Newark, NJ, Aug. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global digital prescription technology market is expected to grow from USD 1.3 billion in 2019 and to reach USD 7.54 billion by 2027, growing at a CAGR of 24.5% during the forecast period 2020-2017.
Digital prescription technology is witnessing significant growth from the past years. This growth is attributed to technological advancement in the healthcare sector. For instance, in 2019, DrFirst’s Rcopia system has been modified and made it compatible with small screens of mobile devices. However, for the implementation of digital prescription technology, physicians and prescribers will require constant support and training to maintain efficiency.
An innovative technology, digitally issued prescription technique for medicine or medical devices, is known as digital prescription technology. The benefits of prescribing digitally are it speeds up the medication reconciliation process, prevents prescription drug errors, automated clinical decision support, and helps meet meaningful use requirements for an electronic prescription. This technology is driven by software that is used to send prescriptions to pharmacy electronically. The use of digital prescriptions provides an extensive range of applications and a comprehensive form of medical data, complete privacy, and ensures the security of the patient's information. The digital prescriptions help enhance patient safety, increase access to patient's prescription records, reduce drug costs, and increase pharmacy workflow.
Global digital prescriptions technology market is expected to witness significant growth, owing to rising focus on the reduction of fraud and abuse of controlled substances, need to decrease surging healthcare costs, government initiative and incentive programs, and reducing medication errors. Rising adoption of an automated health record system possesses market growth opportunities. However, reluctance to adopt new technology, high cost of deployment, and risks related to privacy and security of patient’s data hamper the market growth. Lack of technological awareness among end-users challenges market growth.
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Key players operating in the global digital prescription technology market include Epic Systems Corporation, Computer Programs and Systems Inc., Quality Systems Inc., Practice Fusion Inc., Change Healthcare Holdings Inc., DrFirst Inc., Surescripts-RxHub, Allscripts Healthcare Solutions Inc., Henry Schein Inc., and Cerner Corporation. To gain the significant market share in the global digital prescription technology market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Medical Information Technology and Relay Health Corporation are some of the leading manufacturers of digital prescription technology market.
- In December 2019, an independent provider of integrated prescriptions cost transparency solutions RxRevu, announced its agreement with Cerner Corporation to integrate its pharmacy and patient prescription pricing solutions to the electronic health record. This will help providers to choose the most cost-effective medication for patients.
Solutions segment dominated the market and held the largest market share in the year 2019
On the basis of product, the global digital prescription market is segmented into solutions and services. The solutions are further sub-segmented into integrated and standalone. The services segment is further sub-segmented into training, support, implementation, and network. Solutions segment dominated the market and held the largest market share in the year 2019. This is attributed to the high cost of the software and growing penetration. From the solutions sub-segments, the standalone segment dominated the market and held the largest market share in the year 2019. This is attributed to cost-effectiveness.
Web-based segment dominated the market and held the largest market share in the year 2019
On the basis of delivery mode, the global digital prescription technology market is segmented into web-based and on-premise. Web-based segment dominated the market and held the largest market share in the year 2019. This is attributed to reduced in up-front cost, low cost, and increase cost-efficiency and productivity of the organizations.
Handheld segment dominated the market and held the largest market share in the year 2019
On the basis of usage method, the global digital prescription technology market is segmented into computer-based and handheld. Handheld segment dominated the market and held the largest market share in the year 2019. This is attributed to easy usage, and more data can be reviewed at the same time.
Hospitals segment dominate the market and held the largest market share in the year 2019
On the basis of end-user, the global digital prescription technology market is segmented into office-based physicians, hospitals, and pharmaceuticals. The hospital segment dominated the market and held the largest market share in the year 2019. This is attributed to the high adoption of advanced technologies and mandatory digital prescription technology in hospitals to improve data interoperability.
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Regional Segment of Digital Prescription Technology Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global digital prescription technology market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region accounted for the major share in the year 2019. The growth is mainly attributed to strict government initiatives and incentives, increasing adoption of HCIT technologies, and a large number of government initiatives and incentives. Europe is the second-largest region accounting for the largest share, owing to strict regulatory policies in European countries to prevent medical errors. The Asia-Pacific region is expected to witness significant growth due to development in on-going healthcare infrastructure that supports technological advancement.
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About the report:
The global digital prescription technology market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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