May 12, 2020
According to the research report titled ‘Global Healthcare Contract Management Software Market Size study, by Product & Service (Services, Software), by End User (Hospitals, Physician Clinics, Healthcare Payers, Medical Device Manufacturers and Pharma & Biotech Companies, Research Organizations) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, worldwide healthcare contract management software market was worth USD 638.75 million in 2018 and is predicted to expand with a CAGR of 18.2% during 2019-2026.
For the record, a healthcare contract management software is a secure web browser based solution which is employed to effectively manage the contract development as well as to handle other processes in the healthcare sector. It includes eight crucial steps such as compliance & administration, retrieval, compliance optimization, repository, renewal, amendment & disposition, approval, negotiation and contract drafting.
Need to maintain regulatory compliances coupled with rising adoption of self-service based contract management solutions are major factors driving the growth of global healthcare contract management software industry. The software not only helps in reducing the operational costs, but also improves the operational efficiency of healthcare organizations.
The market is expected to further expand owing to growing inclination towards cloud-based contract management software and growing demand for intelligent agents and chatbots for end-to-end contract management. Competitive rivalry among healthcare companies and declining refunds are also stimulating the industry outlook. However, inadequate IT infrastructure in emerging economies and lack of in-house skilled professionals and IT experts may act as restraining factor to healthcare contract management software industry growth.
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Considering the geographical landscape, healthcare contract management software market in North America is reckoned to acquire commendable returns in the ensuing years, primarily due to early adoption of advanced healthcare services and strict regulatory scenario pertaining to healthcare.
Parallelly, Asia-Pacific market is anticipated to record a momentous growth rate during the analysis timeframe. Factors such as high returns on investment (ROI) of healthcare contract management software and rising concerns regarding data transparency and security are favoring the market scenario in APAC.
The prominent companies operating in healthcare contract management software industry are ScienceSoft, Optum Inc., nThrive Inc., Experian PLC, Determine Inc., Contract Logix LLC, Concord, CobbleStone Software, Apttus Corp. and Icertis Inc. among others.