Healthcare Contract Management Software Market Growing at 18.5% CAGR, to Reach US$ 1,763 Million to 2024 Driven by Insurances and Claims
Latest study added on healthcare contract management software market driven by rising demand for from healthcare providers, growing need of healthcare insurance providers, in-depth record of claims and reimbursements.
Pune, India – June 13, 2019 /MarketersMedia/ —
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% during the forecast period. 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.
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The healthcare contract 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. Healthcare Contract Management software market for healthcare payers is projected to grow at highest rate during forecast period.
“By product and service, the contract life cycle management software segment accounted for the largest market share of the market.”
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. A move towards digitizing the healthcare sector in the APAC region is expected to drive market growth during the forecast period. Emerging markets in developing countries and increasing venture capital (VC) funding are expected to provide immense opportunities for players in market.
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The healthcare contract management software market in APAC is expected to grow at the highest CAGR during the forecast period. A majority of this growth is driven by the increasing need for complete transparency, rapid return on investment (ROI), and high level of data security, and increasing demand for effective contract management software. A number of healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for contract management software to keep the record of patient contracts and patient transfer agreements.
• In October 2018, Icertis opened two new offices in Sydney and Singapore to meet the rising market demand.
• In February 2018, Cobblestone Software launched a new mobile contract management software app for Android and Apple iOS devices.
• In October 2018, Contract Logix launched the Express Contract Management Software and Premium Contract Lifecycle Management.
• In December 2018, Determine Inc. entered into an agreement with Axbility Consulting (US) that provided greater opportunities to Determine.
• In March 2017, nThrive Inc. acquired e4e Healthcare Services to expand its service offerings.
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The key players in the global healthcare contract management software market are Icertis (US), Apttus Corporation (US), Optum Inc. (US), Determine Inc. (US), CobbleStone Software (US), Experian Plc. (Ireland), ScienceSoft (US), nThrive Inc. (US), Concord (US), Coupa Software Inc. (US), and Contract Logix LLC(US).
Report analyzes various contract management software products and their adoption pattern. It aims at estimating market size and future growth potential of the healthcare contract management software market for different segments such as product & service,end user, and region.
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