Market Research Future (MRFR) postulates that the Global Patient Registry Software Market is slated to register a CAGR of 11.7% during the forecast period (2017-2023). The augmenting use of patient registry data for post-marketing surveillance is anticipated to favor the market growth. Patient registry software is referred to as a database which is used to collect data associated with the diagnosis and condition of a patient for going through a new procedure or noting the number of medical devices used. The software offers a registration toolbox which allows the creation of a database for the users in order to create registries and administrative database without the intervention of any expertise or computer programming skills.
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Market Potential and Pitfalls
The market’s course is chiefly directed by factors such as the need to reduce healthcare costs, implementation of government initiatives in order to build patient registries, improve quality of care, increased use of patient registry data for post-marketing surveillance, and rising adoption of electronic health records. Patient registry software is configurable, scalable, and provide unparalleled flexibility which allows the users to design databases as per the data collection needs. The software has cloud-based accessibility to the database along with the offline approach which enables the users to model an application-based database. This can be installed on PCs for offline entry of data, thereby making it an ideal solution for data gathering especially in regions with unreliable internet connectivity. Such advantages offered by the patient registry software are predicted to add an impetus to the market.
In the U.S., the Health Information Technology for Economic and Clinical Health Act 2009, was introduced in order to increase the integration rate of electronic health records. Since then, EHRs have become an important part of the healthcare sector. The annual rate of EHR adoption has increased at a significant rate. With the increased adoption of EHR, the market for patient registry software is predicted to foster during the appraisal period.
On the contrary, the dearth of skilled and trained professionals, and concerns related to data security are some of the major concerns estimated to vitiate the market growth in the coming years. On a brighter note, there has been a notable rise in the adoption of cloud-based patient registry solution which is further favoring the market growth.
On January 2018, a leading innovator in EDC technology named Dacima Software, Inc. announced that they have signed a contract with the Derby Teaching Hospital and have been awarded an RFP in the U.K. for the use of Dacima’s Electronic Data Capture software.
The prominent players operating in the patient registry software market are Liaison Technologies. (US), Phytel Inc. (US), IFA systems AG (Germany), QUINTILES IMS HOLDINGS INC. (US), FIGmd Inc. (US), McKesson Corporation (US), ImageTrend Inc. (US), Dacima Software Inc. (US), CECity.com Inc. (US), and Global Vision Technologies Inc. (US).
Global Patient Registry Software Market: Segmental Analysis
The global patient registry software market has been segmented on the basis of deployment model, software, type of registry, and end user.
By mode of software, the global patient registry software market has been segmented into standalone and integrated. Among these, the integrated software is estimated to project the largest market share.
By mode of deployment model, the global patient registry software market has been segmented into on-premise model and cloud-based model. Among these, the cloud-based model is expected to occupy the largest market share owing to its increased adoption throughout the assessment period.
By mode of type, the global patient registry software market has been segmented into disease registries and product registries.
By mode of end-users, the global patient registry software market has been segmented into hospitals & medical centers, pharmaceutical & medical device companies, government & non-government agencies, and others. Among these, the pharmaceutical & medical device companies’ segment is estimated to occupy the largest share in the market.
Geographically, the patient registry software market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Considering the global scenario, the American region is considered to dominate the global patient registry software market. The growth is credited to the increased use of patient registry data for post-marketing surveillance, the presence of well-established players, and surging adoption EHRs in this region. Moreover, the increased number of registered hospitals coupled with the growing number of patient visits for physical checkups are some of the major factors likely to drive the market in this region.
The Asia Pacific region is predicted to create new opportunities for the market. Several initiatives undertaken by the government in order to enhance population health management is driving the market growth in this region. Moreover, the rising pressure of the government on the healthcare organizations in order to minimize the cost of healthcare and improve the quality of care is estimated to foster the market growth in this region.
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