According to the new market research report “Healthcare Contract Management Software Market By Component (Software, Services), By Pricing Model (Subscription Based), By Deployment, By End-Use) – Global Forecast to 2027”, published by Nova one advisor, the global Healthcare Contract Management Software Market is projected to reach USD 5.7 Billion by 2027 from USD 1 Billion in 2020, growing at a CAGR of 23.4% during the forecast period.
The notable growth of the market is attributed to the growing adoption of cloud computing in healthcare and the high demand for remote working in the COVID-19 pandemic. The growing need to streamline the organization’s work process and administrative tasks in the healthcare industry and the 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 adoption.
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The key factors driving the market include the growing adoption of cloud computing, investments by market players, digitization in healthcare, and demand for operational efficiency. The rising demand for affordable and effective contract process automation solutions, the need for regulatory compliance, and technological developments in healthcare IT are some of the other key factors estimated to propel the market growth in the years to come.
Contract lifecycle management (CLM) software witnessed high demand during the COVID-19 pandemic as it is considered to be a reliable and viable solution to manage the surge in contracts of doctors, sanitation workers, lab technicians, nurses, student-doctors, and others. The increasing contracts made during clinical trial studies and vendor agreements amidst the pandemic also increased the demand for secure contract management solutions. The pandemic acted as an accelerator for the adoption of CLM software solutions and it is expected to continue throughout the forecast period.
|Market Size||USD 5.7 Billion by 2027|
|Growth Rate||CAGR of 23.4% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||omponent, pricing model, deployment, end-use And Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Icertis; Conga; CobbleStone Software; Experian Information Solutions, Inc.; nThrive, Inc.; Concord Worldwide, Inc.; Coupa Software Inc.; Contract Logix, LLC; SecureDocs, Inc.; Ultria Inc.; PandaDoc Inc.|
- By Component analysis:
The software segment accounted for the largest revenue share of over 85.2% in 2020. The adoption of software is rising in the healthcare industry as the software helps patients with efficient compliance, streamlines contract lifecycle processes, and maintains complex contract documents in the repository. Contract Lifecycle Management (CLM) software emerged as a reliable and viable solution to manage the surge in contracts of doctors, sanitation workers, lab technicians, nurses, student-doctors, and more during the COVID-19 pandemic. The pandemic thus became a key driver that catalyzed the adoption of contract lifecycle management software solutions, and this trend is expected to continue.
A CLM software provides features such as centralized document repository, e-signatures, tracking, analytics, contract templates, and AI and machine learning. These are used by healthcare organizations, hospitals, providers, and companies to manage end-to-end contract lifecycles.
- By Pricing Model analysis:
In 2020, the subscription-based pricing model dominated the market with a share of over 70.1% owing to the increased adoption of cloud-based healthcare contract management software. As a high percentage of vendors offer subscription-based pricing for cloud-based solutions, the adoption of these software has increased, which is expected to propel the segment growth over the forecast period. For instance, ContractWorks by SecureDocs offers its platform at three different pricing levels- standard, professional, and enterprise, all billed annually and includes unlimited users. Implementation is provided at no extra cost while data migration services are chargeable and provided in partnership with Cenza. One-time purchase and pay as you go make up the others segment. Pay as you go and licensed software enables customers to pick a pricing model best suited to their consumption and needs. Additional payments, extensions, or upgrades to data storage or scalability are paid on an as-needed basis.
- By Deployment analysis:
Cloud-based contract software dominated the market with a share of over 78.1% in 2020. This type of deployment is safe and secure as compared to the on-premise system. These solutions gained traction in recent years. The COVID-19 pandemic and the AI trend in healthcare have positively impacted the adoption of cloud-based systems in contract management and this is expected to continue over the coming years. Many providers have begun offering cloud-first solutions with options to deploy on-premise or on an as-needed basis. As the vendors are in charge of the data security and control the entire system in the cloud-based CLM system, many vendors have obtained security certifications to show compliance and their commitment to protecting customer data.
- By End-use analysis:
The healthcare providers segment held the dominant share of over 45.2% as of 2020 owing to the increased adoption of contract management solutions by hospitals, physicians, and clinics. The growing need to reduce operational costs while increasing operational efficiency and the need to comply with regulatory policies have led to the increased adoption of healthcare contract management systems by healthcare organizations and providers.
Pharmaceutical and biotech organizations use healthcare contract management systems to manage clinical trial agreements, vendors, distributor agreements, consultants, and HCP payments. The growing regulatory requirements and the need to comply with complex laws and policies are expected to drive this segment.
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Healthcare Contract Management Software market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Healthcare Contract Management Software Market include: Icertis; Conga; CobbleStone Software; Experian Information Solutions, Inc.; nThrive, Inc.; Concord Worldwide, Inc.; Coupa Software Inc.; Contract Logix, LLC; SecureDocs, Inc.; Ultria Inc.; PandaDoc Inc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Component
- Contract Lifecycle Management Software
- Contract Document Management Software
- Support and Maintenance Services
- Implementation and Integration Services
- Training and Education Services
- By Pricing Model
- Subscription Based
- Others (One time purchase, Pay as you go)
- By Deployment
- By End-use
- Healthcare Providers
- Medical Device Manufacturers and Pharma & Biotechnology Companies
- Others (Payers, Research Organization)
– North America Region (U.S., Canada, Mexico)
– Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
– Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
– South America Region (Brazil, Argentina, Columbia, Rest of South America)
– The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
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Despite unprecedented implications of the COVID-19 outbreak, the market will gain impetus amidst soaring investment towards sophistication of the healthcare sector. The market survey offers compelling insights into key factors enabling growth through the assessment period. It underscores hidden opportunities across diverse segments. Besides uncovering hidden opportunities, the report presents exclusive insights into challenges posing threat to growth. Alongside this, it offers recommendations to navigate through unforeseen hindrances in the future, while keeping the business afloat.
Scope of the Study
This Healthcare Contract Management Software market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Final Report will add the analysis of the impact of COVID-19 on this industry.
Important years considered for this report:
Historical Years: 2017-2019
Base Year: 2020
Forecast Period: 2021-2027
Key Points Covered in Healthcare Contract Management Software Market Survey
- Demand will remain high in the U.S., backed by favourable reimbursement policies and presence of some of the leading market players.
- Europe will continue showcasing high demand. Sales will remain high, especially in the U.K., Germany, France, and other countries.
- China and India will exhibit high demand for Healthcare Contract Management Software, backed by expanding healthcare sector.
- Focus on research and development will increase in Brazil, creating opportunities for the expansion of the Healthcare Contract Management Software market.
- Hospitals are expected to showcase higher demand for Healthcare Contract Management Software on account of greater access to advanced technologies and higher footfall of patients.
- Driven by the presence of some of the leading pharmaceutical producers, demand in the Japan Healthcare Contract Management Software market will continue increasing at a high pace.
Some of the key highlights covered in the report include:
- Healthcare Contract Management Software Market Demand-Supply Analysis -The report covers detailed insights into demand and supply forces prevailing in the global Healthcare Contract Management Software market. It examines trends and factors influencing demand for Healthcare Contract Management Software globally and gauges the impact of the same on the production.
- Healthcare Contract Management Software Pricing Analysis – The report presents exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.
- Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.
- Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for Healthcare Contract Management Software across the world.
- Competitive Analysis – Some of the leading market players are profiled in the report on Healthcare Contract Management Software. The report offers estimation of share individually helps by the market players and determines the impact of some of their popular strategies.
- COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.
- Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.
Why should you invest in this report?
If you are aiming to enter the global Healthcare Contract Management Software market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Healthcare Contract Management Software are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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