Global Healthcare Contract Management Software Market Size, Trends, and Analysis- Forecasts To 2026 By Product & Service (Software, Services), By End-User (Research Organizations, Healthcare Payers, Healthcare Providers, Medical Device Manufacturers, and Pharma & Biotech Companies, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Healthcare contract management software is a protected web browser-based software that is used in the healthcare industry to effectively manage contract creation and healthcare processes. This software allows lawyers to retrieve identical library contracts for reference purposes that can be displayed virtually in Microsoft Word, PowerPoint, and Excel formats. This decreases the time for analysis and encourages companies in their system to find loopholes. During the projected timeline, growing expenditure on R&D activities is expected to drive the market growth. Increasing support in contract management for self-service features is also expected to accelerate demand for healthcare contract management software in the market. Furthermore, the increasing use of cloud-based contract management solutions clubbed with the increasing medical insurance claims will help the market grow exponentially from 2020 to 2026.
As per the product & service-based outlook, the segment of the market is services and software. The software segment of this market would be the dominating segment as compared to the service segment. The software segment is further segregated into contract repository/document software and contract lifestyle management software. This is due to the growing adoption of these products and services in the healthcare industry as they support patients with effective compliance, streamline contract lifecycle procedures, and manage complex contract documents in the repository for all the contracts.
Based on the analysis, the end-user market can be divided into three segments: research organizations, healthcare payers, healthcare providers, medical device manufacturers, and pharma & biotech companies. The healthcare payer segment is anticipated to grow at a high CAGR value over the forecasted timeline. It is due to the increasing need to reduce regulatory compliance risks among healthcare payers.
The region of North America is projected to boost market shareholders over the expected period from 2020 to 2026. Rising investment in well-established research organizations over the projected timeframe is expected to help maintain the dominant position of the market. Increasing technological advances in software and rising favorable reimbursement approaches would accelerate the development of market growth in the region. On the other hand, due to the growth in the number of healthcare organizations and the rising demand for contract management software, the Asia Pacific will be the fastest-growing region.
The major players competing in this market are Icertis, Optum Inc., CobbleStone Software, ScienceSoft Concord, Contract Logix LLC, Apttus Corporation, Determine Inc., Experian Plc., nThrive Inc., Coupa Software Inc., among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In October 2019, Icertis established its two new offices in Singapore and Sydney to expand its presence in the market
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The Global Healthcare Contract Management Software Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Healthcare Contract Management Software Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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