Product Code: HIT 7147
"The healthcare contract management software market is projected to grow at a CAGR of 18.5%."
The global 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. Rising demand for contract management software from healthcare providers, the growing need for healthcare insurance providers to efficiently manage an in-depth record of claims and reimbursements is expected to propel the growth of this market. On the other hand, reluctance to switch from conventional methods and the high costs involved for the implementation of this software restrain market growth to a certain extent.
"By product and service, the contract lifecycle management software segment accounted for the largest market share of the market."
The contract lifecycle management software segment is excepted to account for the largest share of the software market in 2019. The large share of this segment can be attributed to the benefits offered by this software such as the increase in visibility, prevention from litigation issues, efficient compliance, and improves operational efficiency.
"The healthcare payers segment is expected to grow at the highest CAGR during the forecast period."
The healthcare payers segment is expected to witness the highest CAGR in the next five years, the high growth rate of this segment can be attributed to the benefits of contract management software such as it helps to increase operational efficiency and reduce contracting risk by transitioning healthcare payer's operations from manual contract procedures to digital contract process through an effective implementation of contract management software.
"APAC is projected to witness the highest growth during the forecast period."
North America is expected to hold the largest share of the healthcare contract management software market in 2019. On the other hand, Asia Pacific is expected to witness the highest growth during the forecast period. The high growth rate of the APAC region can be attributed to the growing trend towards healthcare insurance in Asia Pacific countries, which in turn increase the use of healthcare contract management software by insurance companies to maintain the records of payer contracts. A move towards digitizing the healthcare sector in the APAC region is expected to drive market growth during the forecast period.
The breakdown of primary participants was as mentioned below:
- By Company Type: Tier 1-30%, Tier 2-45%, and Tier 3-25%
- By Designation: C-level-30%, Director Level-35%, and Others-35%
- By Region: North America-35%, Europe-30%, Asia Pacific-25%, Rest f the World-10%
The leading 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), Coupa Software Inc. (US), nThrive Inc. (US), Experian Plc. (Ireland), and ScienceSoft (US).
The report analyzes the various contract management software products and their adoption pattern. It aims at estimating the market size and future growth potential of the healthcare contract management software market for different segments such as product & service, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report:
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the healthcare contract management software market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the healthcare contract management software market
- Market Development: Comprehensive information on the lucrative emerging regions by product and service, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the healthcare contract management software market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the healthcare contract management software market
TABLE OF CONTENTS
- 1.1 OBJECTIVES OF THE STUDY
- 1.2 MARKET DEFINITION
- 1.3 MARKET SCOPE
- 1.3.1 MARKETS COVERED
- 1.3.2 YEARS CONSIDERED FOR THE STUDY
- 1.4 CURRENCY
- 1.5 STAKEHOLDERS
- 1.6 LIMITATIONS
2 RESEARCH METHODOLOGY
- 2.1 RESEARCH APPROACH
- 2.1.1 SECONDARY DATA
- 220.127.116.11 Key data from secondary sources
- 2.1.2 PRIMARY DATA
- 18.104.22.168 Key data from primary sources
- 22.214.171.124 Breakdown of primaries
- 126.96.36.199 Key industry insights
- 2.2 MARKET SIZE ESTIMATION
- 2.2.1 BOTTOM-UP APPROACH
- 2.2.2 TOP-DOWN APPROACH
- 2.3 DATA TRIANGULATION
- 2.4 ASSUMPTION
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
- 4.1 HEALTHCARE CONTRACT MANAGEMENT SOFTWARE: MARKET OVERVIEW
- 4.2 ASIA PACIFIC: HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET, BY END USER (2018)
- 4.3 GEOGRAPHIC SNAPSHOT OF THE HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET
- 4.4 REGIONAL MIX: HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET
- 4.5 HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET: DEVELOPING VS. DEVELOPED COUNTRIES
5 MARKET OVERVIEW
- 5.1 INTRODUCTION
- 5.2 MARKET DYNAMICS
- 5.2.1 KEY MARKET DRIVERS
- 188.8.131.52 Growing need to increase the operational efficiency of healthcare organizations while decreasing operational costs
- 184.108.40.206 Growing need to maintain compliance with regulatory mandates
- 220.127.116.11 High returns on investment
- 5.2.2 KEY MARKET RESTRAINTS
- 18.104.22.168 Reluctance to switch from conventional methods
- 22.214.171.124 IT infrastructural limitations in developing countries
- 5.2.3 KEY MARKET OPPORTUNITIES
- 126.96.36.199 Declining reimbursements and competitive rivalry among healthcare payers
- 5.2.4 KEY MARKET CHALLENGES
- 188.8.131.52 Security concerns
- 184.108.40.206 Dearth of skilled IT professionals
6 INDUSTRY INSIGHTS
- 6.1 INDUSTRY TRENDS
- 6.1.1 GROWING PREFERENCE FOR CLOUD-BASED CONTRACT MANAGEMENT SOLUTIONS
- 6.1.2 CHATBOTS/INTELLIGENT AGENTS FOR END-TO-END CONTRACT CYCLE MANAGEMENT
- 6.1.3 GROWING DEMAND FOR SELF-SERVICE FEATURES IN CONTRACT MANAGEMENT
- 6.2 CUSTOMER CHALLENGES
7 HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET, BY PRODUCT & SERVICE
- 7.1 INTRODUCTION
- 7.2 SERVICES
- 7.2.1 SUPPORT & MAINTENANCE SERVICES
- 220.127.116.11 Rising trend of outsourcing is driving the market for support & maintenance services
- 7.2.2 IMPLEMENTATION & INTEGRATION SERVICES
- 18.104.22.168 Need to comply with National Healthcare Safety Network standards related to secure access management and the requirement of interoperability of software to boost market growth
- 7.2.3 TRAINING & EDUCATION SERVICES
- 22.214.171.124 Training & education services increase healthcare providers' awareness of the latest contract management solutions available in the market
- 7.3 SOFTWARE
- 7.3.1 CONTRACT LIFECYCLE MANAGEMENT SOFTWARE
- 126.96.36.199 Contract lifecycle management software ensures increase in visibility, prevention from litigation issues, and efficient compliance
- 7.3.2 CONTRACT REPOSITORY/DOCUMENT MANAGEMENT SOFTWARE
- 188.8.131.52 Contract repository/document management software is used to store contract documents and serve as a repository for all the contracts in a healthcare organization
8 HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET, BY END USER
- 8.1 INTRODUCTION
- 8.2 HEALTHCARE PROVIDERS
- 8.2.1 HOSPITALS
- 184.108.40.206 Growing need to improve the profitability of healthcare operations is driving the use of contract management software in hospitals
- 8.2.2 PHYSICIAN CLINICS
- 220.127.116.11 For physicians, contract management solutions increase compliance, efficiency, and financial performance
- 8.2.3 OTHER HEALTHCARE PROVIDERS
- 8.3 HEALTHCARE PAYERS
- 8.3.1 PAYER CONTRACT MANAGEMENT IS VITAL IN ENSURING THAT REIMBURSEMENT IS CORRECTLY ISSUED
- 8.4 MEDICAL DEVICE MANUFACTURERS AND PHARMA & BIOTECH COMPANIES
- 8.4.1 NEED TO ADAPT TO A CHANGING REGULATORY SCENARIO HAS DRIVEN SOLUTION UPTAKE AMONG MANUFACTURERS AND COMPANIES
- 8.5 RESEARCH ORGANIZATIONS
- 8.5.1 CONTRACTED CLINICAL TRIALS AND DRUG DEVELOPMENT SERVICES REQUIRE EFFECTIVE SOFTWARE SOLUTIONS FOR MANAGEMENT
9 HEALTHCARE CONTRACT MANAGEMENT SOFTWARE MARKET, BY REGION
- 9.1 INTRODUCTION
- 9.2 NORTH AMERICA
- 9.2.1 US
- 18.104.22.168 US dominates the North American healthcare contract management software market
- 9.2.2 CANADA
- 22.214.171.124 Growing need for cost containment in healthcare to boost market growth
- 9.3 EUROPE
- 9.3.1 GERMANY
- 126.96.36.199 Rising focus on digitizing the healthcare system in the country to support the growth of the contract management software market in Germany
- 9.3.2 UK
- 188.8.131.52 Healthcare providers in the UK are actively looking towards transforming their organizations into paperless environments through electronic EHRs and contract management software
- 9.3.3 REST OF EUROPE (ROE)
- 9.4 ASIA PACIFIC (APAC)
- 9.4.1 JAPAN
- 184.108.40.206 Japan is the largest market for healthcare contract management software in APAC
- 9.4.2 CHINA
- 220.127.116.11 Rising demand for healthcare services and rising medical insurance claims to support market growth
- 9.4.3 INDIA
- 18.104.22.168 Growth in the healthcare sector and growing investments for modernization of the country's healthcare infrastructure to support market growth
- 9.4.4 REST OF ASIA PACIFIC (ROAPAC)
- 9.5 REST OF THE WORLD (ROW)
10 COMPETITIVE LANDSCAPE
- 10.1 OVERVIEW
- 10.2 MARKET RANKING ANALYSIS
- 10.3 COMPETITIVE LEADERSHIP MAPPING
- 10.3.1 VISIONARY LEADERS
- 10.3.2 INNOVATORS
- 10.3.3 DYNAMIC DIFFERENTIATORS
- 10.3.4 EMERGING COMPANIES
- 10.4 COMPETITIVE SITUATION AND TRENDS
- 10.4.1 NEW PRODUCT LAUNCHES
- 10.4.2 EXPANSIONS
- 10.4.3 ACQUISITIONS
- 10.4.4 OTHER STRATEGIES
11 COMPANY PROFILES
(Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
- 11.1 ICERTIS INC.
- 11.2 APTTUS CORPORATION
- 11.3 COBBLESTONE SOFTWARE
- 11.4 CONCORD
- 11.5 CONTRACT LOGIX LLC.
- 11.6 DETERMINE INC.
- 11.7 EXPERIAN PLC.
- 11.8 NTHRIVE INC.
- 11.9 OPTUM INC.
- 11.10 SCIENCESOFT
- 11.11 COUPA SOFTWARE INC.
- Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
- 12.1 INSIGHTS OF INDUSTRY EXPERTS
- 12.2 MARKET SIZING & VALIDATION APPROACH
- 12.3 DISCUSSION GUIDE
- 12.4 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
- 12.5 AVAILABLE CUSTOMIZATIONS
- 12.6 RELATED REPORTS
- 12.7 AUTHOR DETAILS