E-Prescribing Market Size to Reach Revenues of over USD 3 Billion by 2026 - Arizton
CHICAGO, May 11, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global e-prescribing market report.
The e-prescribing market is expected to grow at a CAGR of over 21% during the period 2020−2026.
Key Highlights Offered in the Report:
- The global e-prescribing market is likely to witness an incremental growth of over USD 2 billion and an absolute growth of above 217% during the forecast period.
- E-prescribing for controlled substances (EPCS) segment is likely to witness an absolute growth of over 265%, growing at a CAGR of around 24% during the forecast period.
- The web & cloud-based segment is expected to grow with the highest CAGR of nearly 22% and absolute growth of over 226% during the forecast period.
- The oncology segment is expected to grow with the highest CAGR of over 23% and absolute growth of above 252% during the forecast period.
- The healthcare facilities are likely to witness the highest absolute growth of over 281% and grow with a CAGR of around 25% during the forecast period.
- Europe is anticipated to witness high incremental and absolute growth of over USD 785 million and 245% during the forecast period, respectively.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by type, delivery mode, modality, medication type, end-user, and geography
- Competitive Landscape – 4 key vendors and 16 other vendors
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E-Prescribing Market – Segmentation
- In 2020, standard e-prescribing solutions accounted for a significant share of over 92%, and they expect to observe an incremental growth of over USD 1.9 million during the forecast period. E-prescribing as part of the comprehensive electronic system helps to reduce prescription errors.
- In terms of delivery, web and cloud-based software held a major share of over 76% in 2020. The segment is likely to witness the highest incremental growth of over USD 1.6 billion during the forecast period. Web and cloud-based solutions are utilized by many healthcare settings such as hospitals, pharmacies, and ambulatory centers; hence, their demand is high during the forecast period.
- Integrated e-prescribing solutions are in high demand, accounting for a major share of 87% of the segment. It is expected to grow with an incremental growth of approx. USD 1.9 billion during the forecast period. E-prescribing software integrated with EHR is highly preferred compared to standalone e-prescribing. Integrated software is likely to witness the highest absolute growth of approx. 225% and growing with a CAGR of over 21% during the forecast period.
E-Prescribing Market by Type
- Standard E-prescribing
- Electronic Prescribing for Controlled Substances
E-Prescribing Market by Delivery Mode
- Web & Cloud-based
- On-premise & Desktop
E-Prescribing Market by Modality
- Integrated
- Standalone
E-Prescribing Market by Medication Type
- Cardiovascular
- Anti-infectives
- Oncology
- Pain Medication
- Behavioral & Mental Health
- Others
E-Prescribing Market by End-user
- Technology Vendors
- Independent & Specialty Pharmacies
- Healthcare Facilities
- Pharmacy Benefit Management (PBM) & Payors
E-Prescribing Market – Dynamics
An indication-based prescribing system can reorganize the medication list of patients into a proper grouping with indications, which simplifies the medication reconciliation task and facilitates re-prescribing medications at the time of transitions. These systems also spot duplicates and permit an accurate evaluation of adjustments and discontinuations. Indication e-prescribing allows clear assessments of drug effectivity to support the research of drug outcomes and make prompt changes in labeling or prescribing drugs for off-label use. Narrowing medication choices have proven to reduce medication errors. The Institute for Safe Medication Practices (ISMP) has recommended including the medication's purpose in prescriptions and hospital orders to prevent errors. The knowledge about the purpose of a medication enables health care practitioners to differentiate between medications with similar names and avoid confusion and prescription errors.
Key Drivers and Trends fueling Market Growth:
- Outsourcing E-prescribing Software Development
- Advancements in E-Prescribing Solutions
- Increased demand for EHR services
- Government Initiatives & Incentive Programs
E-Prescribing Market – Geography
Europe has major growth potential in the global e-prescribing market due to ongoing government initiatives at the country level to implement and mandate the use of electronic prescribing of medications. Other factors such as the prevalence of chronic illness, demand for online prescriptions, increased concerns of reducing medication errors, healthcare expenditures, and adoption of EHRs for telehealth services are boosting the adoption of e-prescribing solutions in the region. The increasing adoption rate of healthcare IT across several European countries will further boost the growth of the E-prescribing market.
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E-Prescribing Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Italy
- Spain
- APAC
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
Major Vendors
- Surescripts
- DrFirst
- Practice Fusion
- InSync Healthcare Solutions
Other Prominent Vendors
- eRx Network
- Henry Schein
- AdvancedMD
- MD Toolbox
- Bravado Health
- RXNT
- Daw Systems
- DoseSpot
- Chetu Inc.
- Aegis Healthcare
- SISGAIN
- Credible
- Streamline Healthcare Solutions
- Canada Health Infoway
- DrChrono
- Bizmatics
Explore our healthcare and lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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