Patient Registry Software Market Pegged for Robust Expansion by 2023
There are several wide ranging factors that are responsible for driving the growth of the global patient registry software market. One of the biggest growth factors for the market has been the government backing provided to develop patient registries. With the development of high quality database for patient registry it becomes easier to keep track of different patients with their medical histories and records. It becomes easier for the healthcare authorities to maintain a record in case of any medical emergencies. In addition to this, growing pressure to improve and enhance the quality of healthcare is also a key factor in driving the growth of the global market. Furthermore, it helps in reducing healthcare expenses and its use for post marketing surveillance are some of the other key factors that are helping to drive the overall development of the global market in the near future.
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There are however, some factors that might impede the growth of the market in the coming years of the forecast period and stop it from reaching its full potential. One of the key impeding factors for the market development is the growing concerns about the data security and privacy. There have been several incidents of cyberattack and hacking threats leading to leakage of confidential data. This has led to fears about data privacy and security, which in turn will hamper the development of the global patient registry software market. Another important restraining factor for the market development has been the lack of trained and skilled resources. The patient registry software is a fairly new innovation in the market and has witnessed constant upgrades and updates in terms of working and overall functioning. Lack of skilled resources to handle these constantly updating systems can thus become a problem leading to its downsized adoption.
Global Patient Registry Software Market: Snapshot
The global patient pool of chronically ill is on the rise across multiple diseases. This growing patient number is creating a high demand for patient registry software across the world. The software allows users to generate long term documentations of patient histories which is extremely beneficial for a physician in managing his or her pool of patients with chronic illnesses.
Key patient registry software players additionally get support from governments through various initiatives aimed at improving the efficiency of the medical services that are currently available. Eventually these initiatives can impart benefits to doctors such as exposure to a greater pool of patients, improve patient recovery chances, lower or even eliminate lifestyle choice-relate health risks, and maintain permanent records of patients with chronic illnesses.
Owing to the above factors along with others, the global patient registry software market is expected to expand its revenue generation at a CAGR of 10.5% between 2015 and 2023. This market is expected to reach US$1 bn by the end of 2016 and touch nearly US$2 bn by the end of 2023.
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North America to Continue Leading Patient Registry Software Deployment
The patient registry software providers in North America gain a high demand for their products and services through the high percentage of patients suffering from chronic diseases, along with the presence of feasible reimbursement policies. Additionally, most of the players based in North America hold a place in a highly advanced healthcare infrastructure that is ready to obtain and implement modern management strategies. North America customers also show a higher rate of awareness towards healthcare trends and the use of patient registry software. Most of all, the growth of mHealth trends is driving the demand for patient registry software in North America.
Europe shows a somewhat similar growth trend albeit on a smaller scale. This regions holds a very high number of patients suffering from diabetes, obesity, and other chronic illnesses. Asia Pacific, on the other hand, is an emerging market for patient registry software. The high population density and the rapidly improving healthcare infrastructure in this region are generating a greater scope for global players to enter.
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Commercial Patient Registry Software Occupies Increasing Portion of Market Revenue
Commercial registry software has consistently been the leading type of patient registry software in the market. By 2023, it is expected to hold a revenue share of 81.3%, which is slightly lower than its 2014 share. The main reason for this is the rapidly growing popularity of public domain registry software.
The currently high popularity of commercial registry software is its ease of scalability, which can allow a large user population to access and add or modify information simultaneously. This feature has proven to be beneficial for players to provide in this burgeoning market. Additionally, commercial registry software is highly reliable in terms of functionalities as well as being flexible in meeting various patient types and customer demands.
The key players with offerings in patient registry software on a global scale include Quintiles, Inc., PatientCrossroads, Evado Clinical Solution, and Dacima Software, Inc., and Global Vision Technologies, Inc.
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