Product presentation Electronic prescription is a system that allows prescribers to deliver drugs directly to the pharmacy. It plays a key role in maximizing the quality of patient care by reducing errors and sending the pharmacy the correct prescription.
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E-prescribing is much cheaper, faster and safer for hospitals, doctors and patients and helps preserve and improve the quality of patient healthcare.
The e-prescribing market is expected to project a notable CAGR of 23.5% in 2030.
The e-Prescription Market will exceed 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 electronic prescriptions is mainly driven by the increasing adoption of electronic prescriptions in healthcare systems. Due to its benefits, such as increased patient protection, fewer medication errors due to handwritten prescriptions, fewer medication errors due to confusing phone prescriptions, and less chance of lost or misplaced written prescriptions , electronic prescription solutions (e-prescription) are widely used. implemented in the health sector. This, in turn, is expected to fuel the growth of the global e-prescription market over the forecast period.
Electronic prescription market: segments
Services Segment Expected to Grow with Highest CAGR of 12.3% in 2020-30
The electronic prescription market is segmented into sub-products into solutions and services. On the basis of products, the Solutions segment held the leading position with a market share of approximately XX.X% in the e-prescription market in 2019 due to increasing penetration and high software cost. The services segment is expected to grow over the forecast period at a significant rate. The key factor contributing to the growth of the services segment lies in the untapped opportunities in the developed and emerging regions. Due to favorable government policies aimed at the introduction of integrated prescribing, integrated e-prescribing solutions are expected to grow at a higher CAGR. It is expected that the advantages and benefits provided by the federal governments will outweigh the expense of moving from a stand-alone to an integrated system, which will further contribute to the development of the demand for integrated systems.
On-Premises Deployment to Grow with Highest CAGR in 2020-30
The e-prescription market is segmented by web and cloud, on-premises delivery method. The web/cloud-based e-prescribing systems segment generated the largest revenues throughout the historical and forecast period due to its low cost compared to on-premises systems. For private practitioners, small clinics or medical practices, and community hospitals, a cloud platform is an attractive choice that can’t account for the high upfront costs of on-premises systems. Moreover, few other factors contribute to the growth of cloud solutions that promote the implementation of a cloud solution and reduce training requirements.
Electronic prescription market: market dynamics
Growing demand for electronic prescription system
The major factors driving the demand for such solutions are increased government funding for the implementation of EHR solutions and the need to minimize escalating healthcare costs. Additionally, the global outbreak of COVID-19 has resulted in more 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 increasing levels of consumer knowledge, minimizing medication errors, improving healthcare efficiency and reducing prices, companies are looking to innovate more products to maintain competition. At the time of prescription, in addition to providing patients with a complete medical history, e-prescribing programs will further eliminate errors by incorporating alert and warning systems.
High cost of electronic prescription systems
Despite their advantages, due to extremely high costs, end consumers remain reluctant to implement e-prescription solutions. Costs are not limited to a one-time purchase of a device, but may include ongoing costs such as implementation services, maintenance and support services, EHR/EMR ePrescribing integration , as well as training and education in some cases. This limits investments in e-prescribing solutions by small hospitals and physicians in office, especially in emerging markets of APAC and Latin America.
Electronic prescription 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.
Epic Systems Corporation
Medical Information Technology, Inc.
Practice Fusion, Inc.
Electronic prescription market: regions
The e-prescription market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, APAC and the MENA region.
The North America e-prescription market held the largest market share of XX.X% in 2019 and it is expected to continue dominating the market in the future owing to the high number of government initiatives and incentives in the region. Europe is the second largest market for electronic prescription software due to strict regulatory policies of European countries to prevent medical errors. In addition, EU initiatives should still lead to growth. Furthermore, major reasons for the overall growth of the market are favorable country-level government initiatives such as incentive programs and strict regulations on handwritten prescriptions due to the possibility of medical errors.
The highly competitive electronic prescription market includes several major players such as Epic Systems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), NextGen Healthcare (US) United States), athenahealth, Inc. (United States), RelayHealth, LLC (United States), Henry Schein, Inc. (United States) hold a substantial market share in the electronic prescription 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, USA) among others.
Market competition has been enhanced by the availability of many players offering electronic prescription. For example, in June 2018, Allscripts (US) acquired ZappRx (US) to help Veradigm’s e-prescribing solutions by integrating with the automated pre-authorization platform, adding value to its existing platform.
The e-Prescription market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Electronic Prescription Market Report Also Contains Analysis On:
Electronic prescription market segments:
By delivery method:
On the site
Per end user:
Doctors in office
Dynamics of the electronic prescription market
Electronic prescription market size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
E-Prescription Market FAQs
Which segment is expected to hold the largest market share?
At what CAGR is the market expected to grow between 2020 and 2030?
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