Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the E-prescribing market.
Trusted Business Insights presents an updated and Latest Study on E-prescribing Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the E-prescribing market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ E-prescribing Market Size, Share & Industry Analysis, By Delivery Mode (Web-based, On-premise), By Prescription Type (Controlled substance, Non controlled Substances) By End User (Hospitals, Physicians offices, Pharmacies) and Regional Forecast, 2020-2029(Includes COVID-18 Business Impact)
The global e-prescribing market size was USD 863.64 million in 2018 and is projected to reach USD 4,017.79 million by 2026, exhibiting a CAGR of 21.0% during the forecast period.
We have updated E-prescribing Market with respect to COVID-19 Impact.
Inquire before buying
Electronic prescribing or e-prescribing is a technology framework that enables medical practitioners and other physicians to send computer-based electronic generation and transmission of a medical prescription to a hospital-based or standalone pharmacy. Medical professionals can securely transmit prescription to pharmacies via e-prescribing software program. There are several associated benefits of these solutions such as improved patient safety and health care quality by checking for drug interactions and reducing medication errors. It is comparatively cheaper and more convenient for doctors and physicians than traditional prescription filling techniques that require ample amount of time. Growing adoption of these systems in various medical facilities will strongly propel their demand in the market during the forecast period.
E-prescribing Through EHR via Integrated Platform to Boost Product Sales
The incorporation of e-prescribing software in the EHR solutions will significantly drive the market growth. Integrated EHR have several advantages such as laboratory results and orders, clinical notes, and a broad range of clinical decision support that standalone systems do not offer. E-prescribing via integrated EHRs enhances the availability of patient medication histories and pharmacy benefits information, making potentially emergency medication data available immediately. EHR based systems has considerably reduced prescription errors in community-based medical practices, thus boosting product adoption and thereby augmenting market growth during the forecast period. Moreover, increasing initiatives by the government to implement integrated EHR across several hospitals is another significant factor augmenting the market.
Growing Adoption Rate of Integrated EHR Solutions will Significantly Propel Market Growth
Growing adoption of e-prescription based EHR solutions across the world is one of the significant factors supporting e-prescribing market growth. The implementation of software in the electronic health record solutions has simplified prescription filling in several ways. The integrated solutions comparatively offer better availability of medical histories than a standalone e-prescribing system. Increasing adoption of integrated EHR solutions will considerably stimulate market growth. This is majorly due to the growing initiatives by governments to implement strategies for reducing administrative and regulatory burdens on health care providers pertaining to the use of integrated e-prescribing EHR solutions. For instance, the introduction of the Cures Act, in the year December 13, 2016, is designed to enhance medical product development and create innovations and advances in the medical technology. The implementation of the Cures Act assisted the healthcare IT industry stakeholders to develop recommendations and strategies designed to address key burdens associated with the use of integrated EHR by reducing documentation requirements and improving regulatory flexibility within the Medicare program. Hence, such initiatives will considerably augment the market growth across the forecast period.
Increasing Initiatives to Eliminate Adverse Drug Events (ADEs) and Medical Errors is estimated to drive the Market
Prescription faults among medication errors are the primary causes of concern for medical professionals globally, as they account for more than 70% of medication flaws reported by general practice settings and hospitals. Medication errors can have adverse effects on a patients health. Such medication flaws are a common cause of legal and medical malpractice claims against doctors and healthcare professionals. Adverse drug events (ADEs) are among the primary causes of death in the U.S. Various studies reported that every year in the U.S. more than 90,000 death occur as a result of medical errors. Hence, the use of e-prescribing solutions allows healthcare providers to access patient medical histories, medication information and diagnoses that enhance patient safety by eliminating or reducing medical errors. Hence, the increasing rate of medical errors and adverse drug events across the globe will strongly boost the adoption rate of e-prescribing systems.
High Cost Associated with the Implementation and Maintenance of Integrated E-Prescribing Solutions to Limit Market Growth
Despite the increasing usage of e-prescribing systems in clinical applications, there are certain factors that are limiting the adoption of these solutions. One of the major factors restraining the growth of the market is the high cost associated with the implementation and maintenance of e-prescription integrated EHR. Several developing economies are facing difficulties in the adoption of such solutions pertaining to its high price. Also, the dearth of health care IT support in various developing countries of the world is another important factor restricting market growth.
By Delivery Mode Analysis
Web-Based E-Prescribing System to Dominate the Global Market
Based on delivery mode type, this market is segmented into web-based and on-premise. The major difference between the web-based and on-premise e-prescribing solution is that, on-premise e-prescribing involves hosting the software on in-house servers that are implemented and maintained by an organization, while the web-based or the cloud-based is the online implementation of the software in cloud where users get access to it via the internet. The on-premise segment is estimated to witness a sluggish growth as compared to web based solutions. However, the segment will generate a stable e-prescribing market revenue during the analysis period, owing to the increasing adoption of these systems across the globe.
The web-based segment is projected to register a lucrative CAGR during the forecast period. Also, the segment held significant market revenue in 2018 and is estimated to dominate the market throughout the forecast timeframe. Cloud-based systems do not require complex installation processes where technicians need to set up intense infrastructure to host data. It can all be done through the internet, excluding the need for an IT support and minimizing additional cost. Also, increasing adoption rate of integrated EHR owing to its efficiencies in terms of clinical application is another significant factor propelling the growth of this segment.
By Prescription Type Analysis
Non-Controlled Substances to Aid Dominance of the Segment
Based on prescription type, the market is segmented into controlled substance and non-controlled substances. The controlled substance refers to a chemical or drug whose possession, manufacture is regulated by a government, such as illicitly used drugs or prescription medications that are designated by law. E-prescriptions for controlled substances were originally a proposal for the Drug Enforcement Administration (DEA) to revise its regulations for providing practitioners with the option of writing e-prescriptions for controlled substances. These regulations ensure an adequate supply of controlled substances for legitimate scientific, medical, industrial and research purposes. Electronic prescribing of controlled substances, such as opioids, ensures valuable use of drugs and minimizes the risk of drug abuse. Hence, the aforementioned benefits for controlled substances will strongly propel the growth of the segment across the forecast period.
The non-controlled substances segment is estimated to witness stable growth across the forecast period. The segment also held significant market revenue during the analysis period. High growth is attributable to the increasing adoption of e-prescription technology across various medical facilities to ensure proper management of drug usage. Moreover, increasing prevalence of chronic disorders across the globe is another significant factor boosting the demand for e-prescription solutions and thereby augmenting e-prescribing market growth.
By End User Analysis
Higher Adoption of Integrated Solutions by Hospitals to Enable Dominance of the Segment
The end user segment is classified into physicians office, hospitals and pharmacies. The emergence of physicians offices in developed and emerging countries is attracting a large patient pool suffering from chronic and acute conditions. The patient pool mainly comprises of patients suffering from conditions which can be treated in outpatient settings and do not require hospital stay. Growing number of physicians offices, along with adequate reimbursement policies provided by these settings, are some of the major factors responsible for higher adoption of such solutions in these facilities.
Hospitals segment is projected to hold the maximum market share in the e-prescribing market by during the forecast period. This segment is estimated to witness substantial growth, owing to the increasing adoption of e-prescription integrated EHR solutions in the hospital settings. Rise in number of multi-specialty hospitals implementing such technology to streamline workflow will strongly propel market expansion. The Health Information Technology for Economic and Clinical Health Act (HITECH) creates incentives related to health care information technology, and has mandated the use of integrated EHR solutions across several hospital facilities in the U.S. Moreover, the increasing number of EHR vendors offering integrated solutions for acute care in the hospital settings will furthers accelerate growth of the segment.
Geographically, the market of e-prescribing is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size in North America stood at USD 399.61 million in 2018. The U.S. is projected to witness lucrative growth due to factors such as increasing digitalization in the healthcare sector coupled with favorable government policies, and flexible regulatory scenario. Moreover, increasing private and public funding pertaining to integrated EHR adoption will further propel regional growth in the forecast period. For instance, in June 2019, the Office of the National Coordinator for Health Information Technology (ONC) released the Cooperative Agreement Notice of Funding Opportunity (NOFO). The purpose of this program is to enable developments in the technical standards essential to attain interoperability among healthcare IT systems. The program has been funded up to USD 500,000 in the initial year. Hence, such factors are responsible for the positive growth of this market in North America.
In Asia Pacific, the market is projected to grow at a lucrative rate, owing to the increasing number of vendors penetrating into emerging Asian economies. The market in Europe is forecasted to hold substantial market share by the end of 2026. High growth is due to the presence of major electronic prescribing vendors operating in the European market. Moreover, the increasing adoption rate of healthcare IT across several European countries will further propel industry growth. Latin America and Middle East & Africa are projected to witness a stable CAGR in the electronic prescribing market, owing to the increasing awareness among the population pertaining to the associated benefits of these solutions in a healthcare facility. Additionally, the growing prevalence of chronic ailments that require proper management in a medical facility is another significant factor boosting product adoption.
KEY INDUSTRY PLAYERS
Core Focus on Inorganic Strategic Partnerships by Epic Systems Corporation, to Propel Their e-Prescribing Market Position.
Epic Systems Corporation is one of the leading players operating in this market, specialized in interoperable technology, and primarily focus on the needs of healthcare organizations. The company is known for having various secured contracts with small to large hospitals as compared to any of its competitors in this industry. Its clients include hospital chains such as Duke University Health System, Johns Hopkins Health System, UNC Health Care, Vanderbilt Health System and University of Utah Health Care.
The market is fragmented in nature with the presence of several other companies functioning in the industry. Other significant players include, Cerner Corporation, Surescripts, Allscripts Healthcare Solutions, Inc., athenahealth, Inc., Medical Information Technology, Inc., RelayHealth Corporation, eClinicalworks, NextGen Healthcare., Practice Fusion, Inc. and others.
LIST OF KEY COMPANIES PROFILED:
- Epic Systems Corporation
- Cerner Corporation
- Allscripts Healthcare, LLC
- Medical Information Technology, Inc. (MEDITECH)
- Practice Fusion, Inc.
- NextGen Healthcare
KEY INDUSTRY DEVELOPMENTS:
December 2019 €“ RxRevu, an independent provider of integrated prescriptions cost transparency solutions, has announced an agreement with Cerner Corporation to integrate its pharmacy and patient prescription pricing solution into the electronic health record (EHR) to help providers choose the most cost-effective medication for patients. Such novel approaches enabled the company to hold a strong position in the industry.
May 2016 €“ Cerner, announced the distribution partnership with Sandwell & West Birmingham Hospitals NHS Trust for major Electronic Patient Record (EPR) program. Cerners EPR functionality includes, critical care, bed management and clinical documentation. Such strategic agreements assisted the company to hold a considerable e-prescribing market share.
The e-prescribing market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, novel product launch and technological overview of these solutions. Besides this, the report offers insights into the market, current trends, and highlights the key industry developments. This, coupled with adoption rate of integrated EHR solutions in key countries. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Report Scope & Segmentation
By Delivery Mode
By Prescription Type
- Controlled substance
- Non controlled Substances
By End User
- Physicians Office
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
Quick Read Table of Contents of this Report @ E-prescribing Market Size, Share & Industry Analysis, By Delivery Mode (Web-based, On-premise), By Prescription Type (Controlled substance, Non controlled Substances) By End User (Hospitals, Physicians offices, Pharmacies) and Regional Forecast, 2020-2029(Includes COVID-18 Business Impact)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580