Patient Registry Software Market Size Is Projected to Reach USD 1998 Million at a 11.08% CAGR By 2025
Research Reports
Jan 06, 2021
Market Synopsis
Patient registry software market is on track to obtain a CAGR of 11.08% from 2019 to 2025 (appraisal period), says Market Research Future (MRFR). MRFR adds that the global market size can touch USD 1,998.83 Million by 2025. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Increasing deployment of electronic health records/EHR across the healthcare industry remains a prime growth booster in the patient registry software market. Regulatory authorities across developed nations promote the use of EHR solutions in healthcare practices for facilitating efficient delivery of services. Strict regulations that require implementation of electronic patient records and the escalating focus on ensuring top patient care quality would foster the demand for patient registry software in the years to come. The need to streamline and organize the voluminous patient registry databases in healthcare also works in favor of the global market.
Surge in Drug Development for Rare Diseases to Induce Growth
Patient registry software is also known for facilitating complex drug development, especially when it comes to rare disorders. Currently, in Europe, more than 700 rare disease registries are aiding the collection of historical patient records, sample size reduction and measurements, and more. The software also helps track the correct intake of certain drugs and its results, which is another feather in its cap pushing its demand. Increasing spending on clinical trials by several pharmaceutical and biotechnological firms could emerge as a significant opportunity in the future. Pharmaceutical and medical device vendors continue to benefit from the multiple patient registries pertaining to post-marketing surveillance of various devices and drugs.
Cloud-Based Solutions to Garner Significant Traction
Cloud based patient registry solutions are the fastest emerging segment in the market, since these offer innovative features like remote access and real-time tracking of data. Both private firms and government are increasingly going for cloud-based patient registry solutions instead of on-premise solutions. On the competitive front, the market is observing a number of vendors getting involved in several initiatives including mergers, new product launch, acquisitions and collaboration for higher penetration. A case in point, in November 2020, MyoKardia collaborated with PINNACLE/Veradigm and the American College of Cardiology to release its latest Patient Registry of Hypertrophic Cardiomyopathy. This patient registry software is expected to help MyoKardia in terms of post-marketing effectiveness and safety analysis of mavacamten, which is a therapeutic for treating HCM/obstructive hypertrophic cardiomyopathy.
Market Segmentation
Patient registry software industry has been dissected in terms of type of registry, functionality, deployment model and end-user.
The types of registry available in the worldwide market include product registries, health service registries, disease registries, and others.
Functionality-wise, the market segments are health information exchange (HIE), patient care management, population health management (PHM), and others.
The primary deployment models are on-premise as well as cloud.
Government organizations & research centers, hospitals and clinics, and others are the top market end-users listed in the MRFR report.
Regional Insight
The primary markets for patient registry software are the Americas, Asia Pacific/APAC, MEA/Middle East & Africa and Europe.
The Americas can presumably take the lead in the global market over the next few years, considering the advances in the healthcare IT segment and the significant uptake of advanced EHRs. It is also observed that many of the renowned firms in the region are increasingly acquiring the smaller companies to solidify their market positions. Surge in government efforts to promote the use of patient registry software is also responsible for the market growth. With the aim to develop patient registry software that is more clinical research-friendly and interactive, vendors are focusing on technical innovations, which could be favorable for the regional market. A key trend among the players is the development of integrated software, which is not only cost-effective but also offers remote access to patient records.
APAC’s progress in the coming years is expected to be at the fastest pace, as the governments are taking up several initiatives to address the need for better patient care quality and reduced healthcare costs. The patient registry software’s strong demand in the region is also the result of the need to cut down medical errors, frequent hospital visits and diagnostics errors. This, combined with the rising cases of co-morbidity, and the substantial growth in the geriatric population segment, can foster revenue generation. Japan, South Korea, China, and India are some of the leading contenders in the APAC market; especially considering the rising adoption of cloud based patient registry solutions in these countries.
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Eminent Vendors
IFA SYSTEMS, Open Text Corporation, Dacima Software Inc, Optum, Inc., LUMEDX, ArborMetrix, phamax, IBM, IQVIA, Evado Pty. Ltd, McKesson Corporation are among some of the most eminent market vendors.
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