With advances in treatment and technology, the practice of healthcare has shifted from episodic care to a more complete, integrated approach which requires information that is accurate, reliable and timely. Registries help in the collection of information about individuals, usually focused around a specific disease or condition. This information is essential for managing chronic disease conditions and improving the overall health status of the patient population. Although most registries are disease-specific, health service registries consist of patients who have had a common procedure, clinical encounter or hospitalization. Moreover, product registries are increasingly being used to track how patients respond to particular drugs or medical devices.
Registries are becoming essential for integrated care models, population health management, chronic care management, rare disease research, wellness initiatives, and post-marketing surveillance of drugs and devices. They come in all shapes and sizes, and their application is expected to grow proportionately with population health management (PHM) programs as the PHM programs rely on the health information collected by registries about individuals from multiple sources. Registries help public health officials to monitor the health of a particular population and take proactive steps to keep people healthy. They also enable hospitals and health systems to assess the effectiveness of their services and advance efforts to deliver data-driven, evidence-based care.
The pharmaceutical companies are investing billions into rare disease research. This is evident by the approval of 21 drugs for rare diseases in 2015 and 9 in 2016 by the U.S. Food and Drug Administration (FDA). Additionally, 582 applications for orphan designation were received by the FDA in 2016, an increase of over 100 from 2015. However, recruiting patients to trails for rare diseases can be extremely challenging as these diseases have small and often widely scattered populations. To overcome these obstacles and optimize the rare disease programs, pharma companies are increasingly adopting rare disease patient registries that provide rich source of real-world data. For instance, in March 2016, True North Therapeutics launched the COMPASS registry to support efforts to develop novel therapies for Cold Agglutinin Disease (CAD). In February 2017, the FSH Society announced that their newly formed Facioscapulohumeral Muscular Dystrophy (FSHD) consortium is working to consolidate more than 13 patient registries in an effort to accelerate research in rare disease. Thus, growing recognition of registries in rapidly rising rare disease research offers immense growth opportunity for the companies in patient registry software market.
Owing to the unique properties of patient registry software, it is witnessing a rapid growth in the global market, which is expected to grow at CAGR of 11.0% to reach USD 1.49 billion by 2023, according to Meticulous Research®.
Browse in depth Report: Patient Registry Software Market- Global Opportunity Analysis and Industry Forecast to 2023