“The patient registry software market is expected to reach $610.8 million by 2019 from $381.0 million in 2014, at a CAGR of 9.9%. The global patient registry software market is categorized on the basis of delivery model, product type, database type, functionality, end user, and region. The subscription models segment is expected to register the highest growth rate in the patient registry software market, by delivery model, during the forecast period. Its favorable growth is attributed to the various advantages offered by this model—data centralization capabilities, automatic software upgradation, and easy customization. Furthermore, the subscription model offers cost-effectiveness due to the elimination of purchasing costs of software and hardware.
Major factors contributing to growth of the patient registry software market include increasing pressure on healthcare organizations to improve the quality of care and minimize healthcare costs, and the increasing adoption of EHRs. Various initiatives are being taken by governments across the globe for enhancing population health management, which is another major factor providing an impetus to the growth of this market. For instance, in August 2013, Germany launched an Open-Source Registry System (OSSE) project, funded by the Federal Ministry of Health, for Rare Diseases in the EU as part of the National Plan for Rare Diseases (RD). The increasing focus on rare disease registries and the high adoption rate of subscription models has opened an array of opportunities for the patient registry software market.
However, data privacy & security concerns, lack of resources with cross-functional skills, and reluctance towards adopting new advanced systems are expected to restrain the growth of this market.
Subscription models, integrated patient registry software, and rare diseases registries are expected to serve as new revenue pockets for the patient registry software market in the coming five years.