The surge in deaths by medical errors and increase in the abuse of controlled substances are driving the demand for the market.
Market Size – USD 1.13 Billion in 2020, Market Growth – CAGR of 21.9%, Market Trends – Advancement in technology.
The global E-Prescribing market is forecast to reach USD 5.14 Billion by 2028, according to a new report by Reports and Data. E-Prescription is gaining traction with the growing adoption of the latest technology in the healthcare sector. It offers an extensive range of applications and provides a comprehensive form of medical data, ensures security checks, and complete privacy of the patient information.
Increasing support from the government is propelling the demand for the market product. The need to reduce medication errors is a major driving factor. However, e-prescribing systems are facing limitations due to the high initial cost and high risk associated with the security and privacy of patient’s data. Developing nations are expected to encounter roadblocks, which includes low availability of high-speed internet connection, and inadequate IT expertise. The fund needed to be allocated to this market is also quite low in emerging nations.
The growing investment in health startups has gained momentum, which has further augmented the demand for the market. The newcomers are coming up with new ways of making these apps more user friendly and are trying to tap into more opportunistic areas of growth. A total of USD 7.5 billion was invested into various start-ups, attempting to digitalize the healthcare system of the U.S. The number was still lower than that invested in 2018, USD 8.1 billion. The U.K.’s Babylon Health was the biggest recipient of investment in 2019, with over USD 500 Million of private investment received, and followed by Ginkgo Bioworks, a bioengineering firm that designs microbes, which received USD 300 million.
Leading companies operating in the market and profiled in the report include:
Cerner Corporation, Athenahealth, Inc., EPIC Systems Corporation, Allscripts Healthcare Solutions, Inc., Quality Systems, Inc., Relayhealth Corporation, Medical Information Technology, Inc., Surescripts-Rxhub, LLC. Henry Schein, Inc., and Computer Programs and Systems, Inc., among others.
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Further key findings from the report suggest
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Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.
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Global Market Segmentation:
Product Outlook (Revenue, USD Billion; 2017-2027)
Type Outlook (Revenue, USD Billion; 2017-2027)
Delivery Mode Outlook (Revenue, USD Billion; 2017-2027)
End User Outlook (Revenue, USD Billion; 2017-2027)
The global E-Prescribing market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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