With growing efforts for the adoption of electronic health records (EHRs) across the globe, and rising importance of evidence-based data from registries for effectiveness, safety and quality, the market trend is towards interfacing registries with EHRs. While EHRs are focused on individuals, patient registries are population-focused and are designed to fulfill specific purposes defined before the data are collected and analyzed.
Meticulous Research® –leading global market research company published a research report titled “Patient Registry Software Marketby Type (Diabetes, Cancer, Rare Diseases, CVD, Orthopedic, Drugs, Device), Delivery (On premise, Cloud), Functionality (PHM, HIE, POC, Research), Database (Public, Commercial), Pricing Model, End User – Global Forecast to 2023”.
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According to this latest publication from Meticulous Research®, the global patient registry software market is expected to grow at a CAGR of 11.0% from 2018 to 2023 to reach USD 1.49 billion by 2023, driven by factors such as continued pressure to curtail rising healthcare costs, growing demand to improve care quality, increasing adoption of EHRs and improving health IT infrastructure, growing application of patient registry data in post-marketing surveillance, and increase in the support from government for value-based care and adoption of patient registries. Moreover, growing emphasis on population health management and proliferating accountable care organizations (ACO), emergence of cloud-based patient registry solutions, and shifting focus towards Patient-Powered Research Networks (PPRNs) offer significant growth opportunities for the market players during the forecast period.
The patient registry software market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2023 by registry type (disease registry, health services registry, and product registry), software (standalone, integrated), pricing model (subscription, ownership), deployment model (on premise, web &cloud), database type (commercial, public), functionality (population health management, patient care management, health information exchange, point-of-care, product outcome evaluation, medical research & clinical studies), and end user (government organizations & third-party administrators, hospitals and medical practices, private payers, pharmaceutical, biotechnology, and medical device companies, research centers). The study also evaluates industry competitors and analyzes the market at a regional and country level.
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With the rising prevalence of chronic disease conditions such as diabetes, cardiovascular diseases and asthma, there is a growing need for chronic disease registries that can help manage patients proactively. Moreover, increasing number of initiatives are being taken across the globe to build rare disease patient registries to gain a better understanding of rare diseases. Such efforts contribute to the largest share of patient registry software for disease registries.
Standalone software comprised the major market share in 2017 as these are usually less complex, dedicated, cost-effective and simpler to setup than integrated systems. However, with the trend towards integrated care, healthcare organizations would increasingly consider integrating the use of registries into clinicians’ workflows at the point-of-care, and interfacing registries with EHRs. This in turn will drive the integrated patient registry software market at the highest CAGR during the forecast period.
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In 2017, on premise solutions captured a major share owing to concerns related to patient data confidentiality and security on remotely managed servers. However, cloud-based solutions are anticipated to grow at a lucrative rate for their real-time data analysis, easy accessibility, flexibility, scalability, and cost-effectiveness.
Application of patient registry software for population health management (PHM) held a significant market share in 2017 and is also expected to continue to grow at the fastest CAGR owing to government initiatives for encouraging value-based care and PHM programs.
Government organizations and TPAs are currently the major end users of patient registry software. However, hospitals and medical practices are expected to be in the spotlight during the forecast period.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America captured a significant share in 2017 and is expected to register the highest CAGR during the forecast period mainly due to presence of major Health IT companies in the U.S., advanced healthcare and health IT infrastructure, rising demand for structured information by healthcare stakeholders, increasing need to curtail healthcare costs, implementation of the ACA in the U.S., and rising focus on population health management. In addition, significant growth in the number of EHRs, Accountable Care Organizations (ACOs) and health information exchange (HIEs) further supports the greater adoption and fastest growth in this region.
The patient registry software market is highly competitive and fragmented with the presence of some large well-established IT companies and several small and emerging vendors. Some of the key players contributing to the growth of the patient registry software market include Phytel, Inc. (An IBM Corporation Company) (U.S.), Quintiles IMS Holdings, Inc. (U.S.), Liaison Technologies. (U.S.), ImageTrend, Inc. (U.S.), FIGmd, Inc. (U.S.), McKesson Corporation (U.S.) (Change Healthcare), CECity.com Inc. (U.S.) (A Premier, Inc. Company) , Dacima Software Inc. (U.S.), Global Vision Technologies, Inc. (U.S.), ifa Systems AG, (Germany), Syneos Health (U.S.), M2S, Inc. (U.S.), Optum, Inc (A part of UnitedHealth Group Inc) (U.S.), EVADO Pty. Ltd. (Australia), and Velos, Inc. (U.S.) among several others. In the recent past, these companies significantly focused on entering into agreements, partnerships, strategic alliances, and collaborations to expand their product and service offerings, strengthen their global footprint, and augment their market shares.
Key questions answered in the report-
- Which are the high growth market segments in terms of registry type, software type, pricing model, deployment model, database type, functionality, end users, and region/countries?
- What was the historical market for patient registry software across the globe?
- What are the market forecasts and estimates for the period 2018-2023?
- What are the major drivers, restraints, opportunities, and challenges in the patient registry software market?
- Who are the major players in the patient registry software market?
- What are the recent developments in the patient registry software market?
- What are the different strategies adopted by the major players in the patient registry software market?
- What are the geographical trends and high growth regions/ countries?
- Who are the local emerging players in the patient registry software market and how do they compete with the global players?
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