Patient Registry Software Market Growth Report by 2031
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.
Patient Registry Software Market Analysis
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 Market Overview
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$66 million to several digital health projects with an aim to fight against health crisis, such as COVID-19 pandemic, and to establish digital and AI infrastructure in Europe. The financial assistance encourages digital health businesses to develop and introduce advanced products in the patient registry software market. Thus, the surging incorporation of digital tools in the healthcare structure propels the growth of the market.
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Patient Registry Software Market: Strategic Insights
Market Size Value in US$ 930.06 Million in 2019 Market Size Value by US$ 2,426.58 Million by 2027 Growth rate CAGR of 12.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Patient Registry Software Market: Strategic Insights
| Market Size Value in | US$ 930.06 Million in 2019 |
| Market Size Value by | US$ 2,426.58 Million by 2027 |
| Growth rate | CAGR of 12.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Patient Registry Software Market Drivers and Opportunities
Emergence of Cloud-Based Patient Registries Drives the Market Growth
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.
Growing Adoption of the Subscription Model to Favor Market Growth
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.
Patient Registry Software Market Report Segmentation Analysis
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.
- Based on software, the patient registry software market is divided into standalone, integrated. The integrated segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
- By database, the market is segmented into public, commercial. The commercial segment held the largest share of the market in 2023 and is projected to register the highest CAGR during the forecast period.
- In terms of type of registry, the market is categorized into product registry, disease registry, health service registry. The disease registry segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
- Based on mode of delivery, the patient registry software market is divided into on-premise, cloud-based. The cloud-based segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
- By pricing model, the market is segmented into subscription, ownership. The subscription segment held the largest share of the market in 2023 and is projected to register the highest CAGR during the forecast period.
Patient Registry Software Market Share Analysis by Geography
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.
Patient Registry Software Market Report Scope
Patient Registry Software Market News and Recent Developments
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:
- Seqster PDM, Inc., the leading patient-centric healthcare technology company, entered into a multi-year partnership with The National Pancreas Foundation, to create the country's largest, most inclusive pancreatic disease patient registry. The innovative new registry powered by Seqster connects to any EHR, genomic DNA test, and wearable/remote monitoring device, providing patients with a complete longitudinal health record in real-time. (Source: Seqster PDM, Inc., Press Release, 2022)
- The American Academy of Pediatrics selected ArborMetrix as its partner to develop and grow a clinical registry to advance the health, well-being, and development of all children. The program, the Child Health Improvement through Longitudinal Data (CHILD) Registry, support AAP's 67,000 member pediatricians in improving child health through the use of real-world data. It securely collects, store, and analyze health data for children across the US. (Source: ArborMetrix, Press Release, 2020)
Patient Registry Software Market Report Coverage and Deliverables
The “Patient Registry Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Software , Database , Registry , Mode of Delivery , and Pricing Model and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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