The global patient registry software market size is expected to reach USD 2.3 billion by 2027, expanding at a CAGR of 11.7%, according to a new report by Grand View Research, Inc. Increasing demand for integrated healthcare systems is fueling the demand for patient registry software. Surmounting burden to curb the healthcare cost is expected to fuel market growth via higher penetration and untapped opportunities. Lack of patient information access was found to be a major barrier for integrating care and proper treatment option in both developed and developing countries, which is further driving the market.
Increasing
number of clinical trials by major pharmaceutical and biotechnological
companies is expected to drive the patient registry software market over the
forecast period. The data obtained via patient registry software helps in
tracking patients for clinical trials. Moreover, associated advantages such as
increased cost-effectiveness, efficient resource management, and reduced
healthcare IT cost, are further widening the scope for market growth. The
industry players are also constantly trying to develop advanced registries
which can be easily integrated with national registries for a better outcome.
For
instance, in September 2019, Elekta signed a distribution agreement with
DocSoft for the key patient-specific QA solution software namely EPIgray,
MU2Net, and EPIbeam. These software will help to analyze the treatment plan for
any diagnosed condition, for future purposes. This agreement is expected to
increase the company’s market penetration in the coming years.
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Further key
findings from the report suggest:
- Disease
registry held the largest revenue share in the patient registry software market
owing to the increasing demand to curb the disease burden and stringent
regulations by the government bodies
- The
standalone segment held the largest share in 2019 and is expected to
witness a CAGR of over 11.0% by 2027. The growth can be attributed to
advanced features offered by the software such as easy data retrieval and
auto upgradation
- The
on-premise segment held the largest revenue share in 2019. This is due to
enhanced data security options and ease of access
- The public
database type segment is expected to show the fastest growth over the
forecast period owing to its increased usage for research purposes
- The
population health management segment held the largest revenue share in
2019. This is due to its growing adoption in developed countries for
better patient care
- The pharma
and medical device companies segment is expected to show the fastest
growth over the forecast period, owing to the increasing use of registries
by these companies for clinical trial enrollment
- Asia Pacific
is expected to emerge as the fastest-growing region in this space.
Moreover, North America held the largest revenue share due to its
established healthcare structure and stringent regulations by the
government bodies
- Some of the
major players include IBM; IQVIA; Elekta AB; McKesson Corporation; Dacima
Software Inc.; Phytel, Inc.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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