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Product Overview
Electronic prescribing is a system that makes it possible for prescribers to directly deliver medications to the pharmacy. It plays a key role in maximizing the quality of patient care by reducing mistakes and sending the pharmacy a correct prescription. E-Prescribing is much cheaper, faster, and safer for hospitals, physicians, and patients and helps preserve and improve the quality of patients' health care.
Market Highlights
E-Prescribing Market is expected to project a notable CAGR of 23.5% in 2030.
E-Prescribing Market to surpass USD 3.5 billion by 2030 from USD 1.1 billion in 2019 at a CAGR of 23.5% throughout the forecast period, i.e., 2020-30. The global demand for e-prescription is primarily driven by rising e-prescription adoption in healthcare systems. Due to its advantages, such as increased patient protection, fewer medication errors due to handwritten prescriptions, fewer medication errors due to confusing phoned-in prescriptions, and less chance of lost or misplaced written prescriptions, electronic prescribing (E-prescribing) solutions are widely implemented in the healthcare industry. This, in turn, is projected during the forecast period to fuel the growth of the global e-prescription market.
E-Prescribing Market: Segments
Services segment to grow with the highest CAGR of 12.3% during 2020-30
E-Prescribing Market is segmented by-products as solutions and services. Based on products, the Solutions segment held the leading position with a market share of around XX.X% in the E-Prescribing market in 2019 owing to growing penetration and high cost of the software. The service segment is expected to expand over the forecast period at a significant pace. The key factor contributing to the growth of the service segment is untapped opportunities in developed and emerging regions. Due to favorable government policies aimed at the introduction of integrated prescribing, integrated e-prescribing solutions are expected to develop at a higher CAGR. It is expected that the advantages and benefits provided by federal governments would outweigh the expense of switching from a stand-alone system to an integrated system, further contributing to the development of the demand for integrated systems.
On-premise deployment to grow with the highest CAGR during 2020-30
E-Prescribing Market is segmented by Delivery Mode into Web & Cloud-based, On-premise. The Web/Cloud-based e-prescription systems segment has been generating the largest revenue throughout the historical and forecast period owing to low cost as compared to the on-premise systems. For private practitioners, small clinics, or medical offices, as well as community hospitals, a cloud platform is an appealing choice that cannot account for the high initial costs of on-site systems. In addition, there are few other factors that contribute to the growth of cloud solutions that promote the implementation of a cloud solution and lower training requirements.
E-Prescribing Market: Market Dynamics
Drivers
Rising Demand for E-prescription System
Key factors driving the demand for such solutions are rising government funding for the implementation of EHR solutions and the need to minimize the escalating cost of health care. In addition, the worldwide COVID-19 epidemic has led to a greater number of patients in hospitals and the need to better monitor patient records. The need for these solutions is expected to further drive the market in the coming years.
Minimization of Prescription Errors
With growing levels of consumer knowledge, minimizing drug mistakes, enhancing health care efficiency, and reducing prices, businesses are seeking to innovate more goods to maintain competition. At the time of prescribing, in addition to providing patients with a full medical history, e-prescribing programs will further eliminate errors by incorporating alert and warning systems.
Restrain
High cost of E-Prescribing systems
Despite their advantages, due to the extremely high costs involved, end consumers remain reluctant to implement e-prescribing solutions. Costs are not limited to the one-time purchase of a device but can include ongoing costs such as implementation services, maintenance and support services, e-prescribing integration of EHR/EMR, and training and education in some cases. This restricts investment in e-prescribing solutions by smaller hospitals and office-based physicians, especially in the emerging APAC and Latin American markets.
E-Prescribing Market: Key Players
Allscripts Healthcare, LLC
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Athenahealth, Inc.
Cerner Corporation
Change Healthcare
DrFirst.com, Inc.
eClinicalWorks
Epic Systems Corporation
Medical Information Technology, Inc.
Practice Fusion, Inc.
Surescripts
E-Prescribing Market: Regions
E-Prescribing Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
E-Prescribing Market in North America held the largest market share of XX.X% in the year 2019 and it is expected to continue its market dominance in the future owing to the high number of government initiatives and incentives in the region. Europe is the second-largest market for e-prescription software owing to the strict regulatory policies in European countries to prevent medical errors. In addition, EU initiatives are further anticipated to lead to growth. Furthermore, the main reasons leading to the overall market growth are favorable government initiatives at the country level, such as incentive programs and strict regulations on handwritten prescriptions due to the possibility of medical errors.
Competitive Landscape:
The E-Prescribing market, which is highly competitive, consists of several major players such as Epic Systems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US) hold a substantial market share in the E-Prescribing market. Other players analyzed in this report are GE Healthcare (US), Computer Programs and Systems, Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (MEDITECH, US) among others.
The market competition has been stepped up by the availability of many players offering E-Prescribing. For Instance, In June 2018, Allscripts (US) acquired ZappRx (US) to help Veradigm's e-prescribing solutions by integrating it with the automated prior authorization platform, thus adding value to its existing platform.
E-Prescribing Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
E-Prescribing Market report also contains analysis on:
E-Prescribing Market Segments:
By Product:
Solutions
Integrated Solutions
Standalone Solutions
Services
Support
Implementation
Training
Network
By Delivery Mode:
Web/Cloud-Based
On-Premise
By End-user:
Hospitals
Office-based Physicians
Pharmacy
E-Prescribing Market Dynamics
E-Prescribing Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on E-Prescribing Market
Which segment is anticipated to hold the largest market share?
At what CAGR is the market anticipated to grow between 2020 and 2030?
Who are the key players in the E-Prescribing Market?
What could be the challenging factors in the growth of the E-Prescribing Market?
What are the growth drivers for the E-Prescribing Market?