Digital Prescription Technology Market to Reach Valuation of USD 4.28 Billion by 2028 - Increasing Optimize Pharmacy Processing is Driving the Market

Vantage Market Research

Feb 09, 2022

In terms of revenue, the Global Digital Prescription Technology Market is expected to reach USD 4.28 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 25.1% from 2022 to 2028. Rise in adoption of electronic prescribing and medication administration systems with advantages such as accurate communication among healthcare professionals and less adverse drug events, prescription errors, and healthcare costs are the driving factors for Digital Prescription Technology Market.

Key Findings:

  • Under the type segment service sub-segment is anticipated to dominate the segment for Digital Prescription Technology Market and growing at a substantial Compound Annual Growth Rate (CAGR). This is attributed to the increasing adoption of e-prescribing, and the growing need for training and education services, stringent restrictions that have expanded the application of implementation assistance for the validation and confirmation of hardware and software, and the requirement for frequent support and supervision.
  • Web- and cloud-based model sub-segment held a market significant share in 2021. This is the fastest segment growing in Digital Prescription Technology Market. It delivers improved performance and dependability by avoiding long deployment cycles and minimizes upfront investments without incurring high infrastructure costs as the user can access the software and is the compatible system using an access ID or username and password.
  • North America is the largest regional segment. This is due to several healthcare organizations influencing the growth of this region in the coming years.

Some of key players in Digital Prescription Technology Market 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)..

Increasing the use of digital prescription has affected medication reconciliation procedures, controls prescription drug errors, computerized clinical decision support, and benefits of electronic prescription. This technology is driven by software that is utilized to send prescriptions to pharmacies electronically. It provides an extensive scope of applications and a complete form of medical data, total privacy, ensures the security of the patient's data, and enhances patient safety, advances access to patient's prescription records, reduces drug costs, and increases pharmacy workflow.

The rising emphasis on the deduction of fraud and abuse of controlled substances needs to reduce surging healthcare expenses, government initiative, and incentive agendas, and decrease medication mistakes. The rising adoption of a computerized health record system possesses market growth opportunities. Thus, global digital prescriptions technology market is anticipated to witness significant growth.

North America is expected to emerge as potential market for Digital Prescription Technology Market. Due to the high adoption of e-prescription integrated systems and the growth in adoption toward advanced healthcare technology developments. Moreover, as people in the region are inclining toward patient-centric solutions, the adoption of e-prescribing is assisting physicians in the region to deliver exquisite experiences without the need to invest time and money to visit the hospital in non-emergency situations.