ALBANY, New York, October 15, 2018 /PRNewswire/ --
As per expert analysts, the global patient registry software market is estimated to register an overall valuation of US$2.0 bn by 2023, which is a decent growth from an initial revenue worth US$1.0 bn that was clocked in 2015. This growth is expected to occur at a healthy CAGR of 10.5% during the forecast period ranging from 2015 to 2023.
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Widespread Advancements Occurring in the Medical Field Spurts Growth
Favorable governmental regulations coupled with other initiatives to build patient registries is majorly boosting growth in the global patient registry software market. Apart from this, a rising awareness regarding detection of health issues and illnesses too is propelling growth in the global patient registry software market. Moreover, with a rising adoption of EHRs, an increase in the use of patient registry data has been noted to occur, thus opening new doors for growth in this market. Widespread advancements occurring in the field of medical technology too has been responsible for driving the global patient registry software market. With rising population all over the globe, the number of patients being diagnosed with health issues is increasing too. This has made it highly necessary for utilization of an effective patient database system, and this is certainly possible by the use of quality patient registry software market. Lastly, increasing demand for support derived from smart technologies in the medical industry is expected to ensure that this market expands at a rapid pace in future.
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Costly Patient Registry Software Manufacturing Processes Dampen Progress
However, a high risk of data privacy on such highly efficient software systems is a key factor hindering growth in the global patient registry software market. Moreover, the overall manufacturing of these machines is substantially expensive. This might discourage those having less disposable income/capital from utilizing the associated services. In addition, remote and underdeveloped regions might showcase a lack of trained and skilled resources, thus restraining the market from a geographical perspective. Moreover, smaller healthcare centers and clinics might showcase stubbornness to adopt latest technologies, thereby hindering the global patient registry software market. Not many institutions are aware of the existence of such technological support, thereby making the market grow at a gradual pace in some regions. With frequent investments necessary for carrying out extensive research and development, small companies having less capital might find it difficult to sustain their presence in the global patient registry software market. However, several players expected to introduce cost-regulated systems, thus offsetting most restraints affecting the market.
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The global patient registry software market depicts the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. The fragmented scenario is anticipated to continue in the near future thanks to the low entry barrier present for new players to establish themselves in the market. Most players are aiming for improving their product portfolios, enhancing service quality, and expanding geographical presence. Many businesses operating in the global patient registry software market are expected to strengthen their position by participating in important collaborations and partnerships. Quintiles, Inc., Patient Crossroads, Evado Clinical Solution, Global Vision Technologies, Inc., and Dacima Software, Inc., are key players operating in the global patient registry software market. With the number of players projected to increase in the market, the competition is anticipated to highly intensify.
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This review is based on the findings of the research report published by Transparency Market Research titled "Patient Registry Software Market (Type - Public Domain Registry Software, Commercial Registry Software; Disease Areas - Diabetes Registry, Cardiovascular Registry, Cancer Registry, Rare Disease/Orphan Disease Registry, Other Chronic Disease Registry; End-User - Government, Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
- Favorable governmental regulations coupled with other initiatives to build patient registries is majorly boosting growth in the global patient registry software market.
- With the number of players projected to increase in the market, the competition is anticipated to highly intensify.
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