Major Revenue Surge is Predicted for Global ePrescribing Industry in the Near Future
Future Growth Driving Factors:
Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market.
Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions. However, the high cost of deploying e-prescribing solutions, reluctance among healthcare professionals to adopt these solutions, and concerns regarding security and workflow are expected to restrain the growth of this market to a certain extent during the forecast period.
Projected Surge in Revenue Growth:
The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.
Due to lockdown restrictions and social distancing protocols due to COVID-19 across various countries through the first half of 2020, the market saw an increase in the number of telehealth consultations followed by use of eprescribing solutions to prescribe medicines. Additionally, governments across countries are trying to regulate and expedite the use of ePrescribng functionality with telehealth functionality to avoid unnecessary hospital visits. Hence, the market is expected to show a slight increase in size due to increased adoption of these solutions.
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Web and Cloud based solutions is the largest segment of the ePresciribng market, by delivery mode
Based on the mode of delivery, the e-prescribing market is segmented into on-premise and web- and cloudbased models. In 2019, the web- and cloud-based solutions segment accounted for the largest share of the global e-prescribing market. This segment is also projected to register the highest CAGR during the forecast period. The web- and cloud-based model offers improved performance and reliability by avoiding long deployment cycles. It also minimizes upfront investments without incurring high infrastructure costs as the user can access the software from any compatible system using an access ID or username and password. These advantages are supporting the growth of the web- and cloud-based solutions segment.
The solutions accounted for the largest share of the ePrescribing market, by type of product & service, in 2019.
Based on product and service, the e-prescribing market is segmented into solutions and services. The solutions segment is further categorized as integrated and standalone solutions, and the services segment is categorized as network, support and maintenance, implementation, and training and education services. In 2019, the solutions segment accounted for the largest share of the e-prescribing market. The large share of the solutions segment can be attributed to the growing focus on minimizing the abuse of controlled substances, increasing adoption of e-prescribing, government initiatives and incentive programs to increase the adoption of e-prescribing solutions.
North America will continue to dominate the ePrescribing market in 2025
In 2019, the large share of this North American region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.
Global Leading Companies:
Prominent players in the global e-prescribing market are Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (US).
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