Cancer Registry Software Market Trends, Industry & Size 2031

Report Description

Cancer Registry Software Market Outlook 2031:

The global cancer registry software market size was valued at USD 61.44 Million in 2022 and is projected to reach USD 150.91 Million by 2031, expanding at a CAGR of 10.5% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising incidence of cancer and the growing number of accountable care organizations.

A cancer registry is a computerized database that offers software solutions to collect, organize, and store data on cancer patients to evaluate cancer-specific outcomes, conditions, and drug/medical device exposure. According to a WHO report, cancer is the foremost cause of death worldwide, accounting for nearly 10 million deaths in 2020, and 17 million new cases were diagnosed in 2018.

Get Free Sample Report

Moreover, according to the NIH, cancer is a national burden and is the second leading cause of death in the U.S. cancer cost an anticipated USD 107 billion in healthcare expenditure and lost productivity from illness & death each year. The cancer registry software helps automate data collection for state and national registries.

Moreover, the data collected by the state registries help understand the disease in a better way. The collected data is vital to target risk factors including some chemical and radiation exposure, sun exposure, and tobacco use. Registry data is helpful for research institutes to estimate the efficiency of cancer control, prevention, and treatment program.

Cancer registry software in hospitals helps clinicians evaluate treatment results and provides effective solutions. Cancer patient registries involve patients' health information data that include a wide range of demographic information and personal characteristics such as official education level, gender, age, race, and socioeconomic.

COVID-19 Impact 

The research report finds that the recent outbreak of the COVID-19 pandemic negatively impacted the IT or software industry. Competent IT companies twisted to set up work-from-home networks to keep their businesses running, however, many were not present in physical space, and it was easy for employees to use unexamined free trials, putting IT assets in danger of data breaches.

The pandemic caused disruptions in the functioning of existing health systems and brought about significant changes. Patients and care providers widely adopted telehealth solutions and telemedicine to lessen the need to physically visit care facilities. Care providers and care facilities witnessed a surge in the adoption of virtual health solutions during the pandemic. 

Cancer Registry Software Market Dynamics 

The report presents a complete market overview, and market dynamics by focusing on the current market trends, existing drivers, growth opportunities, and emerging challenges that shape the outcome or overall performance of the market during the forecast period, 2022 to 2030. 

Major Drivers:

Rising prevalence of cancer and favorable government initiatives

The rising prevalence of cancer and favorable government initiatives is expected to drive the market growth. According to the American Cancer Society, there were 609,640 cancer deaths and 1,735,350 new cancer cases in the US in 2018. The government is making efforts and offering assistance to create registries in an effort to lessen the burden of the disease.

Moreover, government organizations are taking steps to digitize and integrate healthcare systems, including the creation of electronic illness registries, due to the rising need for population health management and health information sharing. The growing demand for automated systems and solutions and the increasing popularity of telemedicine are driving the market growth. The rising number of managed care organizations and increasing use of cancer patient registry data for post-marketing surveillance are driving the market expansion. 

Current Restraints:

Privacy and data security-related concerns 

Cancer patient registries hold health information which includes a wide range of demographic details and individual traits, including gender and age, and race as well as socioeconomic status, marital status, the level of formal education, development disabilities, economical stability, and cognitive abilities. Health information frequently contains data about the patient’s families.

Thus, in the event of a data breach, patients’ third-party personal, private, or confidential information is expected to end up in the wrong hands. Medical identity theft is the result of about 30% of data breaches in the healthcare sector, which is primarily attributable to a lack of internal controls over patient information, a lack of support from top management, outdated procedures and policies, or disregard for those that are in place and inadequate staff training. Governments are now having difficulty addressing and coordinating the interrelated needs of privacy and information freedom. 

Market Opportunities:

Increasing number of accountable care organizations 

Accountable care organizations (ACOs) is expected to be aware of their providers, population, patients, and quality of care being provided if they are to improve patient care. Accountable Care Organizations are a group of healthcare providers. This organization offers effective chronic disease management and coordinated care.

ACOs payments are tied to the achievement of their healthcare quality goals and outcomes that result in cost savings for the medical care delivery system. Cancer patient registries focus on specific populations and adapt to changing requirements; thus, it is a powerful tool to support ACOs and other organizations participating in accountable care arrangements. Many government organizations are taking initiatives and providing support to build cancer registries. 

Scope of the Cancer Registry Software Market Report

The report on the global cancer registry software market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cancer Registry Software Market Segment Insights 

Commercial segment to expand at a considerable CAGR

On the basis of database, the cancer registry software market is segmented into public and commercial. The commercial segment is projected to expand at a considerable CAGR during the forecast period, as it provides additional data safety compared to the public database.

The commercial database adheres to government regulations and coding. Commercial platforms enable data transmission between central cancer registries and government research institutions similar to CDC. 

The public segment is anticipated to account for a major market share during the forecast period, owing to rising research programs. The public database is employed for certain initiatives. The CDC established Registry Plus, a public database registry, for the purpose of gathering and analyzing cancer registry data for each particular project. 

Get Free Sample Report

Integration software segment to hold a significant share of the market

Based on software type, the market is divided into integration software and standalone software. The integration software segment is expected to hold a significant share of the market in the coming years, due to rising government focus on population health management, reducing healthcare costs, and coordinated care.

The need to improve processes, reduce physical workloads, and adapt to the industry’s changing landscape are the key drivers of the rise in the usage of integrated software in the healthcare sector.  

The standalone software segment accounts for a significant market share, due to its easy-to-use tools and advanced features. The standalone software allows the processing of registry data and multiple system usages. Its automatic upgrade feature helps reduce IT overhead costs. WHO has released CAN REG %, a standalone that includes functions including automated system backup and data restoration. 

Medical research segment to expand at a substantial CAGR

On the basis of functionality, the cancer registry software market is segregated into medical research, patient care, and cancer reporting. The medical research segment is anticipated to expand at a substantial CAGR during the forecast period. Cancer registry software stores data systems to manage and analyze data on cancer survivors and patients.

Cancer registries are maintained to confirm that health officials have accurate and timely information on cancer treatment, incidence, and survivorship.  

The cancer reporting segment is expected to hold a significant share of the market. The cancer patient’s data is collected and reported which can be used for cancer control and epidemiological research, patient care improvement, and public health program planning. These activities reduce the burden of cancer therapy. 

Get Free Sample Report

Research centers segment to register considerable market share

Based on end-user, the market is segmented into pharmaceutical, biotechnology, & medical device companies, private payers, research centers, government organizations & third-party administrators (TPAS), and hospitals & medical practices. The research centers segment is projected to register a considerable share of the market in the coming years.

Software for cancer patient registries is mostly used by research facilities to keep track of patients who qualify for clinical trials. Several research institutions assist in the creation of cancer patient registries in collaboration with associations and healthcare facilities. Data from the registry is mostly used by researchers for product development. Many research organizations have constructed their databases of cancer patients in order to keep track of people with varied types of disease. 

The government organizations & third-party administrators (TPAS) segment is expected to hold a substantial CAGR, due to the rising implementation of this software by governments of both developed and developing countries to reduce the cancer burden. Governments identify the regions that are severely affected using this cancer registry software and take preventative action. Moreover, the growing financing for the adoption of software in hospitals is boosting segment revenue.   

North America is anticipated to constitute a key market share

In terms of regions, the cancer registry software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to the presence of developed infrastructure. As per the National Cancer Institute (NCI), there were 1,735,350 new cases of cancer in the U.S., as of 2018.

Thus, the rising incidence of cancer in this region due to tobacco smoking and lack of physical activity, among others, is driving the market growth. Furthermore, the growth of the market is propelled by the presence of significant market players, rising healthcare IT investments, and widespread use of this software. 

The market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to rising government initiatives being undertaken in this region. China has begun to modernize its Regional Healthcare Information Networks (RHINs) for the benefit of its rural population. Additionally, the relocation of pharmaceutical firms to low-cost manufacturing nations such as India and China are accelerating the expansion of Asia Pacific market.

The Japanese Ministry of Health Labour and Welfare has taken steps to enhance the current healthcare systems.  However, there are several important concerns, including poor quality, weak infrastructure, and inadequate coverage, which are projected to restrict expansion. 

Get Free Sample Report