E-prescribing or electronic prescribing (e-Rx) is the electronic transmission of prescriptions from physician to pharmacists using electronic communication devices. With several governments taking active efforts in improving healthcare infrastructure, the global e-prescribing market has been witnessing steady growth since the past few years. The global market for e-prescribing, which reached a value worth US$ 250.2 Mn in 2013, is expected to attain the revenues worth US$ 887.8 Mn by the end of 2019. Over the forecast period 2013-2019, the market will expand at a staggering CAGR of around 23.5%.
E-prescribing systems are widely used in the preparation of complete medication lists. Moreover, they also aid data security checks and extraction of complete information of patient history and formulary. The global E-prescribing market is gaining traction due to increasing applications in healthcare and substantial support from governments across the globe. Growing need for improved healthcare quality and minimized medication errors is another key driver expected to fuel the market growth during the forecast period. A large number of medical and healthcare centers and hospitals in developing economies are increasingly implementing electronic health record systems (EHRs), which will further bolster the demand for E-prescribing.
However, widespread adoption of E-prescribing systems is facing limitation due to higher initial costs and risks related to security and privacy of patients’ data. This is a major factor that will continue to deter the market growth over the forecast period. Developing markets still encounter with a set of longstanding roadblocks, including inadequate IT expertise and low availability of high-speed broadband facilities. These are also predicted to continue hampering the market growth, especially in emerging economies.
The global E-prescribing market is segmented on the basis of product type into integrated system and stand-alone system, by component into software, hardware, and services. Based on delivery mode, the market is bifurcated into web-based, cloud-based, and licensed or on-premise delivery mode, and based on the usage mode into hand-held devices and PC-based. On the basis of end-user, the market has two sub-segments, hospitals and office-based physicians. Integrated system is the largest E-prescribing system and web-based E-prescribing system is the largest delivery mode. Software is the largest component of the E-prescribing system. Hand-held device usage mode has the largest market share and hospitals segment is the largest end user of E-Prescribing system.
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The regional analysis bifurcates the global E-prescribing market into four key geographical segments – Europe (Germany, the U.K., France, and the Netherlands), North America (the U.S. and Canada), Asia (Japan and China), and rest of the world. Europe will continue to hold the largest market share, owing to increasing eHealth projects across the region. Rising adoption rate of the European Patient Smart Open Services (epSOS) is anticipated to strengthen the market in Europe, coupled with the Schleswig-Holstein Health Initiative. North America will however represent the fastest growing regional market, attributed to higher adoption of electronic prescribing systems to support the increasingly sophisticated healthcare infrastructure. In addition, various initiatives such as, Health Information Technology for Economic and Clinical Health (HITECH) Act and National Council for Prescription Drugs Program are advocating the use of e-prescribing system. The Asian market is expected to witness a slight uptick due to improved penetration of the e-prescribing technology.
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The global E-prescribing market is operated by some major players; Henry Schein, Inc., Cerner Corporation, athenahealth, Inc., DrFirst, eClinicalWorks, HealthFusion, Inc., and Practice Fusion, Inc. are a few to mention.
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