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.
There has been steady growth in the adoption of national electronic health records (EHR) systems and witnessed a 46% increase in implementation over the past five years. With the introduction of e-prescribing solutions, its integration with EHRs has highly increased. The advanced features such as clinical decision support, patient management systems, electronic prior authorization, and many others are accelerating the demand for e-prescribing solutions. In 2020, the standard eprescribing market accounted for the largest share of 92.52%. The web and cloud-based segment is likely to witness the highest incremental growth of USD 1,668.74 and absolute growth of 226.17% during the forecast period. North America dominated the global e-prescribing market followed by Europe.
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. 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.
E-PRESCRIBING MARKET GROWTH ENABLERS
- In the US, the federal government has played a significant role in encouraging the use of e-prescribing technology and stimulating associated research nationwide. The federal government has also increased e-prescribing research initiatives through agencies such as the Agency for Healthcare Research and Quality (AHRQ) and the Health Resources and Services Administration (HRSA).
- The development of indication e-prescribing allows clear assessments of drug effectivity to support the research of drug outcomes and make prompt changes in labeling or prescribing drugs for off-label use. The Agency for Healthcare Research and Quality (AHRQ) has funded a three-year project to create and test a prototype system.
- Digital transformation in healthcare and electronic prescribing services has become significant and critical to offer quality patient care. Quality and optimization of e-prescribing are key focus areas for digital transformation. For instance, Surescripts has offered information regarding quality-related transactions, such as the Structured and Codified Sig.
E-PRESCRIBING MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Delivery Mode
- Medication Type
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.
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. The modern e-prescribing system is a robust technology that facilitates an interactive data transaction. Transactions in the e-prescribing software allow prescribers to view the complete profile of the patients’ medication. The software increases the effectiveness and efficiency of patient care through automated clinical decision support and tracking complete medication profiles. 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. In the US, 28 states have already mandated the use of EPCS.
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.
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 global on-premise & desktop e-prescribing market is likely 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.
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.
Integrated e-prescribing solutions are in high demand, accounting for a major share of 87% of the segment. Eprescribing software integrated with EHR is highly preferred compared to standalone systems. 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. Standalone accounted for over 13% of 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.
Cardiovascular solutions are likely to grow at a CAGR of over 20% during 2020–2026 because of the increasing prevalence of cardiovascular diseases.
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 eprescribing and integrated with EHR systems.
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.
Technology vendors, independent and specialty pharmacies, healthcare facilities, and pharmacy benefits management and payors are the major end-users of the e-prescribing market. 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 office-based physicians’ workflow and patient safety. Vendors are customizing their telehealth services by including electronic prescribing. Electronic prescriptions integrated with advanced telehealth solutions can be used for routine check-ups or prescription refills.
SEGMENTATION BY GEOGRAPHY
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.
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.
The global e-prescribing market is likely to witness the entry of new players and increased collaboration with major software vendors. The prominent players in the market are Surescripts, DrFirst, Practice Fusion, and Insync Healthcare Solutions. Several key players are integrating eprescribing 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, market trends, 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