Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The increasing use of cloud computing, investments made by market participants, digitization of the healthcare industry, and the need for operational efficiency are the main factors propelling the global healthcare contract management software market. Increasing regulatory compliance requirements, the need for cost-effective contract process automation solutions, and advancements in healthcare IT technology are some of the additional major drivers anticipated to drive market expansion in the years to come. Two major factors that are boosting the growth of the global market are the growing demand to maintain regulatory compliance and the growing desire to minimize operational expenses (while increasing the operational efficiency of healthcare organizations). In addition to product innovation, strategic alliances and collaboration have also fueled market expansion.
This report centers about the top players in global healthcare contract management software marketplace:
• Aaveneir
• Agiloft
• Apptus
• CLM Matrix
• CobbleStone Software Conga
• Concord
• ContractWorks
• ContractsWise
• Coupa
• Determine
• DocuSign
• IBM
• Icertis GEP
• HighQ JAGGAER
• SAP Ariba
• Synertrade
• Trackado and
• Zycus
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In recent years, it has been more important than ever to safeguard thorough contract documentation for all contracts in the contract repository and to improve contract lifecycle processes. This element is leading to considerable sales opportunities for businesses in the healthcare contract management software market. Likewise, it is anticipated that the healthcare contract management software industry would expand due to the rising requirement to cut operational expenses. A popular tool to help healthcare payers manage payments and claims processing more effectively is contract management software. Furthermore, healthcare payers are becoming more and more interested in lowering the risks associated with regulatory compliance. The healthcare contract management software industry is anticipated to be appealing to participants for each of these factors.
Pharmaceutical companies, hospitals, and makers of medical devices can all benefit from software that can properly handle their relationships with the healthcare industry. Additionally, it guarantees that the healthcare organization complies with stringent data compliance standards, which is a component of a healthcare contract management professional's regular responsibilities. The global healthcare contract management software market was valued at USD 968.3 million and is projected to grow at a CAGR of 24.6% in 2030, reaching USD 5167.29 million.
Software accounted for the highest share of components in 2021. End-users including hospitals, pharmaceutical companies, and payers are increasingly using healthcare contract management software, which is responsible for this.
Global Healthcare Contract Management Software Market
| Metrics | Details |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2022-2030 |
| Study Period | 2020-2030 |
| Revenue forecast in 2030 | USD 5167.29 million |
| Growth Rate | CAGR of 24.6% during 2020-2030 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
The subscription-based segment had the highest share in 2021. It is expected to rise rapidly over the next few years. Demand is anticipated to be high throughout the projection period as market participants offer unique subscription-based prices to fit clients' needs according to their budget and organization size.
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The largest share over the projection period was held by North America. Government requirements like Meaningful Use (MU) and the Health Insurance Portability & Accountability Act, as well as the favourable reimbursement policies, are credited with the increase (HIPPA). The HIPPA statute is focused on ensuring the privacy and security of health information, including information in electronic health records. MU allows the electronic exchange of patient information, files claims electronically, and produces electronic records for patients (EHR). The market in this area is being driven by the existence of stringent regulatory standards and the demand for process efficiency.
To handle Moda Health's numerous provider agreements and to guarantee regulatory compliance, for instance, Icertis launched its Contract Intelligence (ICI) platform in September 2020. Icertis secured USD 80 million in Series F investment in March 2021. This increased the company's funding to a total of USD 280 million.
Table of content for global healthcare contract management software market:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Competitive Landscape
o Company Ranking
o Market Share Analysis
o Strategic Initiatives
• Mergers & Acquisitions
• New Product Launch
• Others
5. by Component, 2018-2032 (USD Million)
• Software
• Services
• Consulting
• Implementation
• Support and Maintenance
6. Regional Overview, 2018-2032 (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
7. Company Profiles
8. Appendix
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