(PharmaNewsWire.Com, September 24, 2021 ) According to the new market research report "Patient Registry Software Market by Registry Type (Diabetes, Rare Disease, Cancer, Kidney), Software (Integrated, Standalone), Delivery (On Premise, Cloud), Functionality (PHM, HIE), Pricing Model, Database (Public), End User (Hospital) - Forecast to 2025", published by MarketsandMarkets™, the global Patient Registry Software Market is projected to reach USD 2.4 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 14.4% from 2020 to 2025.
Browse in-depth TOC on "Patient Registry Software Market"
The growth of this market is mainly attributed to the shift toward computerized registries from paper-based registries, due to their advantages, is a key driver of market growth. The emergence of the COVID-19 pandemic and the increase in the number of COVID-19 patients globally is also expected to support the demand for patient registry software. Other considerations include the rising number of accountable care organizations, high adoption of the subscription model, and the emergence of cloud-based patient registry solutions. However, shortage of trained and skilled resources and privacy and data security related concerns hampered market growth to an extent.
The disease registries segment accounted for the largest market share in 2019.
Based on the type of registry, the patient registry software market is segmented into product registries, health service registries, and disease registries. The disease registries segment accounted for the largest share of 67.2% of the market in 2019. The large share of this segment can be attributed to the increase in the aging population, rising prevalence of chronic and rare & new diseases, growing awareness on the role of registries in health management, and the adoption of EHRs across the globe.
The on- premise segment accounted for the largest market share in 2019.
Based on the deployment model, the market is segmented into on-premise model and cloud-based model. In 2019, on-premise models held 82.6% of the global market. The large share of this segment can be attributed to the enhanced control and safety of patient data, and the large number of COVID-19 patients across the globe, which has driven the demand for registries.
The PHM segment accounted for the largest market share in 2019.
Based on functionality, the population health management (PHM) segment accounted for the largest market share of 28.9% in 2019. The large share of this segment can be primarily attributed to the implementation of favorable regulations, such as the ACA in the US.
The government organizations & TPAs segment accounted for the largest market share in 2019
Based on the end user, the patient registry software market is segmented into private payers; hospitals & medical practices; research centers; pharmaceutical, biotechnology, & medical device companies; and government organizations & TPAs. In 2019, the government organizations & TPAs segment accounted for the largest share of 33.9% of the global market. The large share of this segment can be attributed to the emergence of the COVID-19 pandemic and the need for analyzing patient data for better population health management.
North America was the largest regional market for patient registry software market in 2019
The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America accounted for the largest share of 48.9% of the global market. The large share of North America in the global market is attributed to the increasing need to integrate healthcare systems, government funding for developing patient registries, rising focus on PHM and HIE, increasing adoption of HCIT as a cost-containment measure, and the participation of non-profit and private organizations in improving patient care quality. Due to its growing geriatric population segment and environmental conditions have favored the spread of COVID-19 which has severely affected the region and ensured enormous growth in the demand for market. Players in this and adjacent, or even non-related, markets have focused on or collaborated for expanding the offerings in this market.
Some of the prominent players in the patient registry software market are Phytel, Inc. (US), IQVIA Holdings, Inc. (US), OpenText Corporation (Canada), ImageTrend, Inc. (US), FIGmd, Inc. (US), Syneos Health Inc. (US) and McKesson Corporation (US).
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