The global patient registry software market is expected to reach USD 1,429.1 Million by 2022 from USD 807.4 Million in 2017, at a CAGR of 12.1%
A number of factors such as government initiatives to build patient registries, rising pressure to improve the quality of care & reduce healthcare costs, rising adoption of EHRs, and growing use of patient registry data for post-marketing surveillance are driving the growth of this market. With the rapidly growing geriatric population and increasing prevalence of chronic diseases, the necessity of population health management has increased. This draws attention towards registry tools. The high adoption of information technology across the globe also supports the growth of this market.
This report segments this market based on type of registry, pricing model, deployment model, type of database, functionality, end user, type of software, and region. In the basis of functionality, the patient registry software market is segmented into population health management (PHM), patient care management, health information exchange (HIE), point-of-care, product outcome evaluation, and medical research & clinical studies. The population health management segment is estimated to dominate the market in 2017. This can primarily be attributed to increasing government initiatives for encouraging PHM.
The global patient registry software market, by end user is segmented into government organizations & TPAs (third-party administrators); hospitals and medical practices; private payers; pharmaceutical, biotechnology, and medical device companies; and research centers. In 2017, the hospitals and medical practices segment is expected to witness the highest growth during the forecast period. The high growth rate of this segment can be attributed to factors like increasing focus on improving the quality of patient care and growing adoption of EHRs.
On the basis of deployment model, the patient registry software market is further divided into on-premise and cloud-based models. The cloud-based models segment is expected to grow at the highest CAGR during the forecast period. The main factors aiding its growth are cost-effectiveness, large storage capacity, easy accessibility, flexibility, and regular automatic upgradation.
Implementation of Government Initiatives to Build Patient Registries
Rising Pressure to Improve the Quality of Care and Reduce Healthcare Costs
Rising Adoption of Ehrs
Growing Use of Patient Registry Data for Post-Marketing Surveillance
Privacy- and Data Security-Related Concerns
Lack of Trained and Skilled Resources
Rising Number of Accountable Care Organizations
Emergence of Cloud-Based Patient Registry Solutions
High Adoption Rate of the Subscription Model
Shifting Focus Towards Patient-Powered Research Networks (PPRNS)