Healthcare Contract Management Software-Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Healthcare Contract Management Software market accounted for $528.70 million in 2017 and is expected to reach $2627.37 million by 2026 growing at a CAGR of 19.5% during the forecast period. Some of the key factors such as high returns on investment and growing need for healthcare insurance providers are driving the market growth. However, the high costs involved in the implementation of this software and IT infrastructural limitations in developing countries are the restraining factors for market growth. Moreover, the competitive rivalry among healthcare payers and declining reimbursements will provide ample opportunities for the growth of the market.
Healthcare Contract Management Software is a software that ensures healthcare company adheres to strict data compliance guidelines is part of everyday duties as a healthcare contract management professional. It is an easy way to reduce friction in the contract management process through intuitive healthcare contract management software with security features, access control, and activity logs not typically found in other solutions. Contracts are essential documents in all industries and healthcare is no exception. A typical hospital or healthcare organization will have hundreds to thousands of contracts with a range of vendors, individuals and organizations.
By Products, software segment is likely to grow with the highest CAGR during the forecast period due to the high growth in the use of this segment in contract lifecycle process and maintaining complex documents in the contract repository. By geography, Asia Pacific is expected to observe a significant growth in the forecast period, mainly due to the rapid return on investment (ROI) and increasing demand for effective contract management software. A number of healthcare organizations in Asia are moving towards digitization to streamline the entire workflow, ensure patient care and safety that resulted in an increased demand for contract management software.
Some of the key players in this market include Concord, Determine Inc., Icertis Inc., Optum Inc., CobbleStone Software, Coupa Software Inc., nThrive Inc., Experian PLC., Contract Logix LLC., ScienceSoft and Apttus Corporation.
• Implementation & Integration Services
• Training & Education Services
• Support & Maintenance Services
End Users Covered:
• Medical Device Manufacturers and Pharma & Biotech Companies
• Research Organizations
• Healthcare Providers
• Healthcare Payers
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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