About E-Prescribing
Electronic prescribing (e-prescribing) solutions are widely used in the healthcare industry for their benefits such as improved patient safety, fewer medication errors due to handwritten prescriptions, fewer medication errors due to misunderstood phone prescriptions, and lower risk of losing or losing misplaced written prescriptions. This, in turn, should spur growth in the global electronic prescription market over the forecast period. The e-prescription market is expected to continue this trend over the coming years. This is due to the increasing adoption of electronic prescription and drug delivery systems, which offer benefits such as accurate communication between health professionals and a reduction in unwanted medication errors, drug events, and healthcare costs. The increasing adoption of EHR solutions, government initiatives and incentive programs, the increasing focus on reducing the abuse of controlled substances, the increasing focus on reducing medical errors, and the need to reduce rising healthcare costs are driving the growth of the e-prescription market ahead. In addition, the outbreak of the COVID-19 pandemic has accelerated the use of telemedicine modules and telemedicine consultations. This continues to drive the adoption of e-prescribing solutions. The increasing government support for the introduction of EHR solutions and the need to reduce rising healthcare costs are the main drivers of the demand for such solutions. Despite its advantages, end-users continue to be reluctant to adopt electronic prescribing solutions, largely due to their high cost. The costs are not limited to the one-time purchase of a system, but also include recurring costs, e.g. for implementation services, maintenance, and support services, the integration of electronic prescribing in EHR / EMR, and in some training for cases, and education.
Attributes | Details |
---|
Study Period | 2019-2029 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 21.1% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global E-Prescribing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cerner Corporation (United States), Athenahealth, Inc. (United States), Allscripts (United States), eClinicalWorks (United States), DrFirst (United States), Practice Fusion, Inc. (United States), Emdeon (United States), Surescripts (United States), Henry Schein, Inc. (United States) and HealthFusion, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are CompuGroup Medical (Germany), HealthTeach (Germany), Visavi (Sweden), HealtheTech (Australia) and S4net (Argentina).
Segmentation Overview
AMA Research has segmented the market of Global E-Prescribing market by Type (Stand-Alone Systems and Integrated Systems), Application (Hospital and Office-based physician) and Region.
On the basis of Type, Integrated system are dominating the market in the year 2023 where as Stand-alone system stood as second largest market share.
On the basis of application, Hospital segment is dominating the market in the year 2023 where as Office-based physician segment stood as second largest market .On the basis of geography, the market of E-Prescribing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Delivery Mode , the sub-segment i.e. Web-based will boost the E-Prescribing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the E-Prescribing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
E-Prescribing is gaining importance in medical record systems and Rising demand for cloud-based solutions
Market Growth Drivers:
Government Initiatives and Incentive Programs have led to the demand of E-prescribing system, More focus on minimizing the medication errors and Advanced features of E-prescribing system drive the market growth
Challenges:
Lack of technological awareness among end users
Restraints:
Lack of patient privacy and security in E-prescribing system hamper the market growth and High cost of E-prescribing system
Opportunities:
Emerging economies in Asia Pacific region such as India, China and Japan
Market Leaders and their expansionary development strategies
In November 2023, Surescripts, a leading E-Prescribing platform in the US, announced the acquisition of eRx Network, another major player in the market. This merger consolidates their market share and strengthens their position in providing E-Prescribing solutions to healthcare providers across the country.
In December 2023, Epic Systems, a leading EHR vendor, launched its new "Care Everywhere" initiative, which includes an enhanced E-Prescribing module with real-time medication history and formulary information, aiming to reduce medication errors and improve patient safety.
The rule revises DEA regulations so as to allow practitioners to write prescriptions for controlled substances electronically. The regulations also allow pharmacies to receive, dispense and archive these electronic prescriptions. These regulations are in addition to, not a substitute for. Many states have already implemented EPCS mandates, some have laws from 2020 and many more have laws on the books. While drugs are regularly prescribed in or near any of the six states that require EPCS certification as of January 1, 2020, it should be ensured that corrections are in place to meet the mandate and that controlled substances are in place after January 1st can be prescribed.
Key Target Audience
Providers of e-prescribing systems and solutions, E-prescribing services providers, Hospitals & clinics, Healthcare insurance providers, Pharmaceuticals and E-prescribing vendors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.