Government Initiatives to Augment Global E-prescribing Market
Published On : Sep 29, 2015
E-prescribing, also known as electronic prescribing, enables physicians and pharmacists to electronically transmit prescriptions to patients or caretakers. This transmission is done using mobile devices and computers. E-prescribing market systems are used for data security checks, preparing a complete medication list for the patient, and for recording the complete patient history in a systematic manner. E-prescribing has enabled users to offer an error-free and accurate prescription to a pharmacy. These systems have drastically improved the quality of patient care.
Demand for Electronic Healthcare Recordkeeping to Drive Global E-prescribing Market
According to the research report, the global E-prescribing market was valued at US$250.2 mn in 2013 and is expected to reach US$887.8 million by 2019, expanding at a CAGR of 23.5% from 2013 to 2019. This sudden boom in the global E-prescribing market is attributable to the increasing number of government programs, especially those working towards implementing E-prescribing systems to modernize the healthcare system.
The need for establishing a good rate of E-prescribing also stems from the intention to reduce the number of medication errors to offer better and more reliable healthcare facilities to the patient. Several companies are working towards introducing sophisticated features in E-prescribing systems as the demand for the same increases. Furthermore, the desire to make healthcare operations efficient and effective is also leading to the growth of the global E-prescribing market. The shift in perception that is encouraging electronic methods of keeping health records is also driving this market.
The global E-prescribing market has been segmented on the basis of products, components, delivery mode, usage mode, end users, and geography. The products available in the global E-prescribing market are stand-alone systems and integrated systems. The component segments include hardware, software, and services. The types of delivery modes in the global E-prescribing are on-premise/licensed, web-based, and cloud-based. The usage mode segmentation includes PC-based and handheld devices. The end users in the global E-prescribing market are office-based physicians and hospitals. On the basis of geography, the global E-prescribing market has been segmented into Europe, Asia, and North America.
North America to Emerge as a Leader in the Global E-prescribing Market
Out of the geographical segments, Europe has a lion’s share of the global E-prescribing market, with the integrated system being the largest E-prescribing system and the web-based E-prescribing system constituting the dominant delivery mode. The stupendous progress of the E-prescribing market in Europe can be credited to the eHealth projects in the region such as European Patient Smart Open Services (epSOS). This project has been financed by the European Commission, which purely focuses on improving the healthcare sector in the region. On the other hand, software is a huge component of the E-prescribing system market. In the coming years, analysts predict that handheld devices are expected to be the game changer in this market, while hospitals will remain the biggest end users of E-prescribing systems.
Regionally, North America is expected to be a rapidly growing market for E-prescribing. Furthermore, cloud-based E-prescribing systems will become the most popular delivery mode, while the office-based physician segment will become the largest end user of E-prescribing systems. The E-prescribing market will also witness a significant rise in Asia, as this region has a budding IT sector that will support its growth.
The key players in the E-prescribing market are Cerner Corporation, Henry Schein, Inc., eClinicalWorks, DrFirst, Practice Fusion, Inc., Allscripts, Surescripts, Emdeon, HealthFusion, Inc., and athenahealth, Inc. The innovation that these companies might bring in, will decide the future of the global E-prescribing market.
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