The healthcare contract management software market has witnessed notable growth, due to increase in difficulties faced among organizations about healthcare contracts.
Healthcare contract management software helps in keeping an outline of sourcing of decisions. It assists in maintaining and managing indirect costs in marketing, information technology, and research and development. The healthcare contract management software further helps in aligning top as well as medium scale healthcare facilities. It is witnessing increased demand, due to surge in need for advancements in administrative work, which will help in approvals and improvements in supply chain management.
COVID-19 scenario analysis
With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
Technological progress, cost containment, and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care and consultation. Over the past few years, regulatory and behavioral barriers have slowed market growth. this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate. Considering these factors, COVID-19 is expected to have significant impact on healthcare contract management software market.
Top impacting factors
- Increase in need to supply operational planning in healthcare organizations, continuation of agreements with regulatory authorities, benefits for high return on investment are the factors responsible for the growth of healthcare contract management software market.
- Transformation of the market with the help of digitalization will assist patient safety. Rise in demand for high level data security in software has increased the growth of market.
- Restraining factors such as unfriendly user experience and frequent modifications in payment term will hinder the growth of the market. Also, concerns in security of the software and insufficiency in skilled professionals will affect the market of healthcare contract management software in the upcoming period.
New product launch/news
- In November 2019, B. Braun Company executed Apttus Contract Lifecycle Management (CLM) software to accelerate procurement procedure over the globe. Moreover, the IT expertise and the unwillingness of healthcare providers for the adoption of new techniques for contract management might increase the growth of the healthcare contract management software market.
- In October 2018, Icertis extended two new offices in Sydney and Singapore to meet the increasing market demand for healthcare contract management software.
- In February 2018, Cobblestone Software Company initiated launch of mobile contract management software app for Android and Apple iOS supported mobile phones.
Key benefits of the report
- This study presents the analytical depiction of the global healthcare contract management software market along with the current trends and future estimations to determine the investments.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the healthcare contract management software market share.
- The current market is quantitatively analyzed to highlight the healthcare contract management software market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global healthcare contract management software market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the healthcare contract management software market report:
- Which are the leading players active in healthcare contract management software market ?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
- Which segments and regions will drive the market growth & why?
Key Market Segments
- By Product
- Software
- Contract Lifecycle Management
- Standardization of Contract Processes
- Linking Contracts to Policies
- Identification of Payer
- Issues Risk Mitigation
- Contract Repository/Document Management
- Services
- Implementation and Integration
- Support & Maintenance
- Training & Education
- By Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Sapin
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- By End User
- Healthcare Providers
- Healthcare Providers
- Research Organizations
- Healthcare Payers
- Medical Device Manufacturers and Pharmaceutical & Biotechnology Companies
- Others
Key Market Players
- Apttus Corporation (U.S.)
- Coupa Software Inc. (US)
- Optum Inc. (U.S.)
- Concord (U.S.)
- Experian Plc. (Ireland)
- Contract Logix LLC (U.S.)
- Determine Inc. (U.S.)
- CobbleStone Software (U.S.)
- nThrive Inc. (US)
- Icertis (U.S.)
Other Players