E-Prescribing Market to Reflect Tremendous Growth Potential with A CAGR of 23%BY 2032
Market Summary: The global E-prescribing market reached a size of USD 1.82 Billion in 2022 and is projected to achieve USD 11.73 Billion by 2032, with a robust revenue Compound Annual Growth Rate (CAGR) of 23% during the forecast period. Factors driving this growth include the imperative to reduce pharmaceutical errors, increased governmental support for e-prescribing systems, and the widespread adoption of Healthcare Information Technology (HCIT).
The increasing incidence of chronic diseases and a surge in prescribed medications are fueling the growing need for electronic prescribing systems. These systems play a crucial role in reducing pharmaceutical errors, enhancing patient outcomes, and facilitating the seamless transfer of prescriptions to pharmacies. The overall improvement in efficiency within the healthcare sector, coupled with a rising inclination towards Remote Patient Monitoring solutions, further propels the market's expansion.
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The need to cut healthcare costs, coupled with government initiatives promoting e-prescribing, is a significant impetus for market expansion. Globally, governments endorse e-prescribing due to its ability to reduce prescription errors and encourage the use of cost-effective generic medications, resulting in savings for both patients and healthcare providers. Notably, the U.S. federal government mandates electronic prescribing for controlled medications, and similar initiatives are observed in various states and the European Commission.
The integration of Electronic Health Records (EHRs) by healthcare organizations further fuels e-prescribing adoption. EHRs and e-prescribing systems seamlessly exchange prescription data, eliminating the need for paper-based prescriptions, reducing errors, and improving patient outcomes.
The growing popularity of telemedicine and the adoption of e-prescribing by small and medium-sized practices contribute to market growth. Small and medium-sized practices increasingly favor cloud-based e-prescribing systems due to their enhanced accessibility and cost-effectiveness.
Despite these positive trends, concerns about data privacy and the lack of healthcare Information Technology (IT) infrastructure in underdeveloped nations pose challenges to market growth. The transmission of sensitive patient data raises privacy and security issues.
Government Regulations: Various government regulations worldwide contribute to the e-prescribing market's structure and growth. The 21st Century Cures Act mandates the use of 'certified' health information technology systems for electronic prescribing, and the U.S. Department of Health & Human Services (HHS) requires prescription drug distributors to employ Electronic Data Interchange (EDI) systems. The Drug Supply Chain Security Act (DSCSA) mandates the use of standardized, secure, and interoperable technology for exchanging information related to prescription drugs. The Centers for Medicare & Medicaid Services (CMS) requires healthcare providers to use certified health information technology systems for participation in Medicare and Medicaid programs. The Office of the National Coordinator for Health Information Technology (ONC) sets standards and certification criteria for Health Information Technology (HIT) systems, ensuring security, interoperability, and regular updates.
Key Takeaways:
Component Outlook: The global e-prescribing market comprises software, hardware, and services. In 2021, the software segment dominated, driven by the usability and accessibility of e-prescribing software, reducing errors associated with traditional paper-based prescriptions.
The hardware segment is expected to experience significant revenue growth due to increased investments in healthcare IT infrastructure. The services segment is anticipated to have the fastest revenue growth, driven by rising demand for e-prescribing system implementation, training, and maintenance services.
End Use Outlook: End-users include hospitals, clinics, pharmacies, and others. Hospitals dominated in 2021, utilizing e-prescribing systems to enhance patient care management and reduce drug errors. The clinics segment is expected to experience significant revenue growth, driven by increased adoption of e-prescribing systems in outpatient settings. Pharmacies are also anticipated to see substantial revenue growth, aiming to improve prescription fulfillment efficiency. Other healthcare organizations, such as long-term care homes and hospices, are projected to experience substantial revenue growth.
Regional Outlook: The North American region has the largest market for e-prescribing solutions, driven by the widespread use of electronic health records (EHRs) and government initiatives supporting e-prescribing practices. Europe and the Asia Pacific are also experiencing rapid growth, with Europe focusing on patient safety and Asia Pacific driven by the demand for effective healthcare systems and digital technology adoption.
Competitive Landscape: The e-prescribing market is highly competitive, with major players such as Cerner Corporation, Athenahealth, Inc., Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., Practice Fusion, Inc., NextGen Healthcare Information Systems, LLC, Surescripts, DrFirst, Inc., Medical Information Technology, Inc. (MEDITECH), and Change Healthcare.
Strategic Developments: Major players have engaged in strategic developments to enhance their capabilities and market presence. For example, Cerner Corporation acquired Kantar Health to strengthen data analysis and population health management capabilities. Athenahealth, Inc. launched the AthenaOne E-Prescribing Suite, focusing on medication adherence and streamlining the prescription process. Epic Systems Corporation introduced Share Everywhere, allowing patients to share prescription information with healthcare providers. Allscripts Healthcare Solutions, Inc. acquired ZappRx, Inc., enhancing capabilities in specialty medication management. Practice Fusion, Inc. launched the Practice Fusion ePrescribe platform to improve medication safety.
New Product Launches: Cerner Corporation introduced the Cerner RxStation to improve medication safety. Athenahealth, Inc. launched the AthenaWell app to help patients manage prescriptions. Epic Systems Corporation introduced EpicCare Ambulatory E-prescribing to enhance medication safety.
Segments Covered in the Report: The report provides historical data and forecasts revenue growth globally, regionally, and by country, analyzing market trends in each segment from 2019 to 2032. Segments include component type (software, hardware, services), end-use (hospitals, clinics, pharmacies, others), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
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