Disease 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. Patient registries provide 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. Registries are increasingly playing an important role in coordinating clinical trials, thereby aiding researchers. Moreover, the adoption of medical device and drug registries is gaining traction for post-marketing surveillance and to support regulatory decisions. “Meticulous Research” in its latest publication states that, the “global patient registry software market is expected to grow at a CAGR of 11.0% from 2018 to 2023 to reach $1,494.4 million by 2023.”
This growth is primarily driven by the continued pressure to curtail rising healthcare costs, growing demand to improve care quality, increasing adoption of EHRs and improving health IT infrastructure, growing application of patient registry data in post-marketing surveillance, increasing cancer and rare disease research, and increase in the support from government for value-based care and adoption of patient registries.
Post-marketing surveillance is the identification and collection of information regarding medications after their approval by the U.S. Food and Drug Administration (FDA) and other regulatory agencies. Post-market drug and device effectiveness and safety monitoring has become necessary for many reasons. The post marketing surveillance offers valuable information on the use of drugs or medical devices in special patient populations, which is not generally accessible from pre-marketing studies. Randomized clinical trials conducted before marketing include only subjects who meet defined inclusion and exclusion criteria, thus creating a homogenous study population. According to National Institutes of Health (NIH), data collected through patient registries are increasingly relied by regulatory agencies and other stakeholders to support their decision-making. Data collected from registries act as a keystone of post-marketing surveillance for monitoring the use of medicines in clinical practice.
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Patient registries are suggested and approved as a tool for post‐approval collection of additional data for new drugs or device. Registries are conducted in a real-world setting in order to measure a product‘s effectiveness and are useful tools that can help in validating whether the safety and efficacy of interventions seen in controlled clinical trials translate to everyday practice. The evolving regulatory environment also positively impacts the growth of patient registry software market as the Federal regulatory guidance on conducting patient registries is growing. For instance, European Medicines Agency (EMA) launched an initiative for patient registries in September 2015 which helps in exploring ways of expanding the use of patient registries by introducing and supporting a systematic and standardized approach to their contribution to the benefit-risk evaluation of medicines within the European Economic Area. In order to fulfill safety and regulatory requirements, biopharmaceutical and medical device companies are increasingly looking to develop, implement and maintain patient registries. For instance, in June 2018, the U.S. Food and Drug Administration approved Zephyr Endobronchial Valve System – P180002, making the device available to a larger group of patients with severe emphysema.
Patient registries play a vital role in providing healthcare organizations and decision-makers information that will validate the safety and efficacy of interventions reported in Phase III clinical trials. Thus, growing recognition of registries as an important tool in quality assurance of drugs and devices involved in patient management would ultimately boost the demand for patient registry software market in the coming years.
The report provides meticulous analysis of patient registry software market by segmenting it on the basis of type (diabetes, cancer, rare diseases, cvd, orthopedic, drugs, device), delivery (on premise, cloud), functionality (phm, hie, poc, research), database (public, commercial), pricing model, end user, and geography.
The key players analyzed in the patient registry software market are Phytel, Inc. (An IBM Corporation Company) (U.S.), Quintiles IMS Holdings, Inc. (U.S.), Liaison Technologies. (U.S.), ImageTrend, Inc. (U.S.), FIGmd, Inc. (U.S.), McKesson Corporation (U.S.) (Change Healthcare), CECity.com Inc. (U.S.) (A Premier, Inc. Company) , Dacima Software Inc. (U.S.), Global Vision Technologies, Inc. (U.S.), ifa Systems AG, (Germany), and Optum, Inc. (A part of UnitedHealth Group Inc) (U.S.).
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