What This Study Consists of:
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
The healthcare contract management software market is projected to reach USD 1,763 million by 2024 from USD 755 million in 2019, at a CAGR of 18.5% during the forecast period.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization / adoption / penetration trends, by products & services, end user, and region).
Major Growth Boosters:
The growing need to increase the operational efficiency of healthcare organizations while decreasing operational costs, increasing need to maintain compliance with regulatory mandates, high returns on investment are the major factors driving the growth of this market.
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# In October 2018, Icertis opened two new offices in Sydney and Singapore to meet the rising market demand.
# In February 2018, Cobblestone Software launched a new mobile contract management software app for Android and Apple iOS devices.
# In October 2018, Contract Logix launched the Express Contract Management Software and Premium Contract Lifecycle Management.
# In December 2018, Determine Inc. entered into an agreement with Axbility Consulting (US) that provided greater opportunities to Determine.
# In March 2017, nThrive Inc. acquired e4e Healthcare Services to expand its service offerings.
“By end user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.”
Based on end user, the healthcare contract management software market has been segmented into healthcare providers, healthcare payers, medical device manufacturers and pharma & biotech companies, and research organizations. The healthcare payers segment is expected to grow at the highest CAGR during the forecast period. The need to accelerate medical claims processing tasks, increase drafting efficiency, align contracts with physician groups and facilities, and integrate contract data with downstream claims or reimbursement systems is expected to drive the growth of the healthcare payers segment.
Critical questions the report answers:
# Where will all these developments take the industry in the mid-to-long term?
# What are the major end users and the benefits they avail by implementing healthcare contract management software?
# What are the trends going on in the healthcare contract management software market?
# What are the major market dynamics and their impact on market growth?
# What is the global scenario of the healthcare contract management software market?
The APAC region is expected to grow at the fastest rate during the forecast period
The healthcare contract management software market in APAC is expected to grow at the highest CAGR during the forecast period. A majority of this growth is driven by the increasing need for complete transparency, rapid return on investment (ROI), and high level of data security, and increasing demand for effective contract management software. A number of healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for contract management software to keep the record of patient contracts and patient transfer agreements.
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Key players in this market include Determine Inc. (US), CobbleStone Software (US), Concord (US), Contract Logix LLC (US), Icertis (US), Apttus Corporation (US), Optum Inc. (US), nThrive Inc. (US), Experian Plc. (Ireland), Coupa Software Inc. (US), and ScienceSoft (US).
Growth Strategies Adopted:
Key players are focusing on increasing their presence in this high-growth market through both organic as well as inorganic growth strategies, such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence.