Published: Nov, 2016
Global Vision Technologies, Inc., has emerged as the dominant provider of patient registry software globally. Considering the impressive line-up of product launches it is focusing on, the company is likely to maintain its dominance through the forecast period between 2015 and 2023.
However, the competitive trends in market is likely to remain intense as companies such as PatientCrossroads, Quintiles, Dacima Software, Inc., and Evado Clinical Solution exhibit high potential either in niche or populous fields. For instance, Quintiles has partnered with NFL and MDA to fund the development of patient registry software catering to specific utilities.
The leading companies operating in the market are focusing on expanding their user base through consistent developments and optimizing patient registry software aimed at catering specific consumer preferences, states Transparency Market Research (TMR) in a new study. The report forecasts the global patient registry software market to report a CAGR of 10.5% between 2015 and 2023. The market is expected to gain revenue close to US$1 bn by the end of 2016. By 2023, the market’s valuation is projected to reach US$2 bn.
By type, commercial registry software will continue as the leading segment in the market. Meanwhile, the public domain software segment is projected to gain ground at a robust 11.8% CAGR between 2015 and 2023. Regionally, North America is projected to maintain dominance through the forecast period and reach US$931.3 mn by the end of 2023.
Implementation of Patient Registry Software to Rise Due to Increasing Incidence of Chronic Ailments
The increasing incidence of chronic diseases around the world is a primary factor boosting the global patient registry software market. The patients suffering from these conditions require continuous record-keeping for by their healthcare providers and therefore, rise in their number will result in higher demand for patient registry software.
Corroborating with this is the WHO’s factsheet from 2012, which reported a record 1.5 million deaths due to diabetes the year. Recent studies forecast the number to increase further in the forthcoming years. Besides diabetes, the incidence of various other chronic ailments is expected to surge. This provides a significant confirmation for the growth in the implementation of population health management strategies hence the use of patient registry software.
Risk of Data Security Remains Highly Prevalent Despite Recent Advancements
Despite the latest advancements in patient registry software, data security will continue to remain as a high concern for enterprises operating in the market. “Leading companies are currently focusing on upgrading patient registry software to ensure better relevance to today’s market,” said a lead TMR analyst. “However, the risk of data corruption, fraud, theft, and damage from accidental causes, unauthorized usage, and invasion of privacy still remains a serious cause of concern. This is a crucial factor keeping more users and clients from adopting the technology,” he added.
Once compromised with, patient registry software can create numerous issues such as misleading data leading to mismanagement of hospital funds, insurance complications, and incurring excess medical expenses. These problems hold high priority as medical records will continue remaining of high interest for people engaged in fraudulent practices.
Nevertheless, due to the increasing incidence of chronic ailments and as a consequence of the recent advancements, the market for patient registry software will continue witnessing growth across the globe, through the forecast period.
The review is based on information published by TMR in a report, titled “Patient Registry Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The report segments the global patent registry software market as:
Patient Registry Software Market Analysis, By Type
- Public Domain Registry Software
- Commercial Registry Software
Patient Registry Software Market Analysis, By Disease Areas,
- Diabetes Registry
- Cardiovascular Registry
- Cancer Registry
- Rare Disease/Orphan Disease Registry
- Other Chronic Disease Registry
Patient Registry Software Market Analysis, By End-User,
Patient Registry Software Market Analysis, By Geography
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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