New York, October 19, 2021 – Reports and Data has published its latest report titled “E-Prescribing Market Share, Size & Industry Analysis By Product (Solutions And Services), By Type (Handheld Devices, And Computer-based Devices), By Delivery Mode (Web and Cloud-based Solutions, And On-premises Solutions), And By End User, Forecasts To 2028”
Increasing investment on R&D, rising government initiatives on digitalization, and rising awareness regarding benefits of e-prescribing are some key factors driving market growth
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According to Reports and Data, the global e-prescribing market size is expected to reach USD 5.14 billion in 2028 from USD 1.13 billion in 2020 and is expected to register a revenue CAGR of 21.9% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Health care providers can enter prescription information into a computer device – such as a laptop, tablet, or desktop computer – and securely transmit the prescription to pharmacies using a special software programme and connectivity to a transmission network with electronic prescribing, or “e-Prescribing.” E-prescribing aids in the efficiency of patient treatment. It simplifies the procedure of delivering a prescription to a pharmacy, administering the drug, and requesting refills. Because the patient is not given a tangible copy of the prescription, there is no risk of it being misplaced. Therefore, increasing awareness regarding the benefits of e-Prescribing is expected to positively impact revenue growth of the market.
Ongoing R&D activities and rising focus on reducing medical errors, initiatives to minimize abuse of controlled substances in the healthcare industry are some factors contributing to the revenue growth of the market. However, concerns regarding electronic health record (EHR) data security, high cost of deployment and complicated workflow issues are some factors expected to restrain market over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Hospitals Segment to Dominate Other End-User Segment:
Hospitals segment is expected to dominate other end-user segment over the forecast period attributed to high adoption of advanced technologies in the developed countries such as US. Further, to increase data interoperability, the Health Information Technology for Economic and Clinical Health (HITECH) Act and the American Recovery and Reinvestment Act (ARRA) have made e-prescribing systems in hospitals essential.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to large scale adoption of advanced technological healthcare products. With more people turning to patient-centric solutions, e-prescribing is allowing doctors to provide exceptional care without having to visit the hospital in non-emergency scenarios. Furthermore, due to positive government actions toward public safety, ambulatory care institutes have implemented market solutions at a quick rate.
Medical errors were responsible for one-third of the deaths in the region, according to the US Department of Health and Human Services. Surescripts, the United States’ information network, processed more than 5.2 million e-prescriptions per day in 2018, and state and federal legislators designated Electronic Prescription for Controlled Substances (EPCS) as a critical instrument in combating the opioid epidemic in the same year. In the year 2018, the number of e-prescriptions for opioids nearly doubled.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to rapid urbanization, government initiatives on development of healthcare infrastructure, increasing research activities and growth of the geriatric population. In addition, technological advancements and rising government projects on digitization in emerging economies such as China and India, drive revenue growth of the APAC market.
Major Companies in the Market 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.
- Computer Programs and Systems, Inc.
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For the purpose of this report, Reports and Data has segmented the global e-prescribing market on the product, type, delivery mode, end-user, and region:
Product Outlook (Revenue in Billion USD; 2018–2028)
- Integrated Solutions
- Standalone Solutions
- Support and Maintenance Services
- Implementation Services
- Network Services
- Training and Education Services
Type Outlook (Revenue in Billion USD; 2018–2028)
- Handheld Device
- Computer-Based Devices
Delivery Mode Outlook (Revenue in Billion USD; 2018–2028)
- Web and Cloud-based Solutions
- On-premises Solutions
End User Outlook (Revenue in Billion USD; 2018–2028)
- Office-Based Physicians
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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