Digital Prescription Technology Market

Market Synopsis:

Global Digital Prescription Technology market is valued at USD 1.25 Billion in 2022 and is projected to attain a value of USD 7.43 Billion by 2030 at a CAGR of 24.90% during the forecast period, 2022–2028. The Digital Prescription Technology market is growing due to increased use of EHR solutions, government initiatives and incentive programs, increased focus on minimizing-controlled substance abuse, increased focus on eliminating medical errors, and the need to control skyrocketing healthcare costs. In addition, the COVID-19 may have a big impact on the Digital Prescription Technology market, the pandemic has increased the usage of telemedicine modules and telehealth consultations. This is propelling the adoption of e-prescribing technologies even further.

Although the COVID-19 pandemic will have no direct impact on the e-prescribing industry, its impact on the healthcare IT and EMR markets will boost demand for e-prescribing solutions during and after the worldwide pandemic. The number of teleconsultations has increased as a result of the COVID-19 outbreak. Prescribers can leverage the integration of EHR, telemedicine, and e-prescribing functions to create an interconnected network that ensures the use of HCIT to diagnose and prescribe drugs for patients. In addition, the Centers for Disease Control and Prevention's (CDC) recommendations to use telemedicine services, as well as the Drug Enforcement Administration's (DEA) requirements for electronic controlled substance prescriptions, have boosted the number of electronic prescription transactions.

Increased Adoption of EHR Solutions

The need to reduce spiraling healthcare costs and growing government backing for the use of EHR solutions are two important factors driving demand for such solutions. Furthermore, the global COVID-19 outbreak has resulted in a higher patient flow in hospitals, necessitating better patient data management. The demand for these solutions is projected to increase as a result of this.

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High Cost of Deployment

Despite their advantages, end users are reticent to accept e-prescribing solutions, owing to the hefty prices. The costs include not just the one-time purchase of a system, but also recurring fees such as implementation services, maintenance and support services, e-prescribing interface with EHR/EMR integration, and, in some cases, training and education. Smaller hospitals and office-based physicians are unable to invest in e-prescribing technologies as a result, particularly in expanding APAC and Latin American countries.

Market Segmentation:

The Global Digital Prescription Technology Market can be segmented by Type of Service into Solutions, Integrated solutions, Standalone solutions, Services, Support & maintenance services, Implementation services, Network Services, Training and Education Services. By Delivery Mode into Web and Cloud Based Solutions and On-Premise Solutions. By End User, Hospitals, Office Based Physicians and Pharmacies. Based on Region, the Digital Prescription Technology Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Digital Prescription Technology Market

Through 2028, the North American Digital Prescription Technology market is expected to grow at a rate of around 15.2%, owing to well-developed healthcare IT infrastructure and government initiatives to deploy digital health technology in healthcare institutions. Furthermore, the increased use of mHealth apps, combined with the rapid adoption of wireless and mobile health services, is propelling the industry forward. In addition, increased EHR adoption in hospital-owned ambulatory care and expanding awareness of new and advanced medical device applications are some of the reasons driving digital health market growth in North America.

Key Players:

Key industry contributors include Epic Systems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems, Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (MEDITECH, US).

Digital Prescription Technology Market is segmented as follows: