E prescribing Market
E-prescribing Market Size, Share & Industry Analysis, By Component (Software, Hardware, Services), By Delivery Mode (Web & Cloud-based, On-premise), By End-user (Hospitals, Office-based Physicians, Pharmacies), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The global E-prescribing market is projected to grow at a CAGR of 21.4% from 2024 to 2031. The market value is expected to rise from XX USD in 2024 to YY USD by 2031. North America dominates the market, driven by advanced healthcare infrastructure and supportive government initiatives. Key metrics include adoption rates among healthcare providers, number of e-prescriptions generated, and integration with electronic health records (EHRs).
E-prescribing is fast growing because of a greater emphasis on reducing pharmaceutical errors, enhancing patient safety, and increasing healthcare efficiency. The COVID-19 pandemic has accelerated adoption, highlighting the necessity of remote healthcare solutions and digital transformation in the medical industry.
E-prescribing Market Dynamics
Market Trend: Rise of integrated healthcare ecosystems and interoperability
The e-prescribing industry is undergoing a significant transformation towards integrated healthcare systems. This trend is driven by the growing desire for seamless data exchange among multiple healthcare stakeholders, including physicians, chemists, and payers. Interoperability has been a primary goal, as e-prescribing systems are increasingly linked to electronic health records (EHRs), pharmacy management systems, and health information exchanges (HIEs). This connection allows for real-time access to patients' medication histories, allergies, and insurance information, resulting in more informed prescribing decisions and improved patient outcomes.
Furthermore, the push for value-based care models has hastened the adoption of sophisticated e-prescribing technology that can analyse prescription trends, assess drug adherence, and provide clinical decision support. As healthcare providers strive to improve care coordination and reduce costs, e-prescribing is evolving from a standalone technology to an essential component of bigger population health management initiatives.
Market Driver: Government regulations and incentives promoting e-prescribing adoption
Government regulations and incentives have emerged as significant drivers of E-prescribing market growth. In the United States, the Centres for Medicare & Medicaid Services (CMS) enacted the Medicare Access and CHIP Reauthorisation Act (MACRA), which includes e-prescribing as a key component of its Merit-based Incentive Payment System (MIPS). This initiative offers financial incentives to healthcare practitioners who demonstrate meaningful usage of e-prescribing technology.
Similarly, the European Union has enacted regulations such as the Falsified Medicines Directive (FMD), which mandates electronic prescribing and medication verification in order to combat counterfeit drugs. These regulatory initiatives have led to a large increase in e-prescription acceptance rates. For example, in the United States, the proportion of office-based physicians who use e-prescribing has increased from 70% in 2014 to more than 90% in 2021. The financial incentives associated with these initiatives have also encouraged industry growth, with the global e-prescribing market worth $YY billion in 2024 and predicted to reach $YY billion by 2031.
Market Restraint: Data security and privacy concerns
Despite the obvious benefits of e-prescribing, data security and privacy concerns remain significant impediments to market growth. E-prescribing systems are enticing targets for fraudsters due to the sensitive nature of prescription data and patient information. According to a 2020 healthcare data breach report, the number of reported breaches increased by 25% over the previous year, affecting more than 29 million patient details. The heightened risk of data breaches has spurred regulatory bodies to tighten their oversight, and some healthcare providers are hesitant to fully embrace e-prescribing systems.
Segment Overview
The software segment dominates the E-prescribing market, accounting for the largest market share:
The software component of the E-prescribing market has emerged as the dominant force, accounting for the vast majority of market share and propelling significant industry growth. This dominance can be attributed to the increased need for sophisticated e-prescribing solutions that include advanced features such as drug-drug interaction detection, allergy alerts, and integration with electronic health information.
Rapid technological advancements in artificial intelligence (AI) and machine learning (ML) have greatly aided the software segment's leadership. These technologies are being integrated into e-prescribing software to improve clinical decision support and prescription accuracy. For example, Surescripts, a leading e-prescribing network in the United States, revealed that their AI-powered system prevented over 240,000 potential prescription mistakes in 2020.
Furthermore, the software market has expanded dramatically as cloud-based e-prescribing systems have become more extensively used. Cloud-based platforms provide several advantages, including lower startup costs, scalability, and easy integration with existing healthcare IT systems. According to a recent Black Book Research poll, 93% of medical practices intend to transition to cloud-based e-prescribing technologies during the next two years.
The software sector has also benefited from strategic alliances and collaborations between e-prescribing software vendors and large healthcare IT firms. For example, in 2021, Cerner Corporation, a global leader in healthcare IT, announced a collaboration with DrFirst to integrate its e-prescribing and drug management technologies into Cerner's EHR platform. Such collaborations have broadened the scope and capabilities of e-prescribing software, strengthening its market position.
Regional Outlook
North America leads the global E-prescribing market, with the United States being the primary contributor to regional growth.
North America's supremacy in the E-prescribing market is attributed to a variety of factors, including sophisticated healthcare infrastructure, government assistance, and high acceptance rates among healthcare providers. The United States, in particular, has led the way in e-prescribing acceptance, thanks to legislation like as the Medicare Modernisation Act (MMA) and the HITECH Act.
Over the recent decade, the region's e-prescribing adoption rate has skyrocketed. Surescripts, one of the main e-prescribing networks in the United States, reported that the proportion of prescriptions transmitted electronically has increased from 38% in 2012 to more than 80% by 2020. This rapid adoption has been hastened by the implementation of Meaningful Use criteria and financial incentives provided by programs such as the Medicare Access and CHIP Reauthorisation Act (MACRA).
The US Drug Enforcement Administration (DEA) recently proposed new laws that would allow for the electronic prescription of banned drugs across state lines. This move is expected to speed up the adoption of e-prescribing technology and extend the market in North America.
Canada has made significant progress in e-prescribing adoption. PrescribeIT, a statewide e-prescribing service launched by Canada Health Infoway, reported a 450% increase in e-prescriptions between 2019 and 2020, with over 1 million prescriptions processed through the system.
Large businesses like as Epic Systems Corporation, Cerner Corporation, and Allscripts Healthcare Solutions dominate the North American e-prescribing market. These organisations have made major R&D efforts to develop their e-prescribing technology and sustain their industry competitiveness.
Competitive Intelligence
The e-prescribing market is marked by severe competition among major players, with each striving to innovate and grow their market share. Surescripts, Epic Systems Corporation, Cerner Corporation, Allscripts Healthcare Solutions, and athenahealth are some of the industry's leading participants.
Surescripts, the largest e-prescribing network in the United States, processed over 2.2 billion e-prescriptions in 2020, a 17% increase from the previous year. The company's strong market position is attributed to its broad network of interconnected healthcare institutions and continued innovation in areas such as real-time prescription benefit checks and medication history services.
Epic Systems and Cerner Corporation, two major players in the electronic health record (EHR) industry, have leveraged their strong positions in healthcare IT to obtain significant e-prescribing market share. These companies have focused on seamlessly integrating e-prescribing features into their EHR platforms, offering healthcare practitioners a comprehensive patient care management solution.
Allscripts Healthcare Solutions has maintained its competitive advantage through strategic agreements and acquisitions. To boost its e-prescribing skills for difficult prescriptions, the company acquired ZappRx, a digital health company specialising in specialised medication administration, in 2020.
Emerging competitive trends include using artificial intelligence and machine learning technology to improve prescribing accuracy and clinical decision support. Companies are also working to create mobile e-prescribing solutions to suit the growing demand for remote healthcare services.
The sector is expected to consolidate further as larger healthcare IT companies seek to acquire specialised e-prescribing solution providers in order to increase their offerings and market reach. This tendency is expected to drive competitiveness and innovation in the next years.
Analyst Opinion
The e-prescribing market is predicted to grow dramatically in the next years, owing to a renewed emphasis on patient safety, healthcare efficiency, and the ongoing digital transformation of the healthcare sector. The COVID-19 pandemic has expedited the use of digital health technology such as e-prescribing systems.
One novel development that is expected to have an impact on the future of the e-prescribing market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. These cutting-edge technologies have the potential to revolutionise e-prescribing by providing more accurate drug interaction alerts, customised dosage recommendations, and medication adherence predictions. As healthcare professionals work to improve patient outcomes and eliminate prescription mistakes, AI-powered e-prescribing solutions are expected to experience increased demand and investment.
Another notable trend is the increased emphasis on interoperability and data exchange between different healthcare IT systems. As the healthcare ecosystem becomes more interconnected, e-prescribing platforms that integrate seamlessly with EHRs, pharmacy management systems, and health information exchanges (HIEs) will acquire a competitive edge. This shift towards integrated healthcare ecosystems will drive innovation in e-prescribing technology, potentially leading to the development of more comprehensive prescription management platforms.
Cloud-based e-prescribing solutions are also likely to gain popularity in the market, particularly among smaller healthcare providers and rural hospitals. Cloud-based systems offer lower initial costs, easier scalability, and fewer IT maintenance requirements, making them an enticing option for healthcare companies looking to create or expand their e-prescribing capabilities.
As the market evolves, we can expect more patient-centered e-prescribing choices. These could incorporate features like medication adherence tracking, patient education tools, and interactivity with digital health apps to assist patients better manage their medications.
Major Players
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Surescripts
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Epic Systems Corporation
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Cerner Corporation
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Allscripts Healthcare Solutions
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athenahealth
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NextGen Healthcare
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eClinicalWorks
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Practice Fusion (Allscripts)
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DrFirst
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Change Healthcare
Key Developments
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Surescripts has announced the launch of its new AI-powered drug adherence prediction tool in March 2024, which will be integrated into its e-prescribing platform.
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In January 2024, Epic Systems Corporation cooperated with a leading pharmacy benefit management to increase real-time prescription benefit information in its e-prescribing module.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Surescripts
5.2. Epic Systems Corporation
5.3. Cerner Corporation
5.4. Allscripts Healthcare Solutions
5.5. athenahealth
5.6. NextGen Healthcare
5.7. eClinicalWorks
5.8. Practice Fusion (Allscripts)
5.9. DrFirst
5.10. Change Healthcare (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rise of integrated healthcare ecosystems and interoperability
6.1.2. Adoption of AI and machine learning in e-prescribing
6.1.3. Shift towards patient-centric e-prescribing solutions
6.2. Market Drivers
6.2.1. Government regulations and incentives promoting e-prescribing adoption
6.2.2. Increasing focus on reducing medication errors
6.3.3. Growing demand for remote healthcare solutions
6.3. Market Restraints
6.3.1. Data security and privacy concerns
6.3.2. Implementation challenges and resistance to change
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY COMPONENT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Software
7.1.1. Integrated Solutions
7.1.2. Standalone Solutions
7.2. Hardware
7.2.1. Wireless Devices
7.2.2. Wired Devices
7.3. Services
7.3.1. Implementation Services
7.3.2. Support & Maintenance Services
7.3.3. Training & Education Services
8. BY DELIVERY MODE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Web & Cloud-based
8.2. On-premise
9. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.1.1. Large Hospitals
9.1.2. Medium-sized Hospitals
9.1.3. Small Hospitals
9.2. Office-based Physicians
9.3. Pharmacies
9.3.1. Retail Pharmacies
9.3.2. Hospital Pharmacies
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
E-prescribing Market Segmentation
By Component:
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Software
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Hardware
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Services
By Delivery Mode:
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Web & Cloud-based
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On-premise
By End-user:
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Hospitals
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Office-based Physicians
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Pharmacies
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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