According to a market report, published by Sheer Analytics and Insights, The global patient registry software market was valued at $1.8 billion in 2022 and it is expected to reach $8.9 billion at a CAGR of 17.3% between 2023 and 2032. Over the projected period, an increase in clinical trials by significant pharmaceutical and biotechnological businesses is anticipated to fuel the market for patient registry software. Patient tracking for clinical trials is made easier with the use of data acquired through patient registry software. Moreover, associated advantages such as higher cost-effectiveness, efficient resource management, and lower healthcare IT cost, are further increasing the opportunity for market expansion. In addition, increased market penetration and undiscovered potential are anticipated to fuel market expansion as the burden to reduce healthcare costs grows. The industry is being further stimulated by the discovery that access to patient information is a significant obstacle to integrating care and appropriate treatment options in both developed and developing countries.
The adoption of supportive government initiatives, expanding post-marketing surveillance usage of stored data, and the rising use of electronic health records are all expected to have a large positive impact on the global market for patient registry software. Throughout the forecast period, it is predicted that the patient registry software market will benefit from the major transformation that the healthcare sector is undergoing as a consequence of growing pressure to reduce costs and increase access to social media and mobile technologies. Moreover, due to their multiple clinical and non-clinical applications, electronic health records have been able to inspire attention from government sources. The governments of both developed and developing nations around the world are establishing some federal programs, initiatives, and projects to advance healthcare services.
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Furthermore, one of the key reasons propelling the expansion of the patient registry software market is the rising adoption of EHRs and other eHealth solutions around the world. The push to provide better care at lower costs as well as the rise in the prevalence of chronic diseases including cancer, diabetes, and cardiovascular diseases all contribute to the market's rapid expansion. Additionally, in the forecast period of 2022 to 2032, the market players would benefit from the rise of cloud-based patient registry solutions and the expansion of some accountable care organizations. These rising factors are expected to create more growth opportunities for this market in the future.
On the other hand, there are some factors that could hamper the market growth in the future. For instance, Issues like unauthorized usage, intrusion, data corruption, damage, fraud, and theft are major factors restraining the growth of the patient registry software market during the projection period. On the other hand, privacy- and data security-related concerns and a shortage of educated and professional resources are likely to hamper the market's expansion.
According to the study, key players dominating the global patient registry software market are ArborMetrix (U.S), Armus Corporation (U.S), Cedaron (U.S), Conduent (U.S), Dacima Software (Canada), ESO Solutions (U.S), Elekta (Sweden), Evado Clinical (Australia), IBM (U.S), ImageTrend (U.S), IQVIA (U.S), MecKesson Corporation (U.S), Nexus (Germany), OpenTextCorp (Canada), Phamax AG (Switzerland), Premier Inc (U.S), United Health Group Inc (U.S), among others.
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