E-PRESCRIBING INDUSTRY INSIGHTS
The global e-prescribing market size was valued at USD 960 million in 2020 and is expected to reach USD 3 billion in 2026, growing at a CAGR of 21% during the forecast period.
The spread of the COVID-19 virus has thrown myriad challenges for the healthcare industry. The need for enhanced information sharing has triggered an acceleration of innovation and the adoption of several critical medical tools to improve healthcare services. Since the onset of the pandemic, healthcare providers have increased the use of e-prescribing, direct messaging, electronic case reporting (ECR), and prescription price transparency tools to streamline and boost patient data exchange. Hence, Surescripts’ e-prescribing platform hit the 1 million prescriber mark during the spread of COVID-19. The pandemic has generated a shift toward telehealth as part of the solution for breaking community transmission. In addition, key changes have been made regarding the electronic prescribing of drugs, which significantly impact clinicians. Outpatient visits dropped roughly 60% during March 2019, which boosted telehealth visits up to 46% across health facilities. With the decrease in ambulatory care visits and an increase in telehealth or remote visits, health organizations and clinicians have leveraged health IT and electronic health records (EHR) to provide optimal patient care.
- Standard solutions are likely to grow at a CAGR of over 21% during 2020–2026 due to the high prevalence of prescription errors in health centers.
- Web & Cloud-based solutions expect to account for approx. USD 2.4 billion by 2026 due to the demand for effective and efficient health services.
- Integrated solutions are likely to observe an incremental growth of USD 1.9 billion by 2026 due to an increased focus on security, patient privacy, and the prevention of fraudulent medical activities.
- Cardiovascular solutions are likely to grow at a CAGR of over 20% during 2020–2026 because of the increasing prevalence of cardiovascular diseases.
- Healthcare facilities are likely to adopt at a favorable rate of 25% during 2020–2026 due to the inherent complexity of the medication process and contextual factors.
- North America expects to contribute maximum revenue to the e-prescription market because of the growing opioid misuse rates causing significant drug-related deaths in the population.
- Europe is likely to grow at the highest CAGR of over 23% during the forecast period due to high medication errors and increased opioid-related mortalities.
GLOBAL E-PRESCRIBING MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Delivery Mode
- Medication Type
INSIGHTS BY TYPE
In 2020, standard e-prescribing solutions accounted for a significant share of over 92%, and they expect to observe an incremental growth of over USD 1.9 million during the forecast period. E-prescribing as part of the comprehensive electronic system helps to reduce prescription errors. The software increases the effectiveness and efficiency of patient care through automated clinical decision support and tracking complete medication profiles. The market is likely to grow as they enable providers to arrive at information-based decisions at the point of care. Enabling faster and convenient filling of prescriptions, they help increase medication adherence. They render the medication management process effective and make patient care efficient.
Electronic prescribing for controlled substances (EPCS) is likely to grow, with the highest CAGR of over 23% during the forecast period. EPCS technology help to streamline the prescriber’s workflow, improve medication safety, and reduce drug diversions and frauds. It provides patient coat-saving opportunities, prevents doctor shopping and drug abuse, facilitates prescriber pattern analysis, strides for achieving full interoperability and patient satisfaction. Larger physician practices or practices owned by hospitals have the highest implementation rates of EPCS due to their advantages.
INSIGHTS BY DELIVERY MODE
In terms of delivery, web and cloud-based software held a major share of over 76% in 2020. The segment is likely to witness the highest incremental growth of over USD 1.6 billion during the forecast period. Web and cloud-based solutions are utilized by many healthcare settings such as hospitals, pharmacies, and ambulatory centers; hence, their demand is high during the forecast period. The implementation of next-generation healthcare technologies such as cloud-based services takes precedence as healthcare providers seek to manage the influx of patients, health information, and their expectations for a consumer-friendly healthcare experience.
The global on-premise & desktop e-prescribing market expects to reach over USD 645 million by 2026, growing at a CAGR of over 19%. On-premises solutions are less advanced than web and cloud-based solutions and lack the capabilities to stay current with security, performance, and reliability. However, on-premise software resides within the organization’s premises and offers higher security, protection, and control than cloud computing infrastructure. Another important factor boosting the demand for these applications is that they can be accessed offline, which is critical for mission-critical applications in healthcare settings. However, a major drawback for these applications is the high costs associated with managing and maintaining them. An on-premise setup requires in-house server hardware, software licenses, integration capabilities, and IT employees on hand to support and manage potential issues that may arise. Such factors are limiting the adoption of on-premise-based e-prescribing compared to web-based solutions.
INSIGHTS BY MODALITY
Integrated e-prescribing solutions are in high demand, accounting for a major share of 87% of the segment. It is expected to grow with an incremental growth of approx. USD 1.9 billion during the forecast period. E-prescribing software integrated with EHR is highly preferred compared to standalone e-prescribing. Integrated software is likely to witness the highest absolute growth of approx. 225% and growing with a CAGR of over 21% during the forecast period. Vendors are increasingly focusing on integrating EHR into e-prescribing solutions. Emerging players are offering integrated services, which are contributing to wider acceptance.
Standalone accounted for over 13% in the global e-prescribing market share in 2020. Standalone e-prescribe systems are economical than integrated solutions. It is considered an efficient way to transit to electronic data and workflow management or telehealth capabilities. These systems are less complex than integrated ones and can be implemented quickly. They also require less infrastructure than integrated systems. They are easy to manage and help coordinate patient treatment by putting all their medication histories in a single portal.
INSIGHTS BY MEDICATION TYPE
The global cardiovascular e-prescribing market share accounted for the highest share of over 20% in 2020. Cardiovascular drugs are the most commonly e-prescribed medications due to the increasing prevalence of heart disorders. With the increased utilization of cardiovascular drugs, e-prescribing has highly increased. EHRs that are used for e-prescribing cardiovascular drugs are also increasingly adopted by prescribers. Several companies have developed cardiology-based EHR software solutions, which are highly utilized for e-prescribing and integrated with EHR systems.
The global anti-infectives market is likely to grow at a CAGR of approx. 21%. Anti-infective drugs include antibiotics, antivirals, antifungals, and others. Antibiotics are the widely prescribed drugs globally and are leading to the wider prevalence of antimicrobial resistance. They are mainly associated with antibiotic overuse and misuse. Efforts to reduce the inappropriate use of antibiotics have led to the adoption of e-prescribing solutions. The increasing acceptance of e-prescribing and EHRs could likely reduce antibiotic utilization and limit antimicrobial resistance, thereby increasing the demand for e-prescribing solutions.
INSIGHTS BY END-USER
Technology vendors, independent and specialty pharmacies, healthcare facilities, and pharmacy benefit management and payors are the major end-users of e-prescribing solutions. Technology vendors accounted for the highest share of over 73% and will witness an incremental growth of USD 1.4 billion during the forecast period. E-prescribing is rapidly growing in the telehealth field due to its substantial benefits for physicians’ workflow and patient safety. Vendors are customizing their telehealth services by including e-prescribing. E-prescription integrated with advanced telehealth solutions can be used for routine check-ups or prescription refills. Telehealth services have stepped up since the COVID-19 pandemic outbreak, which severely has tested health care system capacities.
INSIGHTS BY GEOGRAPHY
The North American e-prescribing market expects to reach over USD 1.2 billion by 2026, growing at a CAGR of over 20% during the forecast period. Major factors contributing to the highest share include the growing focus on decreasing prescription errors, reduce controlled substance abuse, increasing adoption of EHR solutions, government incentives, and initiatives for implementing e-prescribing across healthcare settings. Advances in software and increased digitalization in healthcare IT infrastructure contribute to the high adoption of e-prescribing in the region. Both the US and Canada have established mandates to encourage the use of EHR. In the US, incentive programs have been created to boost EHR usage, while Canada has been mandated to have a baseline EHR record available for all healthcare professionals. Such initiatives increased the growth of EHR in both countries and raised the adoption of e-prescribing by several healthcare providers.
INSIGHTS BY VENDORS
The global e-prescribing market is likely to witness the entry of new players and increased collaboration with major software vendors. The market in North America comprises many vendors with small and mid-sized companies. Europe is a more mature market than other regions with wide acceptance and implementation of e-prescribing as a part of healthcare strategy in the European Union countries, and APAC consist of a few players as the use of e-prescribing is comparatively low due to its diverse economies and the challenges in the implementation of a centralized system to manage patient data. Several vendors are integrating e-prescribing services with EHR software to increase product differentiation among end-users. They focus on providing integrated services, which contributes to the market share. Primary healthcare settings utilize integrated services, and standalone has become limited to private clinics or small healthcare facilities.
The global e-prescribing market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Standard E-prescribing
- Electronic Prescribing for Controlled Substances
- Web & Cloud-based
- On-premise & Desktop
- Pain Medication
- Behavioral & Mental Health
- Technology Vendors
- Independent & Specialty Pharmacies
- Healthcare Facilities
- Pharmacy Benefit Management (PBM) & Payors
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa