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Cancer Registry Software Market Worth $91 Million by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 22, 2019 /PRNewswire/ -- According to the new market research report "Cancer Registry Software Market by Type (Standalone, Integration), Delivery (On-premise, Cloud), Database (Commercial, Public), Functionality (Cancer Reporting, Patient Care, Medical Research), End User, Region - Global Forecast to 2024", published by MarketsandMarkets™, the Cancer Patient Registry Software Market is projected to reach USD 91 million by 2024 from USD 56 million in 2019, at a CAGR of 10.4% during the forecast period.
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Growth in this market is driven by factors such as the increasing prevalence of cancer, favorable government initiatives, rising pressure to improve the quality of care and reduce healthcare costs, rising adoption of EHRs, and the growing use of cancer patient registry data for post-marketing surveillance.
Standalone software segment accounted for the largest share of the cancer patient registry software market, by type, in 2018
Based on type, the cancer patient registry software market is segmented into standalone and integrated software. The standalone software segment dominated this market in 2018 majorly due to the significant use of standalone software by government organizations and TPAs for population health management (due to its adaptability and interoperability). Also, standalone software customized for patient registries offers higher flexibility and features, such as multiple system usage and automatic upgradation. Due to these advantages, the use of standalone software is significantly high among end users.
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Cloud-based model segment to register higher growth in the cancer patient registry software market, by deployment model, during the forecast period
Based on deployment model, the cancer patient registry software market is segmented into on-premise and cloud-based models. During the forecast period, the cloud-based model segment is estimated to witness higher growth as it offers advantages such as cost-effectiveness, large storage capacity, flexibility, and regular automatic upgrades. The cloud-based model is highly cost-effective as it lowers hardware, software, and internal IT needs, which saves up-front and on-going IT expenses. Moreover, the storage capacity of data in a cloud-based model can be extended by paying additional charges to the vendor.
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North America will continue to dominate the cancer patient registry software market during the forecast period
In 2018, North America was the largest regional market for cancer patient registry software, and this trend is expected to continue during the forecast period. This can be attributed to the high burden of cancer, government funding initiatives to encourage the development of cancer registries, high investments in healthcare IT, presence of major cancer registry software-developing players, and the high adoption rate of these solutions in the region.
The cancer patient registry software market is highly consolidated with a limited number of players. The prominent players operating in this market include Elekta (Sweden), Electronic Registry Systems, Inc. (US), Onco, Inc. (US), C/NET Solutions (US), Rocky Mountain Cancer Data Systems (US), and McKesson Corporation (US).
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