E-Prescribing or electronic prescribing is the use of electronic tools to prescribe drugs. E-Prescribing tools can include both software programs, as well as hardware such as personal computers, touch screens, and handheld and wireless devices. e-prescribing offers several benefits to prescribers, patients, and pharmacies and increases medication adherence of patients. It includes dosage checking and duplicate therapy alerts. Most e-prescribing applications, such as Rcopi (Rcopia e-prescribing system ushers is a medication history data access, legend drug and controlled substance e-prescribing (EPCS) and patient medication adherence support for desktop and our mobile e-prescribing app.) by , developing company use standard drug dictionaries. E-Prescribing saves time of patient and doctors by storing complete information about every prescription.
Global e-prescribing market is estimated to be valued at US$ 1,655.06 million in 2022 and is expected to exhibit a CAGR of 18.5% during the forecast period (2022-2030).
Figure 1. Global E-Prescribing Market Market Share (%), by Product Type, 2022
Increasing launch of new technologies in service platform is expected to drive the growth of global e-prescribing market over the forecast period.
Increasing launch of new technologies in service platform is expected to drive the growth of global e-prescribing market over the forecast period. For instance, on March 15, 2022, FDB (First Databank, Inc.), the provider of drug knowledge that helps healthcare professionals make precise decisions, announced the launch of FDB Vela, a new, cloud-native electronic prescribing (ePrescribing) network that enables the seamless flow of critical medication prescription information, benefits verification, and clinical decision support between prescribers, payers, pharmacies, and other constituents. With the launch of FDB Vela, participants including electronic health record (EHR) developers and other technology partners, payers, pharmacy benefit managers (PBMs) and pharmacies have a new choice that provides accessibility to all types of participants, easy onboarding, and the ability to leverage advanced functionalities to streamline prescribing and fulfillment.
|Base Year:||2021||Market Size in 2022:||US$ 1,655.06 Mn|
|Historical Data for:||2018 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||18.5%||2030 Value Projection:||US$ 6,438.85 Mn|
Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Change Healthcare Holdings, Inc., Cerner Corporation, Computer Programs and Systems Inc., DrFirst, Inc., eClinicalworks, Epic Systems Corporation, GE Healthcare, Henry Schein, Inc., Medical Information Technology, Inc., Practice Fusion, Inc., Quality Systems, Inc., RelayHealth Corporation, and Surescripts-RxHub, LLC.
|Restraints & Challenges:||
Figure 2. Global E-Prescribing Market Market Share (%), by Region, 2022
Increasing inorganic growth strategies such as collaboration by the key market players is expected to drive the growth of global e-prescribing market over the forecast period.
Increasing collaboration between the key market players in service platform is expected to drive the growth of global e-prescribing market over the forecast period. For instance, in May 2021, Veradigm, a provider of data and technology solutions and a business unit of Allscripts Healthcare Solutions, announced an agreement to collaborate with Lash Group, a patient support services business, and a part of AmerisourceBergen, a wholesale company. This collaboration will enable specialty medications, supported by Lash Group, to be available for management within the Veradigm AccelRx platform, which streamlines the specialty enrollment process for users of Veradigm, Allscripts and other electronic health record (EHR) software vendors with efficiency, resulting in a streamlined process and increased speed-to-therapy.
Global E-Prescribing Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors. The private healthcare sector is one such sector, which has been majorly impacted by the pandemic. COVID-19 has also affected the economies in three main ways- by directly affecting the production and demand, by creating disruptions in distribution channels, and through its financial impact on companies and financial markets.
Increasing demand of e-prescribing during the pandemic has driven the growth of global e-prescribing market. For instance, in July 2020, according to the reports published by NHS Digital, a non-departmental public body, published a report on increasing use of electronic prescriptions during coronavirus, which in April 2020, reported 86% of prescriptions dispensed within primary care in England were processed using the Electronic Prescription Service (EPS), that is an increase of more than 10 percentage points since February, when the usage was 73%. In April 2019. EPS (Electronic Prescription Service) saves time and money by reducing the amount of paper processing required by EPS (Electronic Prescription Service), pharmacists (medicine specialist) and non-medical prescribers.
Global E-Prescribing Market: Key Developments
Increasing inorganic growth strategies such as acquisition by the market player is expected to drive the growth of global e-prescribing market over the forecast period. For instance, on February 17, 2022, NextGen Healthcare, Inc., a provider of cloud-based ambulatory-focused technology solutions, announced that it partnered with Verato to incorporate patient matching into the NextGen Health Data Hub (HDH) platform. NextGen Health Data Hub provides healthcare providers with the clinical content management, connectivity, data access, security and access permission features to get the fullest view of a patient’s health. With Verato Universal MPI integration, Health Data Hub will provide identity management to address the complexities of patient matching.
Moreover,in June 2019, Allscripts, a healthcare IT company, acquired prescription drug startup, ZappRx, a digital health company. This acquisition will help the company to further expand in Veradigm e-prescribing business.
Global E-Prescribing Market – Restraints
There is an immense need to reduce medication errors caused due to wrong interpretation and pronunciation of drugs. For instance, Valtrex (to treat herpes virus infections) and Valcyte (to treat cytomegalovirus (CMV)medication are both used for Cytomegalovirus (CMV), but for different reasons and a heart transplant patient receiving Valtrex instead of Valcyte can undergo serious. Therefore, e-prescription plays a crucial role in avoiding such errors and reduces chances
Major players operating in the global e-prescribing market include Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Change Healthcare Holdings, Inc., Cerner Corporation, Computer Programs and Systems Inc., DrFirst, Inc., eClinicalworks, Epic Systems Corporation, GE Healthcare, Henry Schein, Inc., Medical Information Technology, Inc., Practice Fusion, Inc., Quality Systems, Inc., RelayHealth Corporation, and Surescripts-RxHub, LLC.
E-Prescribing or electronic prescribing is the process of electronically generating and sending a prescription order to a pharmacy directly from the point of care. E-Prescribing improves accuracy, enhances patient safety and quality of care as there are no chances of false interpretation by pharmacist in prescriptions. With the help of e-prescribing tools healthcare providers can enter prescription information into a computer device such as a laptop, tablet, or desktop computer and securely transmit the prescription to pharmacies using a special software program and connectivity to a transmission network.
Increasing inorganic growth strategies such as partnership among the market player is expected to drive the market growth over the forecast period. For instance, in September 2020, MediRecords, a clinical and practice management software, partnered with the eRX Script Exchange, a prescriptions exchange servicing company, to provide electronic prescriptions directly to patients with fast-track compliance. This partnership will help the company in further expansion of the company in software sector.
Furthermore, increasing demand to reduce medication errors caused due to wrong interpretation and pronunciation of drugs. For instance, on July 3, 2022, National Center for Biotechnology Information, published a report on Medication Dispensing Errors and Prevention, which reported that close to 6,800 prescription medications and countless over-the-counter drugs are available in the U.S., whereas each year, in the U.S. alone, 7,000 to 9,000 people die as a result of a medication error. Additionally, hundreds of thousands of other patients experience but often do not report an adverse reaction or other medication complications. The total cost of looking after patients with medication-associated errors exceeds US$ 40 billion each year in US.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.