Patient Registry Software Market to Grow at 12.9 % CAGR to Hit USD 2,426.58 Million by 2027 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

The patient registry software market was valued at US$ 930.06 million in 2019 and it is projected to reach US$ 2,426.58 million by 2027; it is expected to grow at a CAGR of 12.9% during 2020-2027.

According to the latest study on "Patient Registry Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Software, Database, Registry, Mode of Delivery, and Pricing Model". The report highlights trends prevailing in the global market, and drivers and restraints pertaining to the market growth.

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The use of medical information from clinical registries is gradually increasing worldwide. Clinical registries capture broad-scope data by using a mixture of manual and automated methods. According to a survey by the American Medical Association, published in the Journal for Electronic Health Data and Methods in 2018, the Centers of Medicare and Medicaid used approximately 70% data of over 50 specialty clinical registries in the US for measuring the quality of clinical care through patient registries.
Development of digital infrastructure in healthcare and increase in use of patient registries are fueling the growth of the global patient registry software market. Furthermore, emergence of cloud-based patient registries is offering lucrative opportunities to the market players. However, threats of data breach are hindering the market growth.

In December 2020, the European Union (EU) awarded US$ 66 million to various digital health projects with an aim to fight against health crisis-such as COVID-19 outbreak-and to consolidate digital and Artificial Intelligence (AI) infrastructure in Europe. This financial assistance encourages digital health companies to develop and introduce advanced products in the patient registry software market. Further, in January 2021, MedTech Europe announced its plans to regulate utilization of digital health in Europe to improve the quality of healthcare and deal with health crises. Moreover, in 2017, the former president of the US (Barack Obama) introduced the Health Information Technology for Economic and Clinical Health Act of 2009. This legislation offered financial incentives to healthcare providers to incorporate IT solutions in various processes, whereas enforced financial penalties on those who did not. This initiative led to massive increase in adoption of electronic health records and patient registries for the evaluation of specified outcomes for patients who are suffering from a particular disease or condition. The healthcare ecosystems in the Middle East & Africa are also thriving due to the adoption of modern health infrastructure. In December 2020, the collaboration of the Ministry of Health and Prevention's Riayati and Pure Health announced its plan to launch National Unified Medical Record system in 2021. The new system would be connected to more than 3,000 private and public healthcare institutions in Dubai. It would enable experts to collect patient data for further data analysis. In addition, the UAE government stated that the new technology would offer an efficient solution for population health management along with world-class digital health infrastructure management for healthcare institutions. Therefore, the surging incorporation of digital tools in the healthcare structure is driving the patient registry software market.

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Based on software, the patient registry software market is segmented into standalone and integrated. The availability of free license for patient registries increases their adoption in healthcare centers. The US boasts a few of the outstanding clinical registries that offer a competitive advantage to the country over other countries in North America, as well as over a few countries in the world.

Patient Registry Software Market: Competitive Landscape and Key Developments
CEDARON; Dacima Software Inc.; Evado Clinical; FIGmd Inc.; IBM Corporation; IQVIA Inc.; LUMEDX; McKESSON CORPORATION; and Medstreaming Open Text Corporation are among the leading companies operating in the Patient Registry Software market.

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