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The e-prescribing market size is forecast to increase by USD 1.98 billion, at a CAGR of 16.81% between 2024 and 2028. In today's healthcare landscape, automation is increasingly being adopted across departments to streamline processes, enhance efficiency, and reduce errors. The focus on combating fraud and abuse of controlled substances has become a top priority, leading to the implementation of advanced technologies such as artificial intelligence and machine learning. Furthermore, the need to curtail escalating healthcare costs has become a significant challenge. Healthcare organizations are turning to technology solutions that offer automated fraud, waste, and abuse detection, as well as real-time analytics and reporting to identify trends and potential cost savings. By leveraging these technologies, healthcare providers can improve operational efficiency, ensure regulatory compliance, and ultimately, deliver better patient care at a lower cost.
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E-prescribing, a significant segment of health care technology, is revolutionizing the way prescriptions are written and transmitted between clinicians, pharmacies, and health plans. This digital solution prioritizes prescription accuracy, patient safety, and cost savings. Electronic connectivity enables real-time access to patient eligibility, medication history, formulary information, and allergy alerts, reducing medication errors and adverse drug events. Hospitals, nursing homes, health alliance plans, CVS Caremark Corporation, and physicians are major adopters of e-prescribing applications. E-prescribing benefits include improved patient safety by reducing handwriting errors and facilitating timely medication adjustments. It also streamlines the prescription process, reducing costs for both clinicians and pharmacies. Furthermore, it enhances medication adherence by providing patients with easy access to their prescriptions and refill information. Despite the initial investment, the long-term cost savings and enhanced patient care make e-prescribing a valuable tool in the health care industry. Financial considerations are crucial in managing prescribing errors within the pharmacy, where pharmacist play a pivotal role.
Increasing need for automation across departments is notably driving market growth. The demand for electronic prescribing is escalating in the healthcare sector due to the increasing number of patients, chronic diseases, and the need for efficient treatment processes. Traditional handwritten prescriptions pose challenges such as illegible handwriting, deciphering abbreviations, and potential errors. Electronic prescriptions offer solutions by streamlining the process, reducing errors, and enabling easy access to prescription history and allergies.
Further, pharmacies and pharmacists benefit from electronic prescriptions by saving time and money, ensuring accurate dispensing of drugs, and facilitating insurance claims processing. IT solutions play a crucial role in automating the prescription workflow, from data collection and storage to transferring medical records between healthcare providers. By enhancing the efficiency of the prescription process, electronic prescribing contributes to improved patient care and outcomes. Thus, such factors are driving the growth of the market during the forecast period.
Increasing use of Internet-enabled mobile devices in healthcare IT is the key trend in the market. The implementation of electronic prescribing in the healthcare sector has revolutionized the way prescriptions are managed, particularly between pharmacies, patients, and healthcare providers. Electronic prescriptions offer numerous advantages, including increased efficiency, reduced errors, and improved patient safety. With the advent of mobile devices and Internet connectivity, these prescriptions can be transmitted in real-time, saving both money and time for all parties involved.
Moreover, pharmacists can access a patient's prescription history and allergies, ensuring that the correct medications are dispensed. Insurance companies can process claims more quickly, and patients can easily refill prescriptions or manage their medication schedules through online portals. Handwritten prescriptions, which can be illegible or prone to errors, are gradually being phased out in favor of this more streamlined and effective system. Thus, such trends will shape the growth of the market during the forecast period.
Privacy and data security concerns is the major challenge that affects the growth of the market. Electronic prescribing (e-prescribing) is revolutionizing the healthcare industry by offering numerous advantages over traditional handwritten prescriptions. With e-prescribing, pharmacists receive accurate and legible prescriptions, reducing the chances of errors. Patients benefit from faster prescription processing, saving both time and money. Important patient information, including allergies and prescription history, is readily accessible, ensuring safer and more effective drug therapy.
Further, integration with insurance systems streamlines the reimbursement process. Security and confidentiality are paramount in e-prescribing, with established guidelines ensuring the protection of sensitive patient data. The collection and sharing of clinical information between healthcare providers enhance patient care and improve overall healthcare delivery. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The on-premise segment is estimated to witness significant growth during the forecast period.E-prescribing, a significant advancement in health care technology, enables clinicians to transmit prescriptions electronically to pharmacies, enhancing prescription accuracy and ensuring patient safety. This technology integrates electronic connectivity between various stakeholders, including pharmacies, health plans, and medication history databases, to streamline the prescribing process.
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The on-premise segment accounted for USD 849.40 million in 2018. However, complexities and financial considerations, such as workflow adjustments, controlled substances management, and national standards compliance, may pose challenges. Security and privacy concerns are also essential considerations, as e-prescribing involves sharing sensitive patient information. Major players in the e-prescribing market include hospitals, nursing homes, health alliances, and corporations like CVS Caremark. Physicians and prescribers increasingly rely on e-prescribing to manage medication interactions, allergy alerts, and medication history databases, ensuring optimal patient care.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. E-prescribing, a significant advancement in health care technology, enables clinicians to transmit prescriptions electronically to pharmacies, improving prescription accuracy and patient safety. This system ensures medication history access, health plan formulary and patient eligibility checks, and allergy alerts, reducing medication errors, adverse drug events, and even deaths.
Moreover, e-prescribing applications offer benefits such as real-time interaction between prescribers, pharmacies, and health plans, streamlining workflow, and office billing systems. Complexity and financial considerations are addressed through usability enhancements and controlled substance management. National standards ensure security and privacy concerns, making e-prescribing a valuable tool in hospitals, nursing homes, and other care settings. Key players like CVS Caremark Corporation and Physicians Health Alliance Plan are driving the market's growth. However, the implementation of e-prescribing requires addressing challenges such as office environment adaptation, workflow integration, and ensuring medication history databases are up-to-date.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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E-prescribing, a significant advancement in health care technology, enables clinicians to transmit prescriptions electronically to pharmacies. This system offers numerous benefits, including prescription accuracy, patient safety, and efficiency. By eliminating the need for handwritten prescriptions, e-prescribing reduces the risk of medication errors, adverse drug events, and even deaths caused by illegible handwriting or miscommunication. E-prescribing applications facilitate seamless connectivity between clinicians, pharmacies, health plan formulary, patient eligibility, medication history, and point of care. These applications help prescribers access essential patient information, including medication interactions, allergies, and drug history, at the point of care.
Further, the use of e-prescribing in hospitals, nursing homes, and Health Alliance Plans has gained momentum due to its benefits. CVS Caremark Corporation, Physicians, and other prescribers have adopted e-prescribing to streamline their office workflow, improve office billing systems, and ensure usability and efficiency. However, complexities such as financial considerations, workflow integration, and security and privacy concerns may hinder widespread adoption. National standards and regulations, such as controlled substances monitoring, are essential to ensure the security and privacy of e-prescribing systems. Despite these challenges, the benefits of e-prescribing far outweigh the costs, making it an indispensable tool in modern health care.
Market Scope |
|
Report Coverage |
Details |
Page number |
134 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.81% |
Market growth 2024-2028 |
USD 1.98 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
14.61 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 45% |
Key countries |
US, UK, Japan, China, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALLSCRIPTS HEALTHCARE SOLUTIONS INC., athenahealth Inc., Change Healthcare Inc., CompuGroup Medical SE and Co. KGaA, Computer Programs and Systems Inc., Constellation Software Inc., DrFirst Inc, eClinicalWorks LLC, Epic Systems Corp., General Electric Co., Henry Schein Inc., iMedX Inc., McKesson Corp., Medical Information Technology Inc., NextGen Healthcare Inc., Oracle Corp., and Surescripts RxHub LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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