BRUSSELS, BELGIUM, May 15, 2023 (GLOBE NEWSWIRE) --
A patient registry is an organized system to collect uniform data from a group of individuals who share a common disease or treatment. It is a complex methodology that answers research questionnaires for population-related research. The patient registry database helps healthcare providers monitor the outcomes of a clinical study, or treatment, or for tracking an implant in a patient.
Covid-19 Bolsters the Growth of Patient Registry Software Market
During the covid pandemic, the patient registry became an important tool to study the trends in Covid-19 vaccination clinical trials. Due to lockdown and government restrictions in hospitals clinical trials were stalled. The significant benefit of patient registry software is the ease of tracking patient data or any adverse incident related to a clinical trial.
Government bodies in key and developed countries such as the U.S. utilized patient registry software to support nationwide tracking and reporting of infections/immunization. There was a surge in the usage of patient registry software, for tracking patient information, vaccination supply information, and maintaining other related records. The software allowed Covid-19 cases to be managed uniquely across various agencies and organizations.
Growing Cases of Chronic & Rare Diseases, Increased Adoption of EHR & eHealth Solutions, Favourable Government Initiatives, and Expanding Application Horizon of the Software Drives the Growth of Patient Registry Software Market
The growing cases of chronic & rare diseases, the rising adoption of EHR & eHealth solutions, and the favorable initiatives taken by the government to incorporate patient registry software in the healthcare sector are some of the pivotal factors driving the global market. Patient registry software application areas are changing rapidly. These registries are now designed to support clinical research medical adherence analysis, post-marketing surveillance, and management of drugs and medical devices.
The rise in the number of new or rare chronic diseases has led to an increase in R&D investments for drug discovery, thereby increasing the number of clinical trials. Patient registries play an important role in healthcare and clinical research analysis. The software is used to monitor and analyse the outcomes of a clinical trial.
For instance,
- In January 2022, IQVIA collaborated with GO2 Foundation for Lung Cancer to develop an improved Global Lung Cancer Registry. This registry will securely gather data from patients across the globe and will be accessible to researchers and patients to identify the trends in a clinical trial.
Key Market Challenges to the Growth of Patient Registry Software Market
The major hindrance in the growth of the patient registry software market is the inconsistent data collection format which has led to a lack of an interoperability and integration in patient registries. Patient data security and the lack of skilled professionals are some of the other key factors which are likely to hamper the growth of global patient registry software market.
North America Accounts for the Largest Share of Patient Registry Software Market
North America accounts for the largest market share of patient registry software market. This can be mainly attributed to government support to establish and implement patient registries in various clinical studies, advanced health management programs, experts' availability, key players' presence, and the region's developed healthcare system. The market growth in the APAC region is mainly driven by growing incidences of chronic diseases due to rising geriatric population.
The rise in demand to improve the healthcare system and reduce its costs, increasing demand for EHRs, emerging medical tourism, and growing awareness about the benefits of EHR is expected to drive the market growth in Asian countries.
Competitive Landscape Analysis: Patient Registry Software Market
Some of the leading and established players operating in the global patient registry software market are listed below: -
- IBM Corporation
- IQVIA Holdings
- OpenText Corporation
- Optum
- ArborMetrix Inc.
- FIGmd
- Dacima Software Inc.
- ImageTrend Inc
Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Market
All leading players operating in the global patient registry software market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a larger market share.
For instance,
- In Feb 2023, the Polycystic Kidney Disease (PKD) Foundation partnered with IQVIA for the development of the ADPKD Registry, which will track longitudinal quality-of-life information from patients across North America. This collaboration will allow the registry to compare patient-reported data with patient records in clinical trial data, and with new interoperability rules taking effect, this will become easier as patients participating in the registry release their electronic health records (EHRs).
The patient registry software market is expected to gain a consistent momentum in the upcoming years due to rising cases of chronic diseases, the need to integrate and digitalize health care records, the rising investment in R&D and the number of clinical trials, and aggressive organic and inorganic growth strategies followed by the leading market players.
Explore More Detailed Insights on Patient Registry Software Market Report @ https://meditechinsights.com/patient-registry-software-market/
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