(MENAFN- The Express Wire) The E-prescribing market size is anticipated to reach USD 4,017.79 million by 2026, the market size was USD 863.64 million in 2018 and is anticipated to rise at a CAGR of 21.0%The globale-prescribing market size is expected to touch USD 4,017.79 million by the end of 2026, attributable to the incorporation of e-prescribing software in the Electronic health Record (EHR) solutions. E-prescribing or electronic prescribing is a new technologic infrastructure that helps the medical professionals to write and send prescriptions directly to the pharmacy.
Key industry Development:
December 2019 An independent company dealing in integrated prescriptions and cost transparency solutions called RxRevu, declared a collaborative agreement with Cerner Corporation offering patient prescription pricing solutions for the EHR.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 21.0% |
| 2026 Value Projection | USD 4,017.79 million |
| Base Year | 2018 |
| Market Size in 2018 | USD 863.64 million |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 140 |
Drivers and Restraints:
Cost-efficiency Features to Add Boost to Market
The e-prescribing software program allows doctors to transmit a prescription to the pharmacies and healthcare clinics without losing any medical history of the patient. This, coupled with the associated benefits, such as quality medical care and improved safety of the patients, are the key factors promoting the electronic prescribing market growth. Additionally, they are convenient for both the physician and the patient. They are more cost-efficient, as compared to the traditional prescription methods. It would, thereby augment the growth of the market during the forecast period.
On the flip side, implementing a new e-prescribing setup is expensive and requires high cost for maintenance, as well. This may hamper the market growth in the coming years. Nevertheless, the adoption of these therapeutic solutions in emerging economies is expected to create new opportunities for the market to flourish in the coming years. Nevertheless, the prevalence of various diseases requiring outpatient checkup services is likely to create lucrative growth opportunity in the near future.
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Segments:
Web-based Segment will Attract Majority of Share Attributable to Online Implementation of Software
Based on segmentation by delivery mode type, the web-based mode type held the highest e-prescribing market share in 2018. This is because it is an online implementation of in-house servers that can be operated on the internet. It is nurtured by an organization for proper maintenance.
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Regional Insights:
North America Gained Dominance Owing to Advent of Digitalization in Healthcare Sector
Region-wise, North America has a well-established healthcare infrastructure and is the first adopter of the latest technology in medical science. These factors are responsible for the growth of this region. In 2018, North America earned USD 399.61 million with the U.S. standing as a major contributor. A rise in the popularity of digitalization in the healthcare sector is likely to help this region continue its dominance in the market in the forecast period.
On the other side, the market for e-prescribing in Asia Pacific will show significant growth opportunities from the rising number of players in this region and the development of better medical services in the emerging nations.
Competitive Landscape:
Players Emphasizing on Organic and Inorganic Partnerships to Gain Traction
The global market for e-prescribing is dominated by Epic Systems Corporation owing to its specialization on interoperable technology and multiple secured contracts with small and large hospitals and healthcare centres. Some of the clients of this company include Johns Hopkins Health System, University of Utah Health Care, Vanderbilt Health System, Duke University Health System, UNC Health Care, and University of Utah Health Care. The other players are engaging in collaborative efforts such as mergers and acquisitions, joint ventures, and more to gain a significant position in the market.
List of Key Players Mentioned in the Report:
Epic Systems Corporation Cerner Corporation Allscripts Healthcare, LLC Medical Information Technology, Inc. (MEDITECH) Athenahealth eClinicalWorks Surescripts Practice Fusion, Inc. NextGen Healthcare Others
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Table of Content
Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions
Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities
Key Insights Recent Industry Developments Such as Mergers and Acquisitions Regulatory Scenario for Key Countries Technological Advancements Pertaining to E-prescribing Solutions Data on EHR Adoption for Key Countries Key Industry Trends New Product Launch Global E- prescribing Market Analysis, Insights and Forecast, 2015-2026 Key Findings / Summary Market Analysis, Insights and Forecast By Delivery Mode Web-based On-premise Market Analysis, Insights and Forecast By Prescription Type Controlled substance Non Controlled substance Market Analysis, Insights and Forecast By End User Physician's Office Hospitals Pharmacies Market Analysis, Insights and Forecast By Region North America Europe Asia Pacific Latin America Middle East and Africa
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