ePrescribing Market - Emerging Trends & Global Future Forecasts
2022-05-12 06:57:54 UTC | Others
The study involved four major activities in estimating the size of the global ePrescribing market. Exhaustive secondary research was done to collect information on the utilization of different solutions and their regional utilization trends. Industry experts further validated the data obtained through secondary research through primary research.
Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level adoption of various EHR solutions and utilization of ePrescribing funcitonality) and top-down approach (assessment of utilization/adoption/penetration trends, by type of product& service, delivery mode, end user, and region). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.
Expected Revenue Surge:
The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.
Major Growth Boosting Factors:
The increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. The increased adoption of integrated telehealth solutions due to COVID-19 and the emerging APAC markets are expected to provide significant growth opportunities for players in the e-prescribing market during the forecast period.
On the basis of end users, the e-prescribing market is segmented into hospitals, office-based physicians, and pharmacies. In 2019, the hospitals segment accounted for the largest share of the global eprescribing market. The large share of this segment can be attributed to the high adoption rate of eprescribing solutions by hospitals in the US and Europe.
In the US, the Patient Protection and Affordable Care Act has led to the restructuring of private insurance, Medicare, and Medicaid systems. The “Meaningful Use” rules of the American Recovery and Reinvestment Act (ARRA) and Health Information Technology for Economic and Clinical Health Act (HITECH) have mandated the adoption of e-prescribing systems with EHRs and EMRs to enhance data interoperability. This is driving the demand for e-prescribing solutions among hospitals.
Geographical Growth Dynamics:
Geographically, the global e-prescribing market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Asia. In 2019, North America accounted for the largest share of the global e-prescribing market. The large share of this region can be attributed to the high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.
Prominent players in the global e-prescribing 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. (US).