Cancer Registry Software Market to Reach Valuation of USD 85.9 Billion by 2028 - Increasing Demand for Cancer Registry Software Market for Improving the Quality of Care and Reducing Healthcare Costs to Drive the Market Growth

From the period of 2022 to 2028, the Global Cancer Registry Software Market is expected to reach USD 85.9 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 8.50%.

A cancer registry is a computerized database that organizes, collects, and stores data on cancer patients in order to assess cancer-specific outcomes, conditions, and drug/medical device exposure using software solutions. Cancer patient registry software is a technology that helps establish cancer registries by storing, managing, and providing access to cancer-specific information. The rising prevalence of cancer and positive government initiatives, rising pressure to enhance treatment quality and lower healthcare costs, increasing adoption of EHRs, and growing use of cancer patient registry data for post-marketing surveillance are all driving growth in this market. Software suppliers face a significant barrier in integrating registries into hospital workflows at the point of care. Many hospitals and physician practices that participate in observational studies use multiple data collecting systems and adjust their workflow to meet the needs of non-harmonized research. The development of innovative solutions has been impeded by the lack of connectivity between EHR systems and independent cancer patient registry software.

Key Highlights from the Report

• On the basis of Type, the market is segmented into Standalone Software and Integrated Software. The usage of integrated software in the healthcare business is on the rise, owing to the industry's changing landscape, the need to streamline and optimize workflows, and the desire to reduce physician workloads. Furthermore, factors such as the government's increased focus on population health management, coordinated care, and cost-cutting are encouraging market growth.

• On the basis of End-User, the market is segmented into Government Organizations & Third-party Administrators (TPAS), Hospitals & Medical Practices, Pharmaceutical, Biotechnology, & Medical Device Companies, Private Payers, and Research Centers. Cancer patient registration software is mostly used by research centers to track patients who are eligible for clinical trials. The registry's data is mostly used by researchers for product development. Many research organizations have established their own databases to keep track of patients with various types of cancer. Furthermore, several research centers collaborate with healthcare centers and groups to build cancer patient registries.

• Asia Pacific is the fastest regional segment in terms of growth. Due to the transfer of many pharmaceutical companies to lower-cost manufacturing countries such as India and China, Asia Pacific is expected to grow rapidly. Rising knowledge of the benefits of EHRs, as well as advances in healthcare infrastructure, are all contributing to market growth in the region.

Market Dynamics:

Growing Prevalence of Cancer and Favorable Government Initiatives

The rising incidence of cancer is a major driver of market expansion. Various government agencies are also taking measures and providing support to create cancer registries in order to reduce the burden of cancer. Government agencies around the world are digitizing and integrating healthcare systems, including the construction of electronic illness registries, in response to the growing demand for population health management and health information exchange.

Privacy and Data Security-Related Concerns

Cancer patient registries keep track of a wide range of demographic and personal data, including socioeconomic and marital status, level of formal education, developmental disabilities, cognitive skills, emotional stability, and gender, age, and race. In most cases, health information also includes information about the patients' relatives. As a result, in the event of a data breach, patient and third-party personal, private, or confidential information may fall into the wrong hands. Medical identity theft accounts for 30% of data breaches in the healthcare industry, owing to a lack of internal control over patient information, a lack of top management support, outdated rules and procedures, non-adherence to existing ones, and insufficient personnel training.

Over the projection period, North America is expected to have tremendous growth. North America and Europe make up the cancer patient registry software industry. In 2021, North America held the largest market share, and this trend is expected to continue during the projection period. The higher share of North America in the Cancer Registry Software Market is due to factors such as the high burden of cancer, government funding initiatives to encourage the development of cancer registries, high investments in healthcare IT, the presence of significant Cancer Registry Software development market players, and the high adoption rate of these solutions in the region.