E-Prescribing Market Scope
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.
The E-Prescribing market study is segmented by Type (Stand-Alone Systems and Integrated Systems), by Application (Hospital and Office-based physician) and major geographies with country level break-up. According to AMA, the Global E-Prescribing market is expected to see growth rate of 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. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global E-Prescribing market throughout the predicted period.
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.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global E-Prescribing market by Type, Application and Region. On the basis of Type, Integrated system are dominating the market in the year 2020 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 2020 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 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In April 2020, DrFirst had partnered with ID.me so as to help users of the company’s e-prescribe app to verify their identities within a few minutes. This is thereby expected to speed up the process for clinicians to prescribe drugs. and In July 2019, NextGen Healthcare had announced its partnership with Optimize Rx (US) for providing real-time access to critical financial information, hence allowing providers to help patients to choose appropriate medication plans, as per their cover and budgets. This tool has been integrated with the company’s EHR workflow.
On July 26, 2018, the Connecticut State Medical Society (CSMS), representing more than 6,000 physicians in Connecticut, had selected DrFirst, a leading provider of e-prescribing and patient medication management solutions, as the vendor of choice for its robust e-prescribing tool, iPrescribe, for its members.
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.
- E-Prescribing is gaining importance in medical record systems
- Rising demand for cloud-based solutions
- Government Initiatives and Incentive Programs have led to the demand of E-prescribing system
- More focus on minimizing the medication errors
- Advanced features of E-prescribing system drive the market growth
- Emerging economies in Asia Pacific region such as India, China and Japan
- Lack of patient privacy and security in E-prescribing system hamper the market growth
- High cost of E-prescribing system
- Lack of technological awareness among end users
Key Target Audience
Providers of e-prescribing systems and solutions, E-prescribing services providers, Hospitals & clinics, Healthcare insurance providers, Pharmaceuticals and E-prescribing vendors
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase