PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373909
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373909
Patient registry software market size was valued at USD 1,620.8 Million in 2022, expanding at a CAGR of 12.8% from 2023 to 2030.
Patient registry software offers a registration toolbox, which enables database creation for the user to establish registry and administrative databases without any assistance of database design expertise or any requirement for computer programming skills. Patient registry software is ideal for data gathering in areas with unreliable and poor internet connectivity as it provides cloud-based access to the database, along with an offline approach that allows the user to model an Software-based database that could be installed on several personalized computers for offline data entry
Patient Registry Software Market- Market Dynamics
The rising prevalence of chronic and cancer diseases along with the use of electronic health records is driving the market growth
The increasing cases of chronic and cancer diseases are attributed to a boost in the growth of the global patient registry software market during the forecast period. Patient registry software provides numerous benefits including documentation of the history of diseases, patient tracking, management, its characteristics, and outcomes with or without any treatment, an active surveillance system for the development of harmful or unexpected events, as well as effective management of the patient population. These features are likely to fuel the demand for the patient registry software market. Moreover, the use of electronic health records (EHRs) and other HCIT solutions is rising, as patient registry software functionality is available and is included as an add-on for various EHR products, which is offering a positive indicator for the patient registry software market. Additionally, authorities in several economies are focusing on the greater adoption of EHR solutions to enhance the delivery of healthcare services in their healthcare systems. On the other side, data and privacy security-associated concerns and lack of skilled and trained resources are projected to obstruct the market growth.
Patient Registry Software Market- Key Insights
As per the analysis shared by our research analyst, the global patient registry software market is estimated to grow annually at a CAGR of around 12.8% over the forecast period (2023-2030)
The patient registry software industry is projected to grow at a significant rate due to the rising adoption of EHR solutions
Based on product type segmentation, product registry was predicted to show maximum market share in the year 2022
Based on software segmentation, standalone was the leading type in 2022
The surge in the high disposable income, healthcare expenditure, advancements in healthcare infrastructure, rise in the prevalence of the geriatric population, and use of patient registry data for post-marketing surveillance is propelling the patient registry software market.
The global patient registry software market is segmented on the basis of product type, software, functionality, and end user, and region.
The market is divided into three categories based on product type: product registry, disease registry, and health service registry. The product registry segment is accounted to witness the highest growth rate over the projected period. A registry is required for quality evaluation during the post-approval phase once a drug or a medical device is approved by a regulatory authority to identify any adverse reaction and to improve product safety understanding. Additionally, the segment is propelling due to supportive government initiatives to improve treatment outcomes.
The market is divided into two categories based on software: integrated and standalone. The standalone segment is likely to hold the largest revenue share due to its advanced features and easy-to-use tools. Additionally, the segment applications are meant to address only a particular register such as diabetes, cardiovascular, rare disease, and cancer patient details. Thus, both highly detailed and data retrieval is also very easy. The automatic upgrade advantage of standalone helps to minimize IT overhead costs, as a result driving the segment growth.
Patient Registry Software Market- Geographical Insights
The patient registry software market is geographically extensive and includes North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is attributed to dominate the global market for patient registry software in terms of revenue share. The rising prevalence of diseases along with the increasing target population and requirement for population-based registries are fueling the market growth. Additionally, rising government initiatives make this area a primary contributor to the market for patient registry software. Furthermore, Asia Pacific is likely to offer lucrative growth during the forecast period owing to the increasing adoption of electronic medical records. The factors propelling the growth in the region include repeated hospital visits, rising incidences of co-morbidities, increasing pressure to curb medical errors, and the aging population.
In developed and developing countries the rising use of HER is resulting in improved patient care as well as easy storage and collection of patient health information in a digital layout. The widespread transition of electronic records over paper-based records is expected to fuel the demand for patient registry software. Moreover, the rising investment in clinical trials by the pharmaceutical and biotechnological has positively impacted the market. Companies are continually trying to develop and improve user-interactive software to make patient registry software clinical research-friendly and more user-interactive. For instance, in April 2022, Quantori, LLC, announced the launch of a Registry Science Practice focusing on the creation of registry programs for clinicians, patients, and researchers. Registry Science is the reemerging region of medical informatics and biostatistics that intersects with epidemiology and medicine to track long-term health outcomes and enhance evidence-based care delivery.
For instance, in January 2022, Seqster PDM, Inc. announced its multi-year partnership with The National Pancreas Foundation which provides hope for those suffering from pancreatic and pancreatitis cancer, to create the countries largest, most inclusive pancreatic disease patient registry. The innovative new registry powered by Seqster connects to any EHR, genomic DNA test, and wearable/remote monitoring device, offering patients with a complete longitudinal health record in real time.