E prescription Market

The Global E prescription Market is valued at USD 3.6 Billion in 2023 and is projected to reach a value of USD 19.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 27.48% between 2024 and 2030.

Key highlights of E prescription Market

• North America dominated the market in 2023, obtaining the largest revenue share of 41.6%.
• The Solution segment dominated the E prescription market with the largest market share of 55.7% in 2023.
• The Web and Cloud based Solution segment dominated the E prescription market with the largest market share of 72.4% in 2023.
• The Hospitals segment dominated the E prescription market with the largest market share of 39.1% in 2023.
• The new and advanced innovations in e-prescription are favorable for the growth of the market. Moreover, the companies in the market are working to innovate products with more efficiency, low-cost, and easily adaptable which are further estimated to enhance the growth of the market.

E prescription Market: Regional Overview

North America Dominated Sales with a 41.6% share in 2023. The North American E prescription market is one of the largest and most developed markets globally, driven by several factors, such as advanced healthcare infrastructure, increasing government initiatives to adopt EHR systems and the rising prevalence of chronic diseases. Moreover, the COVID-19 pandemic has accelerated the adoption of E prescription technology as healthcare providers looked for ways to limit in-person interactions and reduce the spread of the virus. This steered a rise in demand for telehealth services, further driving North America's E prescription market growth.

U.S. E prescription Market Overview

The E prescription market in U.S., with a valuation of USD 1218.6 Million in 2023, is projected to reach around USD 5337.3 Million by 2030. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 23.49% from 2024 to 2030. The U.S. E prescription market is one of the largest in the world, driven by factors such as government initiatives to promote the adoption of electronic health records (EHRs) and the growing need for efficient and accurate medication management in healthcare. For instance, the implementation of the SUPPORT Act in the U.S. mandates electronic prescribing of controlled substances (EPCS) for all Medicare Part D prescriptions by January 1, 2023. This is expected further to drive the adoption of E prescription technology in the U.S.

The global E prescription market can be categorized as Type, Deployment, End User, and Region.

E prescription Market: Type Overview

In 2023, the Solution segment dominated the market, with the largest share accounting for 55.7% of the overall market. The E prescription market, segmented by the Type, includes Solution and Services. The solutions segment of the E prescription market includes software and platforms used for E prescription. E prescription solutions can provide various features, including drug interaction checking, patient medication history review, formulary management, refill requests, and prescription monitoring. These solutions can improve patient safety, reduce medication errors, and increase efficiency in the healthcare system. Various factors, including government initiatives, have driven the adoption of E prescription solutions, the need to improve patient outcomes, and the growing use of electronic health records.

E prescription Market: Deployment Overview

In 2023, the Web and cloud-based solution segment dominated the market, with the largest share accounting for 72.4% of the overall market. The E prescription market, segmented by the Deployment, includes Web and cloud-based solution, On-premise solution. Web and cloud-based solutions in the E prescription market are software solutions hosted on remote servers and accessed through the Internet. These solutions are designed to be easily accessible and require no installation or maintenance of software on local devices. Healthcare providers can access these solutions from any place with an internet connection, allowing for larger mobility and flexibility. The E prescription solutions typically offer healthcare providers a range of features and functionalities, including electronic prescribing, medication management, drug interaction checking, pharmacy connectivity, and patient education. They also often provide real-time access to patient medical records and prescription history, allowing healthcare providers to make informed prescribing decisions and improve patient safety.

E prescription Market: End User Overview

In 2023, the Hospitals segment dominated the market, with the largest share accounting for 39.1% of the overall market. The E prescription market, segmented by the End User, includes Hospitals, Office based Physicians, Pharmacies. In hospitals, using E prescription software can help reduce medication errors by flagging potential drug interactions, allergies, and other issues before prescriptions are filled. E prescription technology is becoming increasingly popular in hospitals because it can improve medication safety, streamline medication management, and enhance patient care. The software can also streamline medication management by electronically transmitting prescriptions to pharmacies, decreasing the need for paper-based systems and manual data entry. The technology can also improve hospital workflow efficiency by freeing healthcare providers' time to focus on other aspects of patient care.

Key Trends

• In 2023, the web and cloud-based category dominate the market and is projected to witness significant growth in the coming years.
• In 2023, the solution had a major share. Moreover, services category to witness the fastest growth over the forecast period.
• In 2023, North America category had a major share in the market.

Premium Insights

The enhanced rules and regulations by government for digital health industry across the globe are favorable for global market growth. The political and government stability across major developed and developing nations is also estimated to enhance the market demand in the years to come. The steady growth in the demand of e-prescription and increased investments by major companies for the adoption of advanced technologies are presumed to be favorable for market growth. The development of global competition, technology, and advertising industry have made maintenance, pricing and promotion strategies for the product more complicated. Concerning these challenges, the importance of the marketing channel, as a strategic tool, has rapidly grown.

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Market Dynamics

Government Initiatives

Many governments worldwide are actively promoting the use of electronic prescriptions to improve healthcare outcomes and reduce costs. For instance, the Medicare Access and CHIP Reauthorization Act (MACRA) encourages healthcare providers to adopt EHRs and E-prescribing technologies in the United States. Similarly, the Electronic Prescription Service (EPS) has been implemented in the European Union to provide a secure and standardized electronic prescription system across all EU member states. The system aims to improve patient safety, reduce errors, and improve access to medication. Other countries, such as Canada, Australia, and Japan, have also implemented similar initiatives to promote the adoption of E prescription systems. These government initiatives have helped drive demand for E prescription technologies by providing incentives for healthcare providers to adopt them and creating a regulatory framework to ensure the safety and security of electronic prescriptions. As a result, the E prescription market is expected to grow as more countries implement these initiatives and more healthcare providers adopt E-prescribing technologies.

Improved efficiency

Electronic prescribing eliminates the need for paper prescriptions, which can be time consuming to fill out, process, and transmit. Electronic prescribing can send prescriptions directly from the healthcare provider's electronic health record (EHR) to the pharmacy's computer system. E-prescribing also allows healthcare providers to quickly access a patient's prescription history and check for potential drug interactions, allergies, or other contraindications. This helps ensure that patients receive the appropriate medication at the correct dosage, improving patient outcomes and reducing the risk of adverse drug events. E prescription also improves patient adherence to prescribed medications. Electronic prescribing systems can provide patients with reminders to take their medications and alert providers if a patient fails to fill a prescription. For instance, The UK government launched EPS in 2005, aiming to improve patient safety and reduce the burden on the healthcare system. The system has since been rolled out across the country, and in 2019, it was reported that 70% of GP practices in England were using EPS to prescribe medications. By streamlining the prescription process and reducing the risk of errors, electronic prescribing can help to increases patient safety, expand the quality of care, and reduce healthcare costs.

Competitive Landscape

The global market is a competitive and fragmented market due to the high presence of players in the market. Only a few companies account for a major market share, and hence, the degree of competition among the suppliers is high as the players in the market are active at global, regional, and country level. Also, the increasing rivalry between the players to obtain the majority of the market share for global has played a major role in intensifying the level of competition. With the advancement of technology, immense changes are opted for business strategies by manufacturers of the E prescription. The Major players are Epic Systems Corporation, Cerner Corporation, Allscripts, Nextgen Healthcare, Athenahealth Inc., Relayhealth Llc, Henry Schein Inc., Ge Healthcare, Computer Programs And Systems Inc., Drfirst Inc., Surescripts-Rxhub Llc, Medical Information Technology Inc.

Recent Developments

• In April 2023, NextGen Healthcare announced the integration of Surescripts' electronic prescribing solutions into their NextGen Enterprise HER platform, enhancing medication management capabilities for healthcare providers.