Electronic prescribing or e-prescribing is a digital application that securely provides bidirectional electronic information exchange between payers/PBMs, pharmacies, prescribing providers, directly or through an intermediary network. E-prescribing includes routing prescriptions that ensures prescribed drug against the patient’s health formulary of covered drugs, obtains prior authorization, gains any known patient drug allergies, identifies any drug-drug interactions, provides access to patients’ medication history from external sources, and sends or receives acknowledgement of prescriptions filled. The major capability of e-prescribing is to support important process in care delivery, such as medication management, medication reconciliation, and prior authorization, this in turn is driving the e-prescribing market growth.
Factors that drive the growth of the global e-prescribing market include rise in focus of developed government initiatives and incentive programs toward adoption of e-prescribing solutions, rise in focus on the reduction of fraud and abuse of controlled substances, and increase in need to curtail escalating healthcare costs. However, e-prescribing solutions are costly to integrate in the EHR or HIT systems and rise in concerns associated with security & workflow of digital healthcare records are major factors that hinder the e-prescribing market growth. Furthermore, increase in development of healthcare infrastructure and rise in adoption of e-prescribing in the developing countries across Asia-Pacific are opportunistic factors of the global e-prescribing market.
The e-prescribing market is segmented on the basis of component, deployment, end user, and region. By component, it is categorized into solutions and services.On the basis of deployment, it is divided on-premise and cloud. Depending on end user, it is classified into hospitals, office-based physicians, and pharmaceuticals.By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the e-prescribing market include Allscripts Healthcare, LLC, Athenahealth, Inc., Cerner Corporation, Change Healthcare, DrFirst.com, Inc., eClinicalWorks, Epic Systems Corporation, Medical Information Technology, Inc., Practice Fusion, Inc., and Surescripts.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Component
By Deployment
By End User
By Region
KEY MARKET PLAYERS
Factors that drive the growth of the global e-prescribing market include rise in focus of developed government initiatives and incentive programs toward adoption of e-prescribing solutions, rise in focus on the reduction of fraud and abuse of controlled substances, and increase in need to curtail escalating healthcare costs. However, e-prescribing solutions are costly to integrate in the EHR or HIT systems and rise in concerns associated with security & workflow of digital healthcare records are major factors that hinder the e-prescribing market growth. Furthermore, increase in development of healthcare infrastructure and rise in adoption of e-prescribing in the developing countries across Asia-Pacific are opportunistic factors of the global e-prescribing market.
The e-prescribing market is segmented on the basis of component, deployment, end user, and region. By component, it is categorized into solutions and services.On the basis of deployment, it is divided on-premise and cloud. Depending on end user, it is classified into hospitals, office-based physicians, and pharmaceuticals.By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the e-prescribing market include Allscripts Healthcare, LLC, Athenahealth, Inc., Cerner Corporation, Change Healthcare, DrFirst.com, Inc., eClinicalWorks, Epic Systems Corporation, Medical Information Technology, Inc., Practice Fusion, Inc., and Surescripts.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global e-prescribing market size is provided.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the global e-prescribing industry.
- The quantitative analysis of the market from 2018 to 2026 is provided to determine the global e-prescribing market potential.
KEY MARKET SEGMENTS
By Component
- Solutions
- Services
By Deployment
- On-premise
- Cloud
By End User
- Hospitals
- Office-based Physicians
- Pharmaceuticals
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- Allscripts Healthcare, LLC
- Athenahealth, Inc.
- Cerner Corporation
- Change Healthcare
- DrFirst.com, Inc.
- eClinicalWorks
- Epic Systems Corporation
- Medical Information Technology, Inc.
- Practice Fusion, Inc.
- Surescripts
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: E-PRESCRIBING MARKET, BY COMPONENT
CHAPTER 5: E-PRESCRIBING MARKET, BY DEPLOYMENT
CHAPTER 6: E-PRESCRIBING MARKET, BY END USER
CHAPTER 7: E-PRESCRIBING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILE
Executive Summary
According to the report titled, 'E-prescribing Market by Component, Deployment, and End User: Opportunity Analysis and Industry Forecast, 2019-2026,' the e-prescribing market size was valued at $885.6million in 2018, and is projected to reach $4,152.7 million by 2026, growing at a CAGR of 21.4% from 2019 to 2026.Rise in development of customer-centric strategies to improve the affordability, access and quality of health care records, the adoption and effective use of interoperable electronic health record (EHR) systems and other health information technologies (HIT), including those for electronic prescribing have gained high traction from the recent past. Technologic advances, especially in applications interfaces for handheld devices and wireless network technologies has encouraged physicians to adopt new prescribing approaches. This has resulted into rise in adoption of e-prescribing systems and applications among clinical firms.
As of March 27, 2016, NYS Public Health Law required prescriber to electronically prescribe (e-prescribe) all prescription medications directly to the consumers’ pharmacy Thus, rise in adoption of e-prescribing among healthcare industry across the globe is a major factor expected to drive the e-prescribing market growth. Moreover, use of electronic prescribing has allowed clinicians to accurately and efficiently communicate prescribed patient drug therapy to dispensing pharmacies, hence minimizing or eliminating common sources of medication errors. Which in turn impacts the growth of thee-prescribing market positively during the forecast period.
By component, the solutions segment dominated the overall e-prescribing market in2018and is further expected to endure traction for e-prescribing among organizations during the forecast period. Rise in integration of e-prescribing among EHR and HIT systems is a major factor that drives the growth of the segment in the global market. Moreover, the services segment has witnessed a significant growth in the e-prescribing market, in terms for CAGR during the forecast period. This is attributed to e-prescribing services suite that includes installation, consulting, maintenance, and support services.
North America dominated the e-prescribing market in 2018, and is expected to continue this trend during the forecast period in the e-prescribing market forecasts an axiom by numerous parties have accepted e-prescribing technology herald as a vast improvement to the U.S. healthcare systems. Asia-Pacific is anticipated to register high CAGR in the global market in the coming years.
According to Market and Sinnarkar, Research Analyst “The global electronic prescribing market in 2026is expected to witness significant growth due to rise in need to focus toward reducing the fraud and abuse of controlled substances. This reduction is managed through electronic prescribing models that reduce the error defects and authorize the drug to its prescriber only.”
KEY FINDINGS OF THE STUDY
- By component, the solutions segment dominated the e-prescribing market. However, the services segment is expected to exhibit significant growth during the forecast period in the e-prescribing industry.
- By deployment, the web and cloud-based segment dominated the e-prescribing market share in 2018. However, the on-premise segment is expected to exhibit significant growth during the forecast period.
- Depending on end user, the hospitals industry generated the highest revenue in 2018. However, the office-based physicians sector is expected to witness a considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.
Some of the key market players profiled in the e-prescribing market analysis include Allscripts Healthcare, LLC, Athenahealth, Inc., Cerner Corporation, Change Healthcare, DrFirst.com, Inc., eClinicalWorks, Epic Systems Corporation, Medical Information Technology, Inc., Practice Fusion, Inc., and Surescripts. Major players operating in this market have witnessed growth in demand for e-prescribing, especially due to its benefits such as improved patient safety, fewer medication errors due to handwritten prescriptions, fewer medication errors due to misunderstood phoned-in prescriptions, and less risk of lost or misplaced written prescriptions. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Allscripts Healthcare LLC
- Athenahealth Inc.
- Cerner Corporation
- Change Healthcare
- DrFirst.com Inc.
- eClinicalWorks
- Epic Systems Corporation
- Medical Information Technology Inc.
- Practice Fusion Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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