New York, May 12, 2020 (GLOBE NEWSWIRE) — The global E-Prescribing market is forecast to reach USD 4.22 Billion by 2027, according to a new report by Reports and Data. E-Prescription is gaining traction with the growing adoption of the latest technology in the healthcare sector. It offers an extensive range of applications and provides a comprehensive form of medical data, ensures security checks, and complete privacy of the patient information.
Increasing support from the government is propelling the demand for the market product. The need to reduce medication errors is a major driving factor. However, e-prescribing systems are facing limitations due to the high initial cost and high risk associated with the security and privacy of patient’s data. Developing nations are expected to encounter roadblocks, which includes low availability of high-speed internet connection, and inadequate IT expertise. The fund needed to be allocated to this market is also quite low in emerging nations.
The growing investment in health startups has gained momentum, which has further augmented the demand for the market. The newcomers are coming up with new ways of making these apps more user friendly and are trying to tap into more opportunistic areas of growth. A total of USD 7.5 billion was invested into various start-ups, attempting to digitalize the healthcare system of the U.S. The number was still lower than that invested in 2018, USD 8.1 billion. The U.K.’s Babylon Health was the biggest recipient of investment in 2019, with over USD 500 Million of private investment received, and followed by Ginkgo Bioworks, a bioengineering firm that designs microbes, which received USD 300 million.
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The COVID-19 impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety and awareness, which is triggering a new category of virus-fighting tech. The lockdown to ensure social distancing has dented the market for the short term, but in the long run, the manufacturers are positive the demand for these products will surge, especially due to COVID-19. Moreover, investment in the healthcare sector will increase and result in adoption of latest technologies across the industry.
Further key findings from the report suggest
- The services segment is forecasted to grow with a higher CAGR of 22.1% during the forecast period owing to the high cost incurred in updating the e-prescribing system regularly and the need for regular support and maintenance in everyday work to ensure efficient functioning of the system.
- The integrated EHR has several advantages such as clinical lab notes, results and orders, and a wide range of clinical decision support that standalone system does not offer. The increasing initiatives taken by the government to implement integrated EHR across several hospitals are another significant driving factor.
- On-premises e-prescribing solution involves hosting the software on in-house servers that are implemented and maintained by an organization, while the web-based or cloud-based is the online implementation of the software in the cloud where users get to it via the internet. The on-premises segment is estimated to witness sluggish growth as compared to a web-based solution.
- North America held the largest market share on account of the high adoption rate of the advanced and latest technology in the region and also support from the government. One such initiative taken by the government in the region is the American Recovery and Reinvestment Act (ARRA) for the advancement of the Healthcare IT and the HITECH Act.
- Key participants include Cerner Corporation, Athenahealth, Inc., EPIC Systems Corporation, Allscripts Healthcare Solutions, Inc., Quality Systems, Inc., Relayhealth Corporation, Medical Information Technology, Inc., Surescripts-Rxhub, LLC. Henry Schein, Inc., and Computer Programs and Systems, Inc., among others.
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For the purpose of this report, Reports and Data have segmented the global E-Prescribing market on the basis of product, type, delivery mode, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Solution
- Integrated Solutions
- Standalone Solutions
- Services
- Support and Maintenance Services
- Implementation Services
- Network Services
- Training and Education Services
Type Outlook (Revenue, USD Billion; 2017-2027)
- Handheld Device
- Computer-Based Devices
Delivery Mode Outlook (Revenue, USD Billion; 2017-2027)
- Web and Cloud-based Solutions
- On-premises Solutions
End User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Pharmacies
- Office-Based Physicians
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/e-prescribing-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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