Global Healthcare Contract Management (HCM) Software Market Size More Than Doubles to Reach USD 4.6 Billion by 2029

Published | 16 February 2023

Global healthcare contract management (HCM) software market is flourishing because of rising technology upgradation, a surging demand to improve operational effectiveness of healthcare, and high returns on investments.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global healthcare contract management (HCM) software market size at USD 1.95 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global healthcare contract management software market size to grow at a significant CAGR of 13.1% reaching a value of USD 4.60 billion by 2029. Major growth factors of global healthcare contract management software market include increasing technology upgradation, a rising need to improve operational effectiveness of healthcare, and high returns on investments. The increasing need for healthcare insurance companies to effectively manage a comprehensive record of claims and reimbursements is estimated to fuel the global healthcare contract management software market growth at a significant rate during the forecast period of 2023–2029 across the region. Moreover, strategic collaboration and alliances along with product innovation have also increased market growth. The demand for healthcare contract management solutions is driven mainly by the rising need to minimize the operational costs while growing the operational efficiency of the healthcare organizations. The rising demand for agile healthcare contract management and changes in compliance is expected to propel the market across the globe. Also, high returns on investment are another major factor which is likely responsible for boosting demand of healthcare contract management software market over the forecast period across the region. Increasing investments in new hospitals care facilities are also leading to a flourishing development in the global healthcare contract management software market. However, immense cost burden perplexes the healthcare on the back of manual contract management and IT infrastructural limitations in developing countries are anticipated to hinder the overall market expansion.

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Global Healthcare Contract Management Software Market – Overview

Healthcare Contract Management (HCM) is a system that maintains healthcare company complies with strict guidelines on data compliance as part of daily activities as a healthcare contract professional. The demand for healthcare contract management software is likely to remain bullish with high sales based on dependent acceptance as well as technical diversifications expanding throughout the healthcare sector. Contracts are vital documents in all trades, and healthcare sector is no exemption. Another factor in boosting the growth of digitized workflow in the healthcare sector is the fact that foreign bodies track optimal healthcare delivery to bridge the gaps in medical care distribution. A typical hospital or healthcare institution will have hundreds of thousands of contracts with several manufacturers, individuals, and organizations. Healthcare Contract Management Software is an easy way to reduce friction in the contract management process through intuitive with access control, security features, and activity logs not typically found in the other solutions.

Global Healthcare Contract Management Software Market - By End User

Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers, and other segments are based on end users in global healthcare contract management software market. Due to the advantages offered by contract management software, which include assisting in minimizing contracting risk by assisting healthcare player operations in the transition from manual contracting practices to automated contracting by effectively integrating contract management software, the healthcare providers segment is anticipated to dominate the market during the forecast period across the region.

Impact of COVID-19 on Global Healthcare Contract Management Software Market

Contract lifecycle management (CLM) software witnessed a boost in demand during the COVID-19 pandemic because to its reputation as a dependable and useful solution for handling the growth in contracts for doctors, sanitation workers, lab technicians, nurses, student doctors, and others. The need for secure contract management systems has increased along with the number of vendor agreements in the industry and contracts made during clinical trial research. The pandemic is anticipated to continue increasing the use of CLM software over the anticipated time frame.

Competitive Landscape

Major players operating in global healthcare contract management software market include are Icertis, GEP, Conga (Apttus Corporation), ScienceSoft, Optum Inc., DocuSign, ContractWorks, Determine Inc., HighQ, CobbleStone Software, JAGGAER, Experian Plc., nthrive Inc., Concord, Synertrade, Trackado, Coupa Software Inc., Zycus, and Contract Logix LLC. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Healthcare Contract Management Software Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Healthcare Contract Management Software Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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