E-Prescribing Market Size, Share & Trends Estimation Report By Product (Solutions, Integrated Solutions, ),By Usage Methods (Handheld, Computer Based Devices),By End-use (Hospital, Pharmacy),By Substances (Controlled Substances, ),By Specialties (Oncology, Sports Medicine, ), By Region, And Segment Forecasts, 2023 - 2030
The Global E-Prescribing Market Size Was Estimated At USD 2.89 Billion In 2022 And It Is Anticipated To Witness A CAGR Of 26.8% During The Forecast Period.
E-Prescribing Market Overview:
The market is expected to grow because more people are using electronic prescribing for controlled substances (EPSC) and the government is making policies that help the market. Congress passed the SUPPORT for Patients and Communities Act (H.R. 6) in October 2018. This law says that all controlled drugs covered by Medicare Part D must be prescribed electronically by January 1, 2021. The market is also expected to grow because more people are becoming concerned about patient safety. During the COVID-19 pandemic, hospitals and other healthcare facilities had to change the way they did things to help stop the spread of infection among the general public and healthcare workers. E-prescribing solutions became more popular because they could make it easier for people to get their prescription drugs and make things easier for patients. During the pandemic, there was also a lot of growth in the market. For example, in 2020, Surescripts had more than 1 million prescribers who used e-Prescriptions.
In the past few years, the e-prescribing market has been helped by new growth activities, product approvals, product launches, partnerships, and acquisitions. For example, an India-based health startup called Meddo bought an e-prescription platform called Doxper in August 2021. Doxper was started in 2015 and offers solutions for health record management and patient engagement. Also, as digitalization has grown, there has been a big rise in the number of people looking for e-prescription apps, which is helping the market grow.
Almost every state in the U.S. and Europe now lets doctors prescribe controlled substances electronically. The American Academy of Family Physicians (AAFP) has pushed for EPCS implementation to be easier, and this is happening. As of August 2021, the World Health Organization says that 70% of drug-related deaths are related to opioids and 30% are caused by overdose. The opioid crisis in places like the U.S. is a big worry, and it's likely that this will increase the demand for technologies like e-prescribing. EPCS is a safe, clear system that makes it easier for patients who need controlled substances to get them while making it harder for people to cheat or abuse the system.
The main things driving the demand for EHR solutions are the government's growing support for their use and the need to slow the rise of healthcare costs. Also, the COVID-19 outbreak around the world has caused hospitals to see more patients and have to do a better job of managing patient data. This is likely to make people want these solutions even more.
Even though e-prescribing solutions have benefits, end users are still hesitant to use them, mostly because of the high costs. The costs don't just include the one-time cost of buying a system; they also include ongoing costs like those for implementation services, maintenance and support services, integrating e-prescribing with EHR/EMR, and, in some cases, training and education. This makes it hard for smaller hospitals and doctors with offices to invest in e-prescribing solutions, especially in the growing markets of APAC and Latin America.
Even before the onset of the global pandemic, players in the EHR market had started integrating the telehealth feature with their existing solutions, due to advantages offered by telehealth consultations such as increased patient engagement in remote monitoring and reduction in overhead costs. During the COVID-19 crisis, however, this feature was used by a lot more people.
E-prescribing solutions work best when they are integrated with EHRs and a suite of other HCIT solutions that work well with them. But most doctors and end users don't know enough about technology and don't know how to use e-prescribing to its fullest. For example, it might be hard for end users to choose the best combination of hardware and software when putting any e-prescribing solution into place. This is important because using parts that work well together can help reduce overall costs while making the workflow more efficient. End users can find it hard to choose the right e-prescribing solution for their practise if they don't have easy access to expert advice and trained IT professionals. This has a direct effect on whether or not the end user decides to use an eprescribing solution at all.
During the time frame of the forecast, the services segment is expected to grow the most. During the time frame of the forecast, the services segment of the e-prescribing market had the highest CAGR. This is because more people are using e-prescribing, which has led to a higher demand for training and education services, strict regulations that have increased the use of implementation services for the validation and verification of hardware and software, and the need for frequent support and maintenance.
In 2022, the solutions segment led the market and brought in the most money around the world. This big share of the market is because they are becoming more popular and their software is expensive. The segment is further divided into integrated solutions and solutions that work on their own. Integrated software is a group of two or more pieces of software that are meant to work together on similar programs. Standalone software is made to do just one thing, like give a patient a prescription for medicine.
During the forecast period, the services segment is expected to grow by more than 29%, which is the most than any other segment. E-prescribing is a service that lets doctors' offices send electronic prescriptions to pharmacies. They also have a lot of applications and tools for managing and analyzing data and getting patients involved. Within the services segment, there are four smaller segments: support, implementation, training, and network. The largest share of the market is likely to come from the support segment. E-prescribing software can run more smoothly with the help of support services.
Delivery Mode Insights
The market is divided into two groups: web/cloud-based and on-premise. In 2022, the web/cloud-based segment had the biggest share of the market. The low cost of cloud systems compared to on-premise systems is one reason for their growth. A cloud platform is a good choice for small clinics, physician offices, and independent practitioners who can't afford the high initial costs of on-premise systems. It's also a good choice for community hospitals that don't have the money to pay for expensive on-premise systems. Some health IT companies that offer cloud-based solutions to users are Cerner, Athenahealth, Allscripts, and eClinicalWorks.
During the projected period, the on-premise segment is expected to grow at the fastest rate, about 26.9%. On-premise systems are much safer for large healthcare systems and organisations that need to store a lot of sensitive information in safe places. During the forecast period, on-premise solutions are expected to grow due to an increase in spending on data security and sharing, as well as on digitalization. In the on-premise e-prescribing market, Epic and Cerner Corporation are two of the biggest players.
Based on where the drugs will be used, the market is split into hospitals, doctors' offices, and pharmacies. In 2022, more than 35% of the market was made up of hospitals. The growth can be explained by the fact that more and more people are using these facilities. E-prescription solutions are also less expensive to instal in hospitals than in pharmacies and doctors' offices, which also helps the market grow.
From 2023 to 2030, the pharmacy segment is expected to grow at the fastest rate, with a CAGR of about 27%. When pharmacies use e-prescribing, it can help improve the health of the patient. Because of this, e-prescribing has a big effect on pharmacies. E-prescribing systems can help cut costs and speed up the process of filling and refilling prescriptions. E-prescribing systems can also help patients take their medicines as prescribed.
Usage Methods Insights
The market is split into handheld devices and computer-based devices based on how they are used. In 2022, the handheld market segment had the largest share of the world market. Prescribers can use handheld devices like PDAs, tablet computers, and smartphones to access clinical decision support information like a formulary, a patient's medication history, and other eligibility criteria for making treatment decisions.
In the near future, the computer-based devices market is expected to grow at a fast rate of about 26%. E-prescribing is a way for doctors to send prescriptions to pharmacies electronically. It is done on a computer and uses a special software program and a connection to a transmission network. As soon as the pharmacy gets the request, they can start filling the prescription.
The market is split into controlled substances and non-controlled substances based on what they are. In 2022, the segment for controlled substances had the biggest share of the market. A controlled substance is any prescription drug that could cause drug dependence or could be abused. EPCS technology can help stop the growing number of people who abuse prescription drugs.
Over the next five years, the non-controlled substances segment is expected to grow at the fastest rate, around 28%. Non-controlled substances include over-the-counter drugs and medicines used to treat conditions like diabetes, high blood pressure, and bacterial infections. Prescriptions for drugs that are not controlled are not limited. Any pharmacy can be used to get rid of drugs that are not controlled.
Oncology, sports medicine, neurology, cardiology, and other specialties make up the different groups in the market. In 2022, more than 20% of the market was made up of the sports medicine segment. Sports medicine is a branch of medicine that focuses on preventing, diagnosing, and treating injuries that happen because of exercise. Doctors, pharmacists, athletic trainers, physical therapists, and nurses are all common members of sports medicine teams.
North America is the biggest market for e-prescribing. In 2022, North America made up about 44% of the world's revenue. The high number of government programs and incentives in this area is the main thing that has helped it grow. Europe is the second-biggest market for e-prescription software. This is because European countries have strict rules in place to prevent medical mistakes. Also, projects started by the EU are likely to lead to growth in the region.
Many countries don't accept e-prescriptions from other countries, but in 2019, the EU put out a circular saying that an e-prescription from a doctor in a different country can be used at a pharmacy in another EU country. During the time frame of the forecast, the Asia-Pacific region is expected to grow the fastest, by about 30%. This growth is because more people are using technology and people in the region have more money to spend.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 26.8% from 2023 to 2030|
|By Usage Methods||
|Reasons to Purchase this Report||
- In April 2020, DrFirst (US) partnered with ID.me (US) to help users of the company’s e-prescribe app to verify their identities within a few minutes. This is expected to speed up the process for clinicians to prescribe drugs.
- In July 2019, NextGen Healthcare(US) announced its partnership with Optimize Rx (US) to provide real-time access to critical financial information, allowing providers to help patients choose appropriate medication plans, as per their cover and budgets. This tool has been integrated with the company’s ehr workflow .
- In june 2019, Allscripts (US) acquired ZappRx (US) to help Veradigm’s e-prescribing solutions by integrating it with the automate prior authorization platform, thus adding value to its existing platform.
- Integrated Solutions
- Standalone Solutions
By Usage Methods:
- Computer Based Devices
- Office-based Physicians
- Controlled Substances
- Non-controlled Substances
- Sports Medicine
- Cerner Corporation (Oracle)
- Allscripts Healthcare, LLC
- Epic Systems Corporation
- NXGN Management, LLC
- McKesson Corporation
- Change Healthcare
- Practice Fusion, Inc.
- Networking Technology, Inc.