Presence of a large number of small and large vendors has rendered the competitive landscape of the global patient registry software market highly fragmented, observes Transparency Market Research in a recent report. Vast product portfolios and focus on continuously adding new products to their arsenal through mergers, acquisitions, and collaborative efforts distinguish some leading players such as Global Vision Technologies, Inc., PatientCrossroads, Dacima Software, Inc., Evado Clinical Solution, and Quintiles, Inc. from other smaller vendors in the market.
These leading companies are expected to maintain their dominance in the global market but are expected to stiff price- and feature-based competition from large and small vendors. New entrants could benefit from the increased demand for modifying software products to optimize them or make them feature-rich; new products and services on these lines can provide vast profits and sustainable growth opportunities.
Transparency Market Research estimates that the global patient registry software market will exhibit a promising 10.5% CAGR from 2015 to 2023, rising to an opportunity of over US$2 bn by 2023 from a valuation of US$1 bn in 2016.
Commercial Registry Software to Retain Dominant Position Owing to High Demand
In terms of type of software, the segment of commercial registry software is expected to remain the top scorer in terms of demand and revenue generation through the forecast period. The segment is expected to generate an opportunity of US$1.7 bn by 2023. In terms of disease area, the segment of diabetes registry software led in 2014 and is also expected to continue to lead in terms of growth pace.
In terms of geography, the market in North America presently accounts for the dominant share in the global patient registry software market owing to the vast and rising population of diabetics and people with cardiovascular conditions. Rising numbers of clinical trials in the regions and the increased adoption of simplified patient registry solutions in hospitals will help the market further progress in the region, keeping at the leading position.
Increased Confidence about Better Disease Management Compel Healthcare Organizations to Adopt Patient Registry Software
One of the key factors affecting the demand for patient registry software positively across the global marketplace is the alarming rise in patients suffering from a number of chronic diseases. With diabetes, cancer, and a variety of cardiovascular diseases already seizing a large share of the global population, and healthcare organizations forecasting a massive rise in numbers in the near future, a consistent record-keeping of present cases and case histories have become a common norm across all sectors of the healthcare industry. This trend is expected to help the global patient registry software market gain massive traction over the report’s forecast period.
Furthermore, the increased awareness about chronic diseases, rising need for accurate and effective treatments, and arduous government initiatives aimed at improving healthcare management systems are also expected to collectively provide the global patient registry software market a great impetus over the forecast period.
Concerns Regarding Data Security to Continue to Hamper Growth Prospects
Despite great achievements in improving security features of most product varieties in the market, software companies continue to struggle with concerns related to data theft, accidental damage to data, unauthorized access, and intrusion of privacy. It is one of the key challenges that continues to limit the large-scale adoption of patient registry software products. Moreover, dearth of the necessary digital infrastructure across healthcare organizations in a number of developing and less-developed economies continues to remain a key challenge for the market.
This review of the global patient registry software market is based on a recent market research report by Transparency Market Research, titled “Patient Registry Software Market (Type - Public Domain Registry Software and Commercial Registry Software; Disease Area - Diabetes Registry, Cardiovascular Registry, Cancer Registry, Rare Disease/Orphan Disease Registry, and Other Chronic Disease Registry, End User - Government and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
For the study, the market has been segmented as follows:
- 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
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