Patient Registry Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The patient registry software market is expected to witness a CAGR of 11.8% during the forecast period. Certain factors that are driving the market growth include implementation of government initiatives to build patient registries, rising adoption of electronic health records (EHR), and increasing use of patient registry data for post-marketing surveillance.
Owing to the improved outcomes and quality of care in the 21st century, market players around the world are looking for innovative and cost-effective ways to deliver technology-enabled, patient-centered healthcare solutions, both inside and outside hospital walls. Due to widespread applications, including clinical and non-clinical, electronic health records have been able to attract the attention from government sources. Many federal policies, actions, and programs are being initiated by the government of developed and developing countries across the world, in order to experience progress in healthcare services.
However, concerns relating to privacy breaches and issues, like theft of data, are associated with all forms of medical information technology (IT). Similar issues exist with the use of patient registry software. Widespread adoption of registry software has been restrained due to data security issues. Intensification of security checks is an achievable task for vendors supplying these services, but these security checks come at the cost of ease of operation, thereby, compromising on the efficiency of the platform. Therefore, concerns relating to privacy and data security are inhibiting the growth of global patient registry software market. Moreover, the lack of trained and skilled professionals is limiting the market.
Although niche stand-alone software finds extensive application in the healthcare industry for collection and assessment of various types of registries, yet the largest market share is still occupied by integrated software, which provides multiple modules offering a comprehensive range of features normally available in stand-alone software.
Integrated software is being increasingly used in hospital settings, where multiple registries need to be recorded in different departments, and cross-sharing of this data across departments is crucial. Furthermore, according to the Organisation for Economic Co-operation and Development (OECD), in 2018, the average per capita health expenditure in Switzerland was USD 7,317. Thus, owing to the above factors the segment is expected to show growth over the forecast period.
In the United States, digital infrastructure development for healthcare and electronic health record adoption started earlier. For example, within the country, the federal government has been encouraging the use of its healthcare data through various policies and initiatives.
Moreover, according to the CMS, the US national health expenditures represented approximately 18% of GDP (Gross Domestic Product), which is expected to reach roughly 20% by 2020. The majority of the growth is anticipated to be fueled by public sector spending, specifically by Medicare and Medicaid. Medicaid and social security are expected to exceed government revenues. Thus, the growing investments in the healthcare sector are likely to drive product innovation and technology acceptance, which in turn, may propel the healthcare IT market in the region.
The patient registry software market is fragmented competitive and consists of a number of major players. Companies, like Dacima Software Inc., FIGmd, Inc., Global Vision Technologies, Inc., Image Trend, Inc., IQVIA, Liasion Technologies, McKensson Corporation, Syneos Health, and Velos Inc., among others, hold the substantial market share in the market studied.