The patient registry software market size in 2021 stood at US$ 1.13 billion and is projected to reach US$ 3.33 billion by 2031. The market is expected to register a CAGR of 11.5% in 2023–2031. Development of registries for medical devices is likely to remain key patient registry software market trends.
The rising prevalence of chronic diseases globally is anticipated to support the growth of the market. The need for electronic health record (EHR) has increased substantially due to the rising prevalence of diabetes, cardiovascular disease, cancer, and other illnesses. The healthcare industry is undergoing a noteworthy transformation as a result of mounting pressure to reduce costs, the implementation of favorable government initiatives, and growing accessibility to social media and mobile technologies. These all factors are anticipated to benefit the patient registry software market during the forecast period.
Patient registry software contains databases that are maintained through collection of secondary data related to diagnosis, procedure, or condition of a patient, for recording the number of new medical devices being used or going through a new procedure. The patient registry software is crucial in the post-marketing surveillance of pharmaceuticals. In December 2020, the European Union awarded US$66 million to several digital health projects with an aim to fight against health crisis, such as COVID-19 pandemic, and to establish digital and AI infrastructure in Europe. The financial assistance encourages digital health businesses to develop and introduce advanced products in the patient registry software market. Thus, the surging incorporation of digital tools in the healthcare structure propels the growth of the market.
Cloud-based or web-based EHRs have been used by independent physicians since the past few years. Various organizations are creating and developing cloud-based registries for numerous medical conditions and procedures. For instance, the Orphan Disease Center collaborated with Pulse Infoframe—a medical informatics company—build a suite of rare disease patient registries on cloud-based technologies. Allscripts along with Northwell Health inked an innovative agreement to generate the next-generation EHR in October 2019. The initiative supports massive revenue generation. In addition, the cloud-based software services are efficient for use in terms of cost as these are needed to be paid only for the required services and registries. Thus, the emergence of cloud-based patient registries is driving the market expansion.
The subscription model minimizes the upfront costs and eases the strain on healthcare systems, because there is no need for IT personnel. As a result of this, cost-effectiveness and productivity rise. In order to reach prospects and consumers in novel ways, this model also enables vendors to create innovative and creative licensing models. Software with subscription models is becoming more and more popular among healthcare providers since it allows for a quicker time to value for any new features added to the program, as well as it can even be utilized for a limited time, depending on the needs. The subscription model is also being promoted by several industry players since it provides a greater opportunity to develop trust and comprehend the needs of healthcare providers, ultimately improving customer satisfaction. These benefits offer opportunities to market players for expansion, thereby fueling the growth of the market during the forecast period.
Key segments that contributed to the derivation of the patient registry software market analysis are software, database, type of registry, mode of delivery, and pricing model.
The geographic scope of the patient registry software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the patient registry software market. North America market is expanding due to several factors, including the well-established electronic health records, evolving digital infrastructure in healthcare, and rising patient awareness regarding benefits of patient registries. The market for patient registry software in the region is likely to increase with the presence of various key players in the market acquiring regional vendors and registry collectors so as to strengthen their existing positions. In addition, obligation by federal authorities to integrate the use of digital tools in healthcare operations for expanding the quality and reducing the costs at the same time is also responsible to augment the growth of the market in the region. Asia Pacific is anticipated to grow with the highest CAGR in the coming years. The market is likely to witness a considerable growth in the region due to emergence of medical hubs in the region, growing healthcare IT industry, increasing emphasis on digital health, attention on streamlining of processes, and supportive government policies.
The regional trends and factors influencing the Patient Registry Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Patient Registry Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.13 Billion |
| Market Size by 2031 | US$ 3.33 Billion |
| Global CAGR (2023 - 2031) | 11.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Software
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Patient Registry Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Patient Registry Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The patient registry software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for patient registry software and strategies:
The “Patient Registry Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: