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Healthcare Contract Management Software Market by Product & Service (Contract Lifecycle Management, Document Management), End User (Healthcare Providers, Hospitals, Physicians, Payers, Medical Device Manufacturers, Pharma) - Global Forecasts t- 2030
Product Overview
Healthcare Contract Management Software is a software that can help the end-users such as pharmaceutical manufacturers, hospitals, and medical device manufacturers efficiently t- manage health care contracts. It further ensures that the healthcare company adheres t- strict data compliance guidelines which is a part of everyday duties as a healthcare contract management professional. This software helps in time-saving and maintaining a well-organized platform t- manage contracts. Furthermore, the contract management helps t- provide a lifecycle management solution for compliance and risk management.
Market Overview
The healthcare contract management software market is estimated t- be worth USD 1,987 million by 2030 from a value of USD 745 million in 2019, growing at a CAGR of 17.5% during the forecast period. The growing need t- reduce operational costs (while increasing the operational efficiency of healthcare organizations) and the growing need t- maintain compliance with regulatory mandates are key drivers of this market. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers t- adopt new methods of contract management are expected t- restrain the growth of the healthcare contract management software market t- a certain extent during the forecast period.
The market for contract lifecycle management software is projected t- grow at the highest CAGR during the forecast period
On the basis of software, the market for contract lifecycle management software is projected t- grow at the highest rate during the forecast period. The high growth of this segment is attributed t- its rising use in streamlining contract lifecycle processes and maintaining complex contract documents in the contract repository for all contracts.
Market Dynamics
The growing need t- reduce operational costs (while increasing the operational efficiency of healthcare organizations) and the rising need t- maintain compliance with regulatory mandates are key drivers that are booming the growth of the global market. Strategic collaboration and partnerships along with product innovation have als- stimulated market growth.
The APAC region is expected t- grow at the fastest rate during the forecast period
The healthcare contract management software market in APAC is expected t- 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 t- streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for contract management software t- keep the record of patient contracts and patient transfer agreements.
Key Market Players
The key players in the global healthcare contract management software market are Icertis (US), Apttus Corporation (US), Optum Inc. (US), Determine Inc. (US), CobbleStone Software (US), Experian Plc. (Ireland), ScienceSoft (US), nThrive Inc. (US), Concord (US), Coupa Software Inc. (US), and Contract Logix LLC(US).
Healthcare Contract Management Software Market, By Product & Service
Software
- Contract Lifecycle Management
- Contract Repository/Document Management
Services
- Support & Maintenance
- Implementation and Integration
- Training & Education
Healthcare Contract Management Software Market, By End User
Healthcare Providers
- Hospitals
- Physician Clinics
- Other Healthcare Providers
Healthcare Payers
Medical Device Manufacturers and Pharma & Biotechnology Companies
Research Organizations