Global Patient Registry Software Market - Segmented by Modality, Reagent, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global patient registry software market was valued at around USD 900 billion in 2017 and is projected to witness a CAGR of 10% during the forecast period of 2018–2023.
Increasing Adoption of Electronic Health Records
In the United States, the Health Information Technology for Economic and Clinical Health (HITECH) Act, 2009, was introduced to increase the rate of integration of electronic health records (EHRs). EHRs have since become an integral part of healthcare, but historically they have often presented problems in installation and implementation. The HITECH Act prompted healthcare organizations to implement EHR systems by offering an incentive program to eligible, short-term acute care hospitals. The HITECH Act of 2009 was an ambitious policy effort to increase the adoption of EHRs. According to research estimates the annual rate of EHR adoption for eligible hospitals increased from 3.2% before the Act to 14.2% after. Ineligible hospitals also saw an increase from 0.1% to 3.3%. Consequently, the increasing adoption has led to the growth of the global patient registry software market.
Others factors, like increasing use of patient registry data for post-marketing surveillance and the push to reduce healthcare costs are also driving the growth of this market.
Concerns Relating to Privacy and Data Security
Concerns relating to privacy breach and issues like theft of data are associated with all forms of medical information technology (IT). Similar issues exist with the use of patient registry software. Widespread adoption of registry software has been restrained due to data security issues. Intensification of security checks is an achievable task for vendors supplying these services, but these security checks come at the cost of ease of operation, thereby compromising on the efficiency of the platform. Further, in the absence of network security, the interoperability of registry data is compromised, and its use is limited to the platform responsible for the collation of data and cannot be shared and accessed across other systems. Therefore, concerns relating to privacy and data security is inhibiting the growth of global patient registry software market. Also, the lack of trained and skilled professionals is limiting the market.
Integrated Software Leads the Market in Software
The global patient registry software market is segmented into stand-alone and integrated software, by software type. Although niche stand-alone software find extensive application in the healthcare industry for collection and assessment of various types of registries, yet the largest market share is still occupied by integrated software, which provides multiple modules offering comprehensive range of features normally available in stand-alone software. Integrated software is being increasingly used in hospital settings where multiple registries need to be recorded in different departments, and cross-sharing of this data across department is crucial.
Key Developments in the Market