USD 1.30 billion
Report ID: SQSG35D2048 | Region: Global | Published Date: December, 2022 | Pages: 157
Global E-Prescription Market was valued at USD 1.30 billion in 2021, and it is expected to reach a value of USD 8.86 billion by 2028, at a CAGR of 24% over the forecast period (2022-2028).
Prescription mistakes account for more than 72% of drug errors reported by hospitals and general practice settings, they are the main source of worry for healthcare workers worldwide. Although these mistakes seldom result in death, they can seriously harm a patient’s health. Prescription errors not only put patients’ health at risk but also frequently result in lawsuits for medical and legal misconduct against doctors and other medical professionals.
Medical professionals and other doctors can send computer-based electronic production and transmission of a medical prescription to a hospital-based or freestanding pharmacy using the technology framework known as electronic prescribing, or e-prescribing. Through e-prescribing software, medical providers can safely send prescriptions to pharmacies. These systems have a number of added advantages, including increased patient safety and higher-quality healthcare by avoiding drug interactions and minimising prescription errors. For doctors and other medical professionals, it is more affordable and practical than traditional prescription filling methods, which take a lot of time. During the projection period, expanding use of these systems in various medical facilities will significantly increase demand for them.
Global Market Size
USD 1.30 billion
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Global E-Prescription Market is segmented based on the Product, delivery mode, end use, prescription type, and region. Based on the product, the Global E-Prescription Market is segmented into solutions and services. Based on the delivery mode, the market has been segmented into Cloud-based and on premises based. Based on the end use, the market has been segmented into hospital, office Based physician and pharmacy. Based on prescription type, the market is segmented into Controlled substance and Non controlled substance. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Solutions segment dominated the market and held a largest market share in 2021. Because of the software’s high cost and expanding use and Positive government programmes aimed at implementing integrated prescribing. The advantages and incentives provided by the federal governments are anticipated to outweigh the cost of switching from a standalone to an integrated system, resulting in increased market expansion for integrated systems.
Service segment is fastest growing segment and expected to grow at a higher CAGR rate over the forecast period. Untapped potential in both developed and developing regions is the main driver of the services sector’s expansion.
Analysis by Delivery mode
Cloud based segment is dominated the market growth and held large market share in 2021. Independent practitioners, tiny clinics, or doctor’s offices, as well as community hospitals, who cannot afford the high initial expenses of on-premise systems, find the cloud platform to be an appealing alternative. eClinicalWorks, Cerner, Athenahealth, and Allscripts are a few of the health IT businesses that provide customers with cloud-based solutions. Other reasons influencing the adoption of cloud solutions include the simplicity of deployment and the need for less training.
On premises segment is fastest growing segment during the forecast period. On-premise systems are a far more dependable choice for large healthcare systems and businesses who have the ability to store large amounts of data, pay hefty upfront expenditures, and maintain servers. During the projected period, on-premise solutions are anticipated to expand because to rising demand for data security and sharing and digitalization spending. Two of the key participants in the on-premise e-prescribing market are Epic and Cerner Corporation.
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North America dominated the market in 2021, owing to the healthcare industry’s growing digitalization, favourable government policies, and a flexible regulatory environment. Regional expansion will also be aided in the predicted period by rising private and public investment for the implementation of integrated EHRs. For instance, the Cooperative Agreement Notice of Funding Opportunity was published by the Office of the National Coordinator for Health Information Technology (ONC) (NOFO). This program’s goal is to make it possible for the technical standards required to achieve interoperability among healthcare IT systems to advance.
Europe region is expected to grow at fastest CAGR during the forecast period. Due to the stringent regulations in place in European nations to prevent medical mistakes. Furthermore, it is envisaged that EU measures will promote growth. The EU released a circular enabling use of an e-prescription given by a practitioner in a different nation while visiting a pharmacy in another EU country, despite the fact that many countries do not recognise e-prescriptions from other countries. Additionally, effective national government initiatives, like incentive programmes and strict laws against handwritten prescriptions due to the likelihood of medical errors, are the main factors driving the expansion of the market.
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Medication errors can have adverse effects on a patient’s health Healthcare professionals can access patient medical histories, medication information, and diagnoses through the use of e-prescribing systems, improving patient safety by preventing or minimising medical errors. Therefore, the prevalence of medical errors and drug side effects will rise globally, which will accelerate the implementation of e-prescribing systems.
Despite the fact that e-prescribing systems are being used more frequently in clinical settings, there are several limitations preventing wider adoption of these technologies. The high cost of e-prescription integrated HER implementation and maintenance is one of the main reasons limiting the market's growth. Due to their high cost, such solutions are finding it difficult to be adopted in many developing economies. Another significant element limiting market expansion is the lack of health care IT support in many emerging nations.
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Global E-Prescription Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global E-Prescription Market analysis, high adoption rate of integrated EHR solutions in key countries propelled the market growth during forecast period. Europe is expected to capture higher market share during the forecast period, the growth of the region is attributed to growing stringent regulations in place in European nations to prevent medical mistakes. Germany has emerged as a significant contributor to market growth in Europe. In terms of product, the solution product segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its software’s high cost and expanding use and Positive government programmes aimed at implementing integrated prescribing. In terms of application, the hospital application led the market and is predicted to grow at the fastest rate.
|Market size value in 2021||USD 1.30 billion|
|Market size value in 2028||USD 8.86 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global E-Prescription Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global E-Prescription Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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