Global E-Prescribing Solutions Market
Global E-Prescribing Solutions Market Size Zooming More Than 5X to Touch USD 13.8 Billion by 2029
Published | 12 July 2023
Global e-prescribing solutions market is flourishing because of an increasing focus on the reduction of fraud and abuse of controlled substances and rising prevalence of disorders, increasing focus on reducing medical errors.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global e-prescribing solutions market size at USD 2.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global e-prescribing solutions market size to grow at a significant CAGR of 26.04% reaching a value of USD 13.79 billion by 2029. Major growth drivers for the global e-prescribing solutions market include an increasing adoption of healthcare IT solutions, the need to minimize medication errors and improve patient safety, government initiatives promoting the adoption of e-prescribing systems, and the growing emphasis on digitization and healthcare automation. E-prescribing solutions have a pivotal role in reducing medication errors and enhancing patient safety by equipping healthcare professionals with accurate and up-to-date information on medications, including dosage recommendations, allergies, and potential drug interactions. As healthcare prioritizes patient safety, the demand for e-prescribing solutions continues to grow. Also, the rising prevalence of chronic diseases like diabetes, cardiovascular diseases, and respiratory conditions on a global scale further necessitates the use of e-prescribing solutions. These solutions effectively manage medication for patients with chronic conditions, ensuring timely prescriptions while reducing errors. Consequently, the increasing burden of chronic diseases acts as a driving force behind the expanding global e-prescribing solutions market. However, high cost of deployment and concern regarding security and workflow are anticipated to restrain the overall market growth during the forecast period.
Global E-Prescribing Solutions Market – Overview
The global e-prescribing solutions market refers to the market encompassing electronic prescription systems used in the healthcare industry. E-prescribing, or electronic prescribing, involves the computer-based generation, transmission, and management of medical prescriptions, replacing traditional paper-based methods. The e-prescribing solutions market includes software platforms and solutions that enable healthcare professionals to electronically create, transmit, and process prescriptions, as well as access patient medication history, drug interaction alerts, and formulary information. The global e-prescribing solutions market is driven by the need to enhance patient safety, minimize medication errors, improve healthcare efficiency, and comply with government regulations promoting digital healthcare initiatives.
Impact of COVID-19 on Global E-Prescribing Solutions Market
COVID-19 pandemic had a positive impact on the global e-prescribing solutions market. With the focus on reducing physical contact and ensuring patient safety, there has been a heightened demand for contactless healthcare solutions. E-prescribing systems have played a crucial role in enabling remote prescribing, minimizing the need for in-person visits to healthcare facilities. The pandemic has accelerated the adoption of e-prescribing solutions as healthcare providers strive to streamline workflows, reduce transmission risks, and ensure continuity of care. Moreover, the transition towards telemedicine and virtual consultations has underscored the significance of e-prescribing, consequently fueling market expansion both during and after the COVID-19 pandemic.
Global E-Prescribing Solutions Market – By End User
On basis of the End User, the global e-prescribing solutions market is segmented into Hospital, Office-based Physicians, and Pharmacy segments. The office-based physicians segment holds the highest share in the global e-prescribing solutions market by end user. These include the widespread adoption of e-prescribing systems in outpatient settings, the convenience and efficiency it offers to office-based physicians in managing prescriptions, and the ability to seamlessly integrate e-prescribing with electronic health records for streamlined patient care. Meanwhile, the hospital segment dominates the market in second place. Hospitals are large healthcare facilities that handle a significant volume of patient visits and medication prescriptions. Implementing e-prescribing systems in hospitals helps improve efficiency, reduce medication errors, and enhance patient safety. Additionally, hospitals often have more complex medication management needs, including controlled substances and specialized treatments, which can be effectively managed through e-prescribing solutions. The integration of e-prescribing systems with other hospital systems, such as electronic health records and pharmacy systems, further enhances workflow and coordination, contributing to the segment's significant market share.
Major players operating in the Global E-Prescribing Solutions Market include Medical information technology, Inc., Eclinicalworks, Athenahealth, Epic Systems Corporation, Change healthcare, Surescripts, Practice Fusion, Drfirst, Allscripts Healthcare Solutions, Inc., Cerner Corporation, NextGen Healthcare, Inc., eMDs, Inc., Greenway Health, LLC, Stratice Healthcare, and Computer Programs and Systems Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global E-Prescribing Solutions Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global E-Prescribing Solutions Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- E-Prescribing Solutions Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Product (Solutions, Services); By Delivery Mode (Web/Cloud-based, On-premises); By Usage Method (Handheld, Computer based Devices); By Substances (Controlled Substances, Non-controlled Substances); By Specialties (Oncology, Sports Medicine, Neurology, Cardiology); By End User (Hospital, Office-based Physicians, Pharmacy); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: July 2023
The rising prevalence of disorders, increasing focus on reducing medical errors, and growing focus on the reduction of fraud and abuse of controlled substances are projected to propel the expansion of the global e-prescribing solutions market during the forecast period between 2023 and 2029.
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