e-Prescribing Market – Insights
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 Rcopia by DrFirst use standard drug dictionaries. e-Prescribing saves time of patient and doctors by storing complete information about every prescription
The global e-Prescribing market size was valued at US$ 779.9 million in 2017 and is expected to witness a CAGR of 18.5% over the forecast period (2018 – 2026).
Global e-Prescribing Market Share (%) Analysis, By Product 2017
Source: Coherent Market Insights Analysis (2019)
Increasing adoption of healthcare IT is expected to drive the e-prescribing market revenue
Innovation in healthcare IT including increasing use of the Application Program Interface (API) to improve interoperability, the ability to access and interact with health data via mobile devices to better access and secure medical records are the major driving factors for e-prescribing market growth. Demand for e-prescription is growing with increasing adoption of healthcare IT in medical field. According to the Surescripts, a healthcare information network, the number of U.S. e-prescribers increased to 8% in 2017 from 2016 and the number of prescribers for controlled substances increased 59% in 2017 from 2016.
Moreover, various advantages offered by e-prescribing in comparison to paper-based prescription also play major role in growth of e-prescribing market. For instance, e-prescribing eliminates handwriting errors/illegibility and offers both physician and pharmacist access to a patient’s prescription history to reduce the chance of wrong drugs being dispensed. According to the Food and Drug Administration (FDA) 2018 report, over 95,000 prescription drug errors have occurred since 2000, mainly due to mistakes in reading a handwritten prescription and dispensing a similar-sounding, but different drug.
e-Prescribing Market Restraints
Despite several benefits offered by e-prescribing for healthcare professionals and patients, not all providers are implementing these system due to factors such as high cost of healthcare IT and requirement of skilled professionals. e-Prescribing systems require basic technological infrastructure and training for installation and maintenance, which also increases the financial burden of their implementation. Moreover, the risk of data breach is also restraining the e-Prescribing market growth.
e-Prescribing Market - Regional Insights
On the basis of region, the global e-Prescribing market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America e-prescribing market is expected to generate significant revenue share during the forecast period, owing to increasing government support. The two important policies promoting the use of e-prescribing in the U.S. were the Medicare Improvements for Patients and Providers Act (MIPPA), or the ‘eRx incentive’ program (2008) and the Medicare and Medicaid Electronic Health Record (EHR) Incentive Programs, or the ‘meaningful use’ program (2011). According to the Surescripts network, with these initiatives around 70% of physicians were e-prescribing using an EHR in the U.S. by April 2014.
Asia Pacific e-prescribing market is expected to witness growth at the highest CAGR, owing to increasing demand for e-prescription to avoid prescription related errors coupled with increasing prevalence of various diseases among the regional population. According to a study published by PLoS ONE journal in 2015, medication errors in Southeast Asia found a medication administration error rate of over 88.6% and a prescribing error rate of up to 35.4%. These errors were caused due to heavy workloads of Southeast Asia healthcare professionals, misinterpretation of medical chart information, and lack of decision support information.
Global e-Prescribing Market Value (US$ Mn) & Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
e-Prescribing Market - Competitive Landscape
Key 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.
Significant increase in the number of e-prescriptions in developed economies is attributed to technological developments in healthcare IT and rise in demand of e-prescriptions to reduce the drug abuse. According to Surescripts, e-prescriptions for controlled substances in 2017 accounted for 77.33 million, which increased from 12.8 million in 2015, with a 504% increase in the U.S.
Furthermore, there is an immense need to reduce medication errors caused due to wrong interpretation and pronunciation of drugs by pharmacist. According to the FDA, medication errors harm 1.3 million individuals each year and kill at least one person a day. Major factors responsible for these errors include similar pronunciation of drugs. For instance, Valtrex and Valcyte 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 of resulting complications.
Though e-prescribing offers several benefits over paper-based prescriptions, several healthcare providers and pharmacists have remained doubtful about adopting the system due to high cost of deployment and security and workflow issues. These factors can negatively impact the e-prescribing market growth during the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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