Patient Registry Software Market Outlook 2031:
The global patient registry software market size was valued at USD 1.61 Billion in 2022 and is projected to reach USD 5.66 Billion by 2031, expanding at a CAGR of 15% during the forecast period 2023 - 2031. Growth of the market is attributed to government initiatives to build patient registries, rising adoption of electronic health records (EHR), and increasing use of patient registry data for post-marketing surveillance.
Technologies have a dynamic effect in all industries. Industries today are majorly shifting towards automation. Paper based information storage require more time, maximum manual work and storage space, with technology these can be narrowed down.
Due to changing lifestyle and increasing population with chronic diseases such as cancer, cardiovascular diseases and increasing need of systems to operate huge healthcare data are the major factors driving the market.
Whereas rising demand for electronic health records (EHRs) and several advantageous factors like tracking history of medical problem with patient, management of data of outcomes, or active surveillance system will fuel market growth in coming years.
As Covid -19 pandemic has hit the world, the demand for patient registry software market has increased as it helps researchers to understand and diagnose the disease. Also it helps to collect real-world evidence of clinical encounters. Several governments have launched patient registries to determine the impact of covid-19 on patient’s earlier suffering from different diseases.
Patient Registry Software Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiatives and support from government is projected to drive the market during the forecast period.
- Increase in data losses and storage problem has encouraged the adoption of patient registry software’s.
- High cost of installation and safety is estimated to hinder the market growth.
- Development of software with cloud storage is anticipated to create immense opportunities for the market players.
Scope of Patient Registry Software Market Report
The report on the patient registry software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Patient Registry Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Integrated and Standalone), Applications (Hospital and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
IQVIA Inc, FIGmd Inc, Medstreaming, Open Text Corporation, Evado Clinical, LUMEDX,
CEDARON, and IBM Corporation.
Patient Registry Software Market Segment Insights:
Integrated and Standalone
Based on types, the patient registry software market is bifurcated into integrated and standalone. The integrated segment is projected to expand at rapid pace during the forecast period. A good example of integrated software package is Microsoft Office, which contains programs used in an office environment (Excel, Outlook, and Word).
Standalone software may refer to: Computer programs that can work offline, i.e. does not necessarily require network connection to function. Software that is not a part of some bundled software.
The hospital segment is anticipated to expand at a rapid pace during the forecast period
On the basis of applications, the patient registry software market is segregated into hospital and others. Integrated software is being increasingly used in hospital settings, where multiple registries need to be recorded in different departments, and cross-sharing of this data across departments is crucial. Patient registries help in the collection of evidence of clinical encounters and provide opportunities to potentially study the clinical effectiveness of treatments for different patients.
The market in North America is projected to hold a major market share
In terms of regions, the patient registry software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America holds a major market share. Rising prevalence of diseases and need for population-based registries are propelling the growth of the market in the region.
The market in Asia Pacific is expected to grow significantly in the coming year owing to rising adoption of electronic medical records. Rising pressure to curb medical errors, repeated hospital visits, increased diagnostics errors coupled with rising incidences of co-morbidities and the aging population are major factors driving the market in the region. Furthermore, supportive government initiatives, especially in Japan, China, and South Korea are boosting the growth of the market for patient registry software.
The patient registry software market is segmented on the basis of
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The major players in the patient registry software market include IQVIA Inc., FIGmd Inc., Medstreaming, Open Text Corporation, Evado Clinical, LUMEDX, CEDARON, and IBM Corporation. Several companies are engaging in mergers, acquisitions, and partnerships to extend their market share. Moreover they are focusing on expanding their product portfolio to leverage their market position.
In July 2019, Pulse Infoframe partnered with Immunocore and introduced the first global patient registry for Uveal Melanoma. This is a joint effort from the companies and the academic institutions from U.S., Australia, and the U.K. In March 2019, Amplitude Clinical launched Amplitude software which is pre-loaded with the patient record, involving accurate case-mix adjustment in order to improve the diagnostic and treatment procedure.