Global Healthcare Contract Management Software Market, By Service (Supplier Discovery, Sourcing Decision-Making, Workflow and Process Automation, Document Management, Agreements, Contract Lifecycle Management), End User (Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers, Others) – Industry Trends and Forecast to 2029.
Healthcare Contract Management Software Market Analysis and Size
Contract administration software is becoming increasingly popular as a tool to help healthcare payers manage payments and claims processing more effectively. An increasing number of healthcare payers are also requesting that various regulatory compliance risks be reduced. The market for healthcare contract management software is anticipated to be appealing to participants for all of these reasons.
Data Bridge Market Research analyses that the healthcare contract management software market which was USD 967.1 million in 2021, would rocket up to USD 5166.26 million by 2029, and is expected to undergo a CAGR of 23.3% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Healthcare Contract Management Software Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2014 - 2019)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Service (Supplier Discovery, Sourcing Decision-Making, Workflow and Process Automation, Document Management, Agreements, Contract Lifecycle Management), End User (Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers, Others)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
|
|
Market Players Covered
|
Volody (India), Mize, Inc. (U.S.), 2Agree (Netherlands), Icertis (U.S.), Apttus Corporation (U.S.), Optum Inc. (U.S.), Determine Inc. (U.S.), CobbleStone Software (U.S.), Experian Plc. (Ireland), ScienceSoft USA Corporation (U.S.), FinThrive (U.S.), Concord (U.S.), Coupa Software Inc. (U.S.), Contract Logix LLC (U.S.), Determine Inc. (U.S.)
|
|
Market Opportunities
|
|
Market Definition
Healthcare contract management is the methodical technique for tracking your contracts' performance to guarantee correctness, integrity, and efficiency across the board.
Healthcare Contract Management Software Market Dynamics
Drivers
- Rising need to improve operational effectiveness of healthcare
In the forecast period of 2022–2029, factors such as the rising need to improve operational effectiveness of healthcare organisations, preservation of regulatory compliance, and providing of high return on investment would contribute to the market's expansion.
- Increased competition among healthcare payers
The market for healthcare contract management software would expand due to a number of factors, including unfavourable reimbursement rules and increased competition among healthcare payers, during the forecast period.
- Rise in awareness among patients
The growing awareness amongst the patients regarding the benefits of healthcare contract management software will help boost the market's growth.
- Demand for secure contract management solutions
The demand for secure contract management solutions was further boosted by the expansion of contracts made during clinical trial research and vendor agreements during the epidemic. The pandemic accelerated the use of CLM software solutions, and it is anticipated that this trend will last throughout the entire forecast period.
Opportunities
The key drivers of this market are the growing demand to minimise operational expenses (while raising the operational effectiveness of healthcare organisations) and the growing necessity to uphold regulatory mandate compliance.
Restraints/Challenges
Not-friendly user and payment term modifications will act as restrain and further impede the market's growth rate during the forecast period of 2022-2029.
This healthcare contract management software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare contract management software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Healthcare Contract Management Software Market
The COVID-19 epidemic saw a spike in the demand for contract lifecycle management (CLM) software since it is seen as a stable and workable option to handle the increase in contracts for doctors, sanitation workers, lab technicians, nurses, student doctors, and others. The demand for secure contract management solutions was further boosted by the expansion of contracts made during clinical trial research and vendor agreements during the epidemic. The pandemic accelerated the use of CLM software solutions, and it is anticipated that this trend will last throughout the entire forecast period.
Global Healthcare Contract Management Software Market Scope
The healthcare contract management software market is segmented on the basis of service and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service
- Supplier Discovery
- Sourcing Decision-Making
- Workflow and Process Automation
- Document Management
- Agreements
- Contract Lifecycle Management
End User
- Hospitals
- Healthcare Providers
- Group Practices
- Pharmaceutical Companies
- Physicians
- Medical Device Manufacturers
- Others
Healthcare Contract Management Software Market Regional Analysis/Insights
The healthcare contract management software market is analysed and market size insights and trends are provided by country, service and end-user as referenced above.
The countries covered in the healthcare contract management software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare contract management software market due to the prevalence of improved healthcare facilities along with favourable reimbursement policies and growth of insurance sector.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Healthcare Contract Management Software Market Share Analysis
The healthcare contract management software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare contract management software market.
Some of the major players operating in the healthcare contract management software market are:
- Volody (India)
- Mize, Inc. (U.S.)
- 2Agree (Netherlands)
- Icertis (U.S.)
- Apttus Corporation (U.S.)
- Optum Inc. (U.S.)
- Determine Inc. (U.S.)
- CobbleStone Software (U.S.)
- Experian Plc. (Ireland)
- ScienceSoft USA Corporation (U.S.)
- FinThrive (U.S.)
- Concord (U.S.)
- Coupa Software Inc. (U.S.)
- Contract Logix LLC (U.S.)
- Determine Inc. (U.S.)
SKU-