The surge in deaths by medical errors and increase in the abuse of controlled substances are driving the demand for the market.
E-Prescribing Market Size – USD 930.6 Million in 2019,
Market Growth - CAGR of 21.9%, Market Trends – Advancement in technology.
The global E-Prescribing
market is forecast to reach USD 4.22 Billion by 2027, according to a
new report by Reports and Data. E-Prescription is gaining traction with the
growing adoption of the latest technology in the healthcare sector. It offers
an extensive range of applications and provides a comprehensive form of medical
data, ensures security checks, and complete privacy of the patient
information.
Increasing support from the government is propelling the
demand for the market product. The need to reduce medication errors is a major
driving factor. However, e-prescribing systems are facing limitations due to
the high initial cost and high risk associated with the security and privacy of
patient's data. Developing nations are expected to encounter roadblocks, which
includes low availability of high-speed internet connection, and inadequate IT
expertise. The fund needed to be allocated to this market is also quite low in
emerging nations.
The growing investment in health startups has gained
momentum, which has further augmented the demand for the market. The newcomers
are coming up with new ways of making these apps more user friendly and are
trying to tap into more opportunistic areas of growth. A total of USD 7.5
billion was invested into various start-ups, attempting to digitalize the
healthcare system of the U.S. The number was still lower than that invested in
2018, USD 8.1 billion. The U.K.'s Babylon Health was the biggest recipient of
investment in 2019, with over USD 500 Million of private investment received,
and followed by Ginkgo Bioworks, a bioengineering firm that designs
microbes, which received USD 300 million.
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The COVID-19
impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety
and awareness, which is triggering a new category of virus-fighting tech. The
lockdown to ensure social distancing has dented the market for the short term,
but in the long run, the manufacturers are positive the demand for these
products will surge, especially due to COVID-19. Moreover, investment in the
healthcare sector will increase and result in adoption of latest technologies
across the industry.
Further key findings from the report suggest
- The
services segment is forecasted to grow with a higher CAGR of 22.1% during
the forecast period owing to the high cost incurred in updating the
e-prescribing system regularly and the need for regular support and
maintenance in everyday work to ensure efficient functioning of the
system.
- The
integrated EHR has several advantages such as clinical lab notes, results
and orders, and a wide range of clinical decision support that standalone
system does not offer. The increasing initiatives taken by the government
to implement integrated EHR across several hospitals are another
significant driving factor.
- On-premises
e-prescribing solution involves hosting the software on in-house servers
that are implemented and maintained by an organization, while the
web-based or cloud-based is the online implementation of the software in
the cloud where users get to it via the internet. The on-premises segment
is estimated to witness sluggish growth as compared to a web-based
solution.
- North
America held the largest market share on account of the high adoption rate
of the advanced and latest technology in the region and also support from
the government. One such initiative taken by the government in the region
is the American Recovery and Reinvestment Act (ARRA) for the advancement
of the Healthcare IT and the HITECH Act.
- Key
participants include Cerner
Corporation, Athenahealth, Inc., EPIC Systems Corporation, Allscripts
Healthcare Solutions, Inc., Quality Systems, Inc., Relayhealth
Corporation, Medical Information Technology, Inc., Surescripts-Rxhub, LLC.
Henry Schein, Inc., and Computer Programs and Systems, Inc., among others.
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For the purpose of this report, Reports and Data have segmented the global
E-Prescribing market on the basis of product, type, delivery mode, end-user,
and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Solution
- Integrated
Solutions
- Standalone
Solutions
- Services
- Support
and Maintenance Services
- Implementation
Services
- Network
Services
- Training
and Education Services
Type Outlook (Revenue, USD Billion; 2017-2027)
- Handheld
Device
- Computer-Based
Devices
Delivery Mode Outlook (Revenue, USD Billion; 2017-2027)
- Web
and Cloud-based Solutions
- On-premises
Solutions
End User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Pharmacies
- Office-Based
Physicians
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North
America
- U.S
- Europe
- U.K
- France
- Asia
Pacific
- China
- India
- Japan
- MEA
- Latin
America
- Brazil
To identify the key trends in the industry, click on the
link below: https://www.reportsanddata.com/report-detail/e-prescribing-market
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