Healthcare Contract Management Software Market – Global Industry Analysis and Forecast (2022-2029)

Healthcare Contract Management Software Market is expected to reach USD 4751.68 million by 2029, with a CAGR of 23 % between 2022 and 2029.

The research gives a comprehensive perspective of the market by combining qualitative and quantitative data. It examines the global Healthcare Contract Management Software Market and provides forecasts for the key segments. It also includes market size and forecast estimates for five key regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America, for the years 2021 to 2029. The Healthcare Contract Management Software Market is further split into countries and markets within each location.

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Healthcare Contract Management Software Market Dynamics
Contract management software is gaining appeal as a tool to assist healthcare payers to handle payments and claims processing more efficiently. Additionally, there is a growing demand among healthcare payers to reduce various regulatory compliance risks. All of these reasons are expected to make the healthcare contract management software market attractive for participants.

The requirement for preserving comprehensive contract documents in the contract repository for all contracts and optimizing contract lifecycle operations has increased in recent years. Companies in the global healthcare contract management software market are seeing significant sales prospects as a result of this aspect. Secondly, the growing demand to reduce operating costs is expected to fuel the growth of the healthcare contract management market.

However, throughout the forecast period, the lack of in-house IT knowledge and healthcare providers' unwillingness to embrace new contract administration methods are expected to limit the growth of the healthcare contract management software market to some extent.
Healthcare Contract Management Software Market Segment Analysis
By Component, in 2021, the software segment accounted for almost 85.0 percent of total sales. In the healthcare business, the software use is increasing because it assists patients with efficient compliance, accelerates contract lifecycle procedures, and keeps complicated contract papers in a repository. During the COVID-19 epidemic, contract lifecycle management (CLM) software proved to be a dependable and effective alternative for managing the rise in contracts of doctors, sanitation workers, lab technicians, nurses, student-doctors, and others. As a result, the pandemic became a major catalyst for the use of contract lifecycle management software, and this trend is expected to continue.

Implementation, onboarding or training, data extraction, and transfer, consultation/advisory services, content management, risk and performance management, and post-sale customer support are all examples of healthcare contract management services. The segment's expansion is expected to be fueled by the increasing usage of healthcare contract management software, a scarcity of trained IT workers, and the need to cut labor costs through outsourcing services.

By Pricing Model, Due to the rising usage of cloud-based healthcare contract management software, the subscription-based pricing model led the market with a share of over 70.0 percent in 2021. The usage of these software has grown as a large number of suppliers provide subscription-based pricing for cloud-based solutions, which is likely to push the sector growth during the forecast period. For example, ContractWorks by SecureDocs has three pricing levels for its platform: regular, professional, and enterprise, all of which are invoiced annually and contain unlimited users. Data migration services are charged and supplied in cooperation with Cenza. Implementation is given at no additional cost.
Healthcare Contract Management Software Market Regional Insight
In 2021, North America had the highest share, accounting for about 42.0 percent. The growth can be due to advantageous reimbursement practices and government rules like Meaningful Use (MU) and the Health Insurance Portability and Accountability Act (HIPAA) (HIPPA). The HIPPA statute focuses on safeguarding the privacy and security of health information, including information in electronic health records, and MU supports the electronic communication of patient information, processes claim electronically, and creates electronic records for patients (EHR). The market is being driven by the existence of stringent regulatory standards and a need to streamline the process in this region.

Over the forecast period, Asia Pacific is expected to grow at a profitable pace. Increasing demand for outsourcing operations from this region, as well as the desire for a high degree of data security, rapid return on investment, and efficient instruments to fulfill operational goals, are all contributing to this high demand. The shift of healthcare businesses to digitalization in order to simplify their whole workflow and assure patient safety and care has raised the demand for contract management software in this market.

Report Objectives:

• Landscape analysis of the Healthcare Contract Management Software Market
• competitive benchmarking
• Past and current status of the industry with the forecasted market size and trends
• Evaluation of potential key players that include market leaders, followers, and new entrants
• Technology trends
• The potential impact of micro-economic factors on the market
• External and Internal factors affecting the market have been analyzed

The report also helps in understanding the Healthcare Contract Management Software Market dynamics, and structure by analyzing the market segments to project the Healthcare Contract Management Software Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Healthcare Contract Management Software Market make the report investor’s guide.
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Healthcare Contract Management Software Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 906.99 Mn.


Forecast Period 2022 to 2029 CAGR:
23 %
Market Size in 2029:
US $ 4751.68 Mn.


 Segments Covered:
by Product
• Software
 Contract Lifecycle Management Software
 Contract Document Management Software
• Services
 Support and Maintenance Services
 Implementation and Integration Services
 Training and Education Services


by Deployment
• Subscription Based
• Others


by End Use
• Healthcare Providers
• Medical Device Manufacturers and Pharma & Biotechnology Companies
• Others



Healthcare Contract Management Software Market by Region
• North America
• Europe
• Asia pacific
• The Middle East and Africa
• South America
Healthcare Contract Management Software Market: Key Players
• Icertis
• Apttus Corporation
• Optum Inc.
• Determine Inc.
• CobbleStone Software
• Experian Plc.
• ScienceSoft
• nThrive Inc.
• Concord
• Coupa Software Inc.
• Contract Logix LLC

Frequently Asked Questions

1. What is the projected market size & growth rate of the Healthcare Contract Management Software Market?
Ans- The Healthcare Contract Management Software Market was valued at USD 906.99 million in 2021 and is projected to reach USD 4751.68 million by 2029, growing at a CAGR of 23 % during the forecast period.

2. What is the key driving factor for the growth of the Healthcare Contract Management Software Market?
Ans- there is a growing demand among healthcare payers to reduce various regulatory compliance risks.

3. Which Region accounted for the largest Healthcare Contract Management Software Market share?
Ans- In 2021, North America had the highest share, accounting for about 42.0 percent.

4. What makes North America a Lucrative Market for Healthcare Contract Management Software Market?
Ans- The growth can be due to advantageous reimbursement practices and government rules like Meaningful Use (MU) and the Health Insurance Portability and Accountability Act (HIPAA) (HIPPA).

5. What are the top players operating in the Healthcare Contract Management Software Market?
Ans- Icertis, Apttus Corporation, Optum Inc., Determine Inc., and CobbleStone Software.