The use of cloud-based patient registry solutions helps deliver insights from a multi-terabyte database anywhere, anytime, and on any platform, with ease. In addition, these solutions do not require any upfront capital investment for hardware and provide faster data transfer between organizations. Considering these advantages, the preference for cloud-based patient registry solutions is expected to increase among end users during the forecast period.
The global Patient registry software market is projected to reach USD 2.8 billion by 2026 from USD 1.4 billion in 2021, at a CAGR of 15.0% during the forecast period.
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Advantages of Cloud-Based Patient Registry Solutions:
1. Scalability: Cloud-based solutions offer scalability, allowing healthcare organizations to easily expand their patient registry databases as more patients are enrolled or as new data types are incorporated. This scalability ensures that the system can handle increasing data volumes without significant infrastructure upgrades.
2. Cost Efficiency: Cloud-based solutions eliminate the need for on-premises hardware and maintenance, reducing upfront costs and operational expenses. Healthcare organizations can pay for the resources they use on a subscription basis, making it more cost-effective, especially for smaller institutions.
3. Accessibility and Collaboration: Cloud-based patient registry solutions enable authorized users to access and update patient data from anywhere with an internet connection. This enhances collaboration among healthcare professionals, researchers, and stakeholders across different geographical locations.
4. Data Security and Compliance: Reputable cloud providers invest heavily in data security measures, including encryption, access controls, and regular security audits. Compliance with healthcare regulations, such as HIPAA in the United States, can be facilitated through cloud solutions that offer built-in features to meet these standards.
5. Faster Implementation: Cloud-based solutions typically have quicker implementation times compared to traditional on-premises solutions. This allows healthcare organizations to start using the registry sooner and realize benefits more rapidly.
Market Segmentation:
On the basis of type of registry, the disease registries segment accounted for the largest share of the patient registry software market in 2020. The large share of this segment can be attributed to the increase in the aging population, rising prevalence of chronic and rare & new diseases, growing awareness on the role of registries in health management, and the adoption of EHRs across the globe.
Based on end user, the hospitals & medical practices segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are growing prevalence of research, QM and improvement, facility planning and marketing, and monitoring patient outcomes.
Regional Analysis:
1. North America:
· North America, particularly the United States, has a well-established healthcare system and advanced medical research infrastructure, making it a prominent market for patient registry solutions.
2. Europe:
· Europe boasts a strong healthcare research ecosystem with significant government investments and collaborations.
3. Asia-Pacific:
· The Asia-Pacific region is witnessing rapid growth in healthcare infrastructure and medical research capabilities.
4. Middle East and Africa:
· The adoption of patient registry software in these regions can be influenced by healthcare infrastructure, economic factors, and disease prevalence.
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Recent Developments of Patient Registry Software Industry
· In March 2021, ESO Solutions (US) entered into a partnership with Virginia EMS Systems (US) to deliver a statewide EMS data repository and statewide trauma registry for the collection and analysis of data to reveal key insights and trends.
· In December 2020, ImageTrend, Inc. (US) announced the latest National Trauma Data Bank (NTDB) Data Dictionary will be available in Patient Registry on January 1, 2021.
· In November 2020, ArborMetrix, Inc. (US) entered into a partnership with the American Academy of Pediatrics to develop and grow a clinical registry to advance all children's health, well-being, and development.
Top Key Players:
Some of the prominent players in this patient registry software market are IBM Corporation (US), IQVIA Holdings (US), OpenText Corporation (Canada), Optum (US), Premier, Inc. (US), ArborMetrix, Inc. (US), FIGmd (US), McKesson Corporation (US), Syneos Health (US), Dacima Software, Inc. (Canada), ifa Systems AG (Germany), Medstreaming- M2S (US), ImageTrend, Inc. (US), Evado Clinical (Australia), WIRB Copernicus Group (US), Global Vision Technologies, Inc. (India), Conduent, Inc. (US), Elekta AB (Sweden), Cedaron (US), LUMEDX (US), Armus Corp (US), Phamax AG (Switzerland), and Versaform Systems Corp (US), ESO Solutions (US) and Ordinal Data, Inc. (US).
In conclusion, the emergence of cloud-based patient registry solutions has revolutionized how healthcare organizations manage patient data and conduct medical research. The benefits of scalability, cost-efficiency, accessibility, security, and data analytics make cloud-based solutions an attractive option for organizations aiming to streamline their patient registry operations and accelerate research efforts. However, careful consideration of data privacy, migration strategies, provider reliability, and customization needs is essential when adopting such solutions.
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