The patient registry software market is forecasted to reach $1.3 billion by 2021 from $734.7 million in 2016 at a compound annual growth rate of 12.3 percent, according to a MarketsandMarkets report.
The growth is driven by various factors, including increasing government initiatives to build patient registries, growing pressure to improve the quality of care and minimize healthcare costs, increasing adoption of EHRs, the rising use of patient registry data for post-marketing surveillance, and increasing prevalence of chronic diseases, according to the report. The report states that high adoption of information technology worldwide also supports the growth.
However, the market does face challenges, such as data privacy and security concerns.
North America is expected to dominate the global patient registry software market this year.
More articles on finance:
Ozarks Community Hospital CEO says Medicare termination is 'warning for small hospitals'
5 most-read finance stories: Week of July 18-22
New physicians enrolling in debt forgiveness program