Patient registry software (PRS) offers a registration toolbox that can aid in creating patient database. It is scalable, configurable, and offers cloud-based accessibility to the database. Public domain registry software and commercial registry software are the two types of PRS.
The global patient registry software market is estimated to account for US$ 1,540.9 Mn in terms of value and is expected to reach US$ 3,116.9 Mn by the end of 2027.
Global Patient Registry Software Market: Drivers
Emergence of pandemic diseases is expected to propel growth of the global patient registry software market over the forecast period. For instance, according to the World Health Organization, the number of cases of COVID-19 reached 2,402,250 as of April 22, 2020.
Global Patient Registry Software Market: Opportunities
Increasing adoption of cloud-based PRS is expected to offer lucrative growth opportunities for players in the global patient registry software market. Cloud-based PRS offers several advantages such as user-friendliness, scalability, and adaptability for any health specialty or organization; capability to eliminate the need to purchase costly, time-consuming, and bulky systems; boosts data collection speed and accuracy; accelerates interoperability between the patient registry and electronic health records; and eradicates challenges of patient identity management across multiple data sources.
Global Patient Registry Software Market: Restraints
Syntactic interoperability (communication) issues, namely the inability of heterogeneous health information systems to exchange data, are also expected to limit growth of the market.
Moreover, low adoption of PRS in emerging economies is also expected to hinder the market growth.
The global patient registry software market was valued at US$ 1,390.5 Mn in 2019 and is forecast to reach a value of US$ 3,116.9 Mn by 2027 at a CAGR of 10.6% between 2020 and 2027. Factors such as increasing prevalence of diseases and increasing patient data is expected to support growth of the market.
Commercial Registry Software segment held dominant position in the global patient registry software market in 2019, accounting for 82.1% share in terms of value, followed by public domain registry software, respectively. Commercial organizations are indulged in providing quality information, and access to large databases at premium prices which is supporting growth of the segment.
Diabetes Registry segment held dominant position in the global patient registry software market in 2019, accounting for 39.3% share in terms of value, followed by cardiovascular registry and cancer registry, respectively
In North America, increasing prevalence of cardiovascular disease (CVD) is expected to boost demand for PRS. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of CVD in 2016. In Africa, presence of fewer physicians and lack of trained healthcare professionals is expected to boost demand for mHealth, thereby aiding in growth of the patient registry software market in the region.
Major organizations are focused on developing COVID-19 registries. For instance, in April 2020, Blue Cross Blue Shield of Michigan collaborated with 26 Michigan hospitals to collect comprehensive clinical data on COVID-19 patients in a registry for enhancing COVID-19 treatment.
Global Patient Registry Software Market: Competitive Landscape
Major players operating in the global patient registry software market include, Global Vision Technologies, Inc., Quintiles Inc., Dacima Software Inc., PatientCrossroads, Mckesson Corporation, Liaison Technologies, and Imagetrend, Inc. and Evado eClinical Solutions.
Global Patient Registry Software Market: Key Developments
March 2020: Phunware, Inc., a fully-integrated enterprise cloud platform, launched a National Ventilator Registry
December 2019: ESO, a data and software company, acquired Digital Innovation, Inc., a service software solutions provider. The company also partnered with DICORP for development in trauma registry.