Patient Registry Software Market Demand Surge: Role of AI, Cloud Computing, and Big Data in Shaping the Industry

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.

Order a free sample PDF of the Patient Registry Software Market Intelligence Study, published by Grand View Research.

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.

Patient Registry Software Market Share Insights

The industry is marked by the presence of various small and large industry players. The market for patient registry software is competitive and highly fragmented. Some of the key market players include Phytel, Inc.; McKesson Corporation; Quintiles; Dacima Software Inc.; ImageTrend, Inc.; IBM; IQVIA. The players are constantly involved in strategic initiatives such as geographical expansion, government collaboration, new product launch, and mergers and acquisitions in order to gain deeper penetration.

For instance, in July 2019, Pulse Infoframe partnered with Immunocore in order to introduce the first global patient registry for Uveal Melanoma. This is a joint effort from the companies and the academic institutions from U.S., Australia, and the U.K. The insights earned through the academic patient registry are expected to deliver better comprehension of the disease and assist further clinical research. In March 2019, Amplitude Clinical launched Amplitude software which is pre-loaded with the patient record, involving accurate case-mix adjustment in order to improve the diagnostic and treatment procedure.

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