Global E-prescription Market to Reach US$887.8 bn by 2019 due to Government Initiatives for Increasing Medical Prescribing Accuracy
The global e-prescription market is expected to progress at a CAGR of 23.50% from 2013 to 2019. The market was valued at US$250.2 mn in 2013. It is expected to reach US$887.8 mn by the end of 2019, according to a research report released by Transparency Market Research, titled “E-Prescribing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”.The global e-prescription market was previously recorded at a CAGR of 22.30% from 2009 to 2012. It was valued at US$111.2 mn in 2009.
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The primary factor facilitating the growth of the global e-prescription market is the set of government initiatives carried out in several countries, regarding the usage of prescription systems that are increasingly accurate. These include initiatives such as the National Council for Prescription Drugs Program and the Clinical Health Act in North America.
The global e-prescription market provides solutions that enhance the efficiency of medical practice. E-prescription systems improve not only the rate of delivering medical attention, but can also improve the overall quality of healthcare and help maintain accurate drug utilization systems.The global e-prescription market can also help with the co-pay data, displaying dispensers and other providers with data on total drug coverage, and formulary alternatives.
One of the major restraints on the global e-prescription market is the non-availability of integrated networks and connectivity. This proves to be a major hindrance to the global e-prescription market and prevents it from being successfully introduced in the related countries.Other restraints currently affecting the global e-prescription market are the high cost of operation, the absence of high-speed broadband services in developing nations, the absence of skilled labor for operating e-prescription systems, and the absence of laws and regulations that protect patient privacy.
From a regional perspective, the global e-prescription market has largely benefitted from the activities in Europe. This region held the largest share of the global e-prescription market for 2012. Large-scale implementation of e-prescription systems was possible in Europe through the efforts of eHealth projects, including European Patient Smart Open Services and Schleswig-Holstein Health Initiative. On the other hand, the fastest growth rate in the global e-prescription market is currently held by North America due to a rapidly developing regional healthcare infrastructure.
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The report sheds light on the developments in the Asia Pacific e-prescription market, which is using these systems at an increasing rate, thanks to the rapid development of the healthcare infrastructure. There is a growing number of rural and urban clinics, primary healthcare services, and urban healthcare centers, aiding a faster rate of adoption of e-prescription solutions and other healthcare IT technologies.Key players in the global e-prescription market are eClinicalWorks, DrFirst, Practice Fusion, Inc., HealthFusion, Inc., Athenahealth, Inc., Henry Schein, Inc., and Cerner Corporation.
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