Patient Registry Software Market
Patient Registry Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Press Release :
There are several wide ranging factors that are responsible for driving the growth of the global patient registry software market. One of the biggest growth factors for the market has been the government backing provided to develop patient registries. With the development of high quality database for patient registry it becomes easier to keep track of different patients with their medical histories and records. It becomes easier for the healthcare authorities to maintain a record in case of any medical emergencies. In addition to this, growing pressure to improve and enhance the quality of healthcare is also a key factor in driving the growth of the global market. Furthermore, it helps in reducing healthcare expenses and its use for post marketing surveillance are some of the other key factors that are helping to drive the overall development of the global market in the near future.
There are however, some factors that might impede the growth of the market in the coming years of the forecast period and stop it from reaching its full potential. One of the key impeding factors for the market development is the growing concerns about the data security and privacy. There have been several incidents of cyberattack and hacking threats leading to leakage of confidential data. This has led to fears about data privacy and security, which in turn will hamper the development of the global patient registry software market. Another important restraining factor for the market development has been the lack of trained and skilled resources. The patient registry software is a fairly new innovation in the market and has witnessed constant upgrades and updates in terms of working and overall functioning. Lack of skilled resources to handle these constantly updating systems can thus become a problem leading to its downsized adoption.
Global Patient Registry Software Market: Snapshot
The global patient pool of chronically ill is on the rise across multiple diseases. This growing patient number is creating a high demand for patient registry software across the world. The software allows users to generate long term documentations of patient histories which is extremely beneficial for a physician in managing his or her pool of patients with chronic illnesses.
Key patient registry software players additionally get support from governments through various initiatives aimed at improving the efficiency of the medical services that are currently available. Eventually these initiatives can impart benefits to doctors such as exposure to a greater pool of patients, improve patient recovery chances, lower or even eliminate lifestyle choice-relate health risks, and maintain permanent records of patients with chronic illnesses.
Owing to the above factors along with others, the global patient registry software market is expected to expand its revenue generation at a CAGR of 10.5% between 2015 and 2023. This market is expected to reach US$1 bn by the end of 2016 and touch nearly US$2 bn by the end of 2023.
North America to Continue Leading Patient Registry Software Deployment
The patient registry software providers in North America gain a high demand for their products and services through the high percentage of patients suffering from chronic diseases, along with the presence of feasible reimbursement policies. Additionally, most of the players based in North America hold a place in a highly advanced healthcare infrastructure that is ready to obtain and implement modern management strategies. North America customers also show a higher rate of awareness towards healthcare trends and the use of patient registry software. Most of all, the growth of mHealth trends is driving the demand for patient registry software in North America.
Europe shows a somewhat similar growth trend albeit on a smaller scale. This regions holds a very high number of patients suffering from diabetes, obesity, and other chronic illnesses. Asia Pacific, on the other hand, is an emerging market for patient registry software. The high population density and the rapidly improving healthcare infrastructure in this region are generating a greater scope for global players to enter.
Commercial Patient Registry Software Occupies Increasing Portion of Market Revenue
Commercial registry software has consistently been the leading type of patient registry software in the market. By 2023, it is expected to hold a revenue share of 81.3%, which is slightly lower than its 2014 share. The main reason for this is the rapidly growing popularity of public domain registry software.
The currently high popularity of commercial registry software is its ease of scalability, which can allow a large user population to access and add or modify information simultaneously. This feature has proven to be beneficial for players to provide in this burgeoning market. Additionally, commercial registry software is highly reliable in terms of functionalities as well as being flexible in meeting various patient types and customer demands.
The key players with offerings in patient registry software on a global scale include Quintiles, Inc., PatientCrossroads, Evado Clinical Solution, and Dacima Software, Inc., and Global Vision Technologies, Inc.
Global Patient Registry Software Market: Overview
Growing technological developments in healthcare industry has become the epicenter of the disruptive growth in the demand for innovative solutions in hospitals and other medical institutes. Owing to the developments in terms of technologies such as IoT and machine learning demand for innovative methods to deliver patients related information to the clients, the hospitals are incorporating new software. These software make it simple and hassle-free for the hospitals to provide patient records to various diagnostic centers and the patients themselves. Owing to these benefits the demand for patient registry software is picking major pace these days which consequently is propelling the growth of global patient registry software market in recent times.
What’s Trending in Global Patient Registry Software Market?
- The software that register the patients on the basis of diseases shall witness a significant hike in the global patient registry software market. This growth of the particular type of the software is the result of growth in the number of patients that are suffering from various diseases. Since, record keeping is the major function of the hospitals, this type of software are in high demand. Moreover, the categorizing the patient on the basis of disease makes it easier for the hospitals to provide accurate treatment. This also invokes the dominance of this type of software in global patient registry software market.
- Cloud based software shall dominate the global patient registry software market. This growth in the demand is attributed to the benefits such as decentralization of data to make it more secure, no restriction of space for massive on-sight databases, and real-time access to the patient records. Based on these benefits the cloud based software are expected to witness an exceptional growth in the global patient registry software market in the coming years.
This report on the global patient registry software market provides an analysis for the period 2013 – 2023, wherein 2014 is the base year and the period from 2015 to 2023 is the forecast period. Data for 2013 has been included as historical information. The report covers all the prevalent trends and technologies playing a major role in the growth of the patient registry software market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market growth during the said period. The study provides a holistic perspective on market growth, throughout the above forecast period in terms of revenue estimates (in US$ Mn), across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM).
Patient registries are the computerized databases that contain personal, medical, social, and financial data being reported by healthcare professionals and patients. For rare or chronic diseases, registries can provide vital epidemiological data such as incidence and prevalence, symptoms, and severity of the disease to researchers and healthcare professionals. Due to the continuous growth of chronic diseases, population and disease management is highly needed, which in turn drives the overall demand for patient registry software. The growing demand for patient registry software has led to the emergence of patient registry software vendors around the world, which has contributed to the growth of market size globally.
This research report provides in-depth analysis of the global patient registry software market on the basis of software types, disease areas, and end-users. The patient registry software types are public domain and commercial. The patient registry software on the basis of disease areas is divided into diabetes registry, cardiovascular registry, cancer registry, rare disease/orphan disease registry, and other chronic disease registry. The patient registry software end-user segment comprises government and commercial segments.
In terms of geographical regions, the report segments the global patient registry software market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America; the regions are analyzed in terms of revenue generation. The report provides cross-sectional analysis of the global patient registry software market in terms of market estimates and forecasts for all segments across different geographic regions.
The report also includes competitive profiling of major players engaged in developing patient registry software. Major business strategies adopted by them, their market positioning, and various recent developments have also been identified in the research report. This report also provides market share analysis of major players in the patient registry software market based on their 2014 revenues. Some of the major players profiled in the report include Global Vision Technologies, Inc., Quintiles Inc., Dacima Software Inc., PatientCrossroads, and Evado eClinical Solutions.
The global patient registry software market is segmented as below:
Patient Registry Software Market
- Public Domain Registry Software
- Commercial Registry Software
By Disease Areas
- Diabetes Registry
- Cardiovascular Registry
- Cancer Registry
- Rare Disease/Orphan Disease Registry
- Other Chronic Disease Registry
- North America
- Rest of North America
- EU7 Countries
- CIS Countries
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of APAC
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America