DUBLIN, June 14, 2019 /PRNewswire/ -- The "Healthcare Contract Management Software Market by Product & Service (Contract Lifecycle Management, Document Management), End User (Healthcare Providers, Hospitals, Physicians, Payers, Medical Device Manufacturers, Pharma) - Global Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
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%
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.
Key Topics Covered:
2 Research Methodology
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
5.2 Market Dynamics
5.2.1 Key Market Drivers
22.214.171.124 Growing Need to Increase the Operational Efficiency of Healthcare Organizations While Decreasing Operational Costs
126.96.36.199 Growing Need to Maintain Compliance With Regulatory Mandates
188.8.131.52 High Returns on Investment
5.2.2 Key Market Restraints
184.108.40.206 Reluctance to Switch From Conventional Methods
220.127.116.11 IT Infrastructural Limitations in Developing Countries
5.2.3 Key Market Opportunities
18.104.22.168 Declining Reimbursements and Competitive Rivalry Among Healthcare Payers
5.2.4 Key Market Challenges
22.214.171.124 Security Concerns
126.96.36.199 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
7.2.1 Support & Maintenance Services
188.8.131.52 Rising Trend of Outsourcing is Driving the Market for Support & Maintenance Services
7.2.2 Implementation & Integration Services
184.108.40.206 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
220.127.116.11 Training & Education Services Increase Healthcare Providers' Awareness of the Latest Contract Management Solutions Available in the Market
7.3.1 Contract Lifecycle Management Software
18.104.22.168 Contract Lifecycle Management Software Ensures Increase in Visibility, Prevention From Litigation Issues, and Efficient Compliance
7.3.2 Contract Repository/Document Management Software
22.214.171.124 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
8.2 Healthcare Providers
126.96.36.199 Growing Need to Improve the Profitability of Healthcare Operations is Driving the Use of Contract Management Software in Hospitals
8.2.2 Physician Clinics
188.8.131.52 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
9.2 North America
184.108.40.206 US Dominates the North American Healthcare Contract Management Software Market
220.127.116.11 Growing Need for Cost Containment in Healthcare to Boost Market Growth
18.104.22.168 Rising Focus on Digitizing the Healthcare System in the Country to Support the Growth of the Contract Management Software Market in Germany
22.214.171.124 Healthcare Providers in the UK are Actively Looking Towards Transforming Their Organizations Into Paperless Environments Through Electronic Ehrs and Contract Management Software
9.4 Asia Pacific (APAC)
126.96.36.199 Japan is the Largest Market for Healthcare Contract Management Software in APAC
188.8.131.52 Rising Demand for Healthcare Services and Rising Medical Insurance Claims to Support Market Growth
184.108.40.206 Growth in the Healthcare Sector and Growing Investments for Modernization of the Country's Healthcare Infrastructure to Support Market Growth
10 Competitive Landscape
10.2 Market Ranking Analysis
10.3 Competitive Leadership Mapping
10.4 Competitive Situation and Trends
11 Company Profiles
11.1 Icertis Inc.
11.2 Apttus Corporation
11.3 CobbleStone Software
11.5 Contract Logix LLC.
11.6 Determine Inc.
11.7 Experian PLC.
11.8 nThrive Inc.
11.9 Optum Inc.
11.11 Coupa Software Inc.
For more information about this report visit https://www.researchandmarkets.com/r/uyqp99
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets