The growth of the market is attributed to the growing implementation of government initiatives to build patient registries, rising pressure to improve the quality of care and reduce healthcare costs, rising adoption of EHRs, and growing use of patient registry data for post-marketing surveillance. The rising number of accountable care organizations, emergence of cloud-based patient registry solutions & high adoption rate of subscription models, and shifting focus towards patient-powered research networks (PPRNS) are expected to offer significant growth opportunities for players in the coming years.
The global Patient Registry Software Market is expected to reach USD 1,429.1 Million by 2022 from USD 807.4 Million in 2017, at a CAGR of 12.1%.
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Based on type of registry, the market is segmented into product registries (medical device and drug registries), health service registries, and disease registries (diabetes registries, cardiovascular registries, cancer registries, rare disease registries, asthma registries, chronic kidney disease registries, orthopedic registries, and other registries). The disease registries segment is expected to dominate the market in 2017. The growth of this segment can be attributed to the factors such as increasing aging population, rising prevalence of chronic and rare & new diseases, growing awareness on the role of registries in health management, and increasing adoption of EHRs across the globe.
Based on end user, the market is segmented into government organizations & TPAs (third-party administrators); hospitals and medical practices; private payers; pharmaceutical, biotechnology, and medical device companies; and research centers. The hospitals and medical practices segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors like increasing focus on improving the quality of patient care, growing adoption of EHRs, and implementation of pay-for-performance initiatives.
In 2017, North America is expected to account for the largest share of the market. Growth in the North American market can largely be attributed to the presence of major patient registry software developing players and the high adoption rate of these solutions in the region. Other drivers include the increasing need to integrate healthcare systems, government funding for developing patient registries, rising focus on population health management & health information exchange, increasing adoption of HCIT as a cost-containment measure, and increasing participation of non-profit and private organizations in improving patient care quality.
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Key players in this market include Phytel, Inc. (US), QUINTILES IMS HOLDINGS, INC. (US), Liaison Technologies. (US), ImageTrend, Inc. (US), FIGmd, Inc. (US), McKesson Corporation (US), CECity.com Inc. (a Premier, Inc. Company) (US), Dacima Software Inc. (US), Global Vision Technologies, Inc. (US), ifa systems AG, (Germany), INC RESEARCH HOLDINGS, INC. (US), M2S (A Medstreaming Company) (US), Optum, Inc (A part of UnitedHealth Group Incorporated) (US), EVADO Pty. Ltd. (Australia), and Velos, Inc. (US).
