Healthcare Contract Management Software Market

In 2030, the healthcare contract management software market is expected to reach USD 5167.29 million, growing at a compound annual growth rate of 24.6% from its current valuation of USD 968.3 million.

The market has shown significant expansion, which is linked to the COVID-19 pandemic's high demand for remote labour and the expanding use of cloud computing in healthcare. The need to cut healthcare costs while still complying to regulatory criteria and the growing demand to streamline administrative duties and organisational work processes in the healthcare sector are the main factors driving this market. Additionally, the necessity to improve operational efficiency of healthcare organisations and the complexity of organisation contracts are both driving up use.

COVID-19 Impact and Current Market Status

The COVID-19 outbreak saw an increase in demand for contract lifecycle management (CLM) software since it is thought to be a trustworthy and useful option to handle the surge in contracts for doctors, sanitation workers, lab technicians, nurses, student doctors, and others. The demand for secure contract management systems has increased as a result of the rise in vendor agreements across the epidemic and contracts created during clinical trial research. The pandemic increased the use of CLM software solutions, and it is anticipated that this trend will continue during the forecast period.

Healthcare Contract Management Software Market Segment Analysis – By Component Type

With a market share of more than 78.0% in 2020, cloud-based contract software dominated. Compared to an on-premise system, this deployment method is safe and secure. In recent years, these remedies have become more popular. The COVID-19 pandemic and the healthcare AI trend have had a beneficial influence on the use of cloud-based systems for contract administration, and this is anticipated to continue in the years to come.

Cloud-first solutions with options for on-premise or on-demand deployment are now being offered by many vendors. In the cloud-based CLM system, the vendors are in charge of data security and have complete system management, thus many of them have earned security certifications to demonstrate compliance and their dedication to protecting customer data. Another factor influencing the adoption of cloud-based solutions among the different industry suppliers is the level of customisation and integration.

Healthcare Contract Management Software Market Segment Analysis - By EndUse

Due to the rising usage of contract management systems by hospitals, doctors' offices, and clinics, the healthcare providers segment held the majority share of over 45.0% as of 2020. Healthcare organisations and providers are using healthcare contract management systems more frequently as a result of the growing demand to boost operational efficiency while reducing operational expenses as well as the requirement to adhere to regulatory requirements.

Systems for managing healthcare contracts are used by pharmaceutical and biotech companies to control payments to HCPs, vendors, consultants, and parties involved in clinical trials. This market is anticipated to be driven by the expanding regulatory requirements and the requirement to abide by complicated laws and rules. For instance, to improve internal controls surrounding contract execution, track contract milestones, and make contract data easy to report on, ContractWorks teamed with Xeris, a pharmaceutical business, to build a contract management solution.

Healthcare Contract Management Software Market Segment Analysis - By Geography

With more than 42.0% of the market in 2020, North America held the greatest share. The Health Insurance Portability & Accountability Act and Meaningful Use (MU), two government regulations, are also cited with contributing to the increase (HIPPA). The HIPPA law is primarily concerned with preserving the security and privacy of health information, especially data found in electronic health records. MU permits the electronic exchange of patient data, submits claims electronically, and builds electronic patient records (EHR). The tight regulatory standards in the area and consumer desire for process efficiency are what are driving the industry. Over the forecast period, Asia Pacific is predicted to grow at a profitable rate. Some of the elements causing this high demand are the rising demand for outsourcing activities from this region, the demand for high levels of data security, quick returns on investments (ROI), and the rising demand for effective tools to fulfil operational goals. The demand for contract management software in this region has increased as a result of the migration of healthcare businesses towards digitization to optimise their whole workflow and guarantee patient safety and care.

.From 2019 to 2029, the market for healthcare contract management software is projected to increase at a compound annual growth rate (CAGR) of 24.6%, from a market size of USD 5167.29 million in 2020.

The major elements affecting the growth trajectory of the market for healthcare contract management software globally will be in-depthly analysed in a research study that Transparency Market Research will soon issue. So, the healthcare contract management software market is thoroughly assessed, taking into account R&D activities, trends, drivers, restraints, difficulties, and development potential.

Contract management software is becoming more and more well-liked as a tool to help healthcare payers handle reimbursements and claims processing effectively. The need to lower various regulatory compliance risks is also becoming more and more important to healthcare payers. For market participants in the global healthcare contract management software market, all of these factors are projected to present lucrative potential.

The market for healthcare contract management software has been systematically segmented by the research analysts based on a number of crucial factors, including product & service, end user, and region. End users of healthcare contract management software include healthcare payers, healthcare providers, research organisations, producers of medical devices, and companies in the pharmaceutical and biotechnology industries.

Contract management software is becoming more and more well-liked as a tool to help healthcare payers handle reimbursements and claims processing effectively. In addition, healthcare payers are increasingly seeking to lower various regulatory compliance risks. All of these elements are anticipated to provide up profitable opportunities for industry participants in the worldwide healthcare contract management software market.

The market players are involved in strategic development activities, including new product launches, strategic collaborations, and regional expansion. For instance, in October 2019, Contract Logix introduced the Express Contract Management Software and Premium Contract Lifecycle Management at ACC annual meeting. Icertis Conga CobbleStone Software Experian Information Solutions, Inc. nThrive, Inc. Concord Worldwide, Inc. Coupa Software Inc. , Contract Logix, LLC SecureDocs, Inc. Ultria Inc.

Recent Developments of Healthcare Contract Management Software Market

• Mitratech purchased ContractRoom, a platform for contract lifecycle management (CLM), on May 10th, 2021 in order to provide end-to-end contract services. According to Mitratech, this acquisition would enable it to expand on its point solutions and establish itself as a one-stop shop for contract lifecycle management (CLM).
• The LinkSquares Partner Program debuted LinkSquares, the industry-leading platform for contract administration and analysis driven by AI, on July 21, 2020.

Healthcare Contract Management Software Market Scope

Key Segment Of The Healthcare Contract Management Software Market

Contract Management Software by Component, (USD Million)
    o    Software
    o    Services
        •    Consulting
        •    Implementation
        •    Support and Maintenance
Contract Management Software by Technology,  (USD Million)
    •    On-Premises
    •    Cloud
Contract Management Software by Organization Size,  (USD Million)
    •    Legal
    •    Sales
    •    Procurement
    •    Others (IT, HR, and Finance)
Contract Management Software by Vertical (USD Million)
    •    Government
    •    Retail and Ecommerce
    •    Healthcare and Life Sciences
    •    Banking, Financial Services and Insurance
    •    Transportation and Logistics
    •    Telecom and IT
    •    Manufacturing
    •    Others
Regional Overview, 2022-2032 (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