The transition toward computerised registries, which give users with an automated mechanism to save data and compile, organise, and display patient lists for use in planning, quality improvement, reporting, and direct care delivery, is largely responsible for the market’s rise. In addition, the COVID-19 pandemic’s appearance and the growing number of COVID-19 patients around the world are likely to drive up need for patient registration software in the future years. Organic growth techniques such as product launches and developments are being used by vendors, resulting in an increase in the availability of advanced items around the world.
The global patient registry software market is expected to grow at a CAGR of 15.0 percent to USD 2.8 billion by 2026, up from USD 1.4 billion in 2021.
The Impact of COVID-19 on the Patient Registry Software Market
The onset of the COVID-19 pandemic has boosted demand for patient registries, which aid researchers in determining disease prognosis and physicians in determining the best treatment for COVID-19 patients. Patient registries also aid in the collection of real-world data of clinical interactions and offer the possibility of studying the clinical success of treatments for various patient populations.
Patients with established health conditions, such as cardiovascular disease and cancer, are more likely to experience severe COVID-19 symptoms, according to multiple research. Patient registries contain useful information about patient characteristics, treatment patterns, and clinical outcomes in patients who are admitted to hospitals with predefined diseases. Many government agencies have established patient registries in order to better assess the impact of COVID-19 on patients who have previously been diagnosed with various diseases. As a result, the number of patient registries for cardiovascular illnesses and cancer that have been established expressly to study the effects of COVID-19 on these patients has increased.
Market Trends in Patient Registry Software
EHRs and other eHealth technologies are becoming more widely used.
The usage of electronic health records (EHRs) and other HCIT solutions is growing globally, which is a good sign for the patient registry software industry. This is due to the fact that many EHR packages integrate or offer patient registry software as an add-on. Authorities in a number of nations are working on increasing the adoption of EHR solutions in their healthcare systems in order to improve service delivery. For example, EHR adoption among office-based physicians in the United States went from 72 percent in 2012 to 85.9% in 2018. (Source: National Center for Health Statistics, 2012). Improved patient treatment, enhanced patient participation, and convenient collecting and storage of patient health information in a digital format are all benefits of the growing use of EHR in both developed and developing countries. The broad adoption of electronic medical records is likely to increase demand for integrated patient registration software.
Restraints: Concerns about privacy and data security
Patient registry solutions are being used by healthcare organisations despite concerns about data privacy and security, as a data registry breach might potentially disclose sensitive information of a significant number of patients. The amount of healthcare data breaches has increased dramatically in recent years. Medical identity theft accounts for about one-third of all data breaches in healthcare, owing to a lack of internal control over patient information, outdated rules and procedures or non-adherence to existing ones, and insufficient personnel training. In the United States, the Identity Theft Resource Center reported 1,473 breaches in 2019, up 17% from the total number of breaches tracked in 2018. The healthcare industry accounted for 35.5 percent of all breaches recorded. Such risk issues may limit the market for patient registry software to some extent.
The emergence of cloud-based patient registry technologies presents an opportunity.
Cloud-based patient registration solutions have shown to be useful tools for enhancing data accessibility and real-time analysis for end users. Furthermore, these solutions are simple to use, scalable, and adaptable to any industry or organisation.
Cloud-based patient registry systems make it simple to offer insights from a multi-terabyte database to anyone, anywhere, at any time, on any platform. Furthermore, these solutions do not necessitate any upfront hardware investment and allow for speedier data sharing between enterprises. Given these benefits, end users’ demand for cloud-based patient registry solutions is likely to grow during the projection period.
Reluctance to adopt modern solutions is a challenge.
The continuous use of traditional paper-based and disorganised computer-based registry tools, particularly in poor nations, is limiting the development of modern HCIT solutions, such as patient registration systems. Many hospitals and physicians, especially in small and rural locations, continue to rely on outdated methods like spreadsheets or case paper-based patient register systems. These technologies are only usable with retrospective data at the department level. Reports are regarded good for a specified length of time until they become too inefficient to continue in this method. Furthermore, many hospitals and other end users are hesitant to adopt advanced EHR systems and patient registry software due to the high expenses of purchasing and implementing the software, as well as a lack of operating skills for these sophisticated instruments.
In the patient registry software market, by type of registry, the illness registries sector is expected to develop at the greatest CAGR in 2020.
The patient registry software industry is divided into three types of registries: product registries, health service registries, and illness registries. The illness registries sector accounted for the greatest share, and the patient registry software market is expected to develop at the fastest CAGR in 2020. The growing prevalence of chronic and uncommon & novel diseases, increased awareness of the relevance of registries in health management, and the deployment of EHRs around the world are all factors contributing to this segment’s substantial share.
The major end users of patient registry software are government organisations and TPAs.
Private payers, hospitals & medical practises, research institutions, pharmaceutical, biotechnology, and medical device businesses, and government entities & TPAs are the end users of patient registry software. The sector of government entities and third-party administrators (TPAs) held the greatest share of the worldwide patient registry software market in 2020. The advent of the COVID-19 pandemic, as well as the necessity to analyse patient data for better population health management, account for a substantial share of this category.
During the projected period, the Asia Pacific market is expected to grow the most.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the five regions that make up the patient registry software industry. At the country level, these regions are further investigated. In 2020, the patient registry software market in North America was the largest, followed by Europe and Asia Pacific. During the projection period, the Asia Pacific market is expected to develop at the fastest rate. The rising incidence of chronic diseases, rising awareness of the benefits of EHRs, improvements in healthcare systems, the expansion of medical tourism in Asian countries, and strong demand for EHRs in Asian countries are all driving market growth in the APAC region. Government measures to modernise healthcare infrastructure are expanding, as is the number of current research projects.