The global healthcare contract management software market is anticipated to witness growth over the forecast period. Growing need to streamline the organization's work process and administrative tasks in the healthcare industry and rising need to reduce healthcare expenditure while adhering to regulatory requirements are key drivers for this market. In addition, increasing complexity in organization contracts and the need to increase the operational efficiency of healthcare organizations are further boosting the market growth.
Based on the product and services, the healthcare contract management software market is segmented into contract lifecycle management, and document management. Rising adoption in the healthcare industry as these products and services help patients with efficient compliance, streamlines contract lifecycle processes, and maintains complex contract documents in the repository. Moreover, strategic collaboration and partnerships along with product innovation have also augmented market growth. For instance, in November 2019, B. Braun Company implemented Apttus Contract Lifecycle Management (CLM) to speed up procurement processes across their global enterprise. Based on the end-use, the market is segmented into healthcare providers, hospitals, physicians, payers, medical device manufacturers, pharma.
North America held the dominant regional share in the healthcare contract management software market. The growth is attributed to the favorable reimbursement policies, government regulations such as Meaningful use (MU), and the Health Insurance Portability & Accountability Act (HIPPA). MU facilitates the electronic exchange of submitting claims electronically, patient information, generate electronic records for patients and HIPPA act which focuses on ensuring privacy and security of health information, including information in electronic health records (EHR). The presence of these regulatory authorities in this region is driving the market growth.
However, APAC is projected to grow over the forecast period owing to increasing outsourcing activities, demand for a high level of data security, quick return on investment (ROI), and increasing demand for efficient contract management software. Migration of healthcare organizations towards digitization to streamline their complete workflow and ensure patient safety and care have resulted in an increased demand for contract management software in this region.
The major market players include Icertis, Apttus Corporation, Optum Inc., Determine Inc., CobbleStone Software, Experian Plc., ScienceSoft, nthrive Inc., Concord, Coupa Software Inc., and Contract Logix LLC. These players are involved in new product launch, strategic collaborations, and regional expansion. For instance, in October 2018, Contract Logix introduced the Express Contract Management Software and Premium Contract Lifecycle Management at ACC annual meeting.
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