Healthcare Contract Management Software Market - Emerging Trends & Global Future Forecasts

Posted June 6, 2022 by mmvaidya

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.
Recent Developments in the Global Healthcare Contract Management Software Market:

# 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.

Expected Revenue Gains:

The healthcare contract management software market is estimated to be worth USD 1,763 million by 2024 from a value of USD 755 million in 2019, growing at a CAGR of 18.5% during the forecast period.

Major Growth Influencing Factors:

The growing need to reduce operational costs (while increasing the operational efficiency of healthcare organizations) and the growing need to 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 to adopt new methods of contract management are expected to restrain the growth of the healthcare contract management software market to a certain extent during the forecast period.

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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).

Data Triangulation:

After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.

“North America to hold the largest regional market share in 2019.”

North America is expected to account for the largest share of the healthcare contract management software market in 2019, followed by Europe. The large share of North America can be attributed to the favorable regulations (such as the Meaningful Use and Health Insurance Portability & Accountability Act) combined with the large number of hospitals and the presence of a number of private insurance players. In addition, well-established government payers are further supporting the growth of this market.

Global Key Players:

The prominent players in this market are Determine Inc. (US), CobbleStone Software (US), Concord (US), Contract Logix LLC (US), Icertis (US), Apttus Corporation (US), Coupa Software Inc. (US), Optum Inc. (US), nThrive Inc. (US), Experian Plc. (Ireland), and ScienceSoft (US).

“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.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags healthcare contract management , healthcare contract management software , healthcare contract management software market
Last Updated June 6, 2022