New York, May 17, 2023 (GLOBE NEWSWIRE) -- The Patient Registry Software Market was valued at USD 1,200 Million in 2022 and is expected to reach a value of USD 3,632 Million by 2032. In the projection period, the Global Market is anticipated to grow and exhibit a Compound Annual Growth Rate (CAGR) of 12%.
Patient registry software is an organized system that collects non-clinical or clinical data of the patient for the evaluation of specific outcomes with the help of observational study methods. These outcomes are linked to a population that is defined by a specific condition, disease, or exposure and serves predetermined scientific, clinical, or policy goals.
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Key Takeaway:
- By Type of Registry, the disease registry segment is expected to grow fastest during the forecast period of 2023 to 2032 at a revenue share of 38.7%.
- By Software, the standalone software segment accounted for the highest share of 56%.
- By Deployment Model, the on-premise segment held the highest share of the market due to its data security, ease of retrieval, and accessibility.
- By Database Type, the commercial segment of the market dominated with the highest revenue share.
- By Functionality Analysis, population health management accounted for the highest revenue share.
- By End-User, the government and third-party segments held the largest revenue share.
- In 2022, North America dominated the global patient registry software market with the highest revenue share of 43%.
- Between 2023-2032, the increasing population in the Asia-Pacific region is expected to help the market's growth.
The growing use of electronic health records (EHRs) and other eHealth solutions all over the globe is one of the major drivers of the market. The expansion of the market is boosted by the increasing incidence of chronic diseases like cancer, diabetes, and cardiovascular diseases, as well as the increasing pressure to reduce healthcare costs and improve care quality. The market is further expanded by government initiatives to build patient registries and the widespread use of EHR solutions in healthcare practices to enhance service delivery. The market also benefits from rising healthcare costs, advancements in healthcare infrastructure, an increase in the geriatric population, high disposable income, and the use of patient registry data for post-marketing surveillance.
Factors affecting the growth of the patient registry software market
Several factors can affect the growth of the patient registry software market. Some of these factors include:
- Implementation of government initiatives to build patient registries: The implementation of various government initiatives will boost the growth of the market.
- Increasing use of patient registry data for post-marketing surveillance: Increasing usage of the stored data for post-marketing surveillance contributes to the growth of the global patient registry software market.
- Rising adoption of electronic health records (EHR): The increasing adoption of EHR is the major factor that drives the growth of the market.
- Increasing need for chronic disease registries: Increasing need for chronic disease registries is estimated to foster the growth of the global patient registry software market over the forecast period.
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Top Trends in Global Patient Registry Software Market
The Global Patient Registry Software market as a whole is undergoing a trend characterized by rising pressure to lower healthcare costs and improve care quality. Concerns regarding data security and privacy may impede market expansion. The Global Patient Registry Software Market in North America will be fueled by government funding for patient registries, the rising need to integrate healthcare systems, a growing focus on population health management and health information exchange, and the rising adoption of HCIT as a cost-containment measure. Europe and APAC will follow North America as the fastest-growing region during the forecast period.
Market Growth
Advanced tools are required by healthcare organizations to manage the health of patients quickly and effectively. A patient registry is an essential tool for the success of population management. Because registries provide a means for health professionals to collect information from multiple sources about patients. This helps them understand and improve their knowledge about the condition. It also allows them to design better treatment plans and help in creating targeted programs.
New longitudinal measures of quality and outcomes in health across care settings are required as a result of the shift to value-based payments and accountable care. This will require new IT solutions for health that go beyond EHRs and intermediaries. These will combine data and report measures and give providers actionable feedback quickly. EHRs are linked to registers in order to provide the best insights possible for quality improvement, evidence generation, and public reporting. National Institutes of Health (NIH) states that regulatory agencies and other stakeholders are increasingly relying on data from patient registries to support their decision-making. This will boost the growth of the patient registry software market.
Regional Analysis
The North American region dominated this target market with the highest revenue share of 43% and is anticipated to experience significant growth over the forecast period. Owing to factors like the growing use of electronic health records, government initiatives to encourage the use of patient registry software, and pharmaceutical company R&D.
On the other hand, lucrative growth is anticipated in Asia-Pacific. The use of electronic medical records has increased over the past few years. The aging population, an increase in diagnostic errors, increased pressure to reduce medical errors, and an increase in co-morbidities are all major drivers of the market in the region. Supportive government initiatives are also expanding the market for patient registry software, particularly in China, South Korea, and Japan.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1,200 Million |
| Market Size (2032) | USD 3,632 Million |
| CAGR (from 2023 to 2032) | 12% |
| North America Revenue Share | 43% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
In response to the increasing demand for population health management and health information exchange, government agencies all over the world are taking steps to digitize and integrate healthcare systems. One such action is the establishment of computerized disease registries.
In the United States, there are a number of federal and state agencies like National Institutes of Health (NIH), the Centers for Medicare & Medicaid Services (CMS), the Food and Drug Administration (FDA), the Agency for Toxic Substance and Disease Registry (ATSDR), the Centers for Disease Control and Prevention (CDC), and the Agency for Healthcare Research and Quality (AHRQ). All the federal and state agencies are concentrating their efforts on the creation of patient registries with the goal of determining the long-term outcomes of devices, agents, groups of drugs, or procedures.
Market Restraints
Concerns about data privacy and security are hindering the adoption of patient registry solutions due to a breach of a data registry that has the potential to reveal the private information of many patients. In recent years, there have been a lot more healthcare data breaches. One-third of healthcare industry data breaches are caused by medical identity theft. This is primarily due to inadequate employee training, out-of-date or non-adherence to existing policies and procedures, and a lack of internal control over patient information.
Market Opportunities
The subscription model places minimal strain on healthcare systems and requires little upfront investment due to the absence of IT staff. Both productivity and efficiency are worked on subsequently. Additionally, vendors can utilize this model to devise novel licensing arrangements in order to reach brand-new prospects and customers. Due to the shorter time, it takes to implement new features, healthcare providers are increasingly utilizing software with subscription models. Numerous market players are currently promoting the subscription model because it provides more opportunities to establish trust and comprehend the requirements of healthcare providers. Due to these advantages, market participants should receive growth opportunities over the forecast period.
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Report Segmentation of the Patient Registry Software Market
Type of Registry Insight
The rising demand to integrate the healthcare system and lessen the burden of disease is driving the disease registry segment. Additionally, they are useful in locating patients scheduled for drug discovery clinical trials.
It is anticipated that the product registry sector will be estimated to experience profitable growth during the forecast period. After a drug or medical device has been approved by a regulatory body, a registry is required for quality evaluation during the post-approval phase to better understand the product's safety and identify any adverse reactions. The section is being impelled by an administration drive to further develop treatment results.
Software Insight
The standalone software category had the highest market share 56%, owing to its advanced features and user-friendly tools. Cancer, rare diseases, diabetes, cardiovascular disease, and patient details are addressed by standalone software applications. Consequently, it is very detailed and easy to retrieve data.
Deployment Model Insight
The on-premise market segment had the highest market share because of its data security, accessibility, and ease of retrieval. It was also useful for bulk data file transfers and system upgrades. The primary reasons for choosing these services are complete permission to access information and complete control over the premises. Pharma companies and research organizations typically favor on-premise solutions due to the privacy of their data and the availability of individualized service options.
Database Insight
The commercial sector of the market dominated the market with the highest revenue share because of its improved data security in comparison to the public database. Demand is even higher because these databases adhere to government and coding standards. Additionally, this software offers a number of advantages, such as an easy-to-use interface, a single point of contact for all business issues, and prompt software updates. Commercial systems make data exchange between government research organizations like the CDC and central disease registries possible, which contributes to the expansion of the market.
Functionality Insight
Population Health Management received the highest revenue share. Due to stakeholders' growing demand for support for value-based care delivery, the Fee-for-Service (FFS) model has been replaced by the Value-Based Payment (VBP) model. The price of disease management is being reduced, physician approaches are being standardized, and clinical outcomes are being improved, all of which are contributing to segment expansion.
End-User Insight
Government and third parties, pharmaceutical and medical device companies, hospitals and medical practices, research organizations, and private payers are the segments of the market. The majority of revenue came from the government and third-party sectors. The market for patient registry software is anticipated to be fueled by the government's use of this software to reduce disease burden in both developed and developing nations.
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Market Segmentation
By Type of Registry
- Disease Registry
- Cardiovascular
- Cancer
- Diabetes
- Rare disease
- Other Types of Disease Registry
- Health Service Registry
- Product Registry
- Medical Device
- Drug
By Software
- Standalone
- Integrated
By Deployment Model
- On-Premise
- Web/Cloud-Based
By Database Type
- Commercial
- Public
By Functionality
- Population Health Management
- Product Outcome Evaluation
- Health Information Exchange
- Medical Research & Clinical Studies
- Patient Care Management
- Point-Of-Care
By End-User
- Government & Third Party
- Pharma & Medical Device Companies
- Hospitals & Medical Practices
- Research Organization
- Private Payers
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The market for software for patient registries is extremely competitive and fragmented. The first global patient registry for uveal melanoma was launched by Pulse Infoframe and Immunocore, for instance. Companies and educational establishments from the United Kingdom, Australia, and the United States are collaborating on this. It is anticipated that the data gathered from the academic patient registry will contribute to future clinical research and enhance our understanding of the disease.
Key Market Players
- IQVIA Inc,
- FIGmd, Inc.
- ImageTrend, Inc.
- Global Vision Technologies, Inc.
- Dacima Software Inc.
- Liaison Technologies, Inc.
- Evado Clinical
- Dacima Software Inc.
- Syneos Health, Inc.
- Evado Pty. Ltd.
- ArborMetrix Inc.
- Ifa Systems AG
- McKesson Corporation
- Other Key Players.
Recent Development of the Patient Registry Software Market
- In April 2022, Quantori, LLC established a Registry Science Practice, focusing primarily on the creation of registry programs for patients, researchers, and clinicians.
- In January 2022, In collaboration with Seqster and the National Pancreas Foundation (NPF), the nation's largest dynamic pancreatic patient disease database was created. Advanced cutting-edge research may be able to move more quickly through the database than through traditional methods.
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