The global e-prescribing market size is expected to reach USD 6.0 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 24.5%. 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.
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E-Prescribing
Market Report Highlights
- As a result
of increasing adoption and growing preference, integrated solutions is
expected to growth at the CAGR of 22.9%
- Standalone
system segment is expected to exhibit steady growth during the forecast
period, owing to the lower price and easy installation
- Implementation
and support services are expected to hold significant shares. This can be
attributed to high initial investment followed by ongoing need for support
services
- Cloud-based
systems had the maximum market share of more than 35% in the delivery mode
segment in 2018
- North America
held a major market share of almost 40% in 2018, owing to government
initiatives and incentive programs
- According to
the U.S. Department of Health and Human Services, medical errors are the
third cause of deaths in the U.S.
- Hospitals
accounted for the maximum market share of end-use segment due to high
degree of implementation of the technology
- In 2018,
Surescripts (U.S. health information network) processed more than 5.2
million e-prescriptions every day
- In 2018, state
and federal legislators recognized Electronic Prescription for Controlled
Substances (EPCS) as a vital tool in combatting opioid epidemic
- Overall
opioid prescribing continued to decline in the U.S., and e-prescriptions
for opioids increased by almost half in the year 2018
- Some key
players are Allscripts Healthcare Solutions, Inc.; Cerner Corporation;
Henry Schein, Inc.; General Electric Company; Quality Systems, Inc.; and
Epic Systems Corporation.
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E-Prescribing
Market Segmentation
Grand View Research has segmented
the e-prescribing market on the basis of the product, delivery mode, end use,
usage mode, substances, specialties and region:
E-prescribing
Product Outlook (Revenue, USD Million, 2014 - 2026)
- Solutions
- Integrated Solutions
- Standalone Solutions
- Services
- Support
- Implementation
- Training
- Network
E-prescribing
Delivery Mode Outlook (Revenue, USD Million, 2014 - 2026)
- Web Based/Cloud Based
- On Premise
E-prescribing
End-use Outlook (Revenue, USD Million, 2014 - 2026)
- Hospitals
- Office-Based Physician
- Pharmacy
E-prescribing
Usage Mode Outlook (Revenue, USD Million, 2014 - 2026)
- Handheld devices
- Computer Based Devices
E-prescribing
Substances Outlook (Revenue, USD Million, 2014 - 2026)
- Controlled Substances
- Non-Controlled Substances
E-prescribing
Specialties Outlook (Revenue, USD Million, 2014 - 2026)
- Oncology
- Sports Medicine
- Neurology
- Cardiology
- Others
E-prescribing Regional
Outlook (Revenue, USD Million, 2014 - 2026)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Spain
- Italy
- France
- Russia
- Asia Pacific
- China
- Japan
- Australia
- India
- Singapore
- South Korea
- Latin America
- Mexico
- Brazil
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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