Description
Patient Registry Software Market
Product Overview
Patient registry software (PRS) is a computerized database containing personal, medical, social, and financial information that is recorded by or by healthcare professionals. Registries may provide researchers and health care providers with important epidemiological data for rare or chronic diseases, such as incidence and prevalence, signs and seriousness of the disease.
Market Highlights
Patient Registry Software Market is expected to project a notable CAGR of 14.7% in 2030.
Patient Registry Software Market to surpass USD 2.9 billion by 2030 from USD 968 Million in 2019 at a CAGR of 14.7% throughout the forecast period, i.e., 2020-30. An increased incidence of cancer and other chronic disorders is projected to propel the growth of the global market for patient registry software. Besides, PRS provides a range of benefits, such as patient monitoring, disease history recording, features, management, and results with or without care, active surveillance system for unwanted or adverse incidents, and successful patient population management. Such benefits are expected to raise PRS demand, thus helping to expand the market over the forecast period.
Patient Registry Software Market: Segments
Product Registries segment to grow with the highest CAGR of 4.1% during 2020-30
Patient Registry Software Market is segmented by type of registry as Disease Registries, Health Service Registries, and Product Registries. Based on registry type, the disease registry segment is the largest segment of the market for Patient Registry Software owing to the increasing demand to integrate the healthcare system and to curb the disease burden is driving the segment. To create new medications, these registries are also useful in screening patients for clinical trials. The product registry segment is expected to show profitable growth over the forecast period. If a medical device or drug has been approved by a regulatory authority, during the post-approval process, a register is required for quality assessment to detect any adverse effects and to improve the understanding of product safety. The segment is being propelled by a supportive government effort to boost treatment outcomes.
Government and third-party Segment to grow with the highest CAGR of 5.2% during 2020-30
Patient Registry Software Market is segmented by the end-user into hospitals, government organizations and third-party administrators (TPAS), pharmaceutical, biotechnology, and medical device companies, and others. The government and third-party segment led the market and accounted for XX.X% revenue share in 2019. The government’s implementation of this software in both developed and developing countries to minimize the burden of disease is anticipated to drive the growth of the patient registry software market over the forecast period. Over the forecast period, the pharma and medical device companies’ segment is expected to show lucrative growth. Growth is driven by the adoption of such applications by pharmaceutical, biomedical, and medical device companies to monitor real-world patient data. Besides, for clinical trials and to treat particular diseases, the data is also useful. Due to the measures taken by these organizations to curb the growing burden of disease globally, the research organization segment is also expected to display substantial growth.
Patient Registry Software Market: Market Dynamics
Drivers
Rising Adoption of Electronic Health Records
Aadoption of electronic health records (EHRs) and other HCIT solutions is growing globally, which is considered a positive sign for the software industry for patient registries. This is because, for many EHR products, patient registry software functionality is included or is available as an add-on. Authorities in many countries are focused on increasing the implementation in their healthcare systems of EHR solutions to help increase the provision of healthcare services. Improved patient care, increased patient involvement, and simple collection and storing of patient health information in a digital format result from the growing use of EHR in developed and developing countries. It is expected that the widespread transition from paper-based records to electronic records would increase the demand for integrated applications for patient registries.
Implementation of Government Initiatives
Introduction of government initiatives to establish patient registries and the growing use of patient registry data for post-marketing surveillance are some of the factors driving market development. Electronic health records have been able to draw the interest of government sources due to widespread uses, both clinical and non-clinical. The government of developed and developing countries around the world is launching several federal initiatives, actions, and programs to experience improvements in health care services.
Restrain
Privacy and Data Security-related Concerns
Concerns about privacy abuses such as data theft are associated with all types of medical information technology (IT). Also, due to data protection issues, widespread adoption of registry applications has been restrained. Intensifying security controls is an achievable task for suppliers delivering these services, but these security controls come at the expense of ease of operation, thus undermining the platform’s performance. Therefore, privacy and data protection issues are inhibiting the development of the demand for global patient registry applications. Besides, the competition is constrained by the shortage of qualified and skilled professionals.
Patient Registry Software Market: Key Players
Dacima Software Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
FIGmd Inc.
Global Vision Technologies Inc.
Image Trend Inc.
IQVIA
Liasion Technologies
McKensson Corporation
Syneos Health
Velos Inc
Patient Registry Software Market: Regions
Patient Registry Software Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Patient Registry Software Market in North America held the largest market share of XX.X% in the year 2019 and is anticipated to continue its dominance over the forecast period. The growth of the market in this region is driven by an increasing target population coupled with increasing disease prevalence and the need for population-based registries. Besides, growing government initiatives are making this region a major contributor to the patient registry software market. Companies are constantly trying to develop better user-interactive software to make patient registry software more user-friendly and interactive for clinical research. Over the forecast period, Asia Pacific is projected to show profitable growth. In the past few years, the adoption of electronic medical records has been increasing. The key factors driving the market in the area are growing pressure to curb medical errors, frequent hospital visits, increased diagnostic errors coupled with increasing co-morbidity incidences, and the aging population. Besides, supportive government initiatives, particularly in Japan, China, and South Korea, boost the growth of the patient registry software.
Competitive Landscape:
Patient Registry Software market, which is highly competitive, consists of several major players such as Phytel, IQVIA Holdings, FIGmd, OpenText Corporation, Dacima Software hold a substantial market share in the Patient Registry Software market. Other players analyzed in this report are Global Vision Technologies, fa systems, Syneos Health, and HealthDiary among others.
The market competition has been stepped up by the availability of many players offering Patient Registry Software. In June 2020, ArborMetrix Inc. (US) entered into a partnership with The Society of Interventional Radiology (SIR) (US). This partnership aims to provide the IR Quality Registry to improve patient care by integrating analytics.
Patient Registry Software Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Patient Registry Software Market report also contains analysis on:
Patient Registry Software Market Segments:
By Type of Registry:
Disease Registries
Health Service Registries
Product Registries
By Software:
Stand-alone Software
Integrated Software
By End User:
Government Organizations & Third-Party Administrators (TPAs)
Hospitals and Medical Practices
Private Payers
Pharmaceutical, Biotechnology, and Medical Device Companies
Research Centers
Patient Registry Software Market Dynamics
Patient Registry Software Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Patient Registry Software Market
Which segment is anticipated to hold the largest market share?
At what CAGR is the market anticipated to grow between 2020 and 2030?
Who are the key players in the Patient Registry Software Market?
What could be the challenging factors in the growth of the Patient Registry Software Market?
What are the growth drivers for the Patient Registry Software Market?
