E-Prescribing Market to Reach US$887.8 mn by 2019 due to Increasing Initiatives Taken by Governments Globally
A new Transparency Market Research report states that the global e-prescribing market stood at US$250.2 mn in 2013 and is expected to reach US$887.8 mn by 2019, rising at a whopping 23.50% CAGR between 2013 and 2019. The title of the report is “E-prescribing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
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E-prescribing or electronic prescribing is a process involving the electronic generation and sending of prescription orders for the convenience of medical practitioners or physicians, allowing them to transmit prescriptions directly from the point of care to a pharmacy. E-prescribing enhances the safety of patients and the quality of care, since there is no manual writing involved and thus there is less probability of prescription errors. In addition, e-prescribing also helps conduct security checks, encapsulate medical lists, and compile the complete historical data of a patient.
As per the report, the increasing initiatives taken by governments globally and the enhanced quality of healthcare are amongst the key factors boosting the e-prescribing market. In addition, the reduction in prescription errors will also drive the adoption of this technology, hence propelling the development of the market.
Furthermore, e-prescribing systems are being introduced with advanced features, stimulating the growth of the market. The integration of e-prescribing systems with electronic health records is a chief opportunity in the market. On the other hand, the soaring costs of e-prescribing systems and the risk of insufficient patient security and privacy are the factors that may inhibit the growth of the market. In addition, the absence of IT professionals and lack of high-speed broadband facilities within remote areas may also create a negative impact on the development of the market for e-prescribing.
On the basis of product type, the report segments the market into stand-alone systems and integrated systems. Amongst these, integrated systems are currently the largest segment of the global e-prescribing market. In terms of component, the market is segmented into hardware, software, and services. Of these, software is currently the largest segment within the e-prescribing market. On the other hand, the segment of services is the most expeditiously developing segment of the market.
By delivery mode, the report segments the e-prescribing market into on-premise or licensed, web-based, and cloud-based e-prescribing systems. Amongst these, web-based e-prescribing is the biggest delivery mode in the market. On the other hand, cloud-based e-prescribing is the most swiftly developing delivery mode in the market.
By usage mode, the market is categorized into hand-held devices and PC-based e-prescribing systems. Amongst these, hand-held devices are leading the market at present. By end user, the report segments the market into office-based physicians and hospitals. The usage of e-prescribing systems is currently higher in hospitals as compared to their usage by office-based physicians. However, it has been predicted that in the coming years, e-prescribing systems will be employed more by office-based physicians than hospitals.
By geography, the e-prescribing market is segmented into Asia, Europe, and North America. Amongst these, Europe leads the market currently. On the other hand, North America emerged as the most rapidly growing market for e-prescribing systems. The extensive adoption of e-prescribing systems and the advanced healthcare infrastructure are the major factors fuelling the growth of the market in North America. In addition, a number of government initiatives, such as the National Council for Prescription Drugs Program in 1977 and the Clinical Health (HITECH) Act in 2009, have also augmented the growth of the market.
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