Major Objectives of the Study:

# To define, describe, and forecast the global healthcare contract management software market by product service, end user, and region.

# To provide detailed information about the factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges).

# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.

# To forecast the size of the healthcare contract management software market in four regions (along with major countries)—North America, Europe, Asia Pacific, and Rest of the World.

# To profile key players in the healthcare contract management software market and comprehensively analyze their core competencies and market shares.

# To track and analyze competitive developments such as mergers and acquisitions; new product/technology launches; expansions; collaborations, partnerships, and agreements; and RD activities of the leading players in the global healthcare contract management software market.

Major Growth Driving 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.

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Expected Revenue Growth:

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).

Data Triangulation:

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

Recent Developments:

# 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.

“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.

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End Users:

“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.