Global E-Prescribing Solutions Market, By Solutions (Integrated Solutions, Standalone Solutions), Delivery Mode (Web and Cloud Based Solutions, On- Premise Solutions), Usability (Handheld Device, Computer Based Devices), End User (Hospitals, Office Based Physicians, Pharmacies) – Industry Trends and Forecast to 2029.
Market Analysis and Size
E-prescribing systems are the healthcare information technology (IT) solutions that have revolutionized the patient care management systems. With the rising digitization of the economies, there is an increased acceptance of e-prescribing solutions especially in the Asia-Pacific region. Prescription errors are one of the major causes of concern for healthcare professionals which is efficiently and effectively these solutions by implementing alert and warning systems.
- Data Bridge Market Research analyses that the e-prescribing solutions market is expected to undergo a CAGR of 21.36% during the forecast period. “Standalone Solutions” accounts for the largest solutions segment in the e-prescribing solutions market owing to the fact that they are easier to install and cheaper than the integrated solutions.
From the name itself, it is clear that e-prescribing solution or electronic prescribing solution is a technology that is used by the healthcare providers and professionals to serve the patient with prescriptions for medications, dosages, treatments and much more electronically. The healthcare professionals send prescriptions to a participating pharmacy which in turn serve the patients accordingly.
E-Prescribing Solutions Market Dynamics
The rise in the prevalence of disorders
Surging prevalence of chronic and acute diseases and disorders all around the globe is one of the major factors responsible for fostering growth in the demand for e-prescribing solutions. In other words, growing incidence rate of diabetes, asthma, stroke, fungal infection, cold, cough, viral fever and others is creating lucrative growth opportunities for the e-prescribing solutions market.
Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies will further create lucrative market growth opportunities. For example, according to General Medical Council (GMC) 2018 report, prescribing errors and faults were reported in about 9%-15% of medication orders for hospital inpatients in the United Kingdon. Research and development proficiencies are being conducted to understand the potential of the developing markets and integrating modern technologies with the healthcare systems.
Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the demand for e-prescribing solutions. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative e-prescribing solutions market growth opportunities.
Additionally, surge in the personal disposable income level, rising awareness about the several advantages of such systems, rise in focus to reduce the fraud and abuse of controlled substance and increasing investment for the development of advanced and innovative technology, positively affect the market growth rate.
Furthermore, upsurge in the public-private funding for target research activities and growing need to curtail the healthcare costs all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, rise in awareness among the population about early diagnosis, growing demand for the minimisation of the prescription error, surging number of strategic collaborations, rising geriatric population base and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
On the other hand, high cost associated with the research and development proficiencies, lack of awareness in the underdeveloped economies, limited infrastructural facilities, complexity associated with the workflow and security and dearth of skilled medical professionals and researchers are expected to obstruct market growth. Also, lack of favourable reimbursement scenario and technology penetration in the developing economies and rising security and privacy concerns are projected to challenge the market in the forecast period of 2022-2029.
This e-prescribing solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the e-prescribing solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on E-Prescribing Solutions Market
COVID-19 has bolstered the growth of the market in the upward direction. Though, it hasn’t impacted the market directly, its indirect impact on healthcare information technology (IT) and electronic medical records systems market has pushed up the market growth rate. Stringent restrictions on the movement and social distancing norms created a wide scope of growth for the market. Also, rise in the number of teleconsultations will further create lucrative market growth opportunities.
- In August 2021, the company Meddo had announed that they puchased e-prescription platform Doxper to expand their growth horizons.
- In September 2020, MediRecords partnered with the eRX Script Exchange to provide electronic prescriptions directly to patients.
Global E-Prescribing Solutions Market Scope
The e-prescribing solutions market is segmented on the basis of solutions, delivery mode, usability and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Integrated Solutions
- Standalone Solutions
On the basis of solutions, the e-prescribing solutions market is segmented into integrated solutions and standalone solutions.
- Web and Cloud Based Solutions
- On- Premise Solutions Based
On delivery mode, the e- prescribing solutions market is segmented into web and cloud based solution and on- premise solutions.
- Handheld Device
- Computer Based Devices
The usability segment of the e- prescribing solutions market is divided into handheld device and computer based device.
- Office Based Physicians
End user segment of the e- prescribing solutions market is divided into hospitals, office based physicians and pharmacies.
E-Prescribing Solutions Market Regional Analysis/Insights
The e-prescribing solutions market is analysed and market size insights and trends are provided by country, solutions, delivery mode, usability and end user as referenced above.
The countries covered in the e-prescribing solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the e-prescribing solutions market because of the strong base of healthcare facilities, government initiatives and incentive programs to promote the e-prescribing system and presence of leading market players in the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, the large volume of COVID-19 patients, the growth of the geriatric population, the rising prevalence of chronic diseases, adoption of health care solutions for better standards of life and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The e-prescribing solutions market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for e-prescribing solutions market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the e-prescribing solutions market. The data is available for historic period 2010-2020.
Competitive Landscape and E-Prescribing Solutions Market Share Analysis
The e-prescribing solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to e-prescribing solutions market.
Some of the major players operating in the e-prescribing solutions market are Allscripts Healthcare, LLC, athenahealth, Inc., Cerner Corporation, DrFirst, eClinicalWorks, McKesson Corporation, Surescripts, Change Healthcare, Greenway Health, LLC, Practice Fusion, Inc, Chetu Inc., Henry Schein Medical Systems, Inc., Stratice Healthcare, Exostar, Networking Technology, Inc., Imprivata, Inc., and H2H Solutions among others.