E Prescription Market

Market Synopsis:

Global E prescription Market is valued at USD 1934.79 Million in 2022 and is projected to reach a value of USD 9683.76 Million by 2030 at a Compound Annual Growth Rate (CAGR) of 22.30% over the forecast period.

A medical prescription is a written instruction by a physician to recommend and authorize a patient to purchase and use prescribed drugs and treatments. Prescribing errors can spread for a variety of reasons, such as lack of knowledge and skills among pharmacists and poor communication between nurses and doctors. Among medication errors, prescribing errors are one of the leading causes of concern for healthcare professionals across the globe. According to a 2018 report by the General Medical Council (GMC), in the UK, about 9%-15% of hospital patient medication orders report prescribing errors. Although they are rarely fatal, they can adversely affect patients’ health and disease management. In addition to being a threat to a patient's health, prescription errors are a common cause of legal and malpractice claims against physicians and healthcare professionals. Along with offering patients with a complete background medical history while prescribing, e-prescribing systems can further reduce errors by implementing an alert and warning system.

Market Segmentation:

Solutions Segment Holds the Largest Market Share in the Target Market:

A stand-alone E prescription solution is an independent and single-entity solution for electronically prescribing medications to patients. It runs on a single-modal software through which doctors or physicians prescribe medication to patients on an electronic platform. Standalone E prescription apps are cheap and easy to install than integrated solutions. However, the stand-alone application may not have all the functions in the electronic prescription module linked to the EMR.

Based on Mode of Deployment, Web & Cloud Based Solution Dominates the E prescription Market:

Web and cloud based models offer improved performance and reliability by avoiding long deployment cycles. It also minimizes upfront investment without incurring high infrastructure costs, as users can access the software from any compatible system using an access ID or username and password. Under this model, the provider offers customers individual cloud-based servers on subscription-based or pay-as-you-go pricing models. Community clouds are a recent trend in the cloud industry that caters to the specific needs of large communities, such as research communities, that can share their data and store it on a dedicated research cloud. This delivery method is the most popular in the industry because it reduces upfront costs and does not require any complicated installation or implementation. As a result, the market is witnessing a shift in e-prescribing solutions from on-premises to web-hosted deployments.

North America Region Predicted to Own a Major Share of the E prescription market during Forecast Period

North America is projected to dominate the overall market over the forecast period. In North America, the US holds the largest market share, mainly due to government initiatives and incentive programs to promote E prescription solutions, as well as growing demand for E prescription solutions in the US. For example, under the support for Patients and Communities Act, passed by United State Congress in 2018, requires electronic prescription for all controlled substances which will be covered by Medicare Part D by January 2021.

Currently, many healthcare organizations in Asia Pacific are aggressively going digital, with a focus on streamlining entire workflows and ensuring patient safety. China, Australia, Japan, Taiwan, South Korea, and India are the major countries in the region that are actively adopting E prescription solutions. Additionally, government initiatives to adopt EMR solutions, large numbers of COVID-19 patients, growing geriatric population, rising prevalence of chronic diseases, high healthcare spending, and growing consumer purchasing power are also influencing the growth of the target market in the region in the next coming years.

Competitive Landscape:

The E prescription market is consolidated competitive and consists of a few major players. There are few major players currently dominating the market in terms of market share. As patient awareness levels increase, prescribing errors are minimized, healthcare quality improves, and costs decrease, these companies are trying to innovate more products to stay competitive. Some of the major players in the market are Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (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)..

E prescription Market is Segmented as Follows:

E prescription Market is Tabulated as Follows: