Patient Registry Software Market By Registry Type (Disease Registry, Health Service Registry, Product Registry) By Software Type (Standalone, Integrated) By Functionally (Population Health Management, Health Information Exchange, Patient Care Management) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

The global patient registry software market report examines the patient registry software industry critically using key parameters.The report consists of investment strategies, the need for investments in the patient registry software industry, and the multiple benefits for investors. Importantly, this report sets out major changes in the global technical regulations for the patient registry software industry and how economic and non-economic barriers are helping the market grow. Moreover, the report analyzes the global, regional, and country-level historic and forecasted market sizes. The report also provides a comprehensive analysis of key investment propositions, the demand and supply gap, competitor positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses include Porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

Key Highlights of the Report

How are the major segments performing in the patient registry software market?

• The disease registry type segment led the global market in 2021. The aging of the population, the rise in chronic and rare and new diseases, the growing understanding of the importance of registries in health management, and the expanding use of electronic health records (EHRs) globally are all factors that contribute to the growth of this segment market.
• Standalone software accounted for the largest global market share in 2021 due to its user-friendly tools and sophisticated features. Standalone software programs only deal with a particular register, such as patient information for people with diabetes, rare diseases, cancer, and cardiovascular conditions. As a result, it is extremely detailed, and data retrieval is also relatively simple. Moreover, the automatic upgrade function of the standalone software lowers the cost of IT overhead.
• The population health management functional segment is expected to grow faster during the forecast period. The transition from a fee-for-service (FFS) to a value-based payment (VBP) model results from stakeholders' growing demand for solutions supporting value-based care delivery. Population health management improves clinical outcomes, standardizes physician practices, and lowers the cost of disease management, all of which contribute to the segment's growth.
• In 2021, the government and third-party organization end-user segment dominated the global market. Implementing this software by governments in both developed and developing countries to reduce disease burdens is presumed to drive the growth.

Which region dominated the patient registry software market?

North America dominated the global patient registry software market in 2021, accounting for a significant market revenue share. The presence of significant patient registry software producers and the high uptake rate of these products in the region are largely responsible for the market's expansion in North America. Other regional drivers include the growing need to integrate healthcare systems, government funding for the development of patient registries, a greater emphasis on population health management and the exchange of health information, increased adoption of HCIT as a cost-cutting measure, and increased participation of non-profit and private organizations in improving patient care quality.

How is the US market performing in the patient registry software market?

In 2021, the United States dominated the North American patient registry software market, and this trend is anticipated to continue throughout the forecast period. The development of digital infrastructure in healthcare and well-established electronic health record (EHR) systems have contributed to growth in the United States. Besides, many market leaders are acquiring regional vendors to strengthen their market position. For instance, the US Office of the National Coordinator for Health Information Technology reports that as of 2018, almost 9 out of 10 (86%) office-based doctors used non-certified EHR systems, while 4 out of 5 (80%) adopted certified systems. The adoption of EHRs by office-based physicians has significantly increased since 2010, rising from 42% to 86%.

What is the competitive environment of the patient registry software market?

The existence of numerous small and big players characterizes the industry. The global market players constantly engage in strategic projects like geographic expansion, government cooperation, the launch of new products, and mergers and acquisitions to increase their penetration. For instance, ImageTrend Inc. (US) and the American Heart Association entered a partnership in March 2020. (US). The clinical and research team at ImageTrend will examine pre-hospital information on heart attacks and strokes among COVID-19 pandemic patients as part of this collaboration. Likewise, Amplitude Clinical introduced Amplitude software in March 2019, which comes pre-loaded with health information and includes accurate case-mix adjustment to improve diagnosis and management procedures.

Executive Summary

What are the technical developments being developed in the global patient registry software market?

Patient registry technology is a registry that collects diagnostic or disease-related data from patients, monitors the number of new medical devices used, and administers new procedures and surgeries. Private payers use patient registry software to manage patient records, create reports from the data gathered, and speed up billing procedures. Adopting this technology helps reduce turnaround times for processing claims, increase revenue generation, and improve service delivery times. Market participants in the patient registry software sector adopt collaboration and partnership strategies and launch technologically sophisticated offerings to meet the growing demands of end users. These strategies contribute significantly to the expansion of the enterprise registry software market. For instance, ArborMetrix Inc. and the Society of Interventional Radiology agreed in June 2020 to launch the IR Quality Registry, which will integrate analytics to improve patient care. Similarly, Clara Health, a software startup, partnered with Lyft, Inc., a ridesharing company, and VSC, a public relations firm, in April 2020 to create the registry technology platform and database that will connect COVID-positive and -negative individuals with clinical trials for treatment, diagnostics, and vaccine discovery.

Which are the key investments by the players in the patient registry software market?

Clinical trial investment by most biotech and pharmaceutical companies is anticipated to grow and open up new opportunities. Patient registry data assists in the tracking of patients for clinical trials. The numerous patient registries are useful for post-marketing drug and medical device surveillance for pharmaceutical and medical device companies. Patient registries lower the price of post-market research and assist in generating and applying real-world evidence. Patient registry software also assists in developing new drugs, particularly for rare conditions. In addition, the software can easily track specific drug use and outcomes. For instance, CloudPWR invested in and partnered with Accela in June 2019 to track the consumption of cannabis on prescription for medical purposes. It will aid in reducing misuse by increasing the volume of medical cannabis consumed.

Some major players in the patient registry software market are Conduent Inc., Dacima Software Inc., Elekta AB (pub), FIGMD Inc., IBM Corp., ImageTrend Inc., IQVIA Holdings, McKesson Corporation, OpenText Corporation, Optum Inc., Ordinal Data Inc., and Premier Inc.

What are the major driving factors for the patient registry software market?

The availability of cutting-edge patient registry software to assist healthcare organizations in gathering patient data, the growing use of patient registry software to determine appropriate treatment, and the increasing prevalence of chronic diseases and conditions are key factors anticipated to enhance market revenue during the forecast period. Increasing integration of electronic health records (EHRS), rapid advancements in healthcare technology, and rising demand for advanced and specialized care in developing countries are expected to drive additional demand for patient registry software. The use of patient registry software speeds up medical decision-making by providing clinically rich, pertinent evidence that can enhance patient safety and clinical outcomes. Utilizing the most recent interoperability standards can aid in seamless and secure data acquisition. Other factors anticipated to contribute to the market's revenue growth include rising government initiatives to promote and streamline value-based care to improve patient experience and lower operational costs and increasing investments to speed up digitization in healthcare facilities. rising global healthcare spending to develop technologically advanced healthcare infrastructure. Increasing use of advanced data science and data analytics, adoption of cloud-based infrastructure, and accessibility of reliable tools and interactive reports are additional factors anticipated to fuel market expansion.

What are the major risks for the patient registry software market?

Improper patient registry integration into the healthcare system can be time-consuming, a major factor limiting patient registry software adoption. Other growth-restraining factors that may impede future market revenue growth include rising software maintenance costs, the requirement for parallel documentation systems, and disease-specific registries. Other significant factors anticipated to slow down market revenue growth over the forecast period include concerns about patient data safety and security, vulnerabilities in patient registry software, a shortage of qualified and experienced professionals, and low healthcare budgets in developing and underdeveloped nations.

Which is the key end user in the patient registry software market?

The government and third-party organization segment is presumed to witness its dominance over the forecast period. Government agencies and third-party administrators (TPAs) of health plans use patient registry software to handle the medical claims for the members of their plans. It assists them in keeping track of a variety of tasks, including the status of medical claims, eligibility checks, payment processing, etc. These in-house developed systems enable TPAs and other stakeholders, such as care professionals and service users, to centrally store data from multiple patient records, making it simple to access all data, including demographics, medical information, diagnosis and treatment, and procedures carried out for a specific member or population group.

How is the patient registry software market performing in different regions?

The North American market is expected to have a larger share than other regional markets during the forecast period due to the significant presence of patient registry software providers such as Optum Inc., IQVIA Holdings Inc., and Dacima Software Inc. in the region. Moreover, rising government initiatives to provide value-based care for patients suffering from chronic diseases and illnesses are expected to drive the regional market's growth over the forecast period. The majority of the global revenue market share for patient registry software is accounted for by North America, which has a long history in terms of medical knowledge and the use of the daily average census.

Furthermore, the Asia Pacific region is anticipated to have the highest CAGR generator in the global patient registry software market during the forecast period. The use of electronic medical records has grown over the past few years. Major market drivers in the region include the aging population, increased pressure to reduce medical errors, frequent hospital visits, increased diagnostic errors, rising incidences of co-morbidities, and increased diagnostic errors. Helpful government programs, particularly in China, Japan, India, and South Korea, also contribute to the expansion of the patient registry software market. For instance, in May 2018, the South Korean government committed USD 33.4 million to expand a machine-learning system that will examine a patient's medical registry to provide better diagnoses and treatment options. Similarly, in 2019, Fujifilm launched FUJIFILM VET Systems in Japan to enter the regional cancer registry software market.

What is the regulatory landscape for the patient registry software market?

Integrated Patient Registry Software manages patient data, conducts clinical research, and ensures regulatory compliance. Governments worldwide are launching programs to computerize and integrate healthcare systems, such as developing computerized disease registries, in response to the rising demands for population health management and health information exchange. Regulatory authorities in major economies are focusing on the broader implementation of EHR solutions in their healthcare practices to optimize healthcare service delivery.

What is the market size of patient registry software in terms of value?

The global patient registry software market is anticipated to grow at a substantial CAGR of 14.5% in the upcoming years. The global patient registry software industry is estimated to be worth USD 1248.6 million in 2021 and is expected to be worth USD 2813.56 million by 2028.

What are the major players' plans for the future of the patient registry software market?

Healthcare providers use software with subscription models more and more due to its faster time-to-value for any added features. Several market players are currently promoting the subscription model, as it provides a better opportunity to build trust and understand the needs of healthcare providers (which, in turn, would help improve customer satisfaction). These benefits are expected to provide potential growth opportunities for patient registry software market participants during the forecast period. The emergence of cloud-based patient registry solutions, the high adoption rate of subscription registry models, and the shift in attention toward patient-powered research networks (PPRNs) are all further anticipated to present significant growth opportunities for players in the upcoming years.

Segmentation of Global Patient Registry Software Market -

Global Patient Registry Software Market – By Registry Type

• Disease Registry
• Health Service Registry
• Product Registry

Global Patient Registry Software Market – By Software Type

• Standalone
• Integrated

Global Patient Registry Software Market – By Functionally

• Population Health Management
• Health Information Exchange
• Patient Care Management
• Medical Research & Clinical Studies
• Others

Global Patient Registry Software Market – By End User

• Hospitals
• Government & third-party organizations
• Others

Global Patient Registry Software Market – By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa