Global E-prescribing Market - Segmented by Component, System, Delivery Mode, Usage Mode, End-users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global e-prescribing market is estimated to grow rapidly at a CAGR of about 19% during the forecast period. E-prescribing (electronic prescribing) is a process, which involves the electronic generation of prescription orders, for the convenience of medical physicians or practitioners, allowing them to transfer or send prescriptions directly from the point of care to a pharmacy. E-prescribing improves the quality of care, and as there is no manual writing involved, the chances of prescription errors are reduced.
Minimization of Prescription Errors
Errors in prescription can happen due to a variety of reasons, like pharmacists lack of knowledge and skill, miscommunication between nurses and doctors, doctor’s bad handwriting, etc. Among medication errors, prescription errors are one of the major causes of concern for healthcare professionals, as it accounts for 70% of the total medication errors, and is reported from both general practice and hospitals. Although they are rarely fatal, they can have adverse effects on the patient’s health and disease management. In addition to being a threat to the patient’s wellbeing, prescription errors are the most common cause of legal and medical malpractice claims, against doctors and healthcare professionals. But with the help of e-prescribing systems, prescription errors and faults can be prevented in most of the cases by 80% approximately. At the time of prescribing, e-prescribing systems can further decrease the errors, by implementing alert and warning systems. In addition to that, e-prescription provides the complete medical history of the patients. Hence, these benefits will drive the adoption rate of e-prescription. The other factors, like government initiatives and incentive programs to promote e-prescribing system, better quality of healthcare and cost reduction, and rising demand for e-prescription system, are driving the market.
Huge Cost of E-prescribing Systems a Barrier
Though e-prescribing systems do offer several benefits for the medical fraternity and patients, not all providers are excited about implementing e-prescribing systems, as is the case with any new technological framework implementation. The financial cost of healthcare information technology support is one of the major barriers to implement e-prescribing systems. Also, the e-prescribing systems need basic technological infrastructure and training for installation and maintenance, which adds to the financial burden of their implementation. All these factors act as the biggest obstacles that healthcare setups face, with 80% of primary care setups citing lack of financial support as a major barrier for its implementation. This is hindering the growth of e-prescribing market significantly. The other factors, such as lack of skilled personnel to handle the systems and risk of data breaches, are restraining the market growth.
Europe has the Highest Market Share
Europe is dominating e-prescription market, due to the government initiatives and investment in patient healthcare expenditure. North America is expected to record a substantial growth over the forecast period, due to increasing adoption of e-prescribing systems. The advanced healthcare infrastructure is fuelling the growth of this market in this region. Furthermore, several government initiatives are taken, such as the Clinical Health (HITECH) Act in 2009, which have also helped the growth of the market.
Key Developments in the Market
October 2017: OptimizeRx launched automated financial messaging within the Aprima EHR, providing prescription cost savings at Point of Care.
January 2017: Aprima Medical Software acquired the EHR Reseller Healthcare Data Solutions.
January 2017: DrFirst acquired VisibilityRx.
Major Players: CERNER CORPORATION, DRFIRST, HEALTHFUSION, SURESCRIPTS, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., APRIMA MEDICAL SOFTWARE, ECLINICALWORKS, ATHENAHEALTH INC., and RELAYHEALTH CORPORATION, amongst others.
Reasons to Purchase the Report
Current and future market outlook for e-prescription in the developed and emerging markets
Analyze various perspectives of the market, with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the market estimate sheet (in excel)
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