Healthcare Contract Management Software Industry Overview
The global healthcare contract management software market size was valued at USD 906.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028.
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.
Gather more insights about the market drivers, restrains and growth of the Global Healthcare Contract Management Software Market
The Covid-19 pandemic accelerated the existing demand for healthcare contract management software owing to the associated benefits with its use, such as application scalability, operational efficiencies, and supportiveness to work from home culture. Moreover, it offers cost reduction and profitability to the organization. The demand for contract management solutions witnessed high growth during the coronavirus outbreak.
Market players witnessed strong growth in 2020. For instance, Contract Logix, LLC, a CLM software and services provider, reported a 682% surge in contracts executed through e-signatures in 2020. The company also reported a 367% rise in converted contract requests and a 112% increase in contracts and documents created in Contract Logix’s software. The company attributed the exponential growth to trends such as supply chain dynamics, remote workforces, change management, and the growing need for mitigating risk.
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Healthcare Contract Management Software Market Segmentation
Grand View Research has segmented the global healthcare contract management software market on the basis of component, pricing model, deployment, end-use, and region:
Healthcare Contract Management Software Component Outlook (Revenue, USD Million, 2016 - 2028)
- Software
- Contract Lifecycle Management Software
- Contract Document Management Software
- Services
- Support and Maintenance Services
- Implementation and Integration Services
- Training and Education Services
Healthcare Contract Management Software Pricing Model Outlook (Revenue, USD Million, 2016 - 2028)
- Subscription Based
- Others
Healthcare Contract Management Software Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Cloud-Based
- On-premise
Healthcare Contract Management Software End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Healthcare Providers
- Medical Device Manufacturers and Pharma & Biotechnology Companies
- Others
Healthcare Contract Management Software Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- November 2019: B. Braun Company implemented Apttus CLM to speed up procurement processes across its global enterprise.
- October 2018: Contract Logix introduced the Express Contract Management Software and Premium Contract Lifecycle Management at ACC annual meeting.
Key Companies profiled:
Some prominent players in the global 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.
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