Healthcare Contract Management Software Market Size is Surging Worldwide

Healthcare Contract Management Software Industry Overview

The global healthcare contract management software market size is anticipated to reach USD 4.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.8% from 2021 to 2028. 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.

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:

Based on the Component Insights, the market is segmented into Software and Services

• The software segment accounted for the largest revenue share of over 85.0% 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.
• 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.
• Healthcare contract management services include implementation, on-boarding or training, data extraction and migration, consultation/advisory services, content management, risk and performance management, and post-sale customer support.

Based on the Pricing Model Insights, the market is segmented into Subscription Based and Others

• In 2020, the subscription-based pricing model dominated the market with a share of over 70.0% 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.
• 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. Pay as you go and one-time purchase models have low barriers to entry with better cost-per-use and no long-term commitment.

Based on the Deployment Insights, the market is segmented into Cloud-Based and On-premise

• Cloud-based contract software dominated the market with a share of over 78.0% in 2020. This type of deployment is safe and secure as compared to the on-premise system. These solutions gained traction in recent 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.

Based on the End-use Insights, the market is segmented into Healthcare Providers, Medical Device Manufacturers and Pharma & Biotechnology Companies, and Others

• The healthcare providers segment held the dominant share of over 45.0% as of 2020 owing to the increased adoption of contract management solutions by hospitals, physicians, and clinics.
• 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.

Healthcare Contract Management Software Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The market players are involved in strategic development activities, including new product launches, strategic collaborations, and regional expansion.

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.

Order a free sample PDF of the Healthcare Contract Management Software Market Intelligence Study, published by Grand View Research.