Patient Registry Software Market

Global Patient Registry Software Market Size (2023 to 2028)

The global market size for patient registry software is forecasted to be growing at a CAGR of 17.72% from 2023 to 2028 and be worth USD 4.84 billion by 2028 from USD 2.14 billion in 2023.

Impact of COVID-19 on the global patient registry software market:

The demand for patient registration software has been fuelled in recent years because of the COVID-19 pandemic. The availability of advanced products has risen internationally because of key companies concentrating on creating cutting-edge software and product releases. This patient registry aids in understanding the prognosis of the illness and assists doctors in selecting the most effective COVID-19 treatment for their patients. Additionally, patient registries assist in gathering information from the field to assess the clinical effectiveness of medicines for patients from different groups. Cancer and cardiovascular disorders are more prevalent in humans and are signs of COVID-19. Patients can use data from patient registries, which offer helpful insight, to explain better patient concerns, medical procedures, and clinical outcomes. As a result, the global patient registry software market had positive growth recently due to COVID-19.

MARKET DRIVERS:

The rising adoption of EHR and the increasing number of government initiatives are primarily boosting the patient registry software market.

Many EHR products use patient registry software functionality. The increasing use of EHR in developed and developing countries results in improved patient care, increased patient participation and the collection and storage of patient health information in a digital format. Increasing adoption of EHR solutions in healthcare systems to improve the delivery of healthcare services for greater adoption of EHR by different countries. For instance, the U.S. passed the Cures Act on December 13, 2016, which improves medical product development and provides advanced medical technology. Such factors boost the demand for EHRs, which is anticipated to promote the growth of the patient registry software market. Furthermore, increasing government sources for electronic health records drives the market forward because of their numerous clinical and non-clinical applications. In addition, governments have launched several programs worldwide to improve the quality of healthcare services.

Rising pressure to improve the quality of care and reduce healthcare costs and an increase in the incidences of chronic diseases such as cancer, diabetes, and cardiovascular diseases are further projected to showcase a favorable impact on the market growth. In addition, implementation of EHR solutions in their healthcare practices for improving the delivery of healthcare services and government initiatives to build patient registries, increasing clinic trials, high disposable income, a rise in the prevalence of the senior population, advancements in healthcare infrastructure, and use of patient registry data for post-marketing surveillance are also predicted to boost the growth rate of the patient registry software market.

In addition, market participants are expected to benefit from more significant opportunities throughout the forecast period as cloud-based patient registration systems gain popularity and artificial intelligence is incorporated into electronic health record solutions. Several participants are helping to facilitate the technology's incorporation into the EHRs using voice recognition capabilities.

MARKET RESTRAINTS:

However, a shortage of trained and skilled personnel, data security and privacy-related issues, and a lack of awareness are the factors that restrain the growth of the patient registry software market. In addition, the high expenses of implementing and acquiring complex EHR systems and patient registries, as well as a lack of operational expertise for these sophisticated technologies, are projected to challenge the growth rate of the patient registry software market.

REPORT COVERAGE:

This research report on the global patient registry software market has been segmented and sub-segmented based on the type of registry, type of software, functionality, and region.

Global Patient Registry Software Market – By Type of Software:

• Stand-alone Software
• Integrated Software

Based on the type of software, the integrated software segment is expected to have the largest market share during the forecast period. This dominance is because it promotes cutting-edge remedies and the prevalence of illnesses. In addition, because the integrated software components, plugins, and add-ons are made to function well, the market for patient registry software is growing.

Global Patient Registry Software Market – By Type of Registry:

• Disease Registries
• Health Service Registries
• Product Registries

During the forecast period, the disease registries segment is anticipated to have the most significant global patient registry software market share. The segment is driven by encouraging government programs to enhance treatment results, a growing aging population, growing awareness of registries, and increasing adoption of EHRs. To preserve patient data, the Indian Joint Registry (IJR) has been developed and is being maintained efficiently and securely. This platform helps patients have better results and provide data on long-term joint and surgical function.

Global Patient Registry Software Market – By Functionality:

• Population Health Management
• Patient Care Management
• Health Information Exchange
• Medical Research & Clinical Studies

Based on the functionality, the population health management segment was dominant among the others in 2022. PHM promotes improved clinical results, lowers the cost of illness management, and harmonizes medical practices, all of which contribute to the segment's expansion.

Global Patient Registry Software Market – By End-User:

• Government Organizations & Third-Party Administrators
• Hospitals and Medical Practices
• Private Payers
• Pharmaceutical, Biotechnology, and Medical Device Companies
• Research Centers

Global Patient Registry Software Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American patient registry software market had the highest share of the global market in 2022. Factors such as the rising target population, increasing government initiatives, rising prevalence of diseases, and the need for population-based registries are majorly fuelling the market growth in North America. According to the American Cancer Society, in 2019, nearly 1,762,450 new cancer cases and 606,880 cancer deaths in the U.S.

Europe held the second-largest share of the global market in 2022. Owing to the increasing development of national patient registries, and increasing adoption of mHealth services such as monitoring services, diagnostic services, preventive services, treatment services, research processes, emergency response services, and doctor assistance services, the availability of funding to create global patient registries, the European is anticipated to register a healthy CAGR during the forecast period as well. In addition, the rising incidence of diabetes in Europe is predicted to raise demand for Patient Registry Software. Almost five million people in the U.K. will have diabetes by 2026, according to Diabetes U.K. Furthermore, the stringent regulation in Germany to implement electronic patient records further fuels the demand for patient registry software. The German Health Minister proposed regulations for digital health solutions in Germany in May 2019. It will help to improve telemedicine infrastructure, patient healthcare records, and the implementation of the electronic registry.

Asia Pacific market is predicted to have the fastest CAGR in the global patient registry software market during the forecast period. The market in this region is anticipated to be driven by the increasing incidence of chronic diseases, increasing government initiatives for the advanced healthcare infrastructure, rising awareness about the benefits of EHRs, the development of medical tourism in Asian countries, and the growing number of research activities. India and South Korea have been found with some lucrative opportunities. The increasing need to eliminate medical errors and rising diagnostic errors drive the regions forward. For instance, in May 2018, the South Korean government invested USD 33.6 million to expand an artificial intelligence system that evaluates a patient's medical registry to provide improved diagnoses and treatment options.

TOP COMPANIES IN THIS MARKET:

IQVIA Holdings, Inc., ImageTrend, Inc., Optum, Inc., International Business Machines Corporation, Syneos Health Inc., Premier, Inc., Phytel, Inc., Telligen, Inc., and Dacima Software Inc. are some of the prominent players in the global patient registry software market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• ImageTrend, Inc. announced the latest National Trauma Data Bank (NTDB) Data Dictionary available in the Patient Registry from January 1, 2021.
• The American Academy of Pediatrics has partnered with ArborMetrix to create a clinical registry to promote the development, health, and well-being of all children in 2020.