The 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% during the forecast period.
The growing need to reduce operational costs (while increasing the operational efficiency of healthcare organizations) and the growing need to maintain compliance with regulatory mandates are key drivers of this market. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of contract management are expected to restrain the growth of the healthcare contract management software market to a certain extent during the forecast period.
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Key players in this market include Determine Inc. (US), CobbleStone Software (US), Concord (US), Contract Logix LLC (US), Icertis (US), Apttus Corporation (US), Optum Inc. (US), nThrive Inc. (US), Experian Plc. (Ireland), Coupa Software Inc. (US), and ScienceSoft (US).
Key players are focusing on increasing their presence in this high-growth market through both organic as well as inorganic growth strategies, such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence.
Icertis (US) was the leading player in the healthcare contract management software market and accounted for the largest share in 2018. The company offers advanced product offerings, which include cloud-based contract lifecycle management software. Icertis’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world. To garner a large share of the healthcare contract management software market, the company continuously focuses on geographic expansion. For instance, in October 2018, the company opened two new offices in Sydney and Singapore to meet the rising market demand. Similarly, in June 2018, Icertis opened a new support center in Sofia, Bulgaria, to strengthen their business growth in the European market.
Apttus (US) held the second-largest share of the healthcare contract management software market. Its position in the market can be attributed to its strong product portfolio and strong distribution channel across the world. To maintain its position in the market, the company focuses on expanding its product portfolio through strategies such as product launches and agreements. For instance, in September 2018, the company entered into an agreement with Thoma Bravo, LLC. (US), a private equity investment firm. Under the agreement, Thoma Bravo will acquire a majority interest in Apttus. Through this agreement, Apttus enhanced its company’s growth and was also able to take advantage of huge market opportunities.
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