The use of medical information from clinical registries is gradually increasing worldwide. Clinical registries capture broad-scope data by using a mixture of manual and automated methods. According to a survey by the American Medical Association, published in the Journal for Electronic Health Data and Methods in 2018, the Centers of Medicare and Medicaid used approximately 70% data of over 50 specialty clinical registries in the US for measuring the quality of clinical care through patient registries. Further, in 2016, the National Quality Registry Network (NQRN) ruled out a list of registries based on publicly available sources. These registries focus on aspects, such as quality improvement, population management benchmarking, comparative effective research, family medicine, lung cancer screening, interventional radiology, and metabolic and bariatric surgery. The availability of free license for patient registries increases their adoption in healthcare centers. The US boasts a few of the outstanding clinical registries that offer a competitive advantage to the country over other countries in North America, as well as over a few countries in the world. A few of these registries are the Cystic Fibrosis Foundation Patient Registry, American College of Cardiology’s CathPCI Registry, and National Cancer Institute’s Surveillance Epidemiology and End Results database.
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Patient Registry Software Market Competition Landscape and Key Developments: CEDARON; Dacima Software Inc.; Evado Clinical; FIGmd Inc.; IBM Corporation; IQVIA Inc.; LUMEDX; McKESSON CORPORATION; and Medstreaming Open Text Corporation.
Based on software, the global patient registry software market is segmented into standalone and integrated. The integrated segment held the largest share of the market in 2019 and it is expected to register the highest CAGR in the market during the forecast period.
Based on pricing model, the global patient registry software market is segmented into subscription and ownership. The subscription segment held the largest share of the market in 2019, and it is expected to register the highest CAGR during 2020–2027. The subscription software is usually priced monthly or annually and it has a consistent, ongoing subscription[RN1] [MS2] . The subscription costs include general maintenance, upgrades, and infrastructures as well as backup expenses. Furthermore, the subscription models include security measures, protection of current data, and other provider application parameters. This model provides better entry-level pricing and has the ability to add features according to the requirement of the end users. Moreover, subscription software vendors continually offer new releases and application updates, most of which are available to all subscription users at no additional cost. The above-mentioned advantages offered by the subscription model are likely to augment the growth of the segment over the coming years.
In December 2020, the European Union (EU) awarded US$ 66 million to various digital health projects with an aim to fight against health crisis—such as COVID-19 outbreak—and to consolidate digital and Artificial Intelligence (AI)[RN1] [MS2] infrastructure in Europe. This financial assistance encourages digital health companies to develop and introduce advanced products in the patient registry software market. Further, in January 2021, MedTech Europe announced its plans to regulate utilization of digital health in Europe to improve the quality of healthcare and deal with health crises. Moreover, in 2017, the former president of the US (Barack Obama) introduced the Health Information Technology for Economic and Clinical Health Act of 2009. This legislation offered financial incentives to healthcare providers to incorporate IT solutions in various processes, whereas enforced financial penalties on those who did not. This initiative led to massive increase in adoption of electronic health records and patient registries for the evaluation of specified outcomes for patients who are suffering from a particular disease or condition. The healthcare ecosystems in the Middle East & Africa are also thriving due to the adoption of modern health infrastructure. In December 2020, the collaboration of the Ministry of Health and Prevention’s Riayati and Pure Health announced its plan to launch National Unified Medical Record system in 2021. The new system would be connected to more than 3,000 private and public healthcare institutions in Dubai. It would enable experts to collect patient data for further data analysis. In addition, the UAE government stated that the new technology would offer an efficient solution for population health management along with world-class digital health infrastructure management for healthcare institutions. Therefore, the surging incorporation of digital tools in the healthcare structure is driving the patient registry software market.
To comprehend global Patient Registry Software market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)
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