Study Finds Clinical Registry Solutions Market to Grow by 80 Percent Over Five Years
For immediate release
(Chicago, Ill)—According to a new report commissioned by Q-Centrix and authored by Health Business Group, the total registry solutions market (including services and software) is expected to grow from $1.03B in 2016 to $1.85B by 2021. The report—”US Clinical Registry Service and Software Market – Forecast to 2021″—found that the primary factors driving rapid growth include quality improvement initiatives, regulatory requirements, financial performance pressure and the imperative for reputation management.
“Clinical registries represent a critical tool in the development of evidence for best medical practices, measuring the outcomes of these care processes, providing relevant feedback to clinicians, and improving the overall quality of care,” said David E. Williams, Health Business Group President and lead author of the report. “In the healthcare industry’s transition to payment for value and outcomes, clinical registries will play an increasingly important role. Consequently, registry participation will markedly increase over the next five years.”
The study identified that healthcare facilities currently participate in five to 10 clinical registries on average. More importantly, two out of three (66 percent) hospital executive respondents expect to participate in more registries in the future due to increased quality improvement initiatives, regulatory requirements, financial performance pressure and a focus on reputation management.
“The findings validated our hypotheses regarding this important, growing and dynamic market,” explained Milton Silva-Craig, Chief Executive Officer of Q-Centrix. “In absence of a seminal study providing an enterprise view of the clinical registry market, we commissioned this report to gain greater insights into what we were witnessing across our more than 400 US hospital partners. Most notably, we observed the juxtaposition of their desire and demand to participate in more registries against the challenges of greater participation.”
The study highlighted that a primary challenge to greater registry participation is the burden it places on healthcare provider resources. Respondents indicated that most of their clinical registry data is abstracted manually. As new clinical registries are introduced to market and existing registries increasingly require more data elements, healthcare providers need to add new expertise and resources to manage the greater data demand. One approach to solve for this challenge validated by the report was the projected increase in clinical registries services, as more hospitals choose to outsource data abstraction. The projected compounded annual growth rate (CAGR) for clinical registry services from 2016 to 2021 is 13 percent.
The broader challenge of participating in more and larger clinical registries was also a contributing factor to the growth in the clinical registry software market. While some professional societies provide software for the capture and submission of their registry data, the technologies have been purpose-built for the needs of each specific registry and provide no leverage or use with other registries. Consequently, respondents identified a strong rationale for the use of third-party registry software capable of managing the interface, capture, validation, submission, reporting and analysis of multiple clinical registries. The CAGR for the clinical registry software market from 2016 to 2021 is projected to be 10 percent.
Respondents further expressed concern with the slow pace of automating clinical registry data abstraction, citing unstructured data, incompleteness of EMR data, and lack of data standards and system interoperability as the primary obstacles.
“The report confirmed that there are meaningful challenges burdening healthcare providers’ participation in clinical registries,” noted Silva-Craig. “Despite these challenges, clinical registry participation will increase over the foreseeable future driving overall market growth. We believe a significant opportunity exists to innovate and disrupt an industry that before now has been addressed in a non-enterprise and haphazard manner. As a leading provider of clinical registry solutions, we look forward to continuing the development of innovative solutions—both services and cloud-based software—that help healthcare providers measurably improve their quality performance.”
To download a summary of the study, visit q-centrix.com/lp/2017-registry-market-report.
Q‑Centrix aims to measurably improve the quality and safety of patient care in the US through the use of its market-leading technology platform, Q-Apps, augmenting the clinical intelligence and efficiency of the industry’s largest and broadest team of nurse-educated, Quality Information Specialists℠. Processing in excess of 2 million quality data transactions annually, Q‑Centrix is a comprehensive quality partner to hundreds of hospitals, providing quality data management solutions, including quality data capture, surveillance, measure calculations, analysis, reporting, and improvement solutions. For more information about Q‑Centrix, visit www.q‑centrix.com.
Vice President, Marketing – Q-Centrix