Pune, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Healthcare Contract Management Software Market Size & Growth Analysis:
According to SNS Insider, The Global Healthcare Contract Management Software Market size was valued at USD 1.52 billion in 2023 and is expected to reach USD 9.1 billion by 2032, growing at a CAGR of 22.0% over the forecast period 2024 to 2032.
The rising use of digital solutions for contract lifecycle management increased regulatory compliance demand and the need for seamless collaboration across healthcare organizations.
Market Overview
The healthcare industry’s shift towards digitization has been accelerating in recent years, driven by the need to streamline operations, improve compliance, and enhance patient care. According to a 2023 report by the International Data Corporation (IDC), global spending on healthcare IT is projected to grow by over 10% annually, reaching approximately USD 270 billion by 2030. This growth is indicative of the rising adoption of tools such as healthcare contract management software that enables organizations to manage contracts effectively, ensure compliance, and reduce administrative burdens. Government initiatives, such as the U.S. Department of Health and Human Services' increased focus on value-based care, further underline the importance of efficient contract management in the healthcare sector.
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The demand for collaborative tools within healthcare systems has also risen, as highlighted by a World Economic Forum report in 2023, which noted that over 70% of global healthcare providers were adopting digital collaboration tools to improve inter-departmental coordination and patient outcomes. This trend further supports the growth of healthcare contract management software. Stringent regulations in the healthcare industry, such as HIPAA in the United States and GDPR in Europe, have necessitated robust contract management systems that can ensure compliance while reducing risks associated with data breaches and contractual violations. Non-compliance can result in substantial fines and reputational damage, driving organizations to invest in advanced solutions. The integration of AI and machine learning into contract management systems has transformed the way contracts are created, reviewed, and monitored. AI-powered tools provide actionable insights, identify potential risks, and automate workflows, enhancing the overall efficiency of healthcare organizations.
Major Players Analysis Listed in this Report are:
- Icertis (Icertis Contract Intelligence, ICI Healthcare Suite)
- SAP SE (SAP Ariba Contracts, SAP S/4HANA for Contract Management)
- Conga (Conga CLM, Conga Composer)
- Model N, Inc. (Revenue Cloud, Model N CLM)
- CobbleStone Software (Contract Insight, Healthcare Contract Lifecycle Management)
- Symplr (Cactus Provider Management, symplr Contract Management)
- Apttus (Thoma Bravo) (Apttus Contract Management, Intelligent Contract Lifecycle Management)
- ContractWorks (Contract Management Software, Contract Repository)
- DocuSign (DocuSign CLM, eSignature Integration)
- Exari (a part of Coupa Software) (Exari Contracts Hub, Coupa CLM)
Healthcare Contract Management Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.52 billion |
| Market Size by 2032 | US$ 9.1 billion |
| CAGR | CAGR of 22.0% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Increasing regulatory complexities, the rising demand for operational efficiency among healthcare providers, and the widespread adoption of digital technologies across the sector. |
Segmentation Analysis
By Pricing Model
In 2023, the subscription-based pricing model dominated the healthcare contract management software market. The high prominence of this segment can be due to its cost-effective nature and flexibility offered by the organizations. By implementing subscription-based models, healthcare providers can manage their budgets better while also accessing regular updates and maintenance services. This model is especially attractive to small and midsize healthcare organizations seeking scalable solutions without large initial expenditures.
By Deployment
In 2023, the cloud-based deployment model held a share of over 69% of the market. The widespread adoption of cloud solutions in healthcare is driven by their scalability, ease of access, and lower total cost of ownership. Cloud-based contract management systems offer enhanced data security, compliance with regulations such as HIPAA, and seamless integration with other healthcare IT systems. As the world moves towards IT solutions for data interoperability in healthcare, the market for cloud-based solutions is anticipated to gain immense traction.
By End-Use
In 2023, the healthcare providers accounted for the highest revenue share of 49%. With the number of contracts between payers, suppliers, and service providers growing, hospitals, clinics, and other healthcare providers recognize the need for upgrading their contract management software. It enables providers to stay compliant with various complicated regulatory requirements and minimizes operational inefficiencies. As the focus shifts towards value-based care, the importance of contract management software will become crucial to maximize reimbursement and compliance with the contract terms.
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Healthcare Contract Management Software Market Segmentation
By Component
- Software
- Contract Lifecycle Management Software
- Contract Document Management Software
- Services
- Support and Maintenance Services
- Implementation and Integration Services
- Training and Education Services
By Deployment Model
- Cloud-based
- On-Premises
- By Pricing Model
- Subscription Based
- Others
By End Use
- Healthcare Providers
- Hospitals
- Physicians
- Payers
- Medical Device Manufacturers
- Pharma
- Others
Regional Analysis
North America accounted for the largest share of the global healthcare contract management software market, with a 42% revenue share in 2023. The United States remains the largest contributor to this region’s growth, driven by significant investments in healthcare IT and stringent regulatory requirements. For instance, the U.S. government’s initiatives, such as the 21st Century Cures Act, emphasize the need for streamlined healthcare data management, further boosting the demand for contract management software. Moreover, a report from the Center for Medicare & Medicaid Services (CMS) revealed that healthcare costs in the U.S. rose to USD 4.3 trillion in 2022, demonstrating the importance of effective contract management software to manage complex financial as well as regulatory requirements. In 2023, Europe held an extensive share of the market share, with the U.K., Germany, and France being major contributors. Increasing focus towards quality healthcare and regulatory compliance such as the General Data Protection Regulation (GDPR) in the region has positively impacted the adoption of contract management solutions.
During the forecast period, the fastest growth rate is anticipated in Asia-Pacific, due to rapid development in the healthcare infrastructure and increasing adoption of advanced IT solutions. Healthcare technology investment is witnessing a considerable rise in countries such as China, India, and Japan. The Digital India initiative, spearheaded by the Indian Government to facilitate the digital transition of various sectors - healthcare being one among them presents significant growth opportunities for contract management software providers.
Recent Developments
- SAP SE announced an enhanced healthcare contract management module as well as broader healthcare IT portfolio capabilities in October 2023. The module is designed to allow healthcare organizations better visibility of the contracts they oversee, and to help them track compliance.
- In November 2023, Icertis partnered with a top U.S.-based healthcare provider to implement its AI-powered contract management platform. This solution would accelerate contract workflows and cut administrative overheads by around 40%.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates, 2023
5.2 User Demographics, By User Type and Roles, 2023
5.3 Feature Analysis, by Feature Type
5.4 Cost Analysis, by Software
5.5 Integration Capabilities
5.6 Regulatory Compliance, by Region
6. Competitive Landscape
7. Healthcare Contract Management Software Market by Component
8. Healthcare Contract Management Software Market by Deployment Model
9. Healthcare Contract Management Software Market by End Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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