WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global E Prescription Market is valued at USD 1,582.21 Million in 2021 and is projected to reach a value of USD 5,346.62 Million by 2028 at a Compound Annual Growth Rate (CAGR) of 22.5% over the forecast period.
The e-prescription market is a rapidly growing industry that involves the use of electronic prescriptions to order medications. E-prescription systems allow healthcare providers to generate, transmit, and fill prescriptions electronically, which improves patient safety, reduces medication errors, and increases efficiency.
The market for e-prescription solutions is expected to grow significantly in the coming years, driven by factors such as the increasing adoption of electronic health records (EHRs) and the need to improve patient outcomes while reducing healthcare costs. Other key factors driving market growth include the growing geriatric population, the rising prevalence of chronic diseases, and the need to improve medication adherence.
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Market Dynamics
The key drivers of the e-prescribing market are the increasing adoption of e-prescribing solutions by healthcare providers, patients, and pharmacies. E-prescribing solutions offer a number of benefits, such as improved efficiency, reduced costs, and improved patient safety.
The increasing government initiatives to promote the adoption of e-prescribing solutions is another key driver of the market. Governments around the world are promoting the adoption of e-prescribing solutions in order to improve patient care and reduce costs.
The rising prevalence of chronic diseases is another key driver of the market. Chronic diseases such as diabetes, heart disease, and cancer are a major cause of death and disability worldwide. E-prescribing solutions can help to improve the management of chronic diseases by providing patients with access to their medication information and by helping them to adhere to their treatment plans.
The growing focus on improving patient care is another key driver of the market. Healthcare providers are increasingly looking for ways to improve the quality of care they provide to their patients. E-prescribing solutions can help to improve patient care by providing patients with access to their medication information and by helping them to adhere to their treatment plans.
The key challenges of the e-prescribing market are the security and privacy concerns associated with the use of e-prescribing solutions. E-prescribing solutions store sensitive patient data, and there is a risk that this data could be compromised. In addition, there are concerns about the privacy of patient data.
The lack of interoperability between different e-prescribing systems is another key challenge of the market. Different e-prescribing systems use different standards, and this can make it difficult to share patient data between different systems.
The high cost of e-prescribing solutions is another key challenge of the market. E-prescribing solutions can be expensive to implement and maintain.
Despite the challenges, the e-prescribing market is expected to grow at a significant rate during the forecast period. The growth of the market is attributed to the increasing adoption of e-prescribing solutions by healthcare providers, patients, and pharmacies.
Top Players in the Global E prescription Market
- Epic Systems Corporation
- Cerner Corporation
- Allscripts
- NextGen Healthcare
- athenahealth Inc.
- RelayHealth
- LLC
- Henry Schein Inc.
- GE Healthcare
- Computer Programs and Systems Inc.
- DrFirst Inc.
- Surescripts-RxHub
- LLC
- Medical Information Technology Inc.
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Top Report Findings
- The global e-prescribing market is expected to reach USD 5,346.62 Million by 2028, growing at a CAGR of 22.5 % from 2022 to 2028.
- The increasing adoption of e-prescribing solutions by healthcare providers, patients, and pharmacies is the key driver of the market.
- The increasing government initiatives to promote the adoption of e-prescribing solutions is another key driver of the market.
- The rising prevalence of chronic diseases is another key driver of the market.
- The growing focus on improving patient care is another key driver of the market.
- The key challenges of the e-prescribing market are the security and privacy concerns associated with the use of e-prescribing solutions.
- The lack of interoperability between different e-prescribing systems is another key challenge of the market.
- The high cost of e-prescribing solutions is another key challenge of the market.
Despite the challenges, the e-prescribing market is expected to grow at a significant rate during the forecast period. The growth of the market is attributed to the increasing adoption of e-prescribing solutions by healthcare providers, patients, and pharmacies.
Top Trends in Global E prescription Market
- Integration with Electronic Health Records (EHR): E-prescription systems are increasingly being integrated with electronic health records (EHR) to improve the accuracy and efficiency of medication management. This integration enables healthcare providers to access patient medical records and medication history, leading to better-informed prescription decisions.
- Increasing Adoption of Cloud-Based Solutions: The adoption of cloud-based e-prescription solutions is on the rise, as they offer several benefits, including scalability, cost-effectiveness, and ease of use. Cloud-based systems also enable real-time access to patient data, making it easier to prescribe medications and monitor patient progress.
- Growing Focus on Patient Safety: E-prescription systems are being developed with a greater focus on patient safety, with features such as drug interaction checking and medication allergy alerts. These features help prevent medication errors and improve patient outcomes.
- Rising Demand for Mobile E-prescription Solutions: With the increasing use of smartphones and tablets, there is a growing demand for mobile e-prescription solutions. These solutions enable healthcare providers to prescribe medications and manage prescriptions from anywhere, at any time, improving the convenience and accessibility of healthcare services.
- Government Initiatives to Promote E-prescription: Governments around the world are implementing initiatives to promote the adoption of e-prescription systems, driven by the need to reduce medication errors and improve patient safety. For example, in the United States, the Drug Enforcement Administration (DEA) has implemented regulations requiring the use of e-prescriptions for controlled substances.
- Emergence of Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are being increasingly integrated into e-prescription systems, enabling healthcare providers to make more informed prescription decisions. AI-powered e-prescription systems can analyze patient data and recommend the most appropriate medications based on the patient's medical history and symptoms. This technology can also help detect and prevent medication errors.
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Regional Analysis
- North America: North America dominates the global e-prescription market, with the United States being the largest market in the region. The presence of a large number of healthcare IT companies and government initiatives promoting the adoption of e-prescription systems are driving the growth of the market in North America.
- Europe: Europe is the second-largest market for e-prescription systems, with countries like Germany, France, and the United Kingdom leading the market. The implementation of e-health initiatives and the growing adoption of electronic health records (EHR) are driving the growth of the market in Europe.
- Asia Pacific: The Asia Pacific region is expected to witness significant growth in the e-prescription market due to the increasing adoption of healthcare IT solutions, rising healthcare expenditure, and growing awareness about patient safety. Countries like China, Japan, and India are expected to drive the growth of the market in the region.
- Latin America: The e-prescription market in Latin America is expected to grow at a steady pace, driven by the growing demand for electronic health records and the need to improve patient safety. Brazil and Mexico are the major markets in the region.
- Middle East and Africa: The e-prescription market in the Middle East and Africa is expected to witness significant growth, driven by government initiatives to promote healthcare IT solutions and the increasing adoption of electronic health records. Countries like Saudi Arabia and the United Arab Emirates are expected to drive the growth of the market in the region.
Global E prescription Market Segmentation
- Type (Solutions, Services)
- Deployment (Web and Cloud Based Solutions, On Premise Solutions)
- End User (Hospitals, Office Based Physicians, Pharmacies)
- Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa)
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 1,582.21 Million |
| Revenue Forecast by 2028 | USD 5,346.62 Million |
| CAGR | 22.5 % from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | 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. |
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The key questions answered in the E prescription Market Report are:
- What is the current size of the e-prescription market and what is the expected growth rate over the forecast period?
- What are the key factors driving the growth of the e-prescription market, and what are the challenges faced by the market?
- What are the various types of e-prescription systems available in the market, and what are their key features?
- What are the key applications of e-prescription systems, and which application is expected to dominate the market over the forecast period?
- Which region is expected to witness the highest growth in the e-prescription market, and what are the factors driving this growth?
- What are the key strategies adopted by the major players in the e-prescription market, and what is their market share?
- Who are the key players in the e-prescription market, and what are their key strengths and weaknesses?
- What are the emerging trends in the e-prescription market, and how are they expected to impact the market over the forecast period?
- What are the regulatory landscape and standards for e-prescription systems, and how are they expected to evolve over the forecast period?
- What are the opportunities and challenges for new entrants in the e-prescription market, and how can they compete with the established players?
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