E-prescribing Market Trends And Future Forecast For 2023 To 2028

 

A recent study by Global Market Studies has shown that the E-Prescribing Market is rapidly growing at a CAGR  of 21.8% and is expected to reach a value of USD 9.79 billion by 2028. 

The market for electronic equipment or software that healthcare professionals use to create and send prescriptions to pharmacies is known as e-prescribing. Using this procedure, prescriptions can no longer be written on paper, which increases the accuracy and efficiency of information interchange between doctors and pharmacies and reduces the risk of lost or misinterpreted paper prescriptions.

The desire for improved patient safety and healthcare quality, as well as increased government measures to support electronic medical records, have all contributed to the rapid growth of the worldwide e-prescribing industry in recent years.

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 Market Dynamics

Drivers :

Many governments worldwide are promoting the use of electronic healthcare records and e-prescribing to improve patient safety, reduce healthcare costs and enhance healthcare quality. This has created a favorable regulatory environment for e-prescribing solution providers.

The healthcare industry is becoming increasingly digitized, with a growing demand for IT solutions that can improve efficiency, accuracy and patient outcomes. E-prescribing is a key component of this trend, as it enables healthcare providers to manage patient information more effectively. Traditional paper-based prescribing methods can lead to errors and misunderstandings, which can result in serious harm to patients. E-prescribing solutions can help to reduce these risks by providing more accurate and up-to-date information to healthcare providers and pharmacists.

Opportunities:

E-prescribing is often integrated with EHR systems, which are becoming more widely adopted by healthcare providers. This creates opportunities for e-prescribing solution providers to offer integrated solutions that can streamline workflows and improve patient outcomes.

The accelerated adoption of telemedicine relies heavily on digital healthcare solutions such as e-prescribing. This trend is expected to continue in the future, creating new opportunities for e-prescribing solution providers to offer telemedicine-friendly solutions.

Restraints & Challenges:

Implementing e-prescribing solutions can be complex and require significant resources, particularly for healthcare providers who have limited IT infrastructure or staff. This can be a significant barrier to adoption for smaller healthcare providers. It involves the transmission of sensitive patient information, which can raise concerns about data privacy and security. Providers must ensure that their e-prescribing solutions comply with relevant regulations and standards to protect patient data.

E-prescribing solutions must be able to interface with a range of different healthcare IT systems, including EHRs, pharmacy systems and insurance providers. Ensuring interoperability can be a significant challenge for e-prescribing solution providers. The technology can be expensive to implement and maintain, particularly for smaller healthcare providers. The cost of software licenses, hardware and ongoing support and maintenance can be a significant barrier to adoption. Furthermore, some healthcare providers may be resistant to change and prefer to stick with traditional paper-based prescribing methods, even though e-prescribing offers many advantages.

Recent Developments & Partnerships:

• In March 2022, First Databank Inc. (FDB) launched FDB Vela, a new cloud-native e-prescribing network that enables the seamless flow of crucial medication prescription information, benefits verification and clinical decision support between prescribers, payers, pharmacies and other constituents.

In May 2021, Veradigm, a business unit of Allscripts Healthcare Solutions and a provider of data and technological solutions and CoverMyMeds, a provider of electronic prior authorization solutions, established a cooperation to integrate their products and enhance the e-prescribing procedure. 

• In August 2021, Meddo, an Indian firm with a digital outpatient care platform, paid cash and equity to acquire Doxper, another startup. The acquisition is anticipated to increase Meddo’s monthly patient base by between 300,000 and 400,000.

Key Players:

NextGen Healthcare Inc., eClinicalWorks, eMDs Inc., Oracle (Cerner Corporation), Allscripts Healthcare Solutions Inc. (Veradigm)

Frequently Asked Questions

1) What is the projected market value of the E-Prescribing Market?

– The E-Prescribing Market is expected to reach a value of USD 9.79 billion by 2028.

2) What is the estimated CAGR of the E-Prescribing Market over the 2023 to 2028 forecast period?

The E-Prescribing Market is expected to grow at a CAGR of approximately 21.8% from 2023 to 2028.

3) Who are the key players in the E-Prescribing Market?

– NextGen Healthcare Inc., eClinicalWorks, eMDs Inc., Oracle (Cerner Corporation), Allscripts Healthcare Solutions Inc. (Veradigm)

About Global Market Studies

Global Market Studies is a leading global market research and data services consultancy, providing actionable, objective, bespoke insights to business all over the world across multiple industry verticals also we are specialised in Healthcare market research reports and analysis. With a team of highly-experienced and domain-specific research and data experts focused on high-quality research, we are able to deliver to our clients high-quality market intelligence. Using cutting-edge, proprietary research tools we help our clients identify new market opportunities, apprehend risk early-on, maximize revenue sources and enter disruptive markets. Through a suite of impactful solutions developed using the knowledge of emerging markets, Global Market Studies is able to add real value to clients’ decision-making process so they may stay ahead of change and develop that much-needed competitive edge. We are a global market research company underpinned by quality analysis and unmatched experience combining our forte of swift turnarounds that suit your deadlines along with an ever-growing network of researchers and analysts.

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