PATIENT REGISTRY SOFTWARE MARKET ANALYSIS

Market Challenges And Opportunities

Global Patient Registry Software Market: Drivers

Increasing prevalence of cancer and other chronic disorders is expected to propel growth of the global patient registry software market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, PRS offers several advantages such as patient tracking, documentation of the history of diseases, its characteristics, management, and outcomes with or without any treatment, active surveillance system for the occurrence of unexpected or harmful events, and effective management of patient population. These advantages are expected to boost demand for PRS, thereby aiding in growth of the market.

Global Patient Registry Software Market: Restraints

Issues such as unauthorized use, intrusion, data corruption, damage, fraud, and theft along with flawed medical expenses, incorrect data, insurance issues, and other discrepancies in the registry records are expected to hinder growth of the market.

Moreover, lack of healthcare IT professionals, especially in emerging economies is also expected to hinder growth of the market.

Global Patient Registry Software Market: Opportunities

Increasing adoption of Health 2.0 is expected to offer lucrative growth opportunities for players in the global patient registry software market. Health 2.0 can be defined as the use of web 2.0 or social media in healthcare. Healthcare organizations use online communities for disease management by offering patients 24/7 access to its peer communities.

Increasing number of clinical trials is also expected to aid in growth of the market. Clinical investigators and contract research organizations require patient information to recruit patients for clinical trials. According to the U.S. National Library of Medicine, the number of clinical trials conducted in the U.S. increased from 30,978 in 2018 to 32,523 in 2019.