DUBLIN--(BUSINESS WIRE)--The "Healthcare Contract Management Software Market by Product & Service (Contract Lifecycle Management, Document Management), End User (Healthcare Providers, Hospitals, Physicians, Payers, Medical Device Manufacturers, Pharma) - Global Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
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%
Rising demand for contract management software from healthcare providers, the growing need for healthcare insurance providers to efficiently manage an in-depth record of claims and reimbursements is expected to propel the growth of this market. On the other hand, reluctance to switch from conventional methods and the high costs involved for the implementation of this software restrain market growth to a certain extent.
By product and service, the contract lifecycle management software segment accounted for the largest market share of the market.
The contract lifecycle management software segment is expected 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.
The healthcare payers segment is expected to grow at the highest CAGR during the forecast period.
The healthcare payers segment is expected to witness the highest CAGR in the next five years, the high growth rate of this segment can be attributed to the benefits of contract management software such as it helps to increase operational efficiency and reduce contracting risk by transitioning healthcare payer's operations from manual contract procedures to digital contract process through an effective implementation of contract management software.
APAC is projected to witness the highest growth during the forecast period.
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. The high growth rate of the APAC region can be attributed to the growing trend towards healthcare insurance in Asia Pacific countries, which in turn increase the use of healthcare contract management software by insurance companies to maintain the records of payer contracts. A move towards digitizing the healthcare sector in the APAC region is expected to drive market growth during the forecast period.
Key Market Drivers
- Growing Need to Increase the Operational Efficiency of Healthcare Organizations While Decreasing Operational Costs
- Growing Need to Maintain Compliance With Regulatory Mandates
- High Returns on Investment
Key Market Restraints
- Reluctance to Switch From Conventional Methods
- IT Infrastructural Limitations in Developing Countries
Key Market Opportunities
- Declining Reimbursements and Competitive Rivalry Among Healthcare Payers
- Key Market Challenges
- Dearth of Skilled IT Professionals
- Apttus Corporation
- CobbleStone Software
- Contract Logix LLC.
- Coupa Software Inc.
- Determine Inc.
- Experian PLC.
- Icertis Inc.
- Optum Inc.
- nThrive Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tdebd2