ePrescribing Market worth $3.3 billion by 2025 - Exclusive Report by MarketsandMarkets™

 The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%, according to a new report by MarketsandMarkets™. Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions. However, the high cost of deploying e-prescribing solutions, reluctance among healthcare professionals to adopt these solutions, and concerns regarding security and workflow are expected to restrain the growth of this market to a certain extent during the forecast period.

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The ePrescribing market is segmented based on the type of product & service, delivery mode, end user, and region. Due to lockdown restrictions and social distancing protocols due to COVID-19 across various countries through the first half of 2020, the market saw an increase in the number of telehealth consultations followed by use of eprescribing solutions to prescribe medicines.  Additionally, governments across countries are trying to regulate and expedite the use of ePrescribng functionality with telehealth functionality to avoid unnecessary hospital visits. Hence, the market is expected to show a slight increase in size due to increased adoption of these solutions.

The solutions accounted for the largest share of the ePrescribing market, by type of product & service, in 2019.

Based on product and service, the e-prescribing market is segmented into solutions and services. The solutions segment is further categorized as integrated and standalone solutions, and the services segment is categorized as network, support and maintenance, implementation, and training and education services. In 2019, the solutions segment accounted for the largest share of the e-prescribing market. The large share of the solutions segment can be attributed to the growing focus on minimizing the abuse of controlled substances, increasing adoption of e-prescribing, government initiatives and incentive programs to increase the adoption of e-prescribing solutions.

Web and Cloud based solutions is the largest segment of the ePresciribng market, by delivery mode

Based on the mode of delivery, the e-prescribing market is segmented into on-premise and web- and cloudbased models. In 2019, the web- and cloud-based solutions segment accounted for the largest share of the global e-prescribing market. This segment is also projected to register the highest CAGR during the forecast period. The web- and cloud-based model offers improved performance and reliability by avoiding long deployment cycles. It also minimizes upfront investments without incurring high infrastructure costs as the user can access the software from any compatible system using an access ID or username and password. These advantages are supporting the growth of the web- and cloud-based solutions segment.

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North America will continue to dominate the ePrescribing market in 2025

In 2019, the large share of this North American region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.

Prominent players in the global e-prescribing market are Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (US).

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Browse Adjacent Market: Healthcare IT Market Research Reports & Consulting

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Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software,Hardware), End-User, and Region (2022 - 2026)
https://www.marketsandmarkets.com/Market-Reports/healthcare-it-252.html

ePrescribing Market - Major Technological Innovations are Projected After COVID19 Impact

 Recent Developments in the Global ePrescribing Market:

# 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.

Major Growth Boosting Factors:

Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.

Restraint: High cose of deployment

Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets.

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COVID-19 Impact on ePrescribing Market

The COVID-19 pandemic will not directly impact the e-prescribing market; however, its impact on the healthcare IT and the EMR markets will drive the demand for e-prescribing solutions during and after the global pandemic. Due to the COVID-19 outbreak, the number of teleconsultations has increased. The integration of EHR, telemedicine, and e-prescribing functionalities aid prescribers in creating an interconnected network that ensures the use of HCIT to diagnose and prescribe medicines for patients. In addition, recommendations by the CDC to use telemedicine services and the Drug Enforcement Administration (DEA) regulations for the electronic prescription of controlled substances have increased the number of electronic prescription transactions.

Strategies adopted by EHR and EMR vendors during COVID-19:

# Cerner Corporation (US) integrated its EHR platform with telehealth capabilities, which would help improve patient access to healthcare from home.

# eClinicalWorks (US) integrated its EHR solution with TeleVisits to help with virtual patient care. TeleVisits is a secure platform that uses existing equipment and webcams to diagnose patients remotely.

# Allscripts (US) implemented telehealth solutions through its EHR patient engagement platform, which would enable its clients to access virtual care services. In March 2020, Allscripts had provided telehealth services to over 100 customers.

Challenges: Lack of technology awareness among end users

E-prescribing solutions operate at maximum efficiency only when integrated with EHRs and a complementary suite of other HCIT solutions. However, most physicians and end-users lack the knowledge and technological expertise to understand how to make full use of e-prescribing. For instance, it may be difficult for end-users to select the most effective combination of hardware and software components while implementing any e-prescribing solution. This aspect carries weight, as using complementary components can help reduce overall costs incurred, while increasing workflow efficiency.

Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19

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. However, the adoption of this feature increased significantly during the COVID-19 crisis.

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Geographical Growth Dynamics:

APAC will grow at the fastest rate during the forecast period.

The ePresciribng market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Currently, a number of healthcare organizations in the Asia Pacific region are actively moving towards digitization with a focus on streamlining their entire workflow and ensuring patient safety. Japan, Australia, Taiwan, South Korea, India, and China are the major countries in this region that are actively adopting e-prescribing solutions. In addition, government initiatives for the adoption of EMR solutions, the large volume of COVID-19 patients, the growth of the geriatric population, the rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing purchasing power of consumers are also impacting the growth of this region in the coming years. 

ePrescribing Market - Increased Adoption of Integrated Telehealth Solutions due to COVID19

 Overview of This Study:

The study involved four major activities in estimating the size of the global ePrescribing market. Exhaustive secondary research was done to collect information on the utilization of different solutions and their regional utilization trends. Industry experts further validated the data obtained through secondary research through primary research.

Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level adoption of various EHR solutions and utilization of ePrescribing funcitonality) and top-down approach (assessment of utilization/adoption/penetration trends, by type of product& service, delivery mode, end user, and region). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.

Target Audience:

# Providers of e-prescribing systems and solutions
# E-prescribing service providers
# EHR and EMR vendors
# Hospitals and clinics
# Pharmacies
# Pharmacy benefit managers
# Pharmacy system vendors
# Healthcare insurance providers
# Regulators and associations
# Market research and consulting firms
# Venture capitalists and investors

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Global Growth Driving Factors:

Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.

Challenges: Lack of technology awareness among end users

E-prescribing solutions operate at maximum efficiency only when integrated with EHRs and a complementary suite of other HCIT solutions. However, most physicians and end-users lack the knowledge and technological expertise to understand how to make full use of e-prescribing. For instance, it may be difficult for end-users to select the most effective combination of hardware and software components while implementing any e-prescribing solution.

This aspect carries weight, as using complementary components can help reduce overall costs incurred, while increasing workflow efficiency. However, limited access to expert opinion and trained IT professionals can pose challenges for end-users in selecting the appropriate e-prescribing solution for their practice. This has a direct impact on the end user’s decision to adopt an eprescribing solution in the first place.

Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19

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. However, the adoption of this feature increased significantly during the COVID-19 crisis.

COVID-19 Impact on ePrescribing Market

The COVID-19 pandemic will not directly impact the e-prescribing market; however, its impact on the healthcare IT and the EMR markets will drive the demand for e-prescribing solutions during and after the global pandemic. Due to the COVID-19 outbreak, the number of teleconsultations has increased. The integration of EHR, telemedicine, and e-prescribing functionalities aid prescribers in creating an interconnected network that ensures the use of HCIT to diagnose and prescribe medicines for patients. In addition, recommendations by the CDC to use telemedicine services and the Drug Enforcement Administration (DEA) regulations for the electronic prescription of controlled substances have increased the number of electronic prescription transactions.

Strategies adopted by EHR and EMR vendors during COVID-19:

# Cerner Corporation (US) integrated its EHR platform with telehealth capabilities, which would help improve patient access to healthcare from home.

# eClinicalWorks (US) integrated its EHR solution with TeleVisits to help with virtual patient care. TeleVisits is a secure platform that uses existing equipment and webcams to diagnose patients remotely.

# Allscripts (US) implemented telehealth solutions through its EHR patient engagement platform, which would enable its clients to access virtual care services. In March 2020, Allscripts had provided telehealth services to over 100 customers.

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Market Size Estimation:

The total market size for the ePrescribing market was arrived at after data triangulation from two different approaches, as mentioned below

Approach 1: Parent Market Analysis

In this report, the global market size for the Revenues of individual companies providing EHR solutions with the integrated e-prescribing module was gathered from public sources and databases. Shares of the EHR market provided by leading players were gathered from secondary sources to the extent available.  Individual shares or revenue estimates were validated through expert interviews.

Approach 2: Demand Side Analysis

In the case of demand-side analysis, the total number of physicians utilizing the e-prescribing module was studied using secondary and primary research. All the responses were collated to derive a probabilistic estimate of the market size based on the annual and implementation costs per physician per year.

Expected Revenue Gains:

The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.

Data Triangulation:

After arriving at the overall ePresciribng market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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ePrescribing Market - Emerging Trends Majorly Boosts the Global Growth

 Overview of This Study:

The study involved four major activities in estimating the size of the global ePrescribing market. Exhaustive secondary research was done to collect information on the utilization of different solutions and their regional utilization trends. Industry experts further validated the data obtained through secondary research through primary research.

Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level adoption of various EHR solutions and utilization of ePrescribing funcitonality) and top-down approach (assessment of utilization/adoption/penetration trends, by type of product& service, delivery mode, end user, and region). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.

Download PDF Brochure@ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=910

Market Size Estimation:

The total market size for the ePrescribing market was arrived at after data triangulation from two different approaches, as mentioned below.

Approach 1: Parent Market Analysis

In this report, the global market size for the Revenues of individual companies providing EHR solutions with the integrated e-prescribing module was gathered from public sources and databases. Shares of the EHR market provided by leading players were gathered from secondary sources to the extent available.  Individual shares or revenue estimates were validated through expert interviews

Approach 2: Demand Side Analysis

In the case of demand-side analysis, the total number of physicians utilizing the e-prescribing module was studied using secondary and primary research. All the responses were collated to derive a probabilistic estimate of the market size based on the annual and implementation costs per physician per year.

Major Revenue Growth Expectations:

The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%. 

Growth Influencing Factors:

Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.

Data Triangulation:

After arriving at the overall ePresciribng market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Restraint: High cose of deployment

Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets.

North America will continue to dominate the ePrescribing market in 2025

In 2019, the large share of this North American region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.

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Key Market Players:

Epic Systems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems, Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (MEDITECH, US).

ePrescribing Market worth $3.3 billion by 2025

 Expected Revenue Growth:

The global ePrescribing market size is projected to reach USD 3.3 billion by 2025 from USD 1.2 billion in 2020, at a CAGR of 23.3%.

Major Growth Influencing Factors:

Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market.

Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions. However, the high cost of deploying e-prescribing solutions, reluctance among healthcare professionals to adopt these solutions, and concerns regarding security and workflow are expected to restrain the growth of this market to a certain extent during the forecast period.

Download PDF Brochure@ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=910

COVID-19 Impact on ePrescribing Market

The COVID-19 pandemic will not directly impact the e-prescribing market; however, its impact on the healthcare IT and the EMR markets will drive the demand for e-prescribing solutions during and after the global pandemic. Due to the COVID-19 outbreak, the number of teleconsultations has increased. The integration of EHR, telemedicine, and e-prescribing functionalities aid prescribers in creating an interconnected network that ensures the use of HCIT to diagnose and prescribe medicines for patients. In addition, recommendations by the CDC to use telemedicine services and the Drug Enforcement Administration (DEA) regulations for the electronic prescription of controlled substances have increased the number of electronic prescription transactions.

The solutions accounted for the largest share of the ePrescribing market, by type of product & service, in 2019.

Based on product and service, the e-prescribing market is segmented into solutions and services. The solutions segment is further categorized as integrated and standalone solutions, and the services segment is categorized as network, support and maintenance, implementation, and training and education services. In 2019, the solutions segment accounted for the largest share of the e-prescribing market. The large share of the solutions segment can be attributed to the growing focus on minimizing the abuse of controlled substances, increasing adoption of e-prescribing, government initiatives and incentive programs to increase the adoption of e-prescribing solutions.

Web and Cloud based solutions is the largest segment of the ePresciribng market, by delivery mode

Based on the mode of delivery, the e-prescribing market is segmented into on-premise and web- and cloudbased models. In 2019, the web- and cloud-based solutions segment accounted for the largest share of the global e-prescribing market. This segment is also projected to register the highest CAGR during the forecast period. The web- and cloud-based model offers improved performance and reliability by avoiding long deployment cycles. It also minimizes upfront investments without incurring high infrastructure costs as the user can access the software from any compatible system using an access ID or username and password. These advantages are supporting the growth of the web- and cloud-based solutions segment.

North America will continue to dominate the ePrescribing market in 2025

In 2019, the large share of this North American region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of e-prescribing solution providers in the region.

Drivers: Increased adoption of EHR solutions

Growing government support for the adoption of EHR solutions and the need to curtail the escalating healthcare costs are the major factors driving the demand for such solutions. In addition, the COVID-19 outbreak worldwide has led to a larger patient volume in hospitals and the need to better manage patient data. This is expected to further drive the demand for these solutions.

Restraint: High cost of deployment

Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets.

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Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19

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. However, the adoption of this feature increased significantly during the COVID-19 crisis.  

Key Players:

Prominent players in the global e-prescribing market are Epic Systems Corporation (US), Cerner Corporation (US), Allscripts (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (US).