E-Prescribing Market is Expected to Reach $4,152.7 Million by 2026

According to a recent report published by Allied Market Research, titled, "E-prescribing Market by Component, Deployment, and End User: Opportunity Analysis and Industry Forecast, 2019–2026," the e-prescribing market size was valued at $885.6 million in 2018, and is projected to reach $4,152.7 million by 2026, growing at a CAGR of 21.4% from 2019 to 2026.

Rise in development of customer-centric strategies to improve the affordability, access and quality of health care records, the adoption and effective use of interoperable electronic health record (EHR) systems and other health information technologies (HIT), including those for electronic prescribing have gained high traction from the recent past. Technologic advances, especially in applications interfaces for handheld devices and wireless network technologies has encouraged physicians to adopt new prescribing approaches. This has resulted into rise in adoption of e-prescribing systems and applications among clinical firms.

As of March 27, 2016, NYS Public Health Law required prescriber to electronically prescribe (e-prescribe) all prescription medications directly to the consumers’ pharmacy. Thus, rise in adoption of e-prescribing among healthcare industry across the globe is a major factor expected to drive the e-prescribing market growth. Moreover, use of electronic prescribing has allowed clinicians to accurately and efficiently communicate prescribed patient drug therapy to dispensing pharmacies, hence minimizing or eliminating common sources of medication errors. Which in turn impacts the growth of the e-prescribing market positively during the forecast period.

By component, the solutions segment dominated the overall e-prescribing market in 2018 and is further expected to endure traction for e-prescribing among organizations during the forecast period. Rise in integration of e-prescribing among EHR and HIT systems is a major factor that drives the growth of the segment in the global market. Moreover, the services segment has witnessed a significant growth in the electronic prescribing market, in terms for CAGR during the forecast period. This is attributed to e-prescribing services suite that includes installation, consulting, maintenance, and support services.

North America dominated the electronic prescribing market in 2018, and is expected to continue this trend during the forecast period in the e-prescribing market forecast as an axiom by numerous parties have accepted e-prescribing technology herald as a vast improvement to the U.S. healthcare systems. Asia-Pacific is anticipated to register high CAGR in the global market in the coming years.

Key Findings of the Study:

• By component, the solutions segment dominated the e-prescribing market. However, the services segment is expected to exhibit significant growth during the forecast period in the e-prescribing industry.
• By deployment, the web and cloud-based segment dominated the e-prescribing market share in 2018. However, the on-premise segment is expected to exhibit significant growth during the forecast period.
• Depending on end user, the hospitals industry generated the highest revenue in 2018. However, the office-based physicians sector is expected to witness a considerable growth in the near future.
• Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.

Some of the key market players profiled in the e-prescribing market analysis include Allscripts Healthcare, LLC, Athenahealth, Inc., Cerner Corporation, Change Healthcare, DrFirst.com, Inc., eClinicalWorks, Epic Systems Corporation, Medical Information Technology, Inc., Practice Fusion, Inc., and Surescripts. Major players operating in this market have witnessed growth in demand for e-prescribing, especially due to its benefits such as improved patient safety, fewer medication errors due to handwritten prescriptions, fewer medication errors due to misunderstood phoned-in prescriptions, and less risk of lost or misplaced written prescriptions. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.