ID: MRFR/HCIT/5452-CR | 106 Pages | Author: Kinjoll Dey | October 2019
Patient Registry Software Market is projected to be worth USD 115.1 Billion by 2030, registering a CAGR of 8.6% during the forecast period.
The Patient Registry Software Market is expected to register a CAGR of 8.6% to reach USD 115.1 billion by 2030. Patient registry software is an organized system that utilizes observational study methods for collecting clinical as well as non-clinical patient data for evaluation of specified outcomes for a population that is defined by a particular disease, condition, or exposure, and that serves a predetermined clinical, scientific, or policy purposes. The demand for patient registry software s is increasing due to the high adoption rate of electronic health records and increasing use of patient registry data for post-marketing surveillance. These factors are expected to fuel the growth of the patient registry software market. However, privacy and data security-related concerns are anticipated to hamper the market growth.
EHRs are a step toward the progress of the healthcare system that can strengthen the relationship between patients and clinicians. The data and the timeliness and availability of it will enable providers to make better decisions and provide better care. All these advantages encourage clinicians and hospitals to keep accurate records of all their patients hence leading to the high adoption of electronic health records (EHRs) increasing globally. For instance, according to the American Hospital Association Annual Survey Information Technology Supplement, 96% of hospitals in the US adopted certified EHRs in 2017.
Similarly, according to research estimates of the National Center for Biotechnology Information (NCBI) published in August 2017, the annual rate of EHR adoption for eligible hospitals raised from 3.2% to 14.2% after the Health Information Technology for Economic and Clinical Health (HITECH) Act. Ineligible hospitals, with a low rate of adoption of EHR, also increased from 0.1% to 3.3%. Consequently, increasing adoption has led to the growth of the patient registry software market. Hence the increasing adoption of EHRs is fueling the growth of the worldwide patient registry software industry.
Patient Registry Software Market Share, by End User, 2018 (%)
Source: MRFR Analysis
The patient registry software market has been segmented on the basis of the type of registry into disease registries, health service registries, product registries, and others. Based on functionality, it is further divided into population health management (PHM), patient care management, health information exchange (HIE), and others. On the basis of deployment model, it is bifurcated into on-premise and cloud. Based on the end-user it is further segmented into hospitals and clinics, government organizations & research centers, and others.
Western Europe Patient Registry Software Market Share, 2018 (%)
Source: MRFR Analysis
The Patient Registry Software Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to dominate the patient registry software. The growth in this region can be attributed to the development of digital infrastructure in healthcare and well-established EHRs. Moreover, many key companies in the market are acquiring regional vendors to strengthen their position in the market. For instance, according to The Office of the National Coordinator for Health Information Technology, in the US, as of 2017, nearly 9 out of 10 (86%) office-based physicians had non-certified EHR systems, and approximately 4 out of 5 (80%) adopted a certified her systems. Since 2008, adoption of any EHRs by office-based physicians has increased significantly from 42% to 86%. Europe held a substantial share in the patient registry software. This can be attributed to increasing government initiatives for the implementation of patient registries. Asia-Pacific is estimated to be the fastest-growing region in the global market. This is due to the various initiatives taken by the government for the reduction of the rising pressure to improve the quality of care and reduction of healthcare costs fueling the growth of the patient registry software market in the region. The patient registry software market in the Middle East & Africa is expected to witness steady growth during the review period due to limited access and healthcare affordability among the population. Increasing awareness about patient registry software is expected to drive market growth during the assessment period.
The Prominent Players in the patient registry software industry are ArborMetrix, Dacima Software Inc, Evado Pty. Ltd, IFA SYSTEMS, Open Text Corporation, LUMEDX, McKesson Corporation, Optum, Inc., phamax, IBM, and IQVIA.
Some of the key strategies followed by players operating in the patient registry software market were innovation, product development, and acquisition & mergers.
Patient Registry Software Market, by Type of Registry
Patient Registry Software Market, by Functionality
Patient Registry Software Market, by Deployment Model
Patient Registry Software Market, by End User
Patient Registry Software Market, by Region
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|Market Size||USD 115.1 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type of Registry End-User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ArborMetrix, Dacima Software Inc, Evado Pty. Ltd, IFA SYSTEMS, Open Text Corporation, LUMEDX, McKesson Corporation, Optum, Inc., phamax, IBM, and IQVIA|
|Key Market Opportunities||Privacy and data security-related concerns are anticipated to hamper the market growth|
|Key Market Drivers||EHRs are a step toward the progress of the healthcare system that can strengthen the relationship between patients and clinicians.|
Patient Registry Software Market is predicted to touch USD 115.1 million by 2030.
Patient Registry Software Market is projected to grow at an 8.6% CAGR between 2022-2030.
Americas is projected to have a major share in the Patient Registry Software Market.
Key competitors in the Patient Registry Software Market include IQVIA, IBM, Phamax, Optum, Inc., McKesson Corporation, LUMEDX, Open Text Corporation, IFA SYSTEMS, Evado Pty. Ltd, Dacima Software Inc, and ArborMetrix.
Strategies incorporated by industry players to create a niche in the Patient Registry Software Market include extensive R&D, partnership, and acquisition.
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