EUROPE E-PRESCRIBING INDUSTRY INSIGHTS
The Europe e-prescribing market to cross over USD 1 billion, growing at a CAGR of around 23% during the forecast period.
Telehealth services are among the second biggest eHealth trends in Europe after patient electronic health records. One of the significant factors driving the industry growth is the growing awareness and acceptance of remote monitoring solutions and increasing technological advances. For example, in March 2020, Germany performed more than 19,500 teleconsultations. In Norway, the share of e-consultations was almost 60%. France is a successful example of telehealth adoption, with nearly ten years of successful telehealth legislation in place. Artificial intelligence to transform the digital prescription technology market in Europe. Big data analytics and machine learning algorithms for analyzing large-scale EMRs data are developed to understand the way prescribers treat patients automatically in real-life scenarios. For instance, AI helps prevent drug overdose by utilizing the medication history to predict the potential for opioid overdose priorly, augmenting the efforts of clinicians to detect such life-threatening risks.
E-prescription to compliment cross-border healthcare across Europe.
An eHealth Digital Service Infrastructure (eHDSI) was developed to ensure the continuity of care for European citizens traveling abroad in the EU. The eHDSI is giving EU countries the opportunity to exchange health data in an efficient, secure, and interoperable manner. E-prescribing in independent and specialty pharmacies is gaining immense traction. Independent and specialty pharmacies accounted for around 13% of the Europe e-prescribing market share in 2020.
- Privacy and security issues are some of the major concerns in the e-prescribing process.
- The Europe e-prescribing market by healthcare facilities to reach around USD 139 million by 2026.
- The incremental growth rate of EPCS is projected around USD 62 million during the forecast period.
- Europe web and cloud-based e-prescription accounted for a significant share and is likely to witness an absolute growth of over 256% during the forecast period.
- Anti-infective, cardiovascular & others are the top 3 contributors in terms of incremental growth in the end-users segment.
- E-prescription technology vendors accounted for a share of over 72% in the e-prescribing market in Europe in 2020.
- EU-5 is likely to witness absolute growth of over 252% during the forecast period.
EUROPE E-PRESCRIBING MARKET SEGMENTATION
The Europe e-prescribing market research report includes detailed segmentation by
- Delivery Model
- Medication type
INSIGHTS BY TYPE
The standard e-prescribing segment to grow at a CAGR of around 23% by 2026.
The standard segment accounted for a share of over 94% in the Europe e-prescribing market in 2020. Standard e-prescribing system is a robust technology facilitating an interactive data transaction. These transactions in standard software allow prescribers to view a complete medication list of patients. E-prescribing enhances the efficiency and effectiveness of patient care through automated clinical decision support and tracking of complete medication profiles. Such tools can reduce patient risk towards drugs by identifying them automatically.
The use of EPCS can potentially reduce prescription drug abuse. It has produced new identity proofing responsibilities for EHR vendors, providers, and prescribers through two-factor authentication, strict auditing methods, and more robust audit trails. EPCS can significantly reduce the burden on patients by avoiding multiple visits between pharmacies and providers for prescriptions or otherwise in need of treatment with controlled substances. Several healthcare providers are likely to adopt EPCS to stay in compliance and improve their prescribing processes.
INSIGHTS BY DELIVERY MODEL
Web & cloud-based e-prescription market to witness an incremental growth of over USD 640 million.
Cloud and web-based systems are highly preferred than on-premise as it does not require complex installation processes to set up intense infrastructure to host data. One of the major reasons for the high adoption of web-based solutions is that it can be done through the internet without IT support and minimizes additional cost. Cloud services enable the ability to access healthcare data from different locations and across multiple devices. It can access and process EHRs, collect data, and visualize diagnostic images in various resolutions.
INSIGHTS BY MODALITY
The integrated modality segment is likely to grow at the highest CAGR during the forecast period.
The integrated e-prescribing solutions are in high demand and accounting for a significant share of over 88% in the modality segment. Integrated solutions can improve patient safety and communication with providers. It provides real-time, patient-centered records that are instant, secure, and accessible only by authorized users at a medical practice and provide a broad view about the care a patient has received. Vendors are increasingly focusing on adopting the integration of EHR into their e-prescribing solutions. Emerging players are offering integrated services, which is contributing to its wider acceptance.
INSIGHTS BY MEDICATION TYPE
Cardiovascular accounted for the second largest industry share in the European e-prescribing market.
Cardiovascular drugs are the most commonly e-prescribing medications mainly due to the fact of the increasing prevalence of cardiovascular diseases. These remain as the leading cause of mortality and a significant cause of morbidity in Europe, causing 45% of all deaths in Europe and 37% in the European Union. The medication type segment includes cardiovascular, anti-infectives, oncology, pain management, behavioral and mental health, and others. With the growing burden of various diseases, the consumption of drugs has drastically increased. E-prescription has emerged as an effective solution to control the overuse of medications and prevent adverse drug events associated with their overdose. It has successfully proven to reduce such adverse events by limiting the prescribing of drugs and monitoring their usage simultaneously.
INSIGHTS BY END USER
Technology vendors accounted for a substantial share of 72% in 2020.
The interest in digital health and related technologies increased rapidly in clinical medicine as well as biomedical research and drug discovery. 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. Some telehealth services are integrated with EHR to allow electronic prescription.
Pharmacies are increasingly utilizing ePrescribing solutions due to their several benefits. This allows pharmacies to stay competitive with larger chain pharmacies and reduce the time needed to process prescriptions. Pharmacy software incorporated with e-prescribing has turned into a game-changer for independent pharmacies that are planning to drive business improvements.
INSIGHTS BY GEOGRAPHY
EU-5 countries accounted for more than 50% of the revenue share of the e-prescribing market in Europe.
In EU-5, a growing number of healthcare organizations are actively involved in the adoption of digitized services that include eHealth, telemedicine, e-prescribing, EHRs, and others. With such advancements, EU-5 is projected to grow at a lucrative rate due to the increasing demand for EHRs and online prescribing services, favourable governmental policies, and increasing healthcare expenditures.
The rest of Europe has considerable growth potential in the e-prescribing market due to ongoing government initiatives at the country level on implementing and mandating the use of electronic prescribing of medications. Other factors such as the prevalence of chronic illness, demand for online prescriptions, increased concerns of reducing medication errors, healthcare expenditures, and adoption of EHRs for telehealth services are boosting the use of electronic prescription in the region.
EUROPE E-PRESCRIPTION MARKET COMPETITOR LANDSCAPE
Surescripts, one of the leading e-prescribing solutions, accounted for more than 50% of the market share in 2020.
The e-prescribing market in Europe consists of some prominent players, including Surescripts, Henry Schein, Aegis Healthcare, DrChrono, SISGAIN, CarePaths, eClinicalWorks, CGI, and Change Healthcare which contributing to the growth of the market in Europe. The market is likely to witness a rise and increased competition due to the emergence of mid-sized players and start-ups after the comprehensive implementation of online prescribing services across Europe. In coming years, European countries are likely to witness high growth as favourable government initiatives will mandate electronic prescribing software.
The Europe e-prescribing market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Type
Segmentation by Delivery mode
- Web & Cloud-based
- On-Premise & Desktop
Segmentation by Modality
Segmentation by Medication
- Pain medication
- Behavioral & Mental Health
Segmentation by End-users
- Technology vendors
- Independent & Specialty Pharmacies
- Healthcare Facilities
- PBM & Payors
Segmentation by Geography
- Rest of Europe