E-Prescribing market to Eyewitness Huge Marginal Growth by 2026

Posted by Mrudula Karmarkar on December 23rd, 2021

The global e-prescribing market size is expected to reach USD 6.0 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 24.5%. Increasing emphasis on reduction of drug abuse & fraud, rising initiatives by the government to digitalize healthcare systems, and growing efforts on reducing medication errors are the major factors driving growth. However, high initial investment and resistance to adoption of new technology, by both patients & healthcare providers, restrain growth. On the other hand, improving healthcare infrastructure and increasing healthcare expenditure in developing countries are anticipated to provide numerous growth opportunities for the market. Moreover, using Electronic Healthcare Records (EHRs) with e-prescribing increases the potential for growth.

E-prescribing is widely used in preparation and maintenance of complete medication lists. Moreover, the technology also aids extraction of complete patient information and formulary with continuous data security checks. These services are gaining traction due to increasing application of technology in the healthcare sector and significant support from governments across the world. For instance, government initiatives include incentive programs to promote e-prescribing, such as the National Council for Prescription Drugs Program and the Clinical Health Act in North America.

According to the U.S. Department of Health and Human Services, 2018, 7,000 to 9,000 people die due to medication errors in the U.S. every year. Furthermore, Adverse Drug Events (ADEs) account for almost 700,000 emergency visits and more than 100,000 hospitalizations. This technology is anticipated to reduce such errors by eliminating handwritten prescription. Moreover, the technology enables the prescriber follow formulary compliance by using the decision support systems, as well as improves the ability to transfer medical prescriptions.

Among medication errors, prescription faults are the foremost causes of concern for healthcare professionals worldwide, as they account for over 70% of medication errors reported by hospitals & general practice settings. Although these errors are rarely fatal, they can have serious adverse effects on a patient’s health. In addition to the associated risk for a patient’s health, prescription errors are also a common cause of medical & legal malpractice claims against healthcare professionals & doctors. According to the General Medical Council (GMC) report, 2018, in the U.K., these prescribing errors and faults are reported in about 9% to 15% of medication orders for hospital inpatients. By employing e-prescribing systems, these errors can be reduced in most of the scenarios by almost 85%. At the time of prescription, e-prescribing technology can further reduce the chances of errors through implementation of warnings and alert systems, while providing the patients & physicians with a complete background of the medical history.

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The market is highly competitive with few players holding majority of the share. With growing patient awareness and need for minimization of medication errors, along with continuous demand for cost reduction & better quality of healthcare solutions, the players are trying to develop innovative products in order to sustain competition. Cerner and Epic hold a major market share of the software solutions in e-prescription due to their vast product portfolio. As the market is still in its development stage, the growth potential is high. Furthermore, companies are also focusing on emerging countries that are expected to become major markets for the players in the coming years. Some of the other major players are Health Fusion, Inc.; eClinicalWorks; Allscripts Healthcare Solutions, Inc.; and Aprima Medical Software.

E-Prescribing Market Report Highlights

  • As a result of increasing adoption and growing preference, integrated solutions is expected to growth at the CAGR of 22.9%
  • Standalone system segment is expected to exhibit steady growth during the forecast period, owing to the lower price and easy installation
  • Implementation and support services are expected to hold significant shares. This can be attributed to high initial investment followed by ongoing need for support services
  • Cloud-based systems had the maximum market share of more than 35% in the delivery mode segment in 2018
  • North America held a major market share of almost 40% in 2018, owing to government initiatives and incentive programs
  • According to the U.S. Department of Health and Human Services, medical errors are the third cause of deaths in the U.S.
  • Hospitals accounted for the maximum market share of end-use segment due to high degree of implementation of the technology
  • In 2018, Surescripts (U.S. health information network) processed more than 5.2 million e-prescriptions every day
  • In 2018, state and federal legislators recognized Electronic Prescription for Controlled Substances (EPCS) as a vital tool in combatting opioid epidemic
  • Overall opioid prescribing continued to decline in the U.S., and e-prescriptions for opioids increased by almost half in the year 2018
  • Some key players are Allscripts Healthcare Solutions, Inc.; Cerner Corporation; Henry Schein, Inc.; General Electric Company; Quality Systems, Inc.; and Epic Systems Corporation.

Web/Cloud based e-prescription systems accounted for a major market share in 2018, owing to low cost as compared to the on-premise systems. A cloud platform is an attractive option for independent practitioners, small clinics, or physician offices as well as community hospitals, which are not able to pay the high initial costs of the on-premise systems. Cerner, Athenahealth, Allscripts, and eClinicalWorks are some of the health IT companies that offer cloud-based solutions to the users. Furthermore, ease of deploying a cloud solution and lesser training requirement are few other factors leading to growth of cloud solutions.

Grand View Research has segmented the e-prescribing market on the basis of the product, delivery mode, end use, usage mode, substances, specialties:

E-prescribing Product Outlook (Revenue, USD Million, 2014 - 2026)

  • Solutions
    • Integrated Solutions
    • Standalone Solutions
  • Services
    • Support
    • Implementation
    • Training
    • Network

E-prescribing Delivery Mode Outlook (Revenue, USD Million, 2014 - 2026)

  • Web Based/Cloud Based
  • On Premise

E-prescribing End-use Outlook (Revenue, USD Million, 2014 - 2026)

  • Hospitals
  • Office-Based Physician
  • Pharmacy

E-prescribing Usage Mode Outlook (Revenue, USD Million, 2014 - 2026)

  • Handheld devices
  • Computer Based Devices

E-prescribing Substances Outlook (Revenue, USD Million, 2014 - 2026)

  • Controlled Substances
  • Non-Controlled Substances

E-prescribing Specialties Outlook (Revenue, USD Million, 2014 - 2026)

  • Oncology
  • Sports Medicine
  • Neurology
  • Cardiology
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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