E-prescribing (e-Rx) Market Future Aspect Analysis and Current Trends by 2016 to 2030
The global e-prescribing (e-Rx) market is anticipated to amplify with a significant CAGR over the forecast period of 2022-2030.
E-prescribing is the practise of sending a doctor's prescription to a pharmacist or patient over an electronic network. The doctor can type the names of the drugs in any digital device, such as a laptop, tablet, or mobile phone, in contrast to traditional handwritten prescriptions. To ensure the safe and prompt transmission of the prescription, appropriate software must be installed in both ends of the devices.
Since prescription mistakes account for more than 70% of drug errors reported by hospitals and general practise settings, they are the main source of worry for healthcare workers worldwide. Although these mistakes seldom result in death, they can seriously harm a patient's health. Prescription errors not only put patients' health at risk but also frequently result in lawsuits for medical and legal misconduct against doctors and other medical professionals.
In the United Kingdom, these prescribing errors and faults are recorded in 9% to 15% of drug orders for hospital inpatients, according to the General Medical Council (GMC) report, . In most cases, these errors can be reduced by over 85% by using e-prescribing systems. By implementing warnings and alert systems at the moment of prescription, e-prescribing technology can help patients and doctors get the whole picture of their medical histories while also reducing the likelihood of errors.
An Increase in e-Prescribing Use is Caused by Covid-19
Health care providers were forced to alter their service delivery strategies as a result of Covid-19, which had a negative influence on health services across the globe. After the Covid-19 outbreak, e-Prescribing became a crucial tool for establishing a secure environment and reducing in-person consultations and paper prescription handling.
Favorable Regulatory Changes in Different Countries Give the e-Prescribing Market a Boost
The Covid-19 pandemic has made it necessary to alter the e-prescription regulations so that individuals may quickly and effectively access a variety of healthcare services.
The federal government and a number of states, including California, Indiana, Maryland, Michigan, Nebraska, New Hampshire, Utah, and Washington, have made electronic prescribing of controlled substances in the US mandatory in an effort to reduce the rise in drug-related fatalities in the country. Clinical prescribers must electronically record controlled drugs according to the regulation.
State governments had until January 1st, 2021, to comply with federal EPCS regulations. However, the Centers for Medicare and Medicaid Services (CMS) have delayed the implementation of EPCS-certified E-Prescribing software for Medicare Part D until January 1, 2023 due to COVID-19 issues. CMS continues to promote adoption in order to help practises avoid fines for non-compliance.
Global E-Prescribing (e-Rx) Market- Key trends
Emergence of the COVID-19 pandemic is aiding industry expansion
The onset of the COVID-19 pandemic brought about new transformations in the healthcare sector. Various governments pushed the adoption of EHR solutions as a measure to reduce the escalating healthcare costs. Moreover, the use of e-prescriptions also reduced the physical contact between the practitioner and pharmacists, thereby keeping the coronavirus infection rates at bay. This in turn is adding traction to the growth of this market vertical.
High deployment costs pertaining to e-prescription solutions is slowing industry progression
The high costs pertaining to the installation of EHR solutions is one of the major factors hindering the remuneration scope of this marketplace. The cost in not merely limited to the purchasing of the software but also involves the activation, maintainece, and support services. Moreover, it also requires highly skilled professionals to efficient operate these systems. This makes it difficult for smaller hospitals and clinics to adopt these highly advanced e-prescription solutions.
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Global E-Prescribing (e-Rx) Market- Segmental assessment
By Delivery Mode
• Web/Cloud Based
• On Premise
The web/cloud based segment is likely to generate a high volume share over the analysis timeline owing to their ease of deployment and cost effectiveness.
By End Use
• Office based Physicians
By Usage Methods
• Computer based devices
The handheld segment is reckoned to grow considerably over the forecast period attributing to the ease of use and affordability of handheld devices
The controlled segment is anticipated to garner significant returns by 2030 due to the growing incidences of drug abuse across the globe.
• Sports Medicine
The oncology segment is poised to amass notable gains over the stipulated timeline owing to the growing prevalence of cancer worldwide.
The prominent players characterizing the competitive terrain of this business vertical 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.
Notably, in June 2019, Allscripts announced the acquisition of ZappRx to enhance its offerings in the field of EHR solutions.
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Major questions answered in this report
- What is the growth rate projection for Global E-Prescribing (e-Rx) Market over 2022-2030?
- What are the expansion determinants for Global E-Prescribing (e-Rx) Market?
- What are the major segments covered in the Global E-Prescribing (e-Rx) Market report?
- What are the primary regions present in the Global E-Prescribing (e-Rx) Market?
- Which is the fastest growing region in the Global E-Prescribing (e-Rx) Market?
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