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E-Prescribing Market Size Worth $6.0 Billion by 2026 | CAGR: 24.5%: Grand View Research, Inc.
SAN FRANCISCO, Sept. 26, 2019 /PRNewswire/ -- The global e-prescribing market size is expected to reach USD 6.0 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 24.5%. Increasing emphasis on reduction of drug abuse & fraud, rising initiatives by the government to digitalize healthcare systems, and growing efforts on reducing medication errors are the major factors driving growth. However, high initial investment and resistance to adoption of new technology, by both patients & healthcare providers, restrain growth. On the other hand, improving healthcare infrastructure and increasing healthcare expenditure in developing countries are anticipated to provide numerous growth opportunities for the market. Moreover, using Electronic Healthcare Records (EHRs) with e-prescribing increases the potential for growth.
Key suggestions from the report:
- As a result of increasing adoption and growing preference, integrated solutions is expected to growth at the CAGR of 22.9%
- Standalone system segment is expected to exhibit steady growth during the forecast period, owing to the lower price and easy installation
- Implementation and support services are expected to hold significant shares. This can be attributed to high initial investment followed by ongoing need for support services
- Cloud-based systems had the maximum market share of more than 35% in the delivery mode segment in 2018
- North America held a major market share of almost 40% in 2018, owing to government initiatives and incentive programs
- According to the U.S. Department of Health and Human Services, medical errors are the third cause of deaths in the U.S.
- Hospitals accounted for the maximum market share of end-use segment due to high degree of implementation of the technology
- In 2018, Surescripts (U.S. health information network) processed more than 5.2 million e-prescriptions every day
- In 2018, state and federal legislators recognized Electronic Prescription for Controlled Substances (EPCS) as a vital tool in combatting opioid epidemic
- Overall opioid prescribing continued to decline in the U.S., and e-prescriptions for opioids increased by almost half in the year 2018
- Some key players are Allscripts Healthcare Solutions, Inc.; Cerner Corporation; Henry Schein, Inc.; General Electric Company; Quality Systems, Inc.; and Epic Systems Corporation.
Read 100 page research report with ToC on "E-Prescribing Market Size, Share, & Trends Analysis Report By Product (Solutions), By Delivery Mode (Web/Cloud), By End Use, By Usage Method, By Substances, By Specialties, By Region, And Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/e-prescribing-market
E-prescribing is widely used in preparation and maintenance of complete medication lists. Moreover, the technology also aids extraction of complete patient information and formulary with continuous data security checks. These services are gaining traction due to increasing application of technology in the healthcare sector and significant support from governments across the world. For instance, government initiatives include incentive programs to promote e-prescribing, such as the National Council for Prescription Drugs Program and the Clinical Health Act in North America.
According to the U.S. Department of Health and Human Services, 2018, 7,000 to 9,000 people die due to medication errors in the U.S. every year. Furthermore, Adverse Drug Events (ADEs) account for almost 700,000 emergency visits and more than 100,000 hospitalizations. This technology is anticipated to reduce such errors by eliminating handwritten prescription. Moreover, the technology enables the prescriber follow formulary compliance by using the decision support systems, as well as improves the ability to transfer medical prescriptions.
Grand View Research has segmented the e-prescribing market on the basis of the product, delivery mode, end use, usage mode, substances, specialties and region:
- E-prescribing Product Outlook (Revenue, USD Million, 2014 - 2026)
- Integrated Solutions
- Standalone Solutions
- E-prescribing Delivery Mode Outlook (Revenue, USD Million, 2014 - 2026)
- Web Based/Cloud Based
- On Premise
- E-prescribing End-use Outlook (Revenue, USD Million, 2014 - 2026)
- Office-Based Physician
- E-prescribing Usage Mode Outlook (Revenue, USD Million, 2014 - 2026)
- Handheld devices
- Computer Based Devices
- E-prescribing Substances Outlook (Revenue, USD Million, 2014 - 2026)
- Controlled Substances
- Non-Controlled Substances
- E-prescribing Specialties Outlook (Revenue, USD Million, 2014 - 2026)
- Sports Medicine
- E-prescribing Regional Outlook (Revenue, USD Million, 2014 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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