Healthcare Contract Management Software Market worth $1,763 Million by 2024
2022-05-05 05:58:10 UTC | Others
Major Growth Influencing Factors:
The growing need to reduce operational costs (while increasing the operational efficiency of healthcare organizations) and the growing need to maintain compliance with regulatory mandates are key drivers of this market. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of contract management are expected to restrain the growth of the healthcare contract management software market to a certain extent during the forecast period.
Projected Growth in Revenue Generation:
The healthcare contract management software market is estimated to be worth USD 1,763 million by 2024 from a value of USD 755 million in 2019, growing at a CAGR of 18.5% during the forecast period.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by products & services, end user, and region).
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.
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“The software segment is expected to dominate the market in 2019.”
On the basis of products and services, the healthcare contract management software market is segmented into software and services. The software segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment can be attributed to the benefits offered by healthcare contract management software, such as increased visibility, improved efficiency, minimized contract risks, and improved payment accuracy & agility, among others.
“By end user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.”
Based on end user, the healthcare contract management software market has been segmented into healthcare providers, healthcare payers, medical device manufacturers and pharma & biotech companies, and research organizations. The healthcare payers segment is expected to grow at the highest CAGR during the forecast period. The need to accelerate medical claims processing tasks, increase drafting efficiency, align contracts with physician groups and facilities, and integrate contract data with downstream claims or reimbursement systems is expected to drive the growth of the healthcare payers segment.
“North America to hold the largest regional market share in 2019.”
North America is expected to account for the largest share of the healthcare contract management software market in 2019, followed by Europe. The large share of North America can be attributed to the favorable regulations (such as the Meaningful Use and Health Insurance Portability & Accountability Act) combined with the large number of hospitals and the presence of a number of private insurance players. In addition, well-established government payers are further supporting the growth of this market.
Global Leading Companies:
The prominent players in this market are Determine Inc. (US), CobbleStone Software (US), Concord (US), Contract Logix LLC (US), Icertis (US), Apttus Corporation (US), Coupa Software Inc. (US), Optum Inc. (US), nThrive Inc. (US), Experian Plc. (Ireland), and ScienceSoft (US).