Patient Registry Software Market is Expected to Expand Its Revenue Generation at a CAGR of 10.5% Between 2015 and 2023
The global market for patient registry software is likely to get intense with the coming few years, owing to the existence of several players, states a new market research study by Transparency Market Research. The high level of fragmentation and the rising level of competition are estimated to generate potential growth opportunities for the players over the next few years.
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The expansion of the product portfolio, technological advancements, and innovations are some of the key strategies that have been adopted by the players so as to maintain their dominance over the next few years. In addition to this, the key players are focusing on mergers and acquisitions, thus enhancing the overall development of the market in the next few years.
Some of the leading players in the patient registry software market across the globe are Global Vision Technologies, Inc., PatientCrossroads, Evado Clinical Solution, Dacima Software, Inc., and Quintiles, Inc.
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As per the research study by TMR, in 2016, the global market for patient registry software stood at US$1 bn and the market is projected to reach US$2 bn by the end of 2023. The market is likely to register a healthy 10.50% CAGR between 2015 and 2023.
The patient registry software market across North America is anticipated to account for a large share of the patient registry software market and exhibit a promising growth rate in the coming few years. The rising number of cases of chronic diseases and the presence of favorable reimbursement policies are estimated to enhance the development of this region in the coming few years.
Adoption of Cloud-based Patient Registry Solutions to Support Market Growth
A substantial rise in the adoption of EHRs and the growing use of patient registry data for the surveillance of post-marketing are the key factors that are anticipated to encourage the development of the global patient registry software market in the coming few years. The increasing pressure in order to enhance the quality of care and further reduce the costs of healthcare are projected to supplement the market growth in the next few years.
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In addition to this, the implementation of government initiatives for building the patient registries is further predicted to enhance the growth in the near future. Also, the technological developments in this area and the rising use of cloud-based patient registry solutions are estimated to support the growth of the overall market in the next few years. This is expected to encourage the entry of new players, thus enhancing the competitive landscape of the patient registry software market in the coming years.
Lack of Awareness Concerning Benefits of Patient Registry Software to Hamper Growth
The global patient registry software market is expected to face a slight dip in its growth due to a few restraints faced by the players. The lack of skilled resources and the rising concerns related to data privacy and security are some of the major factors restricting the market growth.
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Moreover, the lack of awareness among people and the reluctance of people concerning the adoption of new and advanced solutions are estimated to curb the growth of the market in the near future. Nonetheless, the rise in the number of accountable care organizations is expected to ensure the development of patient registry software market in the near future.
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