABLE 2: GLOBAL HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET OVERVIEW
Recent Development in the Healthcare Contract Management Software Market
- In November 2019, B. Braun launched Apttus Contract Lifecycle Management (CLM) software to accelerate the procurement process worldwide. Additionally, IT expertise and reluctance of healthcare providers to adopt new contract management techniques may boost the growth of the healthcare contract management software market.
- In October 2018, Icertis expanded two new offices in Sydney and Singapore to meet the growing market demand for healthcare contract management software.
- In February 2018, Cobblestone Software Company launched a mobile contract management software application for mobile phones supporting Android and Apple iOS.
- In October 2018, Contract Logix launched express contract management and premium contract lifecycle management software.
- In December 2018, Determine Inc. contracted with Axbility Consulting (US), which provided Determine with greater opportunities.
What Does This Report Provide?
This report provides a detailed understanding of the global Healthcare Contract Management Software market from qualitative and quantitative perspectives during the forecast period. The major market drivers, challenges, and opportunities for the global Healthcare Contract Management Software market have been covered in the report.
- Major Companies: In this report, the major companies studied are Concord (USA), Determine Inc. (USA), CobbleStone Software (USA), Icertis (USA), Contract Logix LLC (USA), Apttus Corporation (USA), Optum Inc. (USA), nThrive Inc. (USA), Experian Plc. (Ireland), Coupa Software Inc. (USA)
Objectives of this Report:
- On a regional and worldwide scale, estimate the market size global Healthcare Contract Management Software
- To provide a competitive scenario for the global Healthcare Contract Management Software market with major developments observed by the key companies in the historic years.
- To evaluate key factors governing the dynamics of global Healthcare Contract Management Software market with their potential growth during the forecast period.
Key Questioned Answered in the Report:
- What are major growth drivers and market trends that impacting on the global Healthcare Contract Management Software market?
- What the market size both in terms of value and volume for global Healthcare Contract Management Software market?
- Who are leading market players and who are the new market players that operate in the global Healthcare Contract Management Software market with an estimated market share?
- What are the future investment pockets and opportunity in global Healthcare Contract Management Software market?
- Impact of COVID-19 on global Healthcare Contract Management Software market
Customization of the market analysis:
- By sub-segment
- By customer-specific demand of additional customization including type, country, and application market analysis
- by potential listing of customers and pricing assessment
- Type-specific competitive analysis
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