Latest Study on “EPrescribing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global EPrescribing market size is expected to be worth around US$ 2.1 Billion by 2027, according to a new report by nova one advisor.
The global EPrescribing market size was valued at US$ 6.0 Billion in 2020 and is anticipated to grow at a CAGR of 24.2% during forecast period 2021 to 2027.
Overview of EPrescribing Market Study
EPrescribing market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.
ePrescribing Market Dynamics
Drivers: Increased adoption of EHR solutions
Growing government support for the adoption of EHR solutions and the need to curtail the escalating healthcare costs are the major factors driving the demand for such solutions. In addition, the COVID-19 outbreak worldwide has led to a larger patient volume in hospitals and the need to better manage patient data. This is expected to further drive the demand for these solutions.
Restraint: High cose of deployment
Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets.
Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19
Even before the onset of the global pandemic, players in the EHR market had started integrating the telehealth feature with their existing solutions, due to advantages offered by telehealth consultations such as increased patient engagement in remote monitoring and reduction in overhead costs. However, the adoption of this feature increased significantly during the COVID-19 crisis.
Challenges: Lack of technology awareness among end users
E-prescribing solutions operate at maximum efficiency only when integrated with EHRs and a complementary suite of other HCIT solutions. However, most physicians and end-users lack the knowledge and technological expertise to understand how to make full use of e-prescribing. For instance, it may be difficult for end-users to select the most effective combination of hardware and software components while implementing any e-prescribing solution. This aspect carries weight, as using complementary components can help reduce overall costs incurred, while increasing workflow efficiency. However, limited access to expert opinion and trained IT professionals can pose challenges for end-users in selecting the appropriate e-prescribing solution for their practice. This has a direct impact on the end user’s decision to adopt an eprescribing solution in the first place.
The services segment is expected to grow the fastest during the forecast period. The services segment accounted for the highest CAGR of the e-prescribing market during the forecast period. This is attributed to the increasing adoption of e-prescribing, leading to the growing demand for training and education services, stringent regulations that have increased the application of implementation services for the validation and verification of hardware and software, and the need for frequent support and maintenance
By delivery mode, the web- and cloud- based solutions accounted for the largest share of the ePrescribing market in 2019
The web- and cloud-based model offers improved performance and reliability by avoiding long deployment cycles. It also minimizes upfront investments without incurring high infrastructure costs as the user can access the software from any compatible system using an access ID or username and password. In this mode, the vendor offers a separate cloud-based server to customers in a subscription-based or pay-as-yougo pricing model. Community clouds are a recently emerging trend in the cloud industry and cater to the specific needs of large communities, such as research communities, which can share their data and store it on a dedicated research cloud. This mode of delivery is the most preferred in the industry as it reduces the upfront costs and does not require any complicated installation or implementation. As a result, the market is witnessing a shift from on-premise to the web-hosted deployment of e-prescribing solutions.
APAC will grow at the fastest rate during the forecast period.
The ePresciribng market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Currently, a number of healthcare organizations in the Asia Pacific region are actively moving towards digitization with a focus on streamlining their entire workflow and ensuring patient safety. Japan, Australia, Taiwan, South Korea, India, and China are the major countries in this region that are actively adopting e-prescribing solutions. In addition, government initiatives for the adoption of EMR solutions, the large volume of COVID-19 patients, the growth of the geriatric population, the rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing purchasing power of consumers are also impacting the growth of this region in the coming years.
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COVID-19 Impact on EPrescribing Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the EPrescribing market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the EPrescribing market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the EPrescribing market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the EPrescribing market include:
Epic Systems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), NextGen Healthcare (US), athenahealth, Inc. (US), RelayHealth, LLC (US), Henry Schein, Inc. (US), GE Healthcare (US), Computer Programs and Systems, Inc. (US), DrFirst, Inc. (US), Surescripts-RxHub, LLC (US), and Medical Information Technology, Inc. (MEDITECH, US).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Type of Service
- Integrated solutions
- Standalone solutions
- Support & maintenance services
- Implementation services
- network services
- training and education services
By Delivery Mode
- Web and Cloud Based Solutions
- On Premise Solutions
By End User
- Office Based Physicians
Why Buy this Report?
The purpose of Nova one advisor’s EPrescribing market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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