Pune, June 19, 2020 (GLOBE NEWSWIRE) -- The global e-prescribing market size is expected to touch USD 4,017.79 million by the end of 2026, attributable to the incorporation of e-prescribing software in the Electronic Health Record (EHR) solutions. E-prescribing or electronic prescribing is a new technologic infrastructure that helps the medical professionals to write and send prescriptions directly to the pharmacy. Fortune Business Insights, in its recent report, titled, “E-prescribing Market Size, Share & Industry Analysis, By Delivery Mode (Web-based, On-premise), By Prescription Type (Controlled substance, Non controlled Substances) By End User (Hospitals, Physician's offices, Pharmacies) and Regional Forecast, 2019-2026,” states that the value of the market was USD 863.64 million in 2018 and will exhibit a CAGR of 21.0% during 2019 to 2026.
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The Report Discusses the Following Aspects:
- What are the nature and future aspect of the e-prescribing market?
- Who are the shareholders of this market, and what are their growth strategies?
- Which segment will earn the highest share and why?
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Cost-efficiency Features to Add Boost to Market
The e-prescribing software program allows doctors to transmit a prescription to the pharmacies and healthcare clinics without losing any medical history of the patient. This, coupled with the associated benefits, such as quality medical care and improved safety of the patients, are the key factors promoting the electronic prescribing market growth. Additionally, they are convenient for both the physician and the patient. They are more cost-efficient, as compared to the traditional prescription methods. It would, thereby augment the growth of the market during the forecast period.
On the flip side, implementing a new e-prescribing setup is expensive and requires high cost for maintenance, as well. This may hamper the market growth in the coming years. Nevertheless, the adoption of these therapeutic solutions in emerging economies is expected to create new opportunities for the market to flourish in the coming years. Nevertheless, the prevalence of various diseases requiring outpatient checkup services is likely to create lucrative growth opportunity in the near future.
Segment:
Web-based Segment will Attract Majority of Share Attributable to Online Implementation of Software
Based on segmentation by delivery mode type, the web-based mode type held the highest e-prescribing market share in 2018. This is because it is an online implementation of in-house servers that can be operated on the internet. It is nurtured by an organization for proper maintenance.
Regional Analysis-
North America Gained Dominance Owing to Advent of Digitalization in Healthcare Sector
Region-wise, North America has a well-established healthcare infrastructure and is the first adopter of the latest technology in medical science. These factors are responsible for the growth of this region. In 2018, North America earned USD 399.61 million with the U.S. standing as a major contributor. A rise in the popularity of digitalization in the healthcare sector is likely to help this region continue its dominance in the market in the forecast period.
On the other side, the market for e-prescribing in Asia Pacific will show significant growth opportunities from the rising number of players in this region and the development of better medical services in the emerging nations.
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Competitive Landscape-
Players Emphasizing on Organic and Inorganic Partnerships to Gain Traction
The global market for e-prescribing is dominated by Epic Systems Corporation owing to its specialization on interoperable technology and multiple secured contracts with small and large hospitals and healthcare centres. Some of the clients of this company include Johns Hopkins Health System, University of Utah Health Care, Vanderbilt Health System, Duke University Health System, UNC Health Care, and University of Utah Health Care. The other players are engaging in collaborative efforts such as mergers and acquisitions, joint ventures, and more to gain a significant position in the market.
Major Industry Developments of the Market Include:
May 2016 – Sandwell & West Birmingham Hospitals NHS Trust and Cerner engaged in a joint venture for a big Electronic Patient Record (EPR) program. It offers bed management, clinical documentation, and critical care functionalities.
December 2019 – An independent company dealing in integrated prescriptions and cost transparency solutions called RxRevu, declared a collaborative agreement with Cerner Corporation offering patient prescription pricing solutions for the EHR.
List of the Leading Companies in the E-prescribing Market Include:
- Athenahealth
- NextGen Healthcare
- Epic Systems Corporation
- Practice Fusion Inc.
- Practice Fusion, Inc.
- eClinical Works
- Medical Information Technology, Inc. (MEDITECH)
- Cerner Corporation
- Allscripts Healthcare, LLC
- Surescripts
- Other players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such as Mergers & Acquisitions
- Regulatory Scenario for Key Countries
- Technological Advancements Pertaining to E-prescribing Solutions
- Data on EHR Adoption for Key Countries
- Key Industry Trends
- New Product Launch
- Global E- prescribing Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Delivery Mode
- Web-based
- On-premise
- Market Analysis, Insights and Forecast – By Prescription Type
- Controlled substance
- Non Controlled substance
- Market Analysis, Insights and Forecast – By End User
- Physician’s Office
- Hospitals
- Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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