The global E-prescribing market size is projected to reach USD 4,017.79 million by 2026 owing to the implementation of e-prescribing software in the electronic health record solutions that simplified prescription filling over the years. E-prescribing or electronic prescribing is a technology substructure that allows physicians and medical practitioners to send computer-based electronically generated prescriptions to a hospital-based or standalone pharmacy. It is also cost-efficient and reduces the chances of medication errors by pharmacists. The market is discussed in details in a recently published report by Fortune Business Insights™ titled, “E-prescribing Market Size, Share & Industry Analysis, By Delivery Mode (Web-based, On-premise), By Prescription Type (Controlled substance, Non controlled Substances) By End User (Hospitals, Physician’s offices, Pharmacies) and Regional Forecast, 2019-2026.” As per this report, the market value was USD 863.64 million in 2018 and is expected to rise at a CAGR of 21.0 % in the forecast duration set between 2019 to 2026.
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What are the Report Highlights?
The report is based on an in-depth analysis of the market and provides a 360-degree overview of the same. It throws light on significant industry developments, current e-prescribing market trends, and other interesting insights into the market. It discusses factors boosting, repelling, challenging, ad creating opportunities for the market during the forecast period. The report also describes the table of segmentation in detail and mentions the names and figures of the leading segments with their attributed factors. For more information on the report, log on to the company website.
Better Medical Record-Keeping Factor with Electronic-Prescription Solutions to Add Impetus to Market
The increasing adoption of e-prescription based electronic health record (EHR) solutions on a global basis is the key factor boosting the e-prescription market growth. Besides this, electronic prescription system offers better medical history records than handwritten prescriptions. It cannot be forged or exploited, thereby adding to the growth of the market in the forthcoming years. Additionally, rising initiatives taken by both public and private healthcare organizations to integrate e prescribing solutions and eliminate the use of adverse drug events (ADEs) and medical errors will also help to aid in the expansion of the market in the forecast period.
North America Dominating Market with Increasing Digitization in Healthcare Sector
Based on geographical segmentation, the market is dominated by North America, with a USD 399.61 million e-prescribing market share earned in 2018. Factors responsible for this dominance include the rise in digitalization in the healthcare sector and government-supported reimbursement policies with the flexible regulatory scenario. Additionally, the increasing funding from public and healthy private organizations with integrated adoption of EHR will help this region continue dominating the market in the coming years. On the other side, the market in Asia Pacific will witness exponential growth on account of the rising penetration of players in this region, especially in the emerging economies of China and India. Additionally, the increasing awareness about healthcare facilities and its associated benefits, coupled with the rising prevalence of chronic disorders, will help the market in the Middle East and Africa, witness stable growth.
Fragmented Nature of Market to Intensify Future Competition
The market for E-prescribing is dominated by Epic Systems Corporation with its specialization in interoperable technology. This dominance is attributed to the secure network of contacts starting from small to big hospitals such as Health System, UNC Health Care, Duke University, John Hopkins Health System, University of Utah Health Care, and Vanderbilt Health System. Apart from this, the competitive landscape of the e-prescribing market is fragmented in nature due to the presence of many companies. These vendors are adopting strategies such as company collaborations, agreements, and contracts, joint ventures, and others to stay ahead of the competition and attract high e-prescribing market revenue in the forthcoming years.
List of Players operating in this Market include:
- Epic Systems Corporation
- NextGen Healthcare
- Medical Information Technology, Inc. (MEDITECH)
- Practice Fusion, Inc.
- Cerner Corporation
- Allscripts Healthcare, LLC
Significant Industry Developments of the E-prescribing Market include:
February 2018 – The first-ever intelligent e-prescribing mobile application to fight opioid over-prescribing and growing medication adherence was announced by DrFirst.
May 2016 – Distribution partnership with Sandwell & WEest Birmingham Hospitals NHS was declared by Cerner for major EPR programs, including bed management, clinical documentation, and e-prescribing.
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