Published: Oct, 2017
A fresh business and commerce study by Transparency Market Research (TMR) has detected that the competition in the global patient registry software market is intense owing to the presence of a large number of vendors. This fragmented competitive landscape is expected to remain so in the near future too, owing to low entry barrier for new entrants and product portfolio is the only aspect that differentiates between the vendors. In the near future, the prominent companies of the global patient registry software market will focus on adding new products to their portfolio and engage in strategic collaborations to strengthen their position. The TMR report identifies PatientCrossroads, Global Vision Technologies, Inc., Evado Clinical Solution, Quintiles, Inc., and Dacima Software, Inc. as some of the companies who are currently ahead of the curve in the global market for patient registry software.
As per the projections of this recent report, the demand for patient registry software will increment at a notable CAGR of 10.5% during the forecast period of 2015 to 2023. Evaluated to be worth merely US$1.0 bn in 2016, the TMR report estimates the opportunities in this market to swell up to US$2.0 bn by the end of the forecast period. In the near future, a number of new entrants will further intensify the competition, offering feature-rich products and services and cater to localized markets to eat into the global shares.
On the basis of product type, the TMR report segments the global patient registry software market into public domain registry and commercial registry, and rates the latter as the most profitable segment. As per the report’s estimations, commercial registry software segment will constitute 81.3% of the overall demand. Ease of scalability and reliability in terms of functionalities are some of the drivers of this segment. On the other hand, public domain registry software is gaining popularity too and is expected to return a positive for the investors in the near future.
Geographically, North America is the most profitable region by a long margin, which is a reflection of high adoption rate of new technology, high prevalence of chronic diseases, and presence of feasible reimbursement policies. The developed country of the U.S., which houses the headquarters of a number of leading companies of this market, feeds most of the demand for patient registry software in North America. While Europe is another lucrative region, emerging economies such as India and China, which constitute for nearly half of the world’s populations, are expected to turn Asia Pacific into a highly profitable region towards the end of the forecast period.
Cost Benefits Driving Adoptability in Emerging Economies
Government regulations and other initiatives to build patient registries in order to enhance detection and help on a timely manner, rising pressure to device methods that improve the quality of care and reduce healthcare costs at the same time, rising adoption of EHRs, and growing usage of patient registry data for post-marketing surveillance are some of the key factors augmenting the demand in the global patient registry software market. On the other hand, data privacy remains the biggest hindrance that is obstructing the prosperity of patient registry software market, and the vendors will have to overcome it to attain wholesome profits. Lack of trained and skilled resources, reluctance of smaller hospitals and clinics to adopt advanced solutions, and lack of awareness are a few other restraints of this market. Nevertheless, rising number of accountable care organizations, high adoption rate of the subscription model, emergence of cloud-based patient registry solutions, and shifting focus towards patient-powered research networks (PPRNs) are expected to open new opportunities in this market.
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