The global E-Prescribing market is estimated to grow at a CAGR of 23.5% between the years 2013 and 2019. In the year 2013, the global E-Prescribing market was valued at $250.2 million and it is expected to reach US$887.8 million by the year 2019. E-Prescribing or electronic prescribing refers to the transmission of prescriptions from the physicians to the pharmacists via electronic media like computers and mobile devices like cell phones and tablets.
E-Prescribing systems are primarily used for preparing medical lists, medical and historical data of patients, and data security checks. Paper, phone and fax based modes of prescriptions have today been replaced with E-Prescribing systems. E-Prescribing systems lead to reduced prescribing errors caused due to factors like unclear abbreviations and illegible handwriting. This as a result, ensures greater patient safety. One of the biggest advantages of the E-Prescribing system is the decline in healthcare costs due to significant reduction in paper based prescription methods.
The Global E-Prescribing Market - Market Segmentation
The global E-Prescribing market is segmented on the basis of the type of product, mode of delivery, components, usage mode, and end users. Stand alone systems and integrated systems are the two types of products in the E-Prescribing market. Cloud based, web-based and on-premise/licensed are the three modes of delivery in this market. The component segment involves hardware, software and services. There are two main modes of usage in the E-Prescribing market which include hand-held and PC-based devices. The end users segment is further categorized into hospital and office-based physician.
Geographically, the largest market for E-Prescribing systems is Europe which is followed by Asia and North America. Remarkable progress in eHealth infrastructure in Europe is responsible for this region being the biggest E-Prescribing market. The adoption of E-Prescribing systems in Europe is driven by the several eHealth projects that are being undertaken by Europe. For example, a primary eHealth project that is funded by the European Commission is the European Patient Smart Open Services (epSOS). E-Prescribing system plays a pivotal role in epSOS which aims at providing improved medical treatment to the citizens by providing vital patient data in electronic format.
The E-Prescribing market in Asia is expanding due to greater government initiative programs and development of medical infrastructure. Moreover, the healthcare sector in Asia is focusing more on adopting healthcare IT, which supports the adoption and use of E-Prescribing systems. Improved healthcare services and cost reduction are a result of implementing IT in the Asian healthcare sector which improves the efficiency and effectiveness of healthcare services in this region.
North America - The Dominant Player in the Global E-Prescribing Market
The rapidly growing region in the global E-Prescribing market is the region of North America. The main factors that drive the E-Prescribing market in this region are better healthcare infrastructure and widespread adoption of the E-Prescribing system.
Globally, the popularity of the E-Prescribing system can be owed to the numerous initiatives being taken by the governments of several countries to promote greater usage of this system.
The global E-Prescribing market is also driven by advanced and better features of the E-Prescribing systems.
The main constraints in the global E-Prescribing market include privacy and security issues with regard to patient information and high investment costs of E-Prescribing systems. Paucity of IT professionals and lack of high-speed broadband facilities in rural areas are also some of the main restraints in the global E-Prescribing market.
Some of the prominent players in the global E-Prescribing market include HealthFusion, Inc., Cerner Corporation, Henry Schein, Inc., athenahealth, Inc., Surescripts, Allscripts, Emdeon, eClinicalWorks, Practice Fusion, Inc., and DrFirst.
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