E-prescribing Market Demand, Trends, Outlook and Market Forecast 2023-2030

E-prescribing Market is segmented By System Type (Integrated System, Standalone System), By Delivery Mode (Web/Cloud-based, On-premise), By Component (Software, Hardware, Services), By End-User (Hospitals, Office-based Physicians, Pharmaceuticals), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

E-prescribing Market Overview

E-prescribing Market size is estimated to reach at a CAGR of 24.5% during the forecast period (2023-2030). E-prescribing, short for electronic prescribing, is a computer-based electronic medical prescription that allows the healthcare provider to write and send prescriptions to the pharmacy electronically instead of using handwritten prescriptions. It allows the ability to communicate error-free and legible prescriptions while tracking them. It is also one of the major causes of the increasing adoption of electronic medical records.

E-prescribing Market Summary and Scope

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E-prescribing Market Dynamics and Trends

The global E-prescribing market is primarily driven by the need to decrease prescription errors, the rising focus on reducing fraud, controlled substances/drug abuse, and the increasing adoption of e-prescriptions by healthcare providers.

The increasing prescription drug errors, government efforts and growing geriatric population are pushing the market growth.

According to the Biomedical Journals, more than 237 million medication errors are made every year in England, the avoidable consequences of which cost the NHS upwards of £98 million and more than 1700 lives yearly; indicate national estimates. The FDA receives more than 100,000 reports annually associated with medication errors, mainly due to mistakes when reading a bad handwriting prescription and dispensing similar-sounding but completely different drugs. Moreover, several medical and surgical specialty organizations have made using E-Prescriptions obligatory. E-prescribing eases physicians from tracking-controlled substance prescriptions over multiple pharmacies, thereby reducing the chances of doctor shopping or over-prescribing. For instance, writing prescriptions for Schedule II, III, and IV controlled substances in New York requires e-prescribing as the prescriber must consult the state’s prescription monitoring program (PMP) registry. Furthermore, older patients are more likely to be affected by a medical error during medical care because they tend to take more medications than younger adults, therefore the growing geriatric population is fueling the global market growth; for instance, according to WHO statistics, there were 1.4 billion geriatric population in 2020 and estimated to be around 2.1 billion by 2050.

 Privacy, security risks, standards, and governance will hamper the global E-prescribing market growth.

However, the data security risks with constant hacking and security violations are financial and ethical risks that will restrain the E-prescribing market growth globally.

Industry analysis.

The global E-prescribing market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing analysis, Etc.

E-prescribing Market Segmentation Analysis

The E-prescribing market's web/cloud-based systems segment is expected to grow at the fastest CAGR during the forecast period (2022-2029).

Web/cloud-based systems share the fastest-growing share in this market. It can be attributed to the increasing number of benefits it offers, including easy maintenance, low start-up and licensing costs, simple infrastructure requirements, and broader accessibility. Moreover, web/cloud-based systems provide enhanced productivity with faster and smoother implementation. For instance, With E-Prescribing, prescribers can track if patients fill prescriptions, allowing physicians to counsel patients on medication management if needed. Prescribers can also follow how often prescriptions of controlled substances are filled to monitor potential drug abuse. Also, many E-Prescribing cloud-based software programs make it easy for the prescriber to choose generic medicines which are more likely to be covered by the patient’s insurance. When the patient incurs fewer costs, there is a better chance they will comply with the needed drug therapy.

E-prescribing Market Geographical Analysis

North America oppresses the global E-prescribing market.

North America is predicted to be the fastest growing regional market share owing to the increasing adoption of electronic prescribing systems and initiatives encouraging e-prescribing, such as the National Council for Prescription Drugs Program and the Health Information Technology for Economic and Clinical Health (HITECH) Act. Moreover, the advanced regional healthcare infrastructure, rise in healthcare expenditure, and the presence of established market players such as Surescripts-Rxhub LLC, Altra Digital Health, Oracle, Epic Systems Corporation, NextGen Healthcare, Inc., Athenahealth, Inc., RelayHealth, LLC, GE Healthcare, DrFirst, Inc. and Medical Information Technology, Inc. performing different market strategies to hold the majority of market share thereby ensure the command of North America over the global market. For instance, on June 9, 2022, Oracle acquired Cerner Corporation to provide secure and reliable solutions that deliver health insights and experiences to dramatically change how health is managed by patients, providers, and payors. Also, on APRIL 22, 2022, Harris Healthcare introduced new digital health solutions to the NHS market, strengthening its commitment to, and presence in, the U.K.

E-prescribing Companies and Competitive Landscape

Several key companies have adopted merger and acquisition policies, geographic expansion, innovative product launches, and collaborations to help them stand out as strong market competitors and expand their sales in the global E-prescribing market. Major Players include Surescripts-Rxhub LLC, Altra Digital Health, Oracle, Epic Systems Corporation, NextGen Healthcare, Inc., Athenahealth, Inc., RelayHealth, LLC, GE Healthcare, DrFirst, Inc. and Medical Information Technology, Inc. For instance, on July 18, 2022, NextGen Healthcare, Inc. expanded its long-term relationship with InstaMed, a J.P. Morgan company, in a deal that modernizes payment processing through NextGen Pay powered by InstaMed. Also, on Feb. 17, 2022, NextGen Healthcare, Inc. partnered with Verato to incorporate patient matching into the NextGen Health Data Hub (HDH) platform.

DrFirst, Inc.

Overview:

DrFirst, Inc. was founded in 1999 and, since 2000, has begun healthcare technology solutions and consulting services that helped securely connect people at every step of care to improve patient outcomes. DrFirst, Inc. is headquartered in Rockville, Maryland, and has iApp Creative LLC, VisibilityRx, The IN Group, Inc., and AdherenceRx, LLC as subsidiaries; its products are used by over 300,000 healthcare providers, including more than 220,000 prescribers, in hospitals, clinics, and private practices throughout the U.S. and Canada.

Product Portfolio:

GE Healthcare’s product portfolio for E-prescribing has Rcopia.

The global E-prescribing market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages

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