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LI20101357 |
Pages: 280 |
Oct 2023 |
E-Prescribing Overview
Electronic Prescribing (E-prescribing) involves the digital creation of prescriptions by healthcare professionals, such as doctors and nurse practitioners, and their secure transmission to pharmacies through integrated software platforms, lowering the risk of transcription errors that are frequently present. This streamlined procedure has many advantages, including increased adherence to prescribed regimens, decreased instances of prescription forgery or alteration, improved patient safety through accurate medication information, and increased efficiency by enabling real-time communication between healthcare providers and pharmacies. The E-prescribing market includes a wide range of technological products and services, such as electronic health record (EHR) integration, mobile apps, and cloud-based platforms, that help modern healthcare systems manage and dispense medications more effectively and efficiently.
Global E-Prescribing Market Analysis
The global e-prescribing market size was $2.9 billion in 2022 and is predicted to grow at a CAGR of 26.9%, by generating a revenue of $31.6 billion by 2032.
COVID-19 Impact on Global E-Prescribing Market
The COVID-19 pandemic has had a big impact on the e-prescribing industry. E-prescribing systems have become a significant tool for healthcare providers to remotely prescribe pharmaceuticals, improving patient safety and lowering the danger of virus transmission, while healthcare systems around the world struggle with the necessity to minimize in-person encounters. As the use of telehealth services increased during the pandemic, the demand for such systems grew. As a result, healthcare organizations quickly adopted e-prescribing solutions to guarantee seamless and frictionless prescription procedures.
Concurrently, stakeholders in the pharmaceutical sector understood how critical it was to digitize the prescription-writing process, which prompted further partnerships and technologies targeted at expediting electronic prescription management. But there were also difficulties, such as unequal access to digital healthcare and worries about the security & privacy of personal information. Despite these difficulties, the pandemic functioned as a catalyst for the development of the e-prescribing environment, setting the path for long-term growth and improvements in the market.
Growing Usage of Digital Health Solutions and Electronic Medical Data to Drive the Market Growth
The demand for simplified and effective prescription processes is being fueled by the growing use of digital health solutions and electronic medical data, which is forcing healthcare professionals to switch from traditional paper-based prescriptions to electronic prescriptions. This change not only eliminates pharmaceutical errors and improves patient safety, but it also increases the effectiveness of the entire healthcare system. In addition, the implementation of e-prescribing systems is being driven by government programs and laws that are meant to improve patient care quality and lower healthcare costs. The development of digital technologies that can seamlessly interact with electronic health records is frequently encouraged by these rules, fostering interoperability and data sharing across healthcare providers. Moreover, the need for better medication management and adherence is being driven by the ageing population and the rising prevalence of chronic diseases. Informed and individualized prescribing decisions are made possible by the capabilities offered by e-prescribing systems, such as automated alerts for drug interactions, dosage modifications, and formulary information. Furthermore, the demand for digital prescription capabilities to support remote consultations and medication administration has increased as a result of the growth of telemedicine and remote patient care.
Privacy and Data Security Concerns to Restrain the Market Growth
As long as sensitive patient data is transmitted digitally, there will always be major privacy and data security concerns due to the possibility of hacker attacks and unauthorized access. Inefficient prescription management is hampered by healthcare ecosystems that are fragmented due to interoperability problems between various EHR (Electronic Health Record) systems and E-Prescribing platforms. Besides. financial obstacles also emerge because smaller healthcare facilities may not have the resources to adopt e-prescribing systems and maintain them on a regular basis due to their high costs.
Advancements in Technology to Drive Excellent Opportunities
E-prescribing has been more secure and efficient in recent years due to the convergence of advanced digital tools, safe communication channels, and compatible electronic health record (EHR) systems. Clinical decision support systems with AI-powered innovations now give clinicians personalized advice and real-time alerts, assisting in the prevention of negative drug interactions, allergies, and dosage mistakes. Additionally, e-prescribing's integration with telehealth services has made it possible to confer with patients remotely and deliver prescriptions, enabling easy and prompt access to pharmaceuticals, particularly in underprivileged areas. The implementation of blockchain technology is improving the security and privacy of prescription data, allowing for the safe exchange of patient data between various healthcare organizations while upholding data integrity.
Global E-Prescribing Market Share, by Product, 2022
The solutions sub-segment accounted for the highest market share in 2022. By offering cutting-edge technology platforms and software solutions that simplify the electronic generation, transmission, and processing of prescriptions, the solutions segment plays a crucial role in the e-prescribing market. Medical practitioners can electronically prepare and deliver precise, error-free prescriptions to pharmacies using these systems, which provide a streamlined and effective method of prescribing medication. As a result, patient and healthcare provider convenience is raised, medication errors are decreased, prescription accuracy is improved, and patient safety is increased. Prescribers may make educated selections with the help of the solutions' capabilities, which include drug interaction checks, dosage suggestions, allergy alerts, and formulary information. Furthermore, these solutions frequently link with electronic health records (EHR) systems, enabling seamless sharing of patient data, medical histories, and treatment plans, boosting care coordination and all-encompassing patient care.
Global E-Prescribing Market Share, by Delivery Mode, 2022
The web/cloud-based sub-segment accounted for the highest market share in 2022. This sub-segment focuses on the creation and implementation of web-based interfaces or cloud computing infrastructure-based electronic prescription platforms. It makes it possible for healthcare professionals to electronically create and send precise, secure prescription orders to pharmacies, improving patient safety, lowering medication mistakes, and expediting clinician-to-pharmacist communication. The web/cloud-based e-prescribing systems make it possible for clinicians to make knowledgeable judgements while guaranteeing compliance with regulatory requirements and best practices. These solutions also enable real-time access to patient medication histories, potential drug interactions, and formulary information. Additionally, these systems frequently connect to pharmacy databases and electronic health records (EHRs), promoting interoperability between healthcare facilities and enhancing care coordination.
Global E-Prescribing Market Share, by End-Use, 2022
The hospital sub-segment accounted for the highest market share in 2022. The hospital sector is crucial to the e-prescribing market since it serves as a vital hub for managing medications and delivering healthcare. E-prescribing exchange information between healthcare practitioners and pharmacists in hospital settings. By minimizing mistakes brought on by handwritten prescriptions, drug interactions, and dosage inconsistencies, it improves patient safety. The hospital setting, which is characterized by complex patient circumstances, numerous prescribers, and a large variety of pharmaceuticals, substantially benefits from the streamlined communication and accuracy that E-prescribing offers. Hospital staff may obtain patient medical histories, prescription lists, and allergy information thanks to the integration of e-prescribing systems with electronic health records (EHRs), enabling well-informed decision-making. Additionally, by automating prescription processes, lowering administrative costs, and speeding up pharmaceutical administration, e-prescribing in hospitals enhances efficiency. Additionally, it assists with adherence and lowers the possibility of adverse drug events by enabling better tracking and monitoring of prescription medications.
Global E-Prescribing Market Share, by Usage Method, 2022
The handheld sub-segment accounted for the highest market share in 2022. Handheld devices have become essential instruments that are revolutionizing the way medical practitioners manage prescriptions for medications in the dynamic environment of the e-prescribing market. These portable devices, including smartphones and tablets, are essential for enabling accurate and efficient computerized prescription processes. At the point of care, they enable doctors and other healthcare professionals to securely and simply generate, transmit, and manage prescriptions digitally. Prescription writing is made faster and more accurate with handheld devices, which lowers the chance of mistakes that are frequently made with conventional paper-based approaches. User-friendly interfaces, connection with electronic health record (EHR) systems, and the availability of clinical decision support systems, which ensure safer medicine selection and dose, all contribute to this sub-segment's growth.
Global E-Prescribing Market Share, by Substances, 2022
The controlled substances sub-segment accounted for the highest market share in 2022. The complicated regulatory environment surrounding the prescription and dispensing of restricted pharmaceuticals is addressed by the controlled substances. Besides, controlled substances are committed to creating and putting into practice secure and compliant electronic prescription workflows that abide by strict regulatory standards, including identity verification, authentication, and real-time monitoring. The solutions offered in this category not only improve patient safety by lowering the possibility of fraudulent prescriptions and prescription diversion, but they also improve the overall effectiveness of the healthcare system by cutting down on manual tasks and mistakes related to controlled substance prescriptions.
Global E-Prescribing Market Share, by Specialties, 2022
The sports medicine sub-segment accounted for the highest market share in 2022. The sports medicine market sector is crucial to the growth of the market because it blends specialized medical treatment with cutting-edge electronic prescription technology. As a result of this convergence, healthcare professionals are now able to electronically prescribe treatment regimens that include medications, treatments, and rehabilitation exercises to cater to sports-related ailments and performance improvement. This convergence addresses the specific needs of athletes and active people. The sports medicine section utilizes electronic platforms to enhance medical technology, improve patient outcomes in the area of sports-related health and wellbeing, and support the expansion of the e-prescribing market as a whole.
Global E-Prescribing Market Share, by Region, 2022
The North America e-prescribing market generated the highest revenue in 2022. This is mainly due to the region’s developed healthcare system and widespread usage of technology. The US and Canada make up the region, which has been a pioneer in embracing digital solutions to improve patient care and speed medical procedures. E-prescribing has garnered a lot of popularity since it has the potential to lower drug mistakes, enhance medication adherence, and boost overall system efficiency. Healthcare providers are using e-prescribing systems as a result of the introduction of rules and incentives like the Medicare Improvements for Patients and Providers Act (MIPPA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act in the United States. Additionally, a major factor in the market's expansion has been the incorporation of e-prescribing features into electronic health record (EHR) systems, which enables seamless communication between medical professionals, pharmacists, and patients.
Competitive Scenario in the Global E-Prescribing Market
Investment and agreement are common strategies followed by the major market players. Some of the leading e-prescribing market players are Cerner Corporation (Oracle), Allscripts Healthcare, LLC, Epic Systems Corporation, DrFirst, Athenahealth, NXGN Management, LLC, McKesson Corporation, Surescripts, Change Healthcare, and Practice Fusion, Inc.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Product |
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| Segmentation by Delivery Mode |
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Segmentation by End Use
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| Segmentation by Usage Method |
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| Segmentation by Substances |
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| Segmentation by Specialties |
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| Key Companies Profiled |
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