In a recently published report, E-Prescribing Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for E-Prescribing Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global E-Prescribing Market is valued approximately USD 782.33 million in 2018 and is anticipated to grow with a healthy growth rate of more than 21.5% over the forecast period 2019-2026. E-Prescribing is a computer-based electronic generation, transmission, and filling of a medical prescription, captivating the place of paper and faxed treatments. With e-prescribing, healthcare provider can provide prescription information into a computer device such as laptop, tablet, or desktop computer, and securely transmit the prescription to pharmacies using a special software program and connectivity to a broadcast network. E-prescribing also helps to improve healthcare quality and patient safety by minimizing medication inaccuracies and checking for drug interactions and also make care more accessible by facilitating providers to electronically request prescription refills. Increasing emphasis on the reduction of fraud & abuse of controlled substances, growing government initiatives and incentives programs to digitalize healthcare systems, and the need to curtail surging healthcare costs are the few factor responsible for high CAGR of the market over the forecast period.
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For instance, the Drug Enforcement Agency’s (DEA) Interim Final Rule with Request for Comment titled “Electronic Prescriptions for Controlled Substances” [Docket No. DEA-218, RIN 1117-AA61] was issued in the Federal Register. Effective from June 2010, this regulation has had a massive effect on the prohibited use of controlled substances. The rule revised DEA’s regulations to provide practitioners with the option of writing prescriptions for controlled substances electronically. Moreover, increasing healthcare expenditure and improved healthcare infrastructure in developing countries is likely to create lucrative growth opportunities to the growth of market in the forecasting years. However, high cost of deployment, reluctance to adopt new technology and security and workflow issues are the few factor anticipated to limiting the growth of global E-Prescribing market during the forecast period.
The regional analysis of global E-Prescribing Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing government initiatives and incentive programs to promote the E-prescribing system in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026 due to the healthcare organization are located in Asia are actively moving to digitalization with an emphasis on streamlining their entire workflow and ensuring patient safety.
Major market player included in this report are:
Epic Systems Corporation
Cerner Corporation
Allscripts Healthcare Solutions, Inc.
Athenahealth, Inc.
Quality Systems, Inc.
Medical Information Technology, Inc.
Relayhealth Corporation
Surescripts-Rxhub, LLC.
Henry Schein, Inc.
Greenway Health LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Solutions
Services
By Delivery Mode:
Web & Cloud-Based Solutions
On-Premise Solutions
By End-User:
Hospitals
Office-Based Physicians
Pharmacies
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global E-Prescribing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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