The global E-Prescribing market size is expected to be worth around US$ 6.05 billion by 2028, according to a new report by Vision Research Reports.
The global E-Prescribing market size was valued at US$ 1.10 billion in 2020 and is anticipated to grow at a CAGR of 24.10% during forecast period 2021 to 2028.
Increasing emphasis on reduction of drug abuse & fraud, rising initiatives by the government to digitalize healthcare systems, and growing efforts on reducing medication errors are the major factors driving growth. However, high initial investment and resistance to adoption of new technology, by both patients & healthcare providers, restrain growth. On the other hand, improving healthcare infrastructure and increasing healthcare expenditure in developing countries are anticipated to provide numerous growth opportunities for the market. Moreover, using Electronic Healthcare Records (EHRs) with e-prescribing increases the potential for growth.
E-prescribing is widely used in preparation and maintenance of complete medication lists. Moreover, the technology also aids extraction of complete patient information and formulary with continuous data security checks. These services are gaining traction due to increasing application of technology in the healthcare sector and significant support from governments across the world. For instance, government initiatives include incentive programs to promote e-prescribing, such as the National Council for Prescription Drugs Program and the Clinical Health Act in North America.
According to the U.S. Department of Health and Human Services, 2018, 7,000 to 9,000 people die due to medication errors in the U.S. every year. Furthermore, Adverse Drug Events (ADEs) account for almost 700,000 emergency visits and more than 100,000 hospitalizations. This technology is anticipated to reduce such errors by eliminating handwritten prescription. Moreover, the technology enables the prescriber follow formulary compliance by using the decision support systems, as well as improves the ability to transfer medical prescriptions.
Based on products the market has been segmented into solutions and services. Solutions held a major market share of the product segment in 2020, owing to growing penetration and high cost of the software. Service segment is expected to grow at a significant rate over the forecast period.
Untapped opportunities in developed and developing region are the major factor leading to growth of services segment. For instance, according to Center for Studying Health System Change (CSHSC), lack of electronic prescribing uptake in outpatient settings due to incomplete patient data, technological complexity, and physician attitude toward e-prescribing are the major factors that affect successful use and implementation of e-prescribing. According to Surescript Survey 2017, more than 70% of the U.S. hospitals prescribed electronically; however, almost 30% of the physicians still preferred paper-based prescribing.
Standalone integrated solutions held the major share in 2020; however, integrated e-prescribing solutions are expected to grow at a higher CAGR, owing to favorable government initiatives targeting implementation of integrated prescribing. The benefits and incentives offered by federal governments are expected to overcome the cost of moving from standalone to an integrated system, further leading to growth of the integrated systems market.
For large healthcare systems and organizations, which have the capacity to store large data, pay high upfront costs, and maintain servers, on-premise systems are a much reliable option. Increasing demand for data security & sharing and digitalization expenditure is expected to promote growth of on-premise solutions during the forecast period. Epic and Cerner Corporation are two of the major players in the on-premise e-prescribing market.
Hospitals held a major market share of the end-use segment, majorly due to the increasing adoption in these facilities. According to a survey conducted by the American Society of Health-System Pharmacists (ASHP) in 2016, technologies that improve medication use have been implemented in more than 95% of the hospitals in the U.S., with e-prescribing & transcribing in almost 392 hospitals based in the U.S. Furthermore, according to Surescript, more than 3,20,000 office-based physicians currently prescribe using e-prescribing in the country.
handheld electronic devices, such as tablets, PDAs, and smartphones are generally preferred in exam rooms for e-prescribing due to easy access. However, strategically placed computers, outside or inside of the exam rooms, also support the process well, mitigating the need for handheld access. However, for accessing full EHR, computers with larger monitors are generally preferred, as they enable more data to be reviewed at the same time.
Controlled substances held a major market share of substances segment in 2020. According to Surescripts reports, e-prescribing and tracing of controlled substances, such as opioids, ensures effective use of drugs/substances and eliminates poor record keeping methods, used as an avenue for common drug abuse. The practices are widely accepted with almost 45.3 million prescriptions delivered electronically in 2016-a notable rise of more than 200% from the 12.81 million e-prescriptions for controlled substances in 2015.
Oncology held a major market share of the specialties segment in 2020. Errors in prescribing chemotherapeutic or cancer medicines can result in serious errors. Most of these errors can be attributed to the illegible prescriptions, as well as to lack of adequate documentation. Increasing number of medical errors in chemotherapy have led to adoption of the technology in hospitals specifically for oncology. For instance; BMI Healthcare, a hospital network, in 2016, installed iQemo, a cancer e-prescribing system supplied by the Knowledge Medical Systems, at 30 of its hospitals that offer chemotherapy.
Furthermore, government initiatives to promote e-prescribing are further expected to boost market growth. For instance, in 2018, the Department of Health and Human Services Australia invited Expressions of Interest (EOI) from the Victorian public health services for co-investment to implement oncology e-prescribing systems across the country. On the other hand, cardiology segment is expected to grow at a higher rate, owing to high demand for EMRs and e-prescribing systems from specialty-specific tests for OHIP & RAMQ Billing and workflow challenges.
Cerner; Epic; Health Fusion; Inc.; eClinicalWorks; Allscripts Healthcare Solutions; Inc.; Aprima Medical Software
Delivery Mode Outlook
Usage Methods Outlook
Computer based Devices
Middle East & Africa
The E-Prescribing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of E-Prescribing market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global E-Prescribing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the E-Prescribing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted E-Prescribing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the E-Prescribing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of E-Prescribing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global E-Prescribing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major E-Prescribing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of E-Prescribing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the E-Prescribing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The E-Prescribing 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 market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of E-Prescribing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new E-Prescribing market. These factors have benefited the growth of the global market for E-Prescribing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for E-Prescribing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of E-Prescribing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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