The North America Patient Registry Software market is expected to reach US$ 943.21 Mn in 2027 from US$ 342.91 Mn in 2019. The market is estimated to grow with a CAGR of 13.6% from 2020-2027.
The growth of the Patient Registry Software market is primarily attributed to the development of digital infrastructure in healthcare, increasing the use of patient registries.
The ongoing revolution of digital infrastructure in the healthcare sector in the US and Canada is spurred by regulations enforced and financial back up provided by the federal governments. In addition to technological innovations, the need to increase treatment efficacies and pressure on healthcare providers to reduce the costs of treatments and procedures are the factor leading to the progress of healthcare digitalization in these countries.
In 2017, former president of the US changed the face of healthcare IT through the introduction of the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009. This legislation offered financial incentives to healthcare providers to incorporate IT in various processes, whereas enforced financial penalties on those who didn’t. This led to a massive increase in the adoption of electronic health records (EHRs) and patient registries for the evaluation of specified outcomes for patients that are suffering from a particular disease or condition.
Moreover, the companies are performing various activities for the Patient Registry Software market, such as IQVIA Inc., OpenText, Optum.
In 2019, the integrated software segment accounted for the largest share of the North American patient registry software market, by software. The growth of this market is also attributed to the abilities for integrated software to facilitate informed decision-making, confer appropriate scale-up, the capability to handle modern-day software solutions, manage application program interface, and others.
The US Patient Registry Software market by type is dominated by the cardiovascular disease registry segment in 2019 with a considerable market share. This segment is also predicted grow at a significant rate during the forecast period, owing to the rising number of cardiovascular patients, increasing adoption of electronic health records, the transformation of digital healthcare, and others.
Some of the major primary and secondary sources for Patient Registry Software included in the report are the Canadian Cardiac Rehab Registry, Health Information Technology for Economic and Clinical Health and National Cardiovascular Data Registry, and others.