DUBLIN--(BUSINESS WIRE)--The "Patient Registry Software Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Global Patient Registry Software market is expected to witness a CAGR of 11.3% 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 globe 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 has been able to attract the attention from government sources.
Many federal policies, actions, and programs are being initiated by the governments of developed as well as developing countries across the globe in order to experience progress in healthcare services. According to research estimates the annual rate of EHR adoption for eligible hospitals increased from 3.2% before the Health Information Technology for Economic and Clinical Health (HITECH) Act to 14.2% after. Ineligible hospitals also saw an increase from 0.1% to 3.3%. Consequently, increasing adoption has led to the growth of the global patient registry software market.
However, concerns relating to privacy breach 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 is inhibiting the growth of global patient registry software market. Also, the lack of trained and skilled professionals is limiting the market.
Key Market Trends
Integrated Software is Expected to Hold Significant Market Share in the Software Type Segment
The global patient registry software market is segmented into stand-alone and integrated software, by software type. Although niche stand-alone software find 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 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 department is crucial.
North America Dominates the Market and Expected to do Same in the Forecasted 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 CMS, the US National health expenditures represent 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 fuelled by public sector spending, specifically by Medicare and Medicaid. Medicaid and social security is expected to exceed government revenues. Thus, growing investments in healthcare are likely to drive product innovation and technology acceptance which in turn will propel the healthcare IT market in the region.
The global Patient Registry Software market is highly competitive and consists of a number of major players.
- Implementation of Government Initiatives to Build Patient Registries
- Rising Adoption of Electronic Health Records (EHR)
- Increasing Use of Patient Registry Data for Post-marketing Surveillance
- Privacy and Data Security-Related Concerns
- Lack of Trained and Skilled Resources
- Dacima Software Inc.
- FIGmd, Inc.
- Global Vision Technologies, Inc.
- Image Trend, Inc.
- Liasion Technologies
- McKensson Corporation
- Syneos Health
- Velos Inc.
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