E-Prescribing Market Is Expected To Reach at USD 2.89 Billion by 2022, at a CAGR Of 26.8% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, North America is where e-prescribing is used the most. In 2022, about 44% of the world's income came from North America.
Farmington, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The Global E-Prescribing Market Size Was Estimated At USD 2.89 Billion In 2022 And It Is Anticipated To Witness A CAGR Of 26.8% During The Forecast Period. People are using electronic prescribing for controlled substances (EPSC) more, and the government is making rules that will help the market grow. In October 2018, Congress passed H.R. 6, the SUPPORT for Patients and Communities Act. This law says that by January 1, 2021, all controlled drugs that Medicare Part D covers must be prescribed electronically. People are also becoming more worried about patient safety, which is also expected to make the market grow. During the COVID-19 pandemic, hospitals and other healthcare facilities had to change how they did things to help stop the spread of infection among the general public and healthcare workers. E-prescribing solutions became more popular because they made it easier for people to get their prescription drugs and made things easier for patients. Despite the pandemic, the market grew a lot during that time. For example, in 2020, more than 1 million prescribers used e-Prescriptions through Surescripts.
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Recent Developments:
In April 2020, DrFirst (US) partnered with ID.me (US) to help users of the company’s e-prescribe app to verify their identities within a few minutes. This is expected to speed up the process for clinicians to prescribe drugs.
In July 2019, NextGen Healthcare(US) announced its partnership with Optimize Rx (US) to provide real-time access to critical financial information, allowing providers to help patients choose appropriate medication plans, as per their cover and budgets. This tool has been integrated with the company’s ehr workflow.
Segment Analysis:
Product Insights
In 2022, the solutions segment was at the top of the market and made the most money all over the world. They have a big share of the market because their software is expensive and they are becoming more popular. There are also integrated solutions and solutions that work on their own within this segment. Integrated software is a group of two or more pieces of software that are made to work together on similar programmes. Standalone software is made to do one thing, like write a prescription for medicine for a patient.
Delivery Mode Insights
The market is split into two groups: web/cloud-based and on-premise. In 2022, the largest share of the market was in the web/cloud-based segment. One reason why cloud systems are becoming more popular is that they are cheaper than on-premise systems. Small clinics, doctor's offices, and independent practitioners who can't afford the high start-up costs of on-premise systems should use a cloud platform. It's also a good choice for small hospitals that don't have the money to buy expensive on-site systems. Cerner, Athenahealth, Allscripts, and eClinicalWorks are all health IT companies that offer cloud-based solutions to their users.
End-use Insights
The market is divided into hospitals, doctors' offices, and pharmacies, depending on where the drugs will be used. In 2022, hospitals made up more than 35% of the market. More and more people are using these facilities, which can explain the growth. E-prescription solutions are also less expensive to set up in hospitals than in pharmacies and doctors' offices, which also helps the market grow.
Usage Methods Insights
Based on how they are used, the market is divided into handheld devices and computer-based devices. In 2022, handhelds made up the biggest part of the world market. Prescribers can use handheld devices like PDAs, tablet computers, and smartphones to get clinical decision support information like a formulary, a patient's medication history, and other eligibility criteria for making treatment decisions.
Substances Insights
Based on what they are, the market is divided into controlled substances and non-controlled substances. In 2022, the market share for controlled substances was the largest. A controlled substance is a prescription drug that can be abused or could lead to drug dependence. EPCS technology can help stop people from abusing prescription drugs, which is becoming more and more common.
Specialties Insights
The different groups in the market include oncology, sports medicine, neurology, cardiology, and other specialties. In 2022, the sports medicine segment made up more than 20% of the market. Sports medicine is a field of medicine that focuses on preventing, diagnosing, and treating injuries that happen because of exercise. Most sports medicine teams have doctors, pharmacists, athletic trainers, physical therapists, and nurses on them.
Regional Outlook:
North America is where e-prescribing is used the most. In 2022, about 44% of the world's income came from North America. The main thing that has helped this area grow is the number of government programmes and incentives. Europe is the second largest market for e-prescription software. This is because there are strict rules in place in Europe to keep doctors from making mistakes. Also, EU projects are likely to lead to economic growth in the area.
Many countries don't accept e-prescriptions from other countries, but in 2019, the EU put out a circular saying that an e-prescription from a doctor in one EU country can be used at a pharmacy in another EU country. The Asia-Pacific region is expected to grow the most, by about 30%, during the time frame of the forecast. This growth is happening because more people are using technology and more money is being made in the area.
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 26.8% from 2023 to 2030. |
Revenue Forecast by 2022 | USD 2.89 Billion |
By Product | Solutions, Services, Others, Others |
By Specialties | Oncology, Sports Medicine, Neurology, Cardiology, Others |
By Substances | Controlled Substances, Non-controlled Substances, Others |
By End-use | Hospital, Office-based Physicians, Pharmacy, Others |
By Usage Methods | Handheld, Computer Based Devices, Others |
By Companies | Cerner Corporation (Oracle), Allscripts Healthcare, LLC, Epic Systems Corporation, DrFirst, Athenahealth, NXGN Management, LLC, McKesson Corporation, Surescripts, Change Healthcare, Practice Fusion, Inc., Networking Technology, Inc. |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Market Trends:
More and more people are using automation and smart manufacturing technologies in the market. Almost all of the top players are trying to automate their forging lines to make them safer, more productive, and more efficient. For example, in September 2021, ThyssenKrupp AG started up one of the world's most advanced forging lines. The company set up its advanced forging line in the city of Homburg/Saarland. About USD 85 million were put into the company's new facility for making parts for truck chassis.
Market Driving Factors:
People are more likely to buy cars because of the pandemic, which is making more people worry about their health and making cities more crowded. So, more people are likely to choose private transportation to avoid talking to people they don't need to. This is expected to boost auto sales and increase the need for forged parts and components. Over the past 10 years, urbanisation has been most noticeable in places like Asia and Oceania that are still developing. Also, the UN Department of Economics and Social Affairs says that by 2050, cities will be home to almost 68% of the world's population.
Key Segments Covered:
Top Market Players:
Cerner Corporation (Oracle), Allscripts Healthcare, LLC, Epic Systems Corporation, DrFirst, Athenahealth, NXGN Management, LLC, McKesson Corporation, Surescripts, Change Healthcare, Practice Fusion, Inc., Networking Technology, Inc., and others.
By Product
Solutions
Integrated Solutions
Standalone Solutions
Services
Support
Implementation
Training
Network
Other
By End-use
Hospital
Office-based Physicians
Pharmacy
Others
By Substances
Controlled Substances
Non-controlled Substances
Others
By Specialties
Oncology
Sports Medicine
Neurology
Cardiology
Others
By Usage Methods
Hospital
Office-based Physicians
Pharmacy
Other
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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