Patient Registry Software Market Size to Reach at a Highest CAGR of 15.3% by 2030, Share, Size, Trends, Demand, Outlook, Future Scope, Opportunities, Key Drivers, Business Growth and Competitive Landscape
Delvens
13 min read
Delvens
The “Patient Registry Software Market” research market report is the outcome of persistent efforts led by knowledgeable forecasters, innovative analysts, and brilliant researchers who carry out detailed and diligent research on different markets, trends, and emerging opportunities in the consecutive direction for the business needs. Systematic investment analysis is also underlined in this report which forecasts impending opportunities for the market players.
Chicago, June 20, 2023 (GLOBE NEWSWIRE) -- Delvens has published a latest market research report on Global Patient Registry Software Market. The global report is prepared in collaboration with the leading industry experts and dedicated research analyst team to provide an enterprise with in-depth market insights and help them to take crucial business decisions. This report covers current market trends, opportunities, challenges, and detailed competitive analysis of the industry players in the market.
Global Patient Registry Software Market by Type of Registry (Diabetes, Cancer, Rare Disease, Asthma, Kidney), Software (Integrated and Standalone), Delivery (On-Premise and Cloud), Pricing Model, Database, End User, Region, Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030.
The global market for patient registry software is expected to reach $3.7 billion by 2030 from $1.9 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 15.3%. Some of the major players are IBM Corporation, IQVIA Holdings, OpenText Corporation, Optum, Premier, Inc., ArborMetrix, FIGmd, McKesson Corporation, Syneos Health, Dacima Software, IFA Systems AG, Medstreaming- M2S, ImageTrend, Evado Clinical, and WIRB Copernicus Group among others.
To enhance the provision of healthcare services, regulatory authorities in developed economies are concentrating on the wider use of EHR systems in their healthcare practices. Healthcare providers in Europe are predicted to have spent 32.0% more on patient registry software in 2018 than they did five years prior. The demand for patient registry software is being further fueled by the strict regulations required to establish electronic patient records. For instance, the German Health Minister drafted laws for digital health solutions in Germany in May 2019. The deployment of the electronic register, the telemedicine infrastructure, and the patient healthcare record will all benefit.
Most biotech and pharmaceutical businesses anticipate seeing growth and untapped potential as they increase their investment in clinical trials. Data from patient registries are useful for tracking clinical trial participants. Furthermore, the data can be used to identify the areas affected by any particular form of sickness. The numerous patient registries can be quite helpful to pharmaceutical and medical device companies for post-marketing tracking of drugs and medical devices. Patient registries lower the price of post-market research and assist in the generation and use of real-world evidence.
Patient Registry Software Market Report Scope
Report Feature
Descriptions
Growth Rate
CAGR of 15.3% during the forecasting period, 2023-2030
Historical Data
2019-2021
Forecast Years
2023-2030
Base Year
2022
Units Considered
Revenue in USD billion and CAGR from 2023 to 2030
Report Segmentation
Types of Registry, Pricing model, End-User, and Region.
Report Attribute
Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling
Regional Level Scope
North America, Europe, Asia-Pacific, South America, and Middle East and Africa
Country Level Scope
U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)
Companies Profiled
IBM Corporation, IQVIA Holdings, OpenText Corporation, Optum, Premier, Inc., ArborMetrix, FIGmd, McKesson Corporation, Syneos Health, Dacima Software, IFA Systems AG, Medstreaming- M2S, ImageTrend, Evado Clinical and WIRB Copernicus Group, Global Vision Technologies, Conduent, Inc., Elekta AB, Cedaron, Lumdex, Armus, Phamax AG, and Versaform Systems Corp, ESO Solutions and Ordinal Data Inc. among others.
Available Customization
In addition to the market data for the Patient Registry Software Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
The market's growth is anticipated to be significantly impacted by COVID-19. The COVID-19 patient registry was used to record patient symptoms, the effects of vaccination studies, post-marketing approval of vaccines, and additional research and development activities for novel vaccines. Additionally, IQVIA debuted its COVID Active Research Experience (CARE) Project at helpstopcovid19.com in August 2020. The IQVIA CARE Project is an opt-in registry open to everyone to improve understanding of COVID-19 through the exchange of data on the prevalence, progression, and effectiveness of treatments. Patient registries-supported data science breakthroughs may fill in the gaps necessary to support COVID-19 activities. As a result, COVID-19 is anticipated to have an impact on market expansion throughout the forecast period.
Market players throughout the world are searching for creative and economical ways to deliver technology-enabled, patient-centered healthcare solutions both within and outside hospital walls due to better outcomes and quality of care in the 21st century. Government sources have begun to pay attention to electronic health records because of their many applications, both clinical and non-clinical. The governments of rich and developing nations alike are launching several federal policies, initiatives, and programs to advance healthcare services.
For patients with congenital myasthenic syndrome (CMS), the Canadian Neuromuscular Disease Register introduced a new register in February 2022. This registry intends to expand the Canadian CMS cohort for upcoming research and provide access to diagnosis and treatment. Thus, government programs encouraging the use of patient registries will spur market expansion.
The Integrated Software segment is expected to hold a major market share in the patient registry software market
Applications that are integrated offer numerous modules that offer a wide variety of functionality often seen in stand-alone applications. a piece of business software that allows data exchange between all or the majority of its components. These products often combine word processing, database management, spreadsheets, graphics, and communications. In hospital settings, where several registers must be kept in various departments and cross-sharing of this data across departments is essential, integrated software is being used more frequently.
Based on product, the market for patient registry software is segmented into disease, health service, and product registry. The disease registry is further sub-segmented into cardiovascular, diabetes, cancer, rare disease, asthma, and others.
In 2019, the patient registry software market was dominated by the disease registry sector. The segment is being driven by the rising demand for healthcare system integration and illness burden reduction. These registries are useful for monitoring patients participating in clinical trials for the development of novel medications.
Based on end-use, the market for patient registry software is segmented into government and third parties, hospitals and medical practices, private payers, pharma and medical device companies, and research organizations.
The sector with the highest revenue share in 2019 was the government and third-party sector. Throughout the forecast period, it is projected that the government will install this software in both developed and developing nations to reduce the burden of disease.
Regional Insights
Regional Insights
In terms of revenue share, North America controls the world market for patient registry software in 2019. The market in this region is expanding as a result of an expanding target population, an increase in the occurrence of illnesses, and a growing demand for population-based registries. Businesses always strive to provide more user-interactive software to make patient registry software more interactive for users and supportive of clinical research. For instance, IQVIA introduced a new web-based tool for the enrolment of clinical trial data in August 2019.
During the anticipated period, Asia Pacific is anticipated to see profitable growth. Over the past few years, electronic medical records have become more widely used. Major drivers driving the market in the region include increasing demand to reduce medical errors, frequent hospital visits, increased diagnostic errors coupled with rising prevalence of co-morbidities, and an aging population. Additionally, encouraging government measures, particularly in Japan, China, and South Korea, are promoting the expansion of the patient registry software market.
Patient Registry Software Market Outlook
Driver: Government initiatives to build patient registries
Government organizations all around the world are taking steps to digitize and integrate healthcare systems, including the creation of computerized illness registries, in response to the rising demand for population health management and health information exchange.
The development of patient registries is a priority for several state agencies as well as federal organizations in the US, including the National Institutes of Health (NIH), Centres for Disease Control and Prevention (CDC), Centres for Medicare & Medicaid Services (CMS), Agency for Healthcare Research and Quality (AHRQ), Food and Drug Administration (FDA), and Agency for Toxic Substance and Disease Registry (ATSDR).
Opportunity: High adoption rate of the subscription model
The subscription model has a modest initial investment requirement and places less stress on healthcare facilities because no IT staff is required. Productivity and cost-efficiency consequently rise. This strategy also enables suppliers to develop fresh and creative licensing agreements to engage prospects and consumers in new ways. Healthcare providers are increasingly using subscription-based software since it offers a quicker time to value any new features that are offered, and they can even use it temporarily depending on their needs. Since it offers a better chance to build trust and understand the demands of healthcare providers, several market players are currently in favor of the subscription model (which would then help to boost customer satisfaction). These benefits are predicted to offer market participants potential growth chances during the anticipated timeframe.
Restraint: Privacy and data security-related concerns
Concerns regarding data privacy and security are preventing healthcare organizations from implementing patient registry solutions because a data breach might reveal the private information of many patients. In recent years, there have been a lot more breaches of healthcare data. About one-third of data breaches in the healthcare sector result in medical identity theft, and this is mostly due to lax internal controls over patient information, outdated policies and procedures or a failure to follow them, and inadequate staff training. In its list of 2019 breaches, the Identity Theft Resource Centre in the US recorded 1,473 breaches, an increase of 17% from all breaches reported in 2018. Only the healthcare sector was responsible for 35.5% of the breaches that were tracked. Such risk factors may inadvertently harm the market.
Challenge: Lack of awareness
Many people involved in the healthcare industry, especially in developing and underdeveloped countries, are currently ignorant about patient registers and the tools that can be utilized to build comprehensive patient registries. In wealthy countries with advanced healthcare infrastructure and high EHR solution adoption, the effects of this challenge are minimal. As HCIT adoption is still in its infancy in many developing and underdeveloped countries, many healthcare providers, payers, and government and non-government organizations are unaware of the market's HCIT solutions, such as patient registration software. This problem can be solved with the use of programs like seminars, symposiums, workshops, and training sessions that highlight increasing awareness of the potential of patient registry software and developing a qualified workforce with the essential skills to properly use these solutions.
Key Companies & Market Share Insights
Some of the key players operating in the global Patient Registry Software market are IBM Corporation, IQVIA Holdings, OpenText Corporation, Optum, Premier, Inc., ArborMetrix, FIGmd, McKesson Corporation, Syneos Health, Dacima Software, IFA Systems AG, Medstreaming- M2S, ImageTrend, Evado Clinical and WIRB Copernicus Group, Global Vision Technologies, Conduent, Inc., Elekta AB, Cedaron, Lumdex, Armus, Phamax AG, and Versaform Systems Corp, ESO Solutions and Ordinal Data Inc among others.
Recent Developments
A partnership between ESO Solutions (US) and Virginia EMS Systems (US) was formed in March 2021 to offer a state-wide trauma registry and EMS data repository for the collecting and analysis of data to identify important trends and insights.
The most recent National Trauma Data Bank (NTDB) Data Dictionary will be accessible in the Patient Registry on January 1, 2021, according to an announcement made by ImageTrend, Inc. (US) in December 2020.
To improve the health, development, and well-being of all children, ArborMetrix, Inc. (US) and the American Academy of Paediatrics partnered in November 2020 to create and expand a clinical registry.
Interactive Patient Care Market:The global Interactive Patient Care market size is projected to reach a CAGR of 15.5% from 2023-2030.
Infusion Therapy Market:The global Infusion Therapy Market size is projected to reach a CAGR of 7% from 2023-2030.
About Delvens
Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports, and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide information on the country, regional, and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally. We use AI and machine learning to make existing offerings quicker and cheaper, as well as to offer new services which couldn’t have been dreamt of a few years ago. From creating concepts to implementing them, we have the best-proven strategies that will help the organization and are assisting the organization to overcome the prevailing challenges and recognize recent opportunities before their competitors. We are capable of providing tailor-made research services keeping because of your specific requirements. We assure to provide the best possible services for all our clients. Our analysts are available for your assistance and will perfectly understand your needs and demand.
Delvens database assists clients by providing in-depth information on crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, and Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.
