Posted January 12, 2016 by industrytrends in Library

Future of E-prescribing Market — Set to Reach US$887.8 Million by 2019

Global Skin Replacement Market
Global Skin Replacement Market

Globally, the E-Prescribing market is witnessing significant growth led by various government programs to implement E-Prescribing systems in order to improve quality of healthcare and reduce medication errors. The E-Prescribing system is used in various applications including preparation of complete medication list, data security checks, complete information of formulary and patient historical data. These advanced features of E-Prescribing are some of the key driving factors for the market. Additionally, improved healthcare infrastructure has increased the demand for E-Prescribing system. Moreover, implementation of electronic healthcare records with E-Prescribing system holds immense potential for the growth of the market. The global E-Prescribing market was valued at USD 250.2 million in 2013 and is likely to grow at a CAGR of 23.5% from 2013 to 2019 to reach USD 887.8 million by 2019.

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Europe has the largest market share in the global E-Prescribing market. Integrated system is the largest E-Prescribing system and web-based E-Prescribing system is the largest delivery mode. Software is the largest component of the E-Prescribing system. Moreover, hand-held device usage mode has the largest market share and hospital is the largest end user of E-Prescribing system.

In terms of growth, North America is the fastest growing region for E-Prescribing market. Services are the fastest growing component of the E-Prescribing system. Cloud-based E-Prescribing system is the fastest growing delivery mode and office-based physician is the fastest end-user of E-Prescribing system.

The global E-Prescribing market valued at USD 111.2 million in revenue in 2009. The market was expanded to USD 203.4 million in 2012, growing at a CAGR of 22.3% from 2009 to 2012.

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There can be a huge cut in costs with the utilization of electronic prescription or e-prescriptions, because these systems enhance the efficiency as well as quality of healthcare, along with promoting accurate drug utilization, presenting dispensers and providers with facts on drug coverage, with co-pay information and formulary alternatives. A majority of healthcare systems in emerging countries do not possess well-connected and integrated networks, which in turn affects their ability to utilize advanced features such as those offered by e-prescription systems effectively, hampering the market’s growth.

The global market for e-prescribing is experiencing substantial development due to a number of programs initiated by the government for the implementation of e-prescribing systems for reducing medication errors. The system of e-prescribing is utilized in numerous applications such as preparation of a complete medication list, patient and formulary historical data, and data security checks. All of these features related to e-prescribing act as drivers for the development of the market for e-prescribing. Enhanced healthcare infrastructure is also responsible for increasing the demand for e-prescribing systems. In addition, the implementation of electronic data storage in conjunction with e-prescribing systems holds enormous potential for the development of the market for e-prescribing. However, the soaring costs of e-prescribing systems and absence of patient security and privacy restrain the growth of the market for e-prescribing systems. To add to this, absence of high-speed broadband facilities and competent IT professionals in underdeveloped areas also impedes the growth of this market.

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