LONDON, Aug. 01, 2018 (GLOBE NEWSWIRE) — According to Meticulous Research®, the global patient registry software market will grow at a CAGR of 11.0% to reach USD 1.49 billion by 2023 from 2018, driven by “the rising focus on evidence-based health care, growing need for effective chronic disease management, and increasing use of registries for post-marketing surveillance of drugs and devices.”
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Registries are becoming crucial for integrated care models, chronic care management, population health management, and wellness initiatives. The shift to pay-for performance and value-based reimbursement models result in putting the providers at risk of financial losses if the quality and cost targets are not fulfilled. A well designed and executed registry offers hospitals and health systems with vital patient data that enables them in assessing the effectiveness of healthcare services, monitoring patient outcomes, performance benchmarking, regulatory compliance, managing gaps in care, and advance efforts to deliver data-driven evidence-based care. Owing to these reasons, hospitals and medical centers are expected to witness rapid surge in the demand of patient registry software in the coming years.
The global patient registry software market is segmented based on registry type, software type, pricing model, deployment model, database type, functionality, and end-user.
On premise solutions captured a major share owing to concerns related to patient data confidentiality and security on remotely managed servers. On the other hand, cloud-based patient registry solutions are expected to offer high growth opportunities owing to their real time data analysis, easy accessibility, flexibility, scalability, and cost-effectiveness.
North America is the largest market for patient registry software market and is also expected to witness the fastest growth with the U.S. being the promising market; driven by implementation of the ACA; government initiatives for value-based and integrated care; rising need to reduce healthcare costs and improve quality of care; and presence of several PHM and patient registry software companies in the region.
The key players in this market are Phytel, Inc., QUINTILES IMS HOLDINGS, INC., Liaison Technologies., ImageTrend, Inc., FIGmd, Inc., McKesson Corporation, CECity.com Inc., Dacima Software Inc., Global Vision Technologies, Inc., ifa systems AG, Syneos Health, M2S, Inc., Optum, Inc. (A part of UnitedHealth Group Incorporated), EVADO Pty. Ltd., and Velos, Inc. among several others.
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