The global healthcare contract management software market is estimated to experience a rising demand within the forecast period. This is attributed to the increasing need for streamlining the company’s work process and improving administration tasks in the healthcare sector. Besides, increasing demand to reduce the expenses on healthcare along with abiding by the regulatory requirements are likely to uplift the growth in the global healthcare contract management software market. Moreover, the rising complexity in company contracts and the requirement to improve the efficiency of healthcare companies are the major contributors to market growth.
The healthcare contract management software market is expected to witness growth owing to tedious tracking regulation tasks, procurement, outsourcing agreements, documentation, mergers & acquisitions agreements, etc. Moreover, there is a rising need for approval seeking and betterment of supply chain management in the companies. These factors are estimated to bolster the demand in the coming years.
Nevertheless, there are several issues that are foreseen to restrict the growth of the global healthcare contract management software market like payment and contract term modifications which usually result in costly personalization, usage of various interfaces by users, for example, laptop, mobile, etc. that are not very user-centric and has difficulty in access control.
The global healthcare contract management software market is broadly segregated into service, end-user, and region. In terms of service, the global market is divided into sourcing decision-making, supplier discovery, document management, workflow & process automation, contract lifecycle management, and agreements. On the basis of end-users, the market is classified into healthcare providers, hospitals, group practices, medical device manufacturers, physicians, pharmaceutical companies, and others.
Geographically, North America is foreseen to emerge as a leading region among the global healthcare contract management software market within the forecast period. This is credited mainly because of the stronger insurance industry, rising number of hospitals, and supportive government norms such as Meaningful Use and Health Insurance Portability & Accountability Act.
Additionally, the region is trailed by Europe with the second-highest market share attributed to the funding from the government, effective resource planning, and easy operability. This makes it a convenient option for the implementation of such business software solutions in the regional healthcare market. Asia Pacific region is also foreseen to register significant growth in the coming years based on the rising product demand in the nations like Singapore and India. Industry giants like 3M, Microsoft, Wipro, Roche, and Daimler now have an urgent need to manage costs, increase revenue, improve compliance, and reduce risk. Thus, better infrastructure, hospital facilities, and healthcare services are estimated to fuel the demand in the regional market.
The leading players operating in the global healthcare contract management software market include Coupa Software, Contract Logix, nThrive, Optum, Concord, Determine, ScienceSoft, CobbleStone Software, Experian, Apttus Corporation, and Icertis. To cite, Contract Logix introduced the contract management software namely Premium Contract Lifecycle Management and Express Contract Management Software at the annual meeting of ACC.