The global e-prescription market involves the transmission of prescription from doctors and physicians to pharmacists through electronic means, including computers and various mobile devices such as tablets and smartphones. The global e-prescription market is rapidly replacing the conventional methods of prescription transmission through paper, phone, and fax.
The global e-prescription market is exhibiting a CAGR of 23.5% between 2013 and 2019. Owing to this high rate of growth, the global e-prescription market is expected to reach US$887.8 mn by the end of 2019, from a 2013 value of US$250.2 mn. This spells good news for all the existing players in the market, as new innovations and opportunities can open up multiple avenues for growth for companies such as HealthFusion, Inc., Henry Schein, Inc., Surescripts, Emdeon, Practice Fusion, Inc., DrFirst, eClinicalWorks, Allscripts, Athenahealth, Inc., and Cerner Corporation.
Global E-prescription Market Propelled by High Implementation by Governments
The primary reason for the growth of the global e-prescription market is the increasing amount of use by governments to improve the quality of their healthcare infrastructure. The implementation of e-prescription systems creates a major scope for reduction of errors when it comes to the patients receiving the appropriate medication. The global e-prescription market involves the preparation of complete medication lists, formulary and patient historical data, and data security checks. Some of the more advanced features in the global e-prescription market allow healthcare organizations to create a more integrated prescription pattern, allowing a reduction in delivery time and further reducing the risk of errors.
The global e-prescription market is further boosted by the growing infrastructure of the healthcare industry in developing economies. The market can, however, be impeded by factors such as the high cost of implementation of such systems, the lack of skilled labor to operate e-prescription systems, and the lack of patient privacy due to low standards of data encryption. Another factor that hinders the global e-prescription market is the lack of high-speed broadband in developing economies.
Europe Leads Global E-prescription Market
In terms of geography and market size, the global e-prescription market is dominated by Europe, owing to a longer term of use in major healthcare bodies. Europe leads this market due to major implementations in its modern eHealth infrastructures, including the largest eHealth project, the European Patient Smart Open Services. At the same time, the future of the global e-prescription market is expected to be shaped by North America, which is showing the fastest growth rate among all major geographical segments. As for the Asia Pacific e-prescription market, implementation levels are increasing owing to the rising quality of medical infrastructure. Asia Pacific hospitals are showing a greater interest in healthcare IT, creating a wider scope for growth of the global e-prescription market.
In terms of the prescribing system, the global e-prescription market is dominated by the integrated systems segment. As for the delivery modes, the market is led by web-based e-prescribing systems. The largest end user in the global e-prescription market is the hand held devices segment. At the same time, the services segment is considered to be the fastest growing one in the market, while the future of the delivery mode category is expected to be dominated by cloud-based e-prescription systems.
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