Global E-prescribing Market - 2023-2030

Global E-prescribing Market - 2023-2030

Global E-prescribing Market reached US$ 2.9 billion in 2022 and is expected to reach US 9.4 billion by 2030 growing with a CAGR of 16.4% during the forecast period 2023-2030.

E-prescribing is the use of health care technology to improve prescription accuracy, boost patient safety, and lower costs while also enabling secure, real-time, bidirectional electronic connectivity between clinicians and pharmacists. Medication errors and adverse drug events cause roughly 7,500 fatalities each year, with an estimated annual cost of drug-related morbidity and mortality reaching $75 billion.

Additionally, factors such as the rising adoption of EHR solutions, government initiatives, and incentive programs, the rising focus on reducing fraud, controlled substances/drug abuse, and the increasing adoption of e-prescriptions by healthcare providers are driving the growth of the e-prescribing market size. Due to the massive rise in technological advancements in countries like the U.S. and Canada, the market is experincing an rise in demand from North American regions.

Dynamics

The Strategies Followed by the Companies Helps to Drive the Market Growth

The product launches, collabrations and other strategies followed by the companies helps to drive the segment growth. For instance, on August 18, 2022, Parker Health, a forward-thinking biotechnology company, has announced a collaboration with FDB Vela, a new cloud-native electronic prescribing (ePrescribing) network that enables the seamless flow of critical medication prescription information, benefits verification, and clinical decision support between prescribers, payers, pharmacies, and other constituents.

Parker Health can customise how the Parker Suite Health Management System presents prescription information inside the web and mobile applications for prescribers thanks to FDB Vela's full API experience.

Additionally, in March 2023, DoseSpot, a SaaS platform that allows clinicians to electronically write and transmit prescriptions to pharmacies, has acquired the TreatRx segment of Bravado Health to strengthen and expand DoseSpot's solution set for healthcare providers and help advance its position in the ePrescribing software integration market. Thus, the organisations' initiatives aid in driving market expansion.

Growing Geriatric Population and Government Efforts are Pushing the Market Growth

According to a study published in AHIMA's Perspectives in Health Information Management, electronic prescribing is both an expected and preferred technology for elderly patients, the majority of whom must juggle many drugs on a daily basis. Patients perceive ePrescribing to be safer, more convenient, and more efficient than paper-based prescriptions, and it fosters increased communication with healthcare practitioners, which may contribute to enhanced medication safety.

For instance, according to WHO, by 2030, around 1 in 5 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1.0 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 425 Billion. Thus above factors helps to drive the market growth.

The Software Design Issues will Hamper the Market Growth

E-prescribing software's design elements may enhance the chance of errors. Drop-down menus, bad screen design, and automatic filling functions, for example, have been noted as potential causes of errors and, as a result, hazards to patient safety. Furthermore, because they need human recording and updating of prescriptions, as well as potential follow-up with providers to remedy gaps, inaccuracies, or lack of clarity, these design aspects may contribute to workflow issues.

Patient dissatisfaction and longer waiting times might come from delays in the arrival of new e-prescriptions, as patients may arrive at the pharmacy before an order has been received. As a result, the above factors restrict market expansion.

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Segment Analysis

The global E-prescribing market is segmented based on system type, delivery mode, component, end user and region.

The Software Accounted for Approximately 51.7% of the E-prescribing Market Share

Software has grown essential in the healthcare industry. Initially, software was viewed as only a means of digitising a patient's medical document and record. Since then, software has evolved to manage the exponential increase in the amount of data required by modern healthcare practitioners.

E-prescribing has been implemented as a fundamental feature by manufacturers in an effort to increase functionality and attract healthcare systems to use their platforms. This is advantageous because, even if new patients visit a medical practise for the first time, their digital healthcare record may be safely followed. Technological developments contribute to the segment's growth.

For instance, Kareo is one of the most popular software alternatives for healthcare organisations without an EMR system in 2021. According to the Kareo review, the programme is accessible from any device and provides clinicians with various useful options, such as saving frequently prescribed medications as favourites. Other top performers provide e-prescribing software that may be used as a standalone application or that connects with existing EHR platforms. As a result, the aforementioned elements contribute to segment growth.

Geographical Penetration

North America Accounted for Approximately 45.4% of the Market Share in 2022

North America is predicted to be the fastest growing regional market share owing to the increasing adoption of electronic prescribing systems and initiatives encouraging e-prescribing, such as the National Council for Prescription Drugs Program and the Health Information Technology for Economic and Clinical Health (HITECH) Act.

Moreover, the advanced regional healthcare infrastructure, and the presence of established market players such as Surescripts-Rxhub LLC, NextGen Healthcare, Oracle, Epic Systems Corporation, NextGen Healthcare, Inc., and Athenahealth, Inc and rise in healthcare expenditure will helps to drive the region growth .

For instance, according to the National Health Expenditure Account (NHEA), the total annual healthcare expenditure in the United States is increased by 2.7% to $4.3 trillion. Physician spending grew by an average of 3.8% per year while hospital services (4.5%) and clinical services (6.6%) had higher growth rates.

Competitive Landscape

The major global players in the E-prescribing market CharmHealth, Cerner Corporation, GE Healthcare, Epic Systems Corporation, ScriptSure, Athenahealth, iCare Billing, NextGen Healthcare, DrFirst, Inc, RelayHealth, LLC and others.

COVID-19 Impact Analysis

The positive market impact of e-prescribe, which has been widely implemented throughout the world, is the inefficiency of written prescriptions. In a rush, doctors can write trivial mistakes, and chemists may struggle to read the doctor's writing. As a result, the patient is kept at the pharmacy for longer than necessary due to the lengthy decoding procedure. It can also form lines, increasing visitor contact.

E-prescribing has the potential to increase patient access to prescription drugs while also being convenient. The surge in e-prescribing during the lockout revealed how the system may be improved, including better mistake feedback, greater uniformity between practises and pharmacies, more proactive engagement with patients, and more equitable prescribing prices.

By System Type
• Integrated System
• Standalone System

By Delivery Mode
• Web/Cloud-based
• On-premise

By Component
• Software
• Hardware
• Services

By End User
• Hospitals and Clinics
• Office-based Physicians
• Pharmacy

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In August 2022, CLEO Systems has launched an electronic prescription system with the goal of reducing prescribing errors, increasing sustainability, and simplifying the process for both professionals and patients. CLEO SOLO EPS provides practitioners with immediate prescribing capabilities, eliminating the requirement for system integration. This means that once a patient's prescription is entered, it can be electronically transmitted to a designated community pharmacy.
• On October 11, 2022, Walgreens Boots Alliance, Inc. stated that it has accelerated its intentions to acquire full ownership of CareCentrix, expanding its reach into the booming homecare sector and pursuing its long-term healthcare growth strategy. WBA has entered into a permanent agreement to acquire the remaining 45% ownership in CareCentrix for approximately $392 Billion, based on the exit multiple agreed to when WBA announced its first majority investment in CareCentrix.
• On August 01, 2023, The Central and North West London NHS Foundation Trust's addictions service (CNWL Addictions) has announced the introduction of their EPS. It claims to be the country's first addictions service to introduce an EPS, which means patients will no longer have to wait at the unit for their paper prescriptions to be prepared.

Why Purchase the Report?
• To visualize the global E-prescribing market segmentation based on system type, delivery mode, component, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of E-prescribing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global E-prescribing market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies