Global Healthcare Contract Management Software market was valued USD 896 Million in 2019

Published | 31 March 2020

The global Healthcare Contract Management Software market was valued at USD 896 Million in 2019 and expected to reach USD 2,468 Million by 2026, at a CAGR of 18.4% over the forecast period 2020–2026 due to rising investments in healthcare research and developments.

Growing need to streamline an organization's work process and administrative tasks in the healthcare industry are key drivers, which is propelling the global healthcare contract management software market across the globe. Healthcare Contract Management Software market as the growth rate of the market is being accelerated by innovative products, increasing product demand, changing consumption technologies, growing disposable incomes, and raw material affluence. However, the high costs involved in implementing healthcare contract management software and it’s infrastructural constraints in developing economies are limiting market growth during the forecast period. The growing preference for cloud-based contract management systems, chatbots/intelligent agents for end-to-end work cycle management and increased demand for self-service functionality in contract management are the major trends, which is estimated to propel the market across the globe. The rising demand for agile healthcare contract management and changes in compliance is anticipated to propel the market across the globe. Moreover, increasing complexity in organizational contracts and the need to improve the healthcare organization's operational efficiency further fuel market growth.

Asia-Pacific regional segment expected to grow at the fastest rate in the global Healthcare Contract Management Software market

Geographically, the global Healthcare Contract Management Software market is bifurcated into North America, Europe, Asia Pacific, Europe, Latin America & Middle East and Africa. North America projected to dominate the market and anticipated to hold largest share during the forecast period of 2020-2026 across the globe due to the favorable reimbursement policies, government regulations such as Health Insurance Portability & Accountability Act (HIPPA) and Meaningful use (MU). However, Asia-Pacific is estimated to have the fastest growth over the forecast period due to the growing need for complete transparency and rapid ROI (return on investment). In addition, the rising outsourcing activities, and demand for a high level of data security is also likely to propel the global healthcare contract management software market. A push towards digitizing in the APAC region in healthcare industry is projected to drive market growth during the forecast period. The migration of healthcare organizations for digitization to streamline their entire process and maintain patient safety and treatment has led to increased demand in this region for contract management software.

The contract lifecycle management software projected to grow at the highest CAGR during the anticipated period

Contract lifecycle management segment in product and service segment expected to dominate the market during the forecast period of 2020-2026 across the region. The increasing adoption across the healthcare sector as such products and services helps the patients with efficient and effective compliance, maintains complex contract documents, and streamlines contract lifecycle processes in repository. In addition, increase in visibility, and efficient compliance is likely to drive the market across the region during the forecast period.

Need for clear data storage and timely contract status updates to improve adoption and propel the market at a significant rate

There is a need for precise visibility in contracts such as service contracts for medical practitioners, as well as facility agreements such as lease agreements. Therefore, medical institutions and hospitals and are innately transforming their activities into a digitized scalable platform to safeguard the risk management. Contract management software includes functionality such as prompt alerts and reminders to keep track of upcoming deadlines and contract and arrangement of expiry dates. Ideal contract management software is likely to affect core services such as the recording of various agreements to ensure that legal professionals and other stakeholders work seamlessly.

Competitive Landscape

Healthcare Contract Management Software market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide Healthcare Contract Management Software industry. However, the companies that hold the majority share of Healthcare Contract Management Software market are Icertis, GEP, Apttus Corporation, ScienceSoft, Optum Inc., DocuSign, ContractWorks, Determine Inc., HighQ, CobbleStone Software, JAGGAER, Experian Plc., nthrive Inc., Concord, Synertrade, Trackado, Coupa Software Inc., Zycus, Contract Logix LLC, and Other Prominent Players.

Browse Detailed Analysis with TOC, Healthcare Contract Management Software Market By Product and Service (Supplier Discovery, Sourcing Decision-Making, Workflow and Process Automation, Document Management, Agreements, and Contract Lifecycle Management), By End-User (Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers,  and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26 

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