Number of pages: 100 | Report Format: PDF | Published date: October 11, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global e-prescribing market was pegged at US$ 1.5 billion in 2021 and is expected to witness a CAGR of 23.9% during the forecast period from 2022 to 2030.
E-prescribing (electronic prescribing) is a subpart of e-health that deals with writing and sending prescriptions to patients and pharmacies using telecommunication services. Pen and paper are replaced by automated, advanced technology with electronic prescriptions. Clinical decision-support technologies raise patient safety by warning doctors about dangerous medication interactions and drug allergies. Additionally, receiving formulary data from a patient's insurer at the point of care enables prescribers to cut costs by selecting the most economical course of action. E-prescribing not only streamlines the pharmaceutical distribution procedure. The e-prescribing lowers expenses while simultaneously raising quality.
The growing demand for E-prescribing services can be attributed to the increasing population of aged people, the rising prevalence of chronic disease, and growing urbanization. Rapid technological innovation, telecommunication systems, and cloud technologies further expand the E-prescribing market globally. Moreover, the rising government initiatives & funding, increasing adoption of EHR (electronic health record), low medical cost, enhanced focus on reduced medical errors, and growing use of telemedicine/telehealth fuel the market's growth. However, some obstructing factors in the market can restrain the market, such as chances of data loss, lack of internet outreach, and lack of technological awareness in developing economies.
The global e-prescribing market has been analyzed from four perspectives: component, mode of delivery, end-user, and region.
E-prescribing Market by Component
Based on components, the e-prescribing market has been bifurcated into software and services. Services dominated the market with the largest revenue share. The growth of this market can be attributed to several factors, such as the rising popularity of e-prescribing, which has increased the demand for education and training services. Strict regulations have increased the use of implementation services to validate and verify hardware and software and the requirement for ongoing support and maintenance.
E-prescribing Market by Mode of Delivery
The delivery modes in the global e-prescribing market are further segmented into on-cloud and on-premise delivery. The on-cloud delivery segment leads the market with the largest revenue share due to its large customer base. Additionally, this type of delivery offers several advantages, including flexibility, scalability, better productivity, and security. Furthermore, cloud-based software provides faster and more convenient implementation with lesser setup time. Moreover, this delivery service offers benefits such as timely access and a simple interface. This service also provides enhanced mobility & flexibility and is economically affordable. In contrast, on-premise software is anticipated to have consistent and noticeable expansion over the projection period due to its primary driving force of offering security and privacy.
E-prescribing Market by End-Users
End-users have subdivided the global e-prescribing market into hospitals, clinics, and pharmacies. The hospital segment leads the market and is expected to show constant dominance, with the largest revenue share in the forecast period. The growth of the hospital segment is attributed to a large patient footfall. Whereas pharmacies hold the second largest shares in the e-prescribing market due large patient base, thus, offering efficient outcomes.
E-prescribing Market by Region
The global E-prescribing market has been segmented based on North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global e-prescribing market with the largest revenue share. It is also expected to retain its lead in the forecast period. The market's growth in this region can be attributed to an enormous base of patients, a significant prevalence of chronic diseases, continuous growth in the aged population, and considerable healthcare expenditure. Furthermore, the rapid adoption of advanced technologies increased government initiatives & investments/funding and developed healthcare infrastructure. Europe holds the second position in terms of revenue share. The market growth in Europe can be attributed to increased awareness of e-prescribing and constant technological innovation.
While the Asia Pacific is the fastest-growing region in the market owing to various factors such as the growing adoption of advanced technologies, developing healthcare infrastructure, and increasing healthcare expenditure. Furthermore, rising awareness among the population and growing government initiatives further fuel market growth.
Some prominent players operating in the global e-prescribing market are:
The Asia Pacific is the fastest-growing E-prescribing market.
The estimated market size of the E-prescribing market in 2030 will be US$ 10.32 billion.
The global E-prescribing market is estimated to grow at a CAGR of 23.9% during 2022 to 2030.
The key players in the global e-prescribing market are Cerner Corporation, Practice Fusion Inc., Allscripts Healthcare Solutions Inc., Epic Systems Corporation, Athenahealth Inc., eClinicalWorks, Medical Information Technology Inc., GE Healthcare, McKesson Corporation, DrFirst Inc., Henry Schein Inc., Networking Technology Inc. (RXNT), Surescripts-RxHub LLC, and NextGen Healthcare
*Insights on financial performance are subject to the availability of information in the public domain